Before heading out to look at properties, in addition to number of bedrooms, baths, square footage, and price range, I’ll need to know the following:

1. Do you plan to rent out the property? If so, will it be on a long-term (season or year round) basis or short-term (week-to-week basis)? Some condominium neighborhoods prevent rentals of any shorter time periods than 6 months at a time.  How you plan to use the property will help determine where we look.

2. Do you plan to live in the property year round? If so, do you have pets? How many, what size and type? Some properties have strict requirements and prohibit pets or the number or type of pets permitted.

3. Do you like the feel of a large complex or do you prefer something a little more intimate?

4. What are your parking requirements if any? Again this can range from a private garage, to underground assigned parking to unassigned off-street parking or on-street parking.

5. Would you plan to have a car here, walk everywhere, or does mass transit suit you just as well? This will help determine the location.

6. What do you require in the way of amenities? Some complexes feature full amenities, such as pool, spa, tennis, on-site management, while others have none.  Those with amenities often rent out very well on a short-term basis but have considerably higher association assessments.

7. Do you always come back to Aspen for your vacations at regular times and enjoy first-class accommodations, or do you like to travel to multiple worldwide destinations? If so, a fractional opportunity might be the perfect fit for you.

8. Will you plan to finance your purchase or will you be paying cash? Some types of properties, especially those containing a majority of investment owners are becoming increasingly more difficult on which to obtain conventional financing.

By discussing your needs and desires with me, I’ll be in a better position to save your valuable time and direct you to the best properties to meet your goals.

1. Foreclosures. Here a foreclosure occurs when a borrower defaults on an obligation and is sent a Notice of Election and Demand by his/her lender, which is filed with the Public Trustee of Pitkin County. Once that document is filed, potential buyers can request a list of homes about to be auctioned and attempt to purchase those properties. (In the vast majority of cases, these properties are already listed for sale, and a knowledgeable broker will know about them in advance).

The next stage is that the auction date is published in the newspaper 45 to 60 days before the home is sold. The owner has an option to cure by filing a Notice of Intent to Cure. Once purchased at auction, junior lien holders have eight days in which to purchase the property from the buyer for the sale amount plus interest. There is no longer a redemption period in Colorado following the sale.

After foreclosure, if no other buyers come forward, the home is returned to the lender who then lists the property as an REO (Real Estate Owned) opportunity.

2. Short Sales. A short sale occurs when the net proceeds from the sale of a property are not enough to cover the seller’s mortgage obligations and closing costs, and the seller is either unwilling or unable to cover the difference. Some short sellers may be pre-foreclosure. The lender has the right to go after other assets of the borrower to make up for the deficiency. The best time for a borrower to consider short sale options with their lender is when they have had a catastrophic life change, i.e. illness, divorce, death, etc.

3. Deed in Lieu. Another option for borrowers to avoid foreclosure is doing a “deed in lieu” with their lender. Essentially the borrower agrees to give a deed to the lender for the property in satisfaction of the amount due on the loan.

I am very familiar with distressed property and can help guide you through the sale process or help you purchase one of these opportunities.

Aspen Single Family and Half-Duplexes:                                   246

Aspen Condominiums and Townhomes:                                  270

Snowmass Village Single Family and Half-Duplexes:              71

Snowmass Village Condominiums and Townhomes:            130

Of the total Aspen/Snowmass Village homes and half-duplexes currently for sale, the breakdown by price category is as follows:

$1,000,000- $5,000,000                                                                135

$5,000,000-$10,000,000                                                              124

$10,000,000-$20,000,000                                                              42

Over $20,000,000                                                                             15

When considering condominiums or townhomes, the breakdown by price category (excluding fractional properties) is as follows:

$Under $500,000                                                                             31

$500,000 to $1,000,000                                                               140

$1,000,000-$2,500,000                                                                157

$2,500,000-$6,000,000                                                                  59

$6,000,000-$10,000,000                                                                  9

Over $10,000,000                                                                              6

When reviewing the residential prices in our area, it should come as no surprise that more than 75 percent of our buyers pay cash for their purchase here. That being said, however, jumbo loans are available to qualified buyers. Some sellers are also offering owner financing as well. Some buyers are refinancing their primary residences back home in order to use the funding on purchases here. The following lender is a good source to contact for local financing:  www.wellsfargo.com/mortgage. For more information on specifics within the price categories mentioned above, please feel free to call me or go to www.sdsrealestate.com/search.php.