Summit County Buyer's Market Continues!

Look at these market stats! The Summit County Buyer's Market Continues!  Time to buy your Colorado Mountain Retreat!

Summit County FHA Loan Limits

Good news for Summit County, Breckenridge, Keystone, and Copper Mountain Home Buyers!  FHA loan limits have been restored to the previous high limits!  If you live in Summit County for your Primary Residence, you may qualify!


Victory! FHA Loan Limits Extended for Two Years

In case you have heard the great news, shortly before Congress recessed for the year, they managed to restore FHA loan limits in high cost areas to the original level of $729,750 for an additional two years. This is an important victory for the mountain resort areas where high cost loans are an important part of the market. According to NAR, higher loan limits will make mortgages more accessible with nearly two-thirds of buyers who will be helped by the loan limits extension have an income below $100,000.

Will this work for your Colorado Mountain Retreat?  Call, Text or Email 970 368 2709

BRECKENRIDGE SKI CONDO MARKET REPORT

Is a Breckenridge Ski Condo your Perfect Colorado Mountain Retreat?

Breckenridge Property Price Analysis

Is Breckenridge the right place for your Colorado Mountain Retreat?

Larry Stone answers some Tax Questions!

Our friend Larry has some great information regarding the tax on sale of your home to fund the new nationalized healthcare plan.  here's what he has to say-


Hi!-
Life would be a lot easier for all of us if tax laws didn't change all the time. Every year, Washington writes new laws. The IRS writes new regulations interpreting those laws. The Tax Court issues new decisions interpreting those regulations. And the IRS issues enough revenue rulings, revenue procedures, private letter rulings, and similar proclamations to keep an army of accountants and attorneys gainfully employed.
Sometimes, in the midst of all that motion, facts get twisted and misinterpreted. Sometimes a rumor gets launched that takes on a life of its own. Right now, there's an email going around that has most of us tax professionals shaking our heads. It warns that, starting in 2013, the healthcare reform act imposes a 3.8% sales tax on home sales. If you sell your $400,000 home, you'll owe a $15,200 tax!
If you see it in an email, it must be true, right? The truth, as is often the case with taxes, is a little more complicated than that - and a lot less scary. First, let's take a look at how taxes are figured on home sales today:

• First, calculate "adjusted sale price." This is the sale price of the house, minus expenses of actually selling it (last-minute fixups, commissions, etc.).
• Next, subtract "adjusted basis." This is the price you paid for the house, plus closing costs, plus any improvements you make that add value, prolong its life, or give it a new or different use. "Adjusted sale price" minus "adjusted basis" equals "gross profit."
• If you've owned your home for more than two of the last five years and used it as your primary residence for more than two of the past five years, you can subtract a "Section 121 exclusion" of up to $250,000 if you file individually or $500,000 if you and your spouse file jointly. If you don't meet the two-year requirement, you can still take a pro-rated exclusion reflecting how long you did meet those requirements.
• "Gross profit" minus "allowable exclusion" equals taxable gain. If you hold your house longer than a year, it's taxed as long-term capital gain and capped at just 15%.

The bottom line here is that few home sales are taxable - especially in today's down market - because of that Section 121 exclusion. So, where does the new healthcare law come in? Well, it does impose a new "unearned income Medicare contribution," beginning in 2013, of 3.8% on capital gains, for individuals earning over $200,000 and families earning over $250,000. (Don't you love how the folks in Washington spin that 3.8% "unearned income Medicare contribution"? Wouldn't it just be easier to call it a "tax"?)
That means any gain on the sale of your home that isn't already sheltered by the $250,000 or $500,000 exclusion might be subject to the new tax if your adjusted gross income is over the $200,000 or $250,000 threshold. That's a pretty far cry from saying there's a new 3.8% sales tax on home sales!
But somewhere along the line, Chicken Little saw the new 3.8% tax, missed the rest of the process, and saw the sky starting to fall. Being a thoroughly modern chicken, she hopped on her computer to fire off an email telling all of us that the sky was falling - and that email spread faster than the latest news about Snooki or the Kardashians. So now here we are, setting the record straight.
The next time you get an email with a rumor that sounds too awful to be true, don't just run around like Chicken Little. Send it to us. We can tell you if it's something you really need to worry about - and if so, we'll help you craft a plan to avoid or minimize the threat!

Larry D. Stone
Stone CPA
970.668.0772
970.668.0434
888.668.0772
larry@stone-cpa.com
Please visit our new web page at www.coloradotaxcoach.com


Thanks Larry for helping us with great advice and Info!  Now people can feel a little better when they want to sell their Colorado Mountain Retreat!

Financial Facts: How to avoid a contract faux pax | SummitDaily.com

Financial Facts: How to avoid a contract faux pax | SummitDaily.com

Thanks to Bob Kieber for this excellent article regarding some potential pitfalls with your purchase contract and mortgage! Remember to consult professionals and have a Buyer's Agent when you purchase your Colorado Mountain Retreat!

Dillon CO Single Family Home Market Analysis

Tell us how we can help you find your Perfect Colorado Mountain Retreat!

