Having just attended a Who’s Who in Luxury Real Estate conference with a group of preeminent luxury real estate practitioners from all over the world, it seems a good opportunity to give an overview of what’s happening currently in the luxury market and hopeful trends on the horizon.

First of all, it appears sales are definitely increasing. Particularly in coastal markets, price corrections seem to have been achieved and REALTORS® are even seeing multiple offers again in many markets. For those of you watching for the “bottom” of the market, it appears that there are signs in many markets that prices are starting to rise.

Trends have emerged, though. It has never been more important to hire a REALTOR® to assist in analyzing the market. Pricing is sometimes arbitrary and it is important to understand the local market with the professional’s help to ensure that you are truly getting a value opportunity. A REALTOR® is also important to assist in the newly complex world of financing the property. Lenders have new guidelines, some of which can be cumbersome. A well qualified mortgage professional, working with you and your REALTOR®, will streamline the process and make it much easier. Rates are still at historic lows, so often you save additional money over the time value of the note.

In Santa Barbara, for example, the middle market is holding its value, but there are a few opportunities in the high end and lower end of the market. Similarly, other ski resort communities are seeing prices holding steady throughout, clearly because our areas are heavily fueled by past cash transactions and are often held by second homeowners who don’t necessarily feel the pressure to sell. Arizona and southern California are roaring back, with lots of activity. If you want to purchase something, prices are already creeping upward again.

In the Summit County, Colorado and Breckenridge markets, there are actually more sales in the very highest end of the market than at this time last year. There is considerable inventory in the lower end of the luxury price ranges, though, so there are a few strong value opportunities. Summit County is historically a great solid investment area, with local prices and values not experiencing the dramatic swings that other areas such as Florida and California sometimes do.

When considering a second home or investment, however, do not concentrate on the “deal” as much as solid criteria for selecting the property. First of all, the floor plan should be a good one and suit today’s lifestyle and your needs in particular. You can remodel with more recent finishes, but the fundamental “bones” of the home need to work well.

The location is important and your REALTOR® can assist in discussing on-mountain versus town versus remote locations. Your selection will be based on how you will use the property yourself and your lifestyle needs. A view is often a sought-after feature and, thus, is valuable for resale. Remember that to be a solid long term investment, it is important to choose a residence with broad appeal. The same things that attract you to the home will help sell it when the time comes.

When looking for a second home, according to the National Association of REALTORS® surveys, location is number one. Additional features that are important to luxury buyers include well designed kitchens, main floor master suites, bedroom-bath suites for secondary bedrooms, a separate “family” or media room, storage, and updated bathrooms.

As the economy strengthens, it has never been a better time to invest in a solid market like ours. This is the perfect time to consider an investment you can enjoy which fits into your long term investment strategy. If you need a real estate expert anywhere in the world, email me at: bonnie@bonniesmith.com and I will make the introduction for you.

The Green Valley Ranch Resort and Spa just outside Las Vegas was the setting for the 2009 Region 11 meeting on February 22-24. Our 2009 Regional Vice President, Keith Kelley, ABR, CRS, hosted the event in his home state with Leadership from our six state region in attendance. Nearly 200 members and staff from the states of Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming attended the event.

Monday morning’s meetings kicked off with a breakfast buffet, followed by a panel of government affairs speakers which included Colorado’s own Rachel Nance, CAR Vice President of Public Policy and Chief Lobbyist. The other panelists were Tom Farley, CEO and Lobbyist for the Arizona Association of REALTORS®; Rocky Finseth, Chief Lobbyist for the Nevada Association of REALTORS®.  The speakers primarily addressed emerging legislative issues in their respective states. Of particular import across the board, were revenue generators and consumer protection issues. In this tough financial climate, all the states seemed to indicate that government entities were struggling to raise new revenue in creative and sometimes onerous ways.

