Winter Park Real Estate

Winter Park Real Estate Blog Has Moved

2009-02-15T15:53:00.002-07:00

Winter Park Real Estate Blog Has Moved to WinterParkRealEstateBlog.com

Winter Park Real Estate Market Sales Graphs

2008-08-25T13:26:00.004-06:00

The following graphs show the recent market conditions. Although the graphs are for all of Grand County, Winter Park is the major component of that market.

This first graph shows sales (Sold Listings) for the past 24 months. There is definitely a trend toward less listings being sold.

The second graph shows that the number of listings has increased and gone over 2000 for the first time ever.

The third graph shows the months of inventory on the market. While this graph (as well as the others) varies seasonally, there is a disturbing trend toward more months of inventory available.

Winter Park Real Estate Sales Continue to Lag Behind Last Year

2008-08-18T09:17:00.005-06:00

Winter Park real estate sales continue to fall behind last year through July. For the month, total sales were 41% lower than last year. While total sales for the year are still ahead of last year, that lead has declined substantially since the Intrawest Village at Winter Park completed the bulk of its sales in April. Total Sales are off almost $20 million, or 38% for the last three months.

Residential (which includes homes & Townhomes) Total Sales is down 50% for the month and 33% for the year. The Number of Sold Listings is down 34% for the year while the Median Sales Price is down 5% for the same period comparison.

Condominium Total Sales is down 41% for the month of July but it is still ahead of last year by 125%. Significantly, Total Sales for the last three months are down 51% and the Number of Sold Listings are down 45%.

Vacant Land Total Sales were actually ahead for July by 5%, driven by a couple of big sales. Number of Sold Listings was down 77% and is down 66% for the year.

With nothing to change the current trend, and the National Forecast weak, it is likely that real estate sales in the Winter Park area will continue to languish for the foreseeable future. Prices are holding up but the number of sales is decreasing. We have seen a number of price decreases on individual listings recently and while this is common at the end of the summer, it would seem that there are more than usual. It will be interesting to see if this has any effect on the market.
A full copy of the Winter Park Real Estate 2008 Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Total Sales Still Ahead for the Year to Date although May sales are down 25%

2008-06-12T11:09:00.002-06:00

Total Sales through the first 5 months of the year are up 59.3% compared to the same period last year with number of properties sold up 32%. The median price was up significantly, from $299,900 to $395,500. Condominiums continue to be the strongest segment with sales up 241.8% while Residential is down 32.3% and Vacant Land is down 26%. The median sale price is up for Condominiums (+44.6%) and Vacant Land (+21.5%) while it is down for Residential (-4.6%).

The month of May itself shows number of sales down in all segments. There were no Vacant Land Sales this year compared to 5 last year. Total Sales for Condominiums was actually up as the Median Sales Price increased 63% whereas Residential was lower by $55,000 or 11%.

May is one of the less significant months for Sales so it is hard to make any predictions based on this month’s activity. For the year, we continue to see significantly less sales in Residential and Vacant Land, as each has had 4 months with lower sales and only one month with higher sales. Condominium sales have been consistently ahead of last year in all 5 months. The summer selling season is about to start and it is still a question mark whether interest in the Winter Park market can overcome the counteractions of the national real estate situation and the economy.

A full copy of the Winter Park Real Estate 2008 Year-to-Date Report is available by emailing me at Paul@PaulLewis.net. You can always see all the MLS listings at http://www.paullewis.net/.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Winter Park Real Estate Sales Remain Strong through 1st Four Months of 2008

2008-05-11T12:27:00.003-06:00

At the end of April, total real estate sales in the Winter Park area year-to-date were 80% higher than for the same period in 2007. This strong showing is in no small part due to the new condominium sales at the Village at Winter Park by Intrawest. The total number of properties sold is up 44% and the median price is up 32%.

