I hope everyone had a great 
Thanksgiving weekend! Boy was it eventful here in Summit County Colorado. Thanksgiving day was cloudy with a few snow flurries but over all was a great day to enjoy the family and local activities.
Friday however was something different. We woke up to snow and with the exception of a few breaks here and there it never stopped until this morning. That's right nearly 3 days straight of snow. The I-70 closed both East and Westbound for some time yesterday and has now reopened.
The resorts are reporting great skiing conditions with a big blast from mother nature. Below are the Snow totals and on mountain conditions for all 4 Summit County CO resorts.
| Resort | New Snow (24 hrs) | Snowfall (48 Hours) | Total Snowfall | Mid-Mtn Base | Summit Depth | Lifts Running | Runs Open | Skiable Acres | Snow Conditions |
| Breckenridge | 8 | 15 | 32 | 23 | 23 | 8 | 11 | 253 | Powder/Packed Powder |
| Keystone | 2 | 6 | 21 | 23 | 23 | 9 | 7 | 145 | Packed Powder |
| Copper Mountain | 5 | 21 | 39 | 23 | 23 | 5 | 9 | 160 | Packed Powder |
| A-Basin | 12 | 27 | 49.25 | 24 | 24 | 4 | 7 | 90 | Powder/Packed Powder |
Have a great Holiday and enjoy the snow more is on the way!
It's almost that time again, you know the end of the year and all of the changes that come with it. We had our first snow here in Summit County Colorado last week. In fact it was flurrying when I got to the office this morning. I began to think about the coming winter, the ski season and realized Christmas and the New Year are just a few short months away.
I had a couple that I showed vacation homes to this weekend and after thinking about them and the rapidly approaching new year I was reminded about all the questions they had in relation to buying their first second home / investment property. They began to ask me many questions which invariably led to 1031 exchanges.
I realized that I had not yet done an update to our blog about the changes coming to 1031 exchanges for the 2009 year. Our blog has previously covered 1031 exchanges (see How to do a 1031 exchange) so we will not deal with the entire 1031 process in this entry but focus on new changes that may impact you for 2009.
An owner of a property would typically use a 1031 exchange to defer gains and other tax payments upon the sale of an investment property. To defer these taxes, the seller of an investment property buys a replacement property of equal or higher value.
The seller has to satisfy timing requirements and other rules, but if those are met, he or she is able to sell an existing investment property and then buy a new property without having to pay the IRS any taxes. One of these requirements is that the new property purchased must be used for investment purposes.
for 2009 there is a new limit on excluding a gain when converting an investment property to a primary residence.
The Housing Assistance Tax Act of 2008 signed by President Bush and pushed by congress became law on July 30, 2008. It includes a provision which limits the amount of gain that can be excluded when you sell a house used as a primary residence if you also used the house for another purpose, such as a rental.
Under the rules of Section 121 of the Internal Revenue Code, you will not owe capital gain taxes up to $250,000 of gain, or $500,000 of gain if you are married and filing jointly, when you sell a house used as a primary residence for two of the previous five years. The two year period does not need to be consecutive to qualify for the exclusion.
Under the new law and as of January 1, 2009, the amount of gain that you can exclude will be reduced to the extent that the house was used for something other than a primary residence during the period of ownership. The exclusion is reduced by pro-ration by comparing the number of years the property is used for non-primary residence purposes to the total number of years the property is owned by the taxpayer.
Ok, lets try to make all that easy to understand by using an example in the real world. A coup
le that is maried uses a 1031 tax deferred exchange to acquire a house for $500,000 they plan to use as a rental in 2009. The couple rents the house for three years, and then moves into it and uses it as their primary residence for the next three years. The couple decides to sell the property at the end of the sixth year for 1 million dollars, netting a total gain of $500,000. Under the new rules, instead of being able to exclude the entire $500,000, the couple will not be able to exclude some of the gain based on how many years they used the home as a rental. Since they rented it for three years out of six, 50% of the gain, or $250,000, will not be able to be excluded from their tax liability. Because of this new limitation, the couple will be able to exclude $250,000 of the gain rather than the entire $500,000 under the rules before 2009.