Laurie Janik, General Counsel for the National Association of REALTORS® gave an update on national legal issues. In particular, she updated us on the changes to NAR’s VOW policy and the importance of compliance by February 2009. A pdf file of Frequently Asked Questions can be found by logging in to http://www.Realtor.org and then using this link: http://www.realtor.org/wps/wcm/connect/d1ba94004cfa54349ceffe8d0a12d865/VOWFAQsUpdatedFeb092009.pdf?MOD=AJPERES&CACHEID=d1ba94004cfa54349ceffe8d0a12d865

Teresa McKee, Nevada Association of REALTORS® Legal Counsel and Curtis Bullock, Utah Association of REALTORS® Legal Counsel addressed their state issues. John Harrison, RPAC National Fundraising Chair spoke about last year’s amazing results, and stressed the importance of our voluntary contributions to address legislative challenges springing up on local, state and national levels.

Las Vegas Mayor Oscar Goodman welcomed the group to Las Vegas at a Monday luncheon. Our keynote speaker was Dr. Lawrence Yun, NAR’s Chief Economist. His remarks included some positive news for our Region, including the fact that the Las Vegas market was one of the first in the nation to experience a housing crisis, but he expects will be one of the first to recover. He was positive about Colorado, as well, mentioning that we were not as damaged as the period post-9/11. He believes that recessions in the past were more influenced by interest rates than by job losses, which bodes better for this situation. Also, the credit explosion, not the housing bubble, caused many of our problems on a nationwide basis. Additionally, the 50 year low mortgage rates are a once-in-a-lifetime opportunity and savvy consumers will ultimately take advantage of them, creating a cautious demand.

Colorado’s State President, Amy Dorsey, CIPS, MRE, GRI, CRS, RSPS and CAR CEO Robert Golden, RCE, spoke about CARHOF (Colorado Association of REALTORS® Housing Opportunity Fund) and the success of the Foreclosure Hotline which provides assistance to consumers. Colorado is a leader in the nation with programs like these.

Kipp Cooper, Government Affairs Director, Las Vegas, spoke about the new Quality of Life graffiti-fighting program. With graffiti a large problem, they have enacted a multi-tiered approach to protecting private property rights.

Our Tuesday luncheon speaker was Marcel Bryer from Fannie Mae who spoke about challenges and opportunities in the present time and answered audience questions, many of which focused on handling of REOs and foreclosures.

Kay Watson was the spokesperson for the Ira Gribbon Workforce Housing Grants.  Further information is found at: http://www.iragribbon.org  Grant applications are due by December 10.   Applicants must be non-profits.  $5.2 million will go to this project.  CAR hopes to obtain funding which will aid CARHOF. 

Vicki Cox Golder, 2009 National Association of REALTORS® President elect and a member of our Region from Arizona, spoke about the new NAR “Right Tools – Right Now” initiative. This program offers members many free and reduced cost products. For more information, log on to www.realtor.org and use this link: http://www.realtor.org/prodser.nsf/RightTools/ToolsHome

Region 11 then held the traditional Caucus where we come together to attend to business issues.  The six State Presidents introduced their respective Leadership teams and each spoke about key issues that had not already been covered.

Random Thoughts: Chris McElroy has been selected as the alternate to the NAR Nominating Committee for a two-year term. The group discussed our annual convention to be held this year in San Diego. “Chart a Winning Course” will be the theme and further information is available at: http://www.realtor.org/convention.nsf  or you can follow updates (tweets) at: http://twitter.com/nar2009

In summary, there was a great deal of useful information packed into a two day period. It was one of the best Regional meetings I’ve ever attended, with excellent participation, provocative speakers, and lots of useful information.

The Home at Two Cabins

Today’s featured residence sits toward the end of a quiet road in the Three Peaks subdivision, just a stone’s throw from the Raven Golf Course in Silverthorne. The home at 275 Two Cabins Road sits up on a sunny ridge looking out majestically to the Keystone Ski Resort and surrounding peaks. Offered at $2,130,000, the four bedroom, four and a half bath home also has a three car and is being sold with its fabulous furnishings.