Of the three segments that make up the total, Condominiums continues to lead with a fourth straight month of increased comparable sales for a year-to-date increase of 283% compared to 2007. April saw a much lower volume than March and 2/3 of sales were by Intrawest, meaning that other condominium sales were actually down compared to April 2007. Sales prices remain high with a median price of $377,000, a 45% increase over a year ago. The actual number of units sold decreased by 20% for the month.

Residential (houses & townhomes) sales continue to be weak, down $11,177,780 or 32% through April, with number of properties sold down 45% and the median price off $24,635 or almost 5%. April itself was not a good month with the number of sales less than ½ of last year, although the median price did rise 24%.

Vacant Land sales for the month were ahead of last year for the first time this year, with the number of sales double last year. This was on very small volume ($1,367,750 on 6 sales) but it was also the busiest month of the year so far. Year-to-date sales are still down 26% with number of sales down 40% and the median price up 22%. Note that last year’s Vacant Land sales for April had included one sale for $15,000,000 which has since been reclassified as a commercial sale and is not included in these statistics.

It will be interesting going into the summer. So far, even without the Intrawest sales, prices continue to be relatively strong while the number of sales continues to be weak. This is a market condition that is unlikely to continue - if the number of sales does not increase, there will be increasing pressure on prices.

A full copy of the Winter Park Real Estate 2008 Year-to-Date Report is available by emailing me at Paul@PaulLewis.net. You can always see all the MLS listings at http://www.paullewis.net/.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

First Quarter Sales Skyrocket Thanks to Intrawest’s Village at Winter Park Project.

2008-04-04T13:33:00.003-06:00

Sales for the first quarter of 2008 were up over 112% compared to the same period last year. A little over $90 million was closed this year, up from $47 million last year. 2/3 of the sales this year were from Intrawest’s 2 new buildings, Fraser Crossing and Founders Pointe, where 133 units have closed for over $60 million. This has increased Condominium sales to five times what they were for the first quarter last year. The other Segments, Residential and Vacant Land, were not as fortunate, with decreases in sales of 31% and 51% respectively for the first quarter.

For the month of March, Total Sales were up 200% compared to the same month last year. The Condominium segment (including Intrawest sales) saw closings of 85 units this year compared to only 12 last year. Residential sales slipped from 18 last year to 5 this year and Vacant Land dropped from 8 last year to 3 this year.

The upcoming second quarter is traditionally the lightest quarter of the year. It will be interesting to see the results as the bulk of the Village at Winter Park sales have now closed and there should not be any effect on the second quarter sales.

A full copy of the Winter Park Real Estate 2008 Year-to-Date Report is available by emailing me at Paul@PaulLewis.net. You can always see all the MLS listings at http://www.paullewis.net/.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Winter Park Real Estate Sales Ahead of Last Year With Intrawest’s Help

2008-03-03T13:43:00.005-07:00

For the first two months of 2008, Winter Park real estate sales are up 169%, mostly due to the sales at Founders Pointe & Fraser Crossing in Intrawest’s new Village at Winter Park. Total sales of Residential, Condominiums and Vacant Land went from $29,618,787 in 2007 to $51,106,959 in 2008. There were large increases in the number of units sold, which grew by 44% and the median price, which went up 31.9%
In the individual segments, only Condominiums saw any increase and this was only because of the Intrawest sales that totaled almost $30 million for the two months. Total Condominium sales were $36,062,200 compared to $10,971,773 in 2007, an increase of 337%.
Residential Sales were down 15.2% from the previous year, $14,061,259 compared to $16,581,358 in 2007. Also significant is that the median sales price was down $24,635 or 4.6%.
Vacant Land sales also continued it’s slide from last year with Dollar Volume down 52.4% from $2,065,656 to $983,500. While the number of lots sold decreased significantly, the median price rose $41,500 or 21.5%.
While it is certainly good to see the Intrawest sales, the data clearly shows a weak re-sale market. There is usually an increase in activity following the holidays but this year that is taking longer to happen.
The next few months will continue the strong overall trend as Intrawest still has over half of their completed units to close during this time period. Local Realtors are also reporting an increase in traffic in the last couple of weeks.
More information on Winter Park and current listings for the Grand County MLS can be found on http://www.paullewis.net/. If you would like a full copy of the data for this report, please email Paul Lewis at Paul@PaulLewis.net.