There are several exceptions to this new restriction that I believe buyers and investors today must know. Any periods where the property is used other than as a primary residence that occurs prior to January 1, 2009 will not reduce the excludeable gain. Using the example above, if the three year rental period occurs prior to January 1, 2009, the exclusion would not be reduced and the couple would be able to exclude the full $500,000. In other Words if you have a second home now and plan on using it as a primary residence in the near future you may want to consider doing so before January 1, 2009.
Another important exception is that property that is first used as a primary residence and later converted to investment property will not be affected by this new law. For example, you own and live in a house for 18 years. Subsequently, you move out and rent the house for two years before
selling it. Because your investment use occurred after the last day of use as a primary residence, all of the gain accumulated over your 20 year ownership of the property can be excluded, up to $250,000, or $500,000 if you are married and filing jointly.
As always consult your tax or legal professional for advice related to investment properties. But these new rules will give you something to think about before the new year.
Jason and Deanna are real estate brokers in Summit County Colorado with a focus on second and investment properties in the resort region. See our free MLS search for Colorado resort properties.
Wow what a great year so far. Summer has finally arrived. The flowers are in full bloom, and Lake Dillon is almost full. By the 4 of July with the current runoff it should be at capacity. I can't wait to see all the sail boats out on the lake for this year'
s regatta. It should be a blast.
The realignment of the gondola in Keystone is on track and should be ready in time for the 2008-2009 ski season. I have seen some of the future development plans and it looks to be ambitious. This summer there may be some investment opportunities available in older units that will be directly impacted by the new Gondola. The move looks to add additional ski in/out capacity to some of the older buildings.
If it has been awhile since visiting the blog we have some great info about things to do here in summit have a look: http://activerain.com/blogsview/478233/Spring-activities-in-Summit. We update the blog regularly so check back often for the latest updates including monthly real estate numbers for the County.
Well it ceases to amaze me but Summit County Real Estate continues to buck the National trend. I will attach January - April's Colorado resort market index so take a look. As a whole the market remains strong. The major resort markets tend to be somewhat insulated from the housing bubbles that can bless or plague parts of the country. We are still averaging double digit appreciation, however days on market and inventory is up slightly from this time in 2007. We attribute this to tighter lending practices versus the last 3 years. Transaction dollar volume continues to rise as the total number of transactions fall. If any of you read the blog or have received our updates before you'll know this has been the case for several years. We see this in every major resort market, as housing prices increase the total amount of purchases fall.
Summit County new construction remains robust. For the first 4 months
of the year we produced nearly a 8% increase over 2007, while nationally new construction was down nearly 21% during the same period. Appreciation is still on the rise with the average single family home selling for $40,000 more than in 2007. Summit County real estate appreciation for the first 5 months of the year increased by 5.5 % while nationally we saw a loss in value of about 5%.with some west coast cities fairing much worse.
As you can see Summit County not only is a great place to be but we continue to outperform the rest of the US. Land to build on is still available for your dream home especially in the Highlands just north of Breckenridge and a new development in Silverthorne called Anglers Mountain Ranch. There are a couple of great values on vacant land if you're interested e-mail us and I'll send them over to you. We are still projected for total build out in the next 5-9 years. Frisco is rapidly approaching build out with only 7 lots currently available.