The exterior of the home sets the stage with a mix of natural rock, chinked barnboard and massive peeled beam construction. Stairs lead up to a covered entry which opens into the foyer with a stone floor. Directly ahead is a library/office, with double doors. To the left, the great room has colorized concrete tile floors and soaring ceilings with massive beam pillars and details. The space is centered by an imposing stone fireplace with a raised hearth and a carved mountain themed mantle. On one side, a window seat adds charm, while on the other, a built in casing houses a pop up 52” flat screen television.

The adjoining dining room is wreathed in windows which look down valley to the golf course and mountains below. Doors lead out to a sunny deck. Doors from the living area lead to a covered patio with an outdoor stone fireplace and built in GE Monogram barbeque. The patio, as well as the walkway to the spa, is heated.

The open kitchen is done in a mix of black and burgundy cabinets with slab granite in burgundy, charcoal and buff. Appliances are GE Monogram and include two dishwashers, refrigerator, microwave, warming oven, and a six burner, two oven range with griddle. A walk in pantry adds a great amenity.

To the right of the entry, the powder room features a green and dark wood Asian antique chest fitted with a granite vessel sink. A rock wall with art niche adds a design element.

The master suite has cathedral ceilings, rock fireplace, and a private deck. The adjoining bath has a copper plunge tub, two sinks, vanilla cabinets and granite counters in black, caramel and vanilla. The shower boasts a rainwater head, as well as a conventional one and tumbled stone trim. A walk in closet with integrated system completes the suite.

Stairs down lead into a fabulous entertainment area, with wet bar, wine cellar, media viewing area with surround sound, and access to the outdoor spa. One wall is a mural with a tribute to the ‘50s.

A nearby laundry adds convenience. Three additional bedrooms are on this level. One shares a Jack and Jill bath with the entertainment area. One is a bunkroom with six bunks and an ensuite bath. The third is a mini master suite.

Throughout the home, the detail and furnishings are amazing with a consistent sense of style and welcoming warmth. With wonderful lighting, oil rubbed bronze faucets, and outstanding doors and trim work, this home is exceptional. Don’t miss the opportunity to make this home a hospitable base for all your mountain adventures.

Summit Association of Realtors Recognizes Bonnie for Realtor and Community Contributions

The Summit Association of Realtors, in the heart of Colorado’s High Country, held their annual Installation Banquet for their incoming Board of Directors last week. At the event, Bonnie Smith Allen, ABR, CIPS, CRB, CRS, GRI, MRE was named 2007 Realtor® of the Year. The award was given in recognition for service and support to the Board of Directors, local, State and National Association members, and for service to the Summit County community. The REALTOR® of the Year Award is given to the member who has shown outstanding leadership, commitment, and skill in the real estate industry. Candidates are judged on contributions to the industry, outstanding qualities, and any additional factors that set the individual apart in the award year. “This honor is voted on by peers and competitors so it is very special to me,” Smith-Allen said.

At the awards ceremony, a video traced the highlights of Bonnie’s life so far, including her Leadership and community service. Bruce F. Wolf, National Association of Realtors Treasurer, and his wife Mary, flew in for the surprise presentation.

Ms. Smith-Allen is Owner and Managing Broker of Exclusive Mountain Retreats Real Estate in Breckenridge, Colorado. She is a member of Luxury Real Estate’s Board of Regents. Bonnie is presently serving the local Board as a State Director, the Colorado Association of Realtors as Vice President, and serves on several National committees. She is a Golden R donor for RPAC on the National level, as well as a member of the NAR President’s Circle. Last year she was one of thirty eight national “Ambassadors” to the New Orleans convention, working for ten months on the effort to raise Realtor consciousness in the aftermath of Katrina. The event gathered 26,000 Realtor attendees, brought $34 million in revenue to the New Orleans community and resulted in 54 homes built in the Gulf Coast region.

This new offering is the most unique opportunity in Breckenridge in a long time

The newest private community of homesites has just released some spectacular offerings this summer! Western Sky Ranch is a private enclave of twenty-one home sites on the northern boundary of the Town of Breckenridge. Just over two miles from Highway 9, but with a feeling of privacy and seclusion, each home site has a private setting with amazing Ski Area & Ten Mile Range views. Parcel sizes range from 3 to 27 acres, with carefully planned building envelopes.