Statistics are from the Grand County MLS and are deemed reliable but not verified.

WINTER PARK POSTS RECORD YEAR FOR REAL ESTATE SALES IN 2007

2008-01-14T16:09:00.003-07:00

Winter Park has had a very good year in real estate sales, with overall sales just over last year. According to Grand County MLS statistics, almost $250 million was sold in the Winter Park Area in 2007.

Certainly, Winter Park is not performing as poorly as some other areas of the country. There are some weaknesses, however. In the combined category of Residential, Condominiums and Vacant Land, Total Sales and Average Prices are up, but the Number of Properties Sold is down and Days on the Market is longer. Nor does this situation appear to be improving – the fourth quarter is the first time Number of Properties Sold was down all three months.

Residential Sales (which includes Single Family Homes & Townhomes) has been the strongest segment. Number of Properties Sold is only down 3.9% while average price is up 10.9%. Average Days on the Market is worst in the $700,000- $1,000,000 price range at 275 days. Surprisingly, it drops sharply for homes over $1,000,000 (although the actual number of homes is significantly less).

The Condominium segment has been much weaker. Dollar Volume of Sold Listings was down 13.7% and Number of Sold Properties down 18.1%. Average Price is up 5.4% so, since there were some sales of new condominiums at higher prices, the average price of a resale condominium is probably about the same as last year. This, combined with longer days on the market and less properties being sold, shows a tougher market for condominium sellers.

Vacant Land is the weakest segment. Without the sale of one property in April for over $15,000,000, Dollar Volume of Sales would be down every month last year and the Average Price was lower by a whopping $59,000 or 20%. While the Residential and Condominium segment have held steady at the sales price being 98% of the list price, Vacant Land has fallen from 96% last year to 85% in 2007.

2008 looks to be a challenging year. Buyers are more discriminating and taking longer to decide as there is no sense of urgency like a few years ago. There is less speculation and the number of investors seeking property is significantly down. Generally, new is selling better than old, even given the substantial price difference, and dated properties are very hard to sell. Vacant Land is seen as an investment and as such is the most difficult product to sell.

Winter Park is still a desirable market and one of the most reasonably priced of the Colorado mountain resorts. Certainly there is a viable market for attractive properties. But for now and very likely the foreseeable future, properties must be conservatively priced and a good value to create interest with potential buyers.

More information on Winter Park and current listings for the Grand County MLS can be found on http://www.paullewis.net/. If you would like a full copy of the data for this report, please email Paul Lewis at Paul@PaulLewis.net.

Winter Park Real Estate Sales Slightly Ahead with One Month Left

2007-12-17T13:51:00.001-07:00

Real estate sales are 1.7% ahead of last year through November. So with one month to go it is possible that 2007 will be another record year.

While Total Sold Properties is down 11% for the year, the median price is up 1.4%, for an overall increase of almost $4 million.

Residential (which includes single family homes & most townhomes) is the strongest segment with total sales up 6.6%. Next is Vacant Land where sales are up 5.9%. The weakest segment is Condominiums which is down 14%.

A full copy of this report is available by email from Paul Lewis at Paul@PaulLewis.net

Statistics are from the Grand County MLS and are deemed reliable but not verified.

Let It Snow - Winter Park has almost 2 feet in the Last 48 Hours!

2007-12-07T15:31:00.001-07:00

and it's still snowing...

Winter Park Ski Season Opens November 14, 2007!

2007-10-31T17:03:00.001-06:00

The Ski Season is Here!