We'll we hope to see you this summer and if you're in the area give us a call (1-800-624-1009 ex 199) we'd love to hear from you. We are in the process of revamping our website and would love some feedback on how to improve it and make it a better tool for our friends and clients. As always you can see any Summit County property available on the MLS at Summit County Real Estate MLS
Resort Real Estate Index by County in Colorado
Year-to-Date Gross Volume Summary through April 30th, 2008 closings totalling: $ 2,096,473,239.00
Percent represented by each County
EAGLE (Vail & Beaver Creek)
33%
SUMMIT (Breckenridge, Keystone, Copper Mountain & A-basin)
16%
GARFIELD (Glenwood Springs)
15%
PITKIN (Aspen)
24%
ROUTT (Steamboat Springs)
12%
| Residential Unit Distribution by Price Point: 2007 Assessment of Actual Value | ||||||
| County | Value:<=1,000,000 | $1,000,001 to $3,000,000 | $3,000,001 to $5,000,000 | Value: >=$5,000,001 | Total All $: | |
| Eagle | 21,911 | 5,394 | 897 | 466 | 28,668 | |
| Garfield | 18,053 | 353 | 10 | 2 | 18,418 | |
| Pitkin | 5,921 | 3,147 | 1,256 | 1,117 | 11,441 | |
| Routt | 12,761 | 1,027 | 82 | 17 | 13,887 | |
| Summit | 24,717 | 1,595 | 31 | 0 | 26,343 | |
| Total All Counties: | 83,363 | 114,151 | 2,276 | 1,602 | 98,757 | |
| Source: County Assessor's Office for Eagle, Garfield, Pitkin, Routt & Summit. Improved Residential Only - All Types - as of March 15, 2008 | ||||||
| Median Home Price Summary: 2007 vs. 2006 | ||||||
| Region/County | October 2007 | October 2006 | % Previous Year | Change | ||
| Northeast | $ 258,700.00 | $ 255,400.00 | 101% | 1.29% | ||
| Midwest | $ 164,000.00 | $ 166,600.00 | 98% | -1.56% | ||
| South | $ 171,400.00 | $ 183,700.00 | 93% | -6.70% | ||
| West | $ 318,200.00 | $ 341,000.00 | 93% | -6.69% | ||
| Eagle County | $ 810,000.00 | $ 613,500.00 | 132% | 32.03% | ||
| Garfield County | $ 394,950.00 | $ 344,500.00 | 115% | 14.64% | ||
| Pitkin County | $ 3,700,000.00 | $ 3,500,000.00 | 106% | 5.71% | ||
| Routt County | $ 660,000.00 | $ 580,000.00 | 114% | 13.79% | ||
| Summit County | $ 648,750.00 | $ 614,450.00 | 106% | 5.58% | ||
| U.S. | $ 207,800.00 | $ 218,900.00 | 95% | -5.07% | ||
| Source: National Association of Realtors posted via Associated Press: msnbc.msn.com & Data Research Associates. | ||||||
| Information shown is believed to be accurate but not guaranteed. | ||||||
| New Construction Sales Summary: 2007 vs. 2006 | ||||||
| # Units/Sites Sold | ||||||
| Region/County | 2007 | 2006 | % Previous Year | Change | ||
| Eagle County | 688 | 681 | 101% | 1.03% | ||
| Garfield County | 756 | 684 | 111% | 10.53% | ||
| Pitkin County | 296 | 204 | 145% | 45.10% | ||
| Routt County | 488 | 418 | 117% | 16.75% | ||
| Summit County | 308 | 286 | 108% | 7.69% | ||
| U.S. | 774,000 | 978,336 | 79% | -20.89% | ||
| Source: Commerce Department, posted via Associated Press: msnbc.msn.com & Data Research Associates. | ||||||
| Information shown is believed to be accurate but not guaranteed. | ||||||
Jason & Deanna are Colorado Resort Real Estate Brokers. We can be contacted at (970) 631-6757 or (970) 485-5357.
You awake to incredible views. From the massive hand-hewn beams that give these homes their warmth and character to the mountains that range away beyond your windows. Life looks better, it is better at the Fairmont Residences on the River i
n Breckenridge Colorado.
Your home is on the pristine Blue River, renowned for gold medal fly-fishing. Breckenridge offers you the exhilarating pleasures of one of North America's premier ski resorts. Main Street, minutes from home, offeres you an authentic history, rich culture, fine shopping and dining. The Fairmont Residences on the River opens your eyes to the prospect of something even better: a great life.
After a time, the music of the river becomes the soundtrack of your life. The land reveals its ageless secrets. The old pioneer town takes on the aspect of something like a second home. These are amenities you cherish.