Tour Summit's finest at Parade of Homes | SummitDaily.com

Tour Summit's finest at Parade of Homes | SummitDaily.com

Get to the Summit County Parade of Homes! Get some Great Ideas for your Colorado Mountain Retreat!

Blue River Real Estate Market Analysis

Wondering How the market for homes south of Breckenridge is?  Looking for a home in Blue River or Northstar Village?

Watch the Breckenridge Real Estate Market Analysis Video!



Helping You Find Your Perfect Colorado Mountain Retreat!

How Low can interest rates go?

Here is part of an article we copied about low interest rates:

Olick - how low can mortgage rates go?

"What's the bright side to a 200 point drop in the Dow? Yet
another rush to Treasuries that pushes the 10-year yield below
two%; that, in turn, means even lower mortgage rates, right?
Maybe not this time. Mortgage rates are already hovering near
historic lows, with the 30-year-fixed heading toward four%, but
unlike home prices, experts tell me mortgage rates do have a
bottom...a bank-imposed bottom. Why? 'Because they [banks] don't
have to go lower on the rates to get business and because they
make more money if they don't go to the lower market rate,' says
Guy Cecala of Inside Mortgage Finance. 'It's also a way to
manage a potential flood of refi calls.' Craig Strent over at
Apex Home Loans agrees: 'I think part of the reason they are not
going lower is because lenders are already inundated with refi
applications and cannot handle another tidal wave.' The
refinance share of mortgage applications was hovering around 80%
a few weeks ago, but fell to 78% last week, even despite low
interest rates. Those who can refi to their advantage, largely
already have. Far too many borrowers are too far underwater on
their mortgages to qualify for a refi. Still, seeing rates go
under that emotional 4% will push more borrowers to apply for
refi's. Unfortunately low interest rates have not spurred home
buying, and that's why the big banks are in no hurry to entice
with even lower rates. 'Lenders would much prefer home purchase
loans, which have a much lower fallout rate than refi's,' says
Cecala."


Want to find your perfect Colorado Mountain Retreat? Call us today while rates are low!

Some Tax Facts

Thanks to my friend Larry Stone for this informative article.  One thing he didn't mention is that the top 5% of earners pay 69% of all tax monies paid to the federal government. Real Estate Investment is a great way to utlize the tax code in your favor for wealth creation!

Hi!-

Years ago, comedian Steve Martin gave us an easy formula for making a million dollars without paying tax. "First . . . ya get a million dollars." Then, when the tax man comes to your door and says you never paid taxes, just tell him "I forgot!" That's a great plan, assuming you can get your hands on the million bucks and you're willing to take your chances with the tax man. But what about those of us who don't have a million dollars and those of us who remember we have to pay taxes? Are there better ways for getting that tax bill down to zero?

The Washington-based Tax Policy Center estimates that a full 46% of Americans pay no federal income tax. And those non-payers represent a surprisingly broad cross section of Americans. Over 10% of them report incomes over $50,000. And in 2008, there were 18,783 who earned over $200,000 and owed no federal income tax. So, how do they do it?

About half of the non-payers just don't make enough money to owe any tax. They rely on the standard deduction and personal exemptions to avoid any tax on their income. But the Tax Policy Center identified 38 million Americans who rely on one or more tax expenditures to pull their tax down to zero. ("Tax expenditure" is Washington-speak for tax provisions like deductions and credits that reduce tax revenue.)

• Seniors: 44% of non-payers benefit from the extra standard deduction for those over age 65, the elderly tax credit, and the exclusion of Social Security from taxable income. (The TPC study calls these "elderly tax benefits" - our own unscientific survey shows that half of all seniors don't mind being called "elderly" if it means paying less tax!)
• Families: 30.4% of non-payers benefit from the child tax credit, the dependent care credit, and the earned income tax credit. (It's worth noting that if the Bush tax cuts actually expire on schedule after 2012, the child tax credit will disappear - throwing millions back into the "taxpayer" category.)
• Beneficiaries: 6.0% draw income from tax-free benefit programs, including Supplemental Security Income and Temporary Assistance for Needy Families.
• Students: 5.6% benefit from education credits to eliminate their tax.
• Adjustments: Another 5.1% of non-payers benefit from "above the line" deductions like self-employed health insurance and student loan interest and from tax-exempt interest income.
• Itemizers: 5.0% benefit from itemized deductions like mortgage interest, state and local taxes, and charitable gifts. (The Obama administration has proposed limiting the value of itemized deductions for higher-income earners to just 28%; however, in today's anti-tax climate, the President is about as likely to appear on Jersey Shore as he is to raise taxes.)
• Credits: 2.5% benefit from other credits, including the Savers Credit for retirement savings and the general business credit.
• Investors: Finally, 1.3% benefit from the special 0% rate for certain capital gains and qualified corporate dividends.

If you're like most clients, you see something on that list that saves you taxes, even if it's not enough to pull your taxes all the way down to zero. It's our job to help you take advantage of all of those strategies and more. If you know someone who's not happy with the taxes they pay, pass along this email, and we'll see how we can help!