Opening this year on Nov 14, Winter Park will be boasting the USA's highest 6 pack chairlift called the Panoramic Express departing from the Sunnyside Lift area and ending at the top of Parsenn Bowl. Opening 75 more acres of terrain and easier, faster access to the "bowl" and Mary Jane's backside, skiers and riders will love this new lift!

Over the past three years Intrawest has added 3 new chairlifts and expanded the Winter Park Resort to over 3,060 acres of skiable terrain. If you haven't been to Winter Park in awhile, it is sure time to come back!

Winter Park Real Estate Sales Ahead of Last Year

2007-10-28T13:20:00.002-06:00

Through the 3rd quarter of 2007, results in the Grand County MLS show that Winter Park Real Estate sales are 2.6 % ahead of last year, with over $187,000,000 sold so far this year. The median price of combined sales (Residential, Condominiums and Vacant Land) is a record $301,650, although total unit sales are down by 54, or 10.7%.

The Residential sector (Houses & Townhomes) is the clear leader with sales up over 9%., while condominium sales are down 10.8%. Vacant Land sales are up 13.8% through the 3rd quarter but this is skewed by one sale earlier in the year for $15,000,000.

For a full copy of my report, you can email me at Paul@PaulLewis.net. You also can go to my website, www.PaulLewis.net, to look at current listings.

Think Twice Before Walking Away From Your Mortgage

2007-10-25T11:42:00.000-06:00

Thinking about walking away from your mortgage? You may want to think twice - particularly if it is a second home or you have refinanced it.

Many owners think that they can walk away from a mortgage and, aside from a ding to their credit, it is the lender's problem. Well, it's not quite that simple.

The IRS is likely to tax you for the difference between what is owed on the mortgage and the market value of the home, whether it is sold at auction, as a short sale (prior to foreclosure) or when relisted as a bank-owned property, as taxable income. The lender will issue a 1099-C to the homeowner for this amount, which must then be treated as ordinary income on the homeowner's next tax return. In most cases, the sale price of the home will be considered to be the market value. In some cases, the market value of the home will be reported as a higher amount than the actual sales price.

So if your home sells for $500,000 and you owe $600,000, you'll have $100,000 of additional income to report on your next tax return under current IRS rules. That would equate to a whopping $28,000 income tax bill if you're in the 28% tax bracket.

Many are hoping that the proposed "Mortgage Forgiveness Debt Relief Act of 2007", or H.R. 3648, will provide relief from this tax. However, if approved as currently stated, the relief will only be for homeowners who meet certain requirements. H.R. 3648 is meant for principal residences (not second homes or investment properties) and also only applies to the initial mortgages, not refi's. H.R. 3648 defines Qualified Principal Residence Indebtedness (or debt relief to be excluded from income tax) as follows: "For purposes of this section, the term 'qualified principal residence indebtedness' means acquisition indebtedness." In plain English, acquisition indebtedness is limited to the initial mortgage on the property when it was purchased, not a second (or third) mortgage that was acquired later, and not a refinance of the initial mortgage(s).

Certainly it is worth the time to consult a knowledgeable Realtor or tax specialist before taking a step you may regret.

Winter Park Has Record Month for Real Estate Sales

2007-09-10T13:33:00.000-06:00

The month of August saw the highest MLS sales in history for the Winter Park area. The total sales were over $34,000,000, up 35% from last year and almost 100% from the month before. This continues a trend where the number of sales and sales volume have been up for the last three months, although they are still down for the year.

The data does show something of a mixed market, however, as number of sales are down while median sale prices are up in all three sectors (Residential, Condominium & Vacant Land. Residential sales is the strongest segment with sales down only 2.3% for the year. Condominium sales are down almost 13% and Vacant Land would be down significantly more if it were not for the sale of a substantial development parcel earlier in the year.

The Residential segment includes both houses and townhomes. Closings at several new construction projects has probably contributed to the rise in the median price.

For a full copy of this report, please email Paul@PaulLewis.net.

New uses for Beetle killed trees.