There are others, all nearby, from Breckenridge Golf Club to the renowned ski resort. And there will be still more, even closer to home. An on-site lodge. A spa. Elegant spaces for casual dining and entertainment. Gold Medal fly-fishing borders a vast and pristine open space.
Amenities
Interior Features
Vaulted ceilings throughout
Exposed beams
French doors open to flagstone patio doubling the living spaceCurving rock walls provide beauty and privacy
Two master suites
Niches for artwork and sculpture
These exclusive Fairmont Residences on the river in Breckenridge are offered from about 1.1 Million to 1.7 Million.
For more information about Fairmont Residences or Breckenridge Real Esate Contact Jason and Deanna Long - The Long Group at Omni Real Estate Co at 1-800-620-1009 ex 199.
Jason and Deanna Long are Colorado resort real estate specialist operating in Breckenridge Colorado.
Copper Mountain in Summit County Colorado will present its plan to shift about 590 units of yet to be built housing within the resort's base area and add a large condo-hotel project to the mix during a two-day hearing this week in front of the Tenmile Planning Commission.
Copper also wants to eliminate 42,000 square feet of set aside commercial density and relocate another 72,000 square feet of commercial space for shops, restaurants and service facilities to areas that will be closer to current uses and walk
ing paths. The plan anticipates about 1.5 acres of wetlands at the resort to be effected. This has been and can be a deal breaker in the past, but Copper will be restoring an additional 3 acres of wetlands to meet the 2-1 ratio required.
A few key changes have been made since the county commissioners last looked at the master plan amendment in a work session in December 2007. As part of a community benefits package, Copper proposes to redirect part of an existing real estate transfer assessment to community purposes including affordable housing, open space and early childhood care.
The resort currently charges a 1.5 percent real estate transfer assessment on all residential property within the resort. Under the latest proposal, .25 percent of the current assessment would be designated to community purposes which could raise as much as 1 million dollars annually. The assessment fees would apply to all as-yet undeveloped density at Copper. Copper officials are selling the proposal as a balanced and well thought out plan.
The latest version of the plan also speeds up the timing of a proposed employee housing development at East Lake, requiring construction of all the units within 42 months of the effective date of the approval for the base area redevelopment. Under the old plan the employee housing would have been phased in over 
time.
A condo-hotel that was originally proposed for a floodplain location along Tenmile Creek would now be relocated to the Union Creek area.
In 2007 Copper officials got the green light from the commission only to be sent back to the drawing board by the County Commissioners. Copper is looking for to get a go ahead from the commission and could then go to the Board of County Commissioners later this summer for final approval.
Copper has been looking to make major changes to the base area plan since 2001, when the resort submitted what was then called a comprehensive development strategy that would have included significant amounts of new density to the resort base area. The Tenmile Planning Commission recommended approval in 2003, but the county commissioners denied the application in July 2004.
For the complete story see the Summit Daily News
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If you are buying or selling real estate in Breckenridge or Summit County CO our goal is to provide you with the resources and tools you need to make a smart, and stress free real estate investment
Deanna Long
Deanna was raised in the small ski community of Wrightwood California. While growing up with a love for the outdoors, she became an avid skier and eventually a ski instructor at Mountain High Ski Resort. Living in Wrightwood taught her the values of living in a small town. One day she meet a young man at her father's church that eventually became her husband, Jason. For their honeymoon they spent a week near Silverton Colorado and instantly fell in love with the wonder and beauty that is Colorado.
Jason Long
Jason was born in the small Midwest City of Granite City Illinois. As a young man he moved to Southern California with his family. Using his upbringing of family values, personal attention and hard work he started his first company at the young age of 18 and went on to become a successful business owner. He met and married his lovely wife Deanna at her father's church and discovered his love for helping people with their dreams.
Soon after being married in 1993 Jason and Deanna moved down the mountain to the hustle and bustle of Southern California life. They now have 5 beautiful children Cortney, Joshua, Justin, Samuel, and Nathanael.
Jason and Deanna operated a successful contracting company with a focus on energy efficient and smart homes in Southern California for more than 10 years. During this time they became active in developing and investing in the local real estate market and found their true passion is in helping people find the home and property of their dreams.