This is one of a very few places where you can ATV or snowmobile from your own property. For such unique estate-sized parcels, these lots provide buried utilities, paved roads and a remote feel with the convenience of World Class skiing and golf less than two miles away. Where else can you enjoy the Jack Nicklaus-designed 27 hole Breckenridge Golf Course or a major ski resort all within a mile or two of your mountain residence site.

Meanwhile, the convenience of Main Street shopping and dining are just two miles away as well. Take in a play at the Backstage Theatre, dine on the deck at Relish or have a cold frosty beer at Burke an Riley’s Pub- just a few diversions- IF you ever want to leave the beauty of the spectacular mountain views from your piece of paradise.

Lot prices begin at $595,000. Call us today to have the opportunity to secure the spot for your perfect mountain retreat.

Western Resort Towns, Boston, New York, and Denver continue strong in the Luxury market segment

Sales of luxury homes continue to outperform the rest of the market in many key locations, according to David Leonhardt from The New York Times.

Several causes seem to be in evidence including the fact that higher income buyers continue to experience strong income gains and a rising stock market, and foreign investors have more buying power with the continued decline of the dollar against other global currencies. Additionally, the increasing interest rates affect lower and middle income families on a larger scale, while many upscale buyers rely more on cash.

Cities including Boston, New York City, San Jose, Calif., Seattle Denver, and Houston have posted year to date luxury numbers comparable to 2005, a boom year. Other key markets appear to be trending in that direction as well.

Numbers in the second home resort market continue to rise as well, with record appreciation increases and record sales in places like Breckenridge, Colorado, Aspen, Vail, Telluride, and Park City, Utah.

All of these are continued reasons to engage a local Realtor© to track the specifics of the market you are considering. With up to date information and a Realtor to guide you through the history of the market, you will maximize your long term investment potential.

Along with partner, Rodney Allen, Bonnie finishes the new RSPS certification and shares information with real estate professionals from all over the world.

Last week I attended the 4^th National Association of Realtors Resort Symposium held this year in Vail, Colorado. Realtors from all over the United States and real estate professionals from all over the world attended to discuss issues and share marketing, management and technology ideas. The previous three symposiums have been held in Cabo San Lucas Mexico, Cape Cod, Massachusetts and Hawaii.

It was a dynamic group with lots of old friends from NAR Leadership and Luxury Real Estate, and new friends from all points in attendance. Highlights included finishing the coursework for the new Resort and Second Home Property Specialist certification. This new program from the National Association of Realtors provides specialized training for resort and second home markets all over the globe. It also provided an opportunity to catch up with realtors from all over to discuss their changing marketplaces.

The common thread seems to be that only a handful of primary markets are experiencing a real downturn or at least a slowdown. Most of the resort markets were hot, hot, hot, with escalating prices and values, consistent appreciation, and plenty of activity.

One of the most interesting statistics that was noted was that last year, 39% of home sales were second home and resort properties! With the baby boomers still coming of age over the next decade, this shows no sign of changing anytime soon.

Thus, it’s a great time to invest in mountain property, and Breckenridge and Summit County are still a relative value. Call us if you’d like the specifics on a Rocky mountain investment. Both Rodney and Bonnie hold the CIPS (Certified International Property Specialist) Designation which means they are among an elite group of professionals who have completed a course of study in International real estate investment and have demonstrated a proven track record in working with International buyers and sellers. As always, our network of international associates can assist you with your investments anywhere in the world. Give us a call and we can help! 

Summit County Investment trends echo trends of the US Luxury Market.

The Wall Street Journal reports that popular luxury homes these days include lots of specialized spaces for their owners. Rooms like wine cellars, craft rooms, media or home theatre rooms, separate double baths for master suites, and walk in pantries are among the amenities noted in many high-end homes. Many of the newer homes often have a sunroom or family room instead of a formal dining room as well.

These trends seem to be echoed in many of our luxury category of mountain homes. More of the newer upscale homes have wine cellars, elaborate theatres with graduated seating, open dining areas which create a warm gathering atmosphere, and plenty of “escape spaces” so that family members have space for privacy during their mountain playtime.