2007-03-25T12:33:00.000-06:00

Here is a link to an interesting article in The Denver Post about some new uses for Mountain Pine Beetle killed trees: http://www.denverpost.com/opinion/ci_5500493

Winter Park Real Estate Year End Report Shows Mixed Results!

2007-01-13T17:58:00.001-07:00

Results for 2006 were mixed for Winter Park real estate sales. For residential (combined house, townhouse & condominium) sales, unit sales were down 7% while average prices were up 29%. This combined to make dollar volume up 13%. Both unit sales and dollar volume were down in the fourth quarter, indicating a somewhat weaker market at the end of the year, although average prices remained strongly up. These statistics were compiled from the Grand County Board of Realtors and are deemed reliable but not guaranteed. A full report is available by emailing me at Paul@PaulLewis.net.

3rd Quarter Results Show Mixed Results

2006-11-29T10:18:00.000-07:00

The 3rd quarter statistics from the Grand County MLS show some slowing in sales in the Winter Park area although prices continue to gain, compared to the 3rd quarter of 2005. Homes sold were off 11% while the average price rose from $422,433 to $557,955, a 32% gain. Condominiums sold were 11% down as the average price rose to %264,168, an increase of 18%.

Year over year comparisons for a full year show that home sales are up 12% and condominium sales are up 27% so it is still a question where sales will end up for 2006.

Pine Beetle takes over the Rocky Mountains

2006-09-05T17:48:00.000-06:00

There is a very good article in the Denver Post about the pine beetle and how it is affecting resorts in the Rocky Mountains. You can read it at http://www.denverpost.com/news/ci_4287134.

Winter Park spending big on improvements

2006-09-01T23:12:00.000-06:00

Winter Park spending big on improvements

The Denver Business Journal - 3:06 PM MDT Wednesday

Colorado's Winter Park Resort ski area has sunk nearly $5 million into capital improvements for the upcoming 2006-2007 ski season.

The $4.8 million in on-mountain improvements include adding a triple chairlift, seven new trails and a sales fulfillment center. Snow fencing was improved, and the Snoasis mid-mountain lodge got a facelift.

Read the rest of the story at: http://www.bizjournals.com/denver/stories/2006/08/28/daily25.html

Winter Park posts Strong Sales in first 6 months of 2006

2006-07-31T09:53:00.000-06:00

Sales were strong in the Winter Park area for the first six months of 2006. Condominium sales led the market with total sales up 66%, with number sold up 20% & average sale price up 37%. Residential (homes) sales were also up strongly with sold volume up 29%, comprised of number sold up 16% & average sale price up 10%. Finally there is vacant land sales, where the total sales actually dropped 14% primarily because the number sold was 43% less than last year. What did sell was more expensive however, as the average sale price was up 51%.

For a full copy of this report, and other sales in Grand County, please email me at Paul@PaulLewis.net.

These statics were taken from the Grand County MLS and are deemed reliable but not guaranteed.

Fraser may lose its cool

2006-07-14T15:56:00.000-06:00

Here's a link to an article in the Denver Post titled "Fraser may lose its cool" that gives some statistics on Fraser's weather. Since its 85 degrees in Fraser today, its hard to think that winter will be here soon.

http://www.denverpost.com/search/ci_4048960

Getting My Outlook up to Speed

2006-07-14T15:51:00.000-06:00

I just cleaned up my Outlook. I was having all kinds of problems with it locking up and having to run Detect and Repair often. My outlook.pst file was over 1/2 a meg. So I deleted & archived and deleted & archived (would you believe a large part of it was my CyberStar folder?) and got it down to 250k. Then I compacted (File>DataFile Management>Settings>Compact Now) it.
(That took about a half hour).

Then I ran scanpst.exe (which I found in C:\Program Files\Common
Files\System\MSMAPI\1033 folder) on my outlook.pst file (usually found in the c:\Documents and Settings\myname\Local Settings\Application Data\Microsoft\Outlook folder). It found over 40 "corruptions" and fixed them all.