One day we realized we missed the beautiful scenery and the slower pace of the mountain lifestyle. Since our honeymoon It had always been a dream of ours to live in the Colorado Rockies. 
That dream became a reality when we sold our company and moved to Colorado to focus full time on our real estate endeavors, and we have come to realize it's just better up here.
Let us The Long Group put our expertise in investing and building to work for you. Our first hand knowledge has taught us how to buy, market, sell and profit based on real world experience. With our unique perspective of contracting we can guide you from a remodel to a new home purchase. At the Long Group we don't take shortcuts.
If you're looking for a Ski Home in Breckenridge or Vacation Home in Breckenridge or surrounding areas, we will be a valuable resource for you during and after your search. We are Summit County Realtors® specializing in the Breckenridge Vacation Ski 
Home market. Our Agents and support staff are especially atuned to the special needs of those purchasing vacation homes and second homes. We understand that you may need additional services not traditionally granted by Realtors in other parts of the country. We can be a valuable resource throughout your home search and buying process.
The Long group's unique marketing approach for home sales in resort area communities allows us to expose your home to thousands of affluent clients looking for a vacation, retirement or a permanent home.
We have developed an extensive way to market our client's homes to the largest possible market available today. This process allows us to maximize our client's sales price and allows you to make more money.
With 2 brokers working full time for you we can devote more time to your homes and give you the proper attention you should expect.
Over the years The Long Group and Omni Real Estate has been instrumental in getting homes sold throughout our community. Perhaps you'll allow us to help you, when the time comes.
If you have any questions don't hesitate to call us at 1-800-620-1009 ex 199. Thank you and much success.
Sincerely yours,
Jason & Deanna Long
Some of what we do for our Clients
Custom 800 Voice mail
Allows us to track and keep in contact with potential buyers 24/7. Each of your homes will receive its own unique extension giving potential buyers information at all times. We track and personally speak to these buyers allowing us to effectively communicate your homes attributes.
Web Portal
Our own web portal allows us to attract buyers near and far. We have clients every day register their criteria with us so we can help them find what they are looking for in their next home.
Extensive local and online marketing
Google, Yahoo, Realtor.com, Homes.com, Trulia.com, Summit daily, & Local MLS system.
Direct Marketing to Past and Current Second Home Buyers
We will direct market your homes to affluent households to capture prospective buyers.
Hi-Resolution Pictures
Professional looking pictures to market your property to its fullest. Over 80% of people shopping look online only consider homes with the right pictures.
Large Network of referrals
We have built a large network of agents to work with both in and out of the area.
"One quality that really impressed me was that we never felt rushed to look quickly or decide quickly. I was impressed with how knowledgeable Deanna was about all things in and out of each house. I felt that She was truly trying to help us find a house that would suit our needs and bring happiness to my family. -Thomas & Becky G
We recently bought a new home through Jason and Deanna. Since we were not living in the area at the time, and were not even familiar with it, we thought that it may be a long and difficult process to find and purchase a home from long distance. But we were pleasantly surprised with the service that we received from Jason and Deanna. They helped us find a good neighborhood that suited our needs and a home that is just perfect for our family. We appreciated the quick responses we received to all of our questions. They were also very accommodating to our schedule, as we were so limited on time to come and tour homes. Without a doubt, we would use Jason again as our REALTOR®!" - Chet & Darlene R
"We couldn't have possibly had a better realtor. There is no one we will ever use again!" - Tom & Debbi P
Overall my real estate experience was effortless and timely! Deanna always put my interests first. She was very helpful in providing options on how to show my property. The best service she provided was her availability. I always had access to her. Very little demands were placed on me as a seller, it was an easy sale. I would definitely recommend friends and family to Deanna and the Long Group. - Richard D
Jason is one of the few real estate agents that I have dealt with who is truly interested in representing his clients in an honest and very competent manner. I was looking for a second home, and he spent many hours with me finding just the right home for our family. His years of experience helped me tremendously throughout the entire process. -Dave & Meg O
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