Another current trend is the escalation of investment into “cocktail ranches” where the acreage and peaceful surroundings provide time away from the hustle and bustle of the mainstream tourist visitors. These ranches provide a great entry into the mountain community without the upkeep or hassle of a full-blown working ranch.

With all indicators showing today’s busy entrepreneurs and executives savoring their downtime, these trends show no sign of slowing. Call us today to find the right property to fit your busy lifestyle and invest in your piece of paradise. Don’t forget that, with our network of professional affiliates, we can assist you in investing in real estate all over the globe.

A brief update on market conditions in Summit County Colorado ski  & investment properties

Well, 2007 is shaping up to be an amazing market for top end luxury properties in Summit County, Colorado! In the $2.5 million and up category, there were only nine properties sold in 2005, while in 2006 only four sold. This year sales are already at three and selling season is just starting. Prices are also reaching $550-600 per square foot in some cases, which is breaking all records.

In addition, days on market numbers are going down too. Since good land is getting scarce, buyers are realizing that some of the new homes and resales are a great option. It is still critical that the home is priced properly and a good lot and floor plan are essential. That said, those homes that meet these criteria are selling through.

The local Summit County market has rarely seen any fall off through the last fifteen or twenty years. It tends to run with the stock market, so when the market is strong, so is the real estate market. Don’t be misled by naysayers who talk about the soft market conditions in other parts of the country! Our market is booming. Come talk to us about investing in your Colorado dream house.

At Mid Year meetings for the National Association of Realtors, realtors and leadership meet with legislators on Capitol Hill

I write this today from the National Association of Realtors Mid-Year Meetings in Washington D.C. Realtors from all over the country converge this week on our seat of government for meetings with various leadership committees, as well as to meet with legislators from their respective states on Capitol Hill.

 When I first attended this week of meetings, I was struck by the commitment level of our government officials and saw them in a totally different light. After all, here they are working at their jobs- they are not engaged in the process of running for office. The dynamics are different and their focus is clear. It was a revelation. I came back and made the commitment to the Realtor organization to financially support our Realtors Political Action Committee and to become more involved and informed.

Last night on 60 Minutes, I was distressed to see a very one-sided segment on Realtors by Leslie Stahl. She focused primarily on the monetary aspects of the Realtor debate, without giving justice or understanding or even a cursory discussion about service, consumer protection, or ethical standards of representation.

Some of you reading this and watching that segment will undoubtedly be other Realtors, some will be real estate practitioners, and some will be members of the public. So, this got me thinking….

We spend a great deal of time talking about the “branding” of the Realtor “R.” I am a member of the Colorado Association of Realtors’ Public Relations committee which runs media campaigns across the state which ask, “Why use a Realtor?”  I am also a member of the National Association of Realtors’ Communications Committee which oversees our publications and the national advertising which also says, “Make sure your agent is a Realtor.”

There are many reasons to choose a Realtor given in these media vignettes. Perhaps the most compelling reason to choose a Realtor is this: Realtors are here in Washington D.C. and in their State governments, and their local Town meetings and City Councils fighting every day for private property rights for each and every American. We represent everyone- not just the big developers, but the “little guy”- the first time home buyer who is struggling to save enough money to put a down payment on his or her first property. We help every American realize the American dream of home ownership!

Many things in our country affect the way our citizens function on a daily basis. Your Realtor does not pretend to cure cancer, set the price of oil, or negotiate trade agreements to lower food costs. However, your Realtor and 1,350,000 members of our Association represent you every day in the battle to get ahead in your daily life by supporting your right to YOUR piece of the pie- your home.
So, why am I a Realtor? Because, at the end of the day, I believe in being part of something bigger than myself. I believe that as a part of the largest trade association in this country comprised of independent business owners who compete with each other every day, I can make a real difference. I invite you, as we near our 100^th anniversary of the National Association of Realtors to recognize, as I do, that Realtors directly affect the quality of life for millions of Americans every day. To me, that makes all the difference.