Now my outlook is smoking.

Significant Growth in the First Quarter

2006-04-21T17:08:00.000-06:00

Thw Winter Park Area saw significant growth in the first Quarter of this year compared the the first Quarter of 2005, according to the statistics of the Grand County Board of Realtors. The number of condominium units sold was up 45%, from 51 to 74, while the average price of a condominium went up 36%, from $209,141 to $286,488.

Intrawest Announces Deadline for Preferred Reservations at the Village at Winter Park

2006-02-17T14:49:00.000-07:00

Intrawest has announced a deadline for preferred reservations at the Village at Winter Park. The last day that these reservations will be taken is Monday, February 27. After that date, they will still take reservations, but they will be time stamped so their priority will be after all of the preferred reservations. What that means is there is still time to get in on the preferred reservations where there will be a lottery to assign the actual priority of each reservation.

I now also have floorplans of the new units.

Please contact me at Paul@PaulLewis.net if you would like more information or a reservation form.

Intrawest continues Reservations for "The Village at Winter Park"

2006-02-05T19:51:00.000-07:00

Here is a picture of the map for the new Village at Winter Park by Intrawest. It is oriented with north at the top and shows the new river bed as well as all of the new buildings.

Intrawest is still taking reservations so please email me at Paul@PaulLewis.net if you are interested.

Pictures of the Village at Winter Park

2006-01-30T18:14:00.000-07:00

These are photos that I took of the models of the Village at Winter Park at the Discovery Center. The first photo is Fraser Crossing and Founders Pointe, which are the first two buildings with construction commencing this spring.

The second photo is the Village at Winter Park when it is completely built out in ten to fifteen years. Zephyr Mountain Lodge is in the foreground, Winter Park Mountain Lodge is in the background and Fraser Crossing and Founders Pointe are the middle two buildings in between. You can also see on the left where the Balcony House and the Admin Building have been replaced.

I have more photos available which you can request by emailing me at Paul@PaulLewis.net.

Paul Lewis
www.PaulLewis.net

Intrawest Announces Reservations are being accepted for the new Village at Winter Park

2006-01-25T14:22:00.000-07:00

Below is the email that Intrawest sent out about reservations at the new Village at Winter Park. I now have the reservation forms and would be glad to assist you if you want to email me at Paul@PaulLewis.net

Greetings from Winter Park, Colorado!

I wanted to take this opportunity to update you on the progress for the first offering of condominiums in the new Village at Winter Park. In just a few days we will begin accepting Limited Priority Reservations for our spring selection event. Reservations will require a $5000 deposit to be held in an escrow account with a local title company, along with a signed reservation agreement.

If you are interested in this first release of condominiums in the New Village, I strongly encourage you to submit a reservation as quickly as possible. The first wave of reservations will not be time & date stamped, providing a fair opportunity to all interested parties with whom we have communicated. Once our preferred group is closed a week or two later, all reservations will be time & date stamped behind the preferred group. Early reservations will give you a much better opportunity.

If you are already planning to submit a reservation, please send me an email or call. I'll make sure you're on of the first to receive the reservation agreement.

I will plan to keep you informed with new information as it becomes available. If you have any questions in the interim regarding the reservation and selection program, please give me a call.

PS...Don't miss this opportunity to purchase a residence in the first phase of the new Village at Winter Park.

I look forward to hearing from you soon.

2005 was a GREAT year for Winter Park, Colorado

2006-01-21T18:05:00.000-07:00

2005 was an incredible year for Winter Park real estate, according to statistics gathered from the Grand County MLS. Total sales for condominiums, homes & vacant land went from $173 million in 2004 to $225 million in 2005 for a percentage increase of 30%. The total number of properties sold was up 18.8% and the average price was up 11.3%.

For a complete report on Winter Park real estate sales, please email Paul Lewis at Paul@PaulLewis.net.