Larry D. Stone
Stone CPA
970.668.0772
970.668.0434
888.668.0772
larry@stone-cpa.com

Please visit our new web page at www.coloradotaxcoach.com

Pennsylvania Mine clean-up crews look to go underground | SummitDaily.com

Last week we had the opportunity to tag along on this field trip. What a great experience to tour the area with experts on the subject and learn about the rich mining history in the Keystone area. Thanks to everybody who helped put this together. Our water quality is important and solutions that could help us clean up Peru Creek will help all residents of Summit County. Enjoy the attached photos this was a spectacular day and the scenery surrounding the mine area is unbelievable!  The continental divide, the wildflowers and such speak for themselves in these photos!

Pennsylvania Mine clean-up crews look to go underground | SummitDaily.com

A Real Estate Investment Opportunity?

Considering and investment property in Summit County? Consider Leadville instead! The reopening of the mine in Leadville will help the local economy and bring almost 200 more jobs to the area. Leadville Real Estate is significantly more affordable than Breckenridge, Keystone or Copper Mountain. It is a short drive to Copper Mountain, Ski Cooper and Vail/Beaver Creek. Consider this affordable option! www.ColoradoMountainRetreats.com Freeport McMoRan to restart Climax mine next year | SummitDaily.com

Quandary Village And Blue River Homes For Sale Open House Tour

We had the priviledge of touring some beautiful homes last Thursday Afternoon in Blue River CO and also Quandary Village areas south of Breckenridge CO. Bottom line here - If you want to be in the Breckenridge Area, but can't afford the Breck Prices, this is the palce to be! We first touraed a spectacular home in Quandry Village on Kimmes Lane. This solid log construction home is currently being offered at close to it's original purchase price from several years ago. Spectacular viwes of Quandary Peak from the amazing deck!

The Second home in this tour is also in Quandary Village - This is probably the best value in the area - The price has been reduced from $499,000 to $350,000. Surrounded by public land on 3 sides, this home looks out over beaver ponds and right up at Quandary Peak!

We visited several homes in Alpine Breckenridge and Blue River! Some of these homes are completely move-in ready and even include some or all of the furniture! One paticular area are the Blue River Condominiums - These are very affordable with 2 bedroom units available for under $200,000!


View Blue River and Quandry Village Open House Tour in a larger map


If you consider buying a home in these areas remember - this is a high alpine environment - the winter comes sooner, gets colder and snowier, and lasts longer than it does in even Breckenridge! So make sure you want this lifestyle. If this is right for you, you will enjoy a more secluded lifestyle, direct access to spectacular hiking trails, in some cases exclusive fishing rights and access on the Blue River and/or it's tributaries.  Definately a true Colorado Mountain Retreat!
Call Greg McCallum at 970 368 2709 for more information on homes for sale in these areas!

Grand Lodge On Peak 7 Open House Review

Last week we were invited to an open house at the Grand Lodge on Peak 7. Since I was formerly an electd public official, I have pavlovian conditioning that precludes me from turning down any event which has free food and BEvERidges, and off we went. To say that I was amazingly impressed is an understatement. The Grand Lodge on Peak 7 at Breckenridge is luxury from top to bottom.

We were shown around the property by one of their fabulous Salespersons - Shaubie Faia. From the lobby to the pools and BBQ area to the gym and salon, no expense has been spared in this property. The units are top of the line and all appear to have lock offs, so you can lease the part of the unit you are not using.

The location can't be beat - Right at the Independence chairlift - simply walk out a few steps and up the mountain you go. This is truly Ski In Ski Out Condo living! Other properties boasting ski in ski out don't have anywhere near this ease of accessability.

Ownership is flexible, you can buy as many weeks as you like up to 100% ownership. But hurry there is a very limited supply of 100% ownership interests available.

Tha best part for me as a local is the ability to use the facilities year round, regardless of whether it is my week or not. I can use the underground parking, the lockers and locker rooms as well as the gym,pool and BBQ area any time as part of my ownership experience. This is a huge value not only to locals, but to Denver and other front range day trip skiers. Who can argue with driving right up slopeside, parking, then going inside to your locker room to change into your gear. After skiing, enjoy your Apres ski, use the hot tub to work out the kinks, and let the I-70 traffic die down before you need to head back? Priceless!

Contact Colorado Mountian Retreats Realty at 303 641 0923 or www.ColoradoMountainRetreats.com for more information and let us set an appointment personnally at the Grand Lodge on Peak 7 at Breckenridge so you can discover this experience for yourself!

Breckenridge Real Estate Info

Dillon brews recognized at North American Beer Awards | SummitDaily.com

Here's another reason to live in Summit COunty and Breckenridge!
Dillon brews recognized at North American Beer Awards | SummitDaily.com

Breckenridge Home Sold with cash vs. financing

Appraisals take toll on Summit home values | SummitDaily.com

Appraisals take toll on Summit home values | SummitDaily.com
For more info on Home Values Call Greg McCallum at 303 641 0923 or visit www.ColoradoMountainRetreats.com

Breckenridge Ski In Ski Out Property For Sale and Market Summary