Here Comes the Snow

With beautiful Fall colors abound, we were blessed with snow on the top of Vail Mountain as a reminder that winter is just around the corner. Start waxing you skis and stretching the legs for a fantastic year on the mountain! If you have questions about how you can come to Colorado to live this lifestyle, or where you should book your winter stay, please get in touch with me!

Is the 3.8% Tax on All Real Estate Sales Correct?

The short answer is no. While you may have seen the emails or editorial pieces that are floating around the internet which state the contrary, there are some key facts missing. While this tax will apply to some home sales starting January 1, 2013 it is only for a small group of people. Those with an AGI of $200,000 individually or $250,000 if filling jointly qualify for the additional 3.8% tax. The tax will only apply to the amount above the $200,000/$250,000 income limits. And with that, the tax won't apply to the first $250,000 of profits from the sale of a primary residence or $500,000 if a married couple.

With the convoluted nature of tax code it is easy to see how this rumor got started, especially in our market. In the Vail Valley we probably will have a higher rate of people this tax effects because of the higher incomes and non-primary residence homeowners.  Another thing to remember is that this is not a tax solely on real estate transactions, it covers all investment income.

Here is an example...If AGI for an individual is $275,000, the excess over the threshold of $200,000 is $75,000. This person also has a net investment income of $60,000. The new tax only applies to the lesser of the two amounts, so they will pay the 3.8% tax on the $60,000.

You will need to be aware of your personal situation and possibly talk with your accountant about what tax ramifications you may encounter when selling your home if you anticipate a profit. As always, feel free to contact me with any questions you may have or to refer you to a few real estate lawyers or accounts that can help you out.

Colorado Wildfire Help

With the recent fires in our state many people are wondering how they can help the victims. Here is a list of ways you can do your part to help out our Colorado neighbors.

Donate Money

The best way to help out in these situations is to donate money to the correct organizations and let them handle how to use it best. Through the website http://helpcoloradonow.org/ you can make donations to the organization of you choice from the Red Cross to local humane societies.

Donate Things

Another way to help is to donate unused things to a local charity. The victims will need everything from clothes and blankets to cooking supplies and toothpaste. Most of the local charities are working with the organizations helping the fire victims so this is a 

great way to get it to them without having to go there yourself. Also, at http://helpcoloradonow.org/ you can sign up to donate. They have a great system where you let them know what you are willing to donate and when they need those things they contact you. This eliminates the time they would need to take to process donations as well as making sure they're getting what they really need.

Donate Time

Many people out there may not have extra money or clothes to give but can afford to spend a weekend helping out by volunteering their time. While you never want to simply show up to a disaster and ask to help there are some more structured ways to do something like that. Again with the help of the great website http://helpcoloradonow.org/ you can fill out an application to volunteer. By giving your skills and other basic information they will match you up with the groups that need your help.

Other Ways to Help

-By going to http://www.wildfiretees.com/ you can purchase some great looking t-shirts where 100% of the proceeds go to wildfire relief efforts across the state.

-Animal shelters are almost always accepting volunteers. The large animal shelter at Norris-Penrose Equestrian Center in Colorado Springs needs volunteers. Contact them at 719-520-7773.

-Text HIGHPARK to 80108 to donate $10 for fire relief in northern Colorado through The mGive Foundation @ mgivefoundation.org

-Hold a yard sale or put on a fund-raising event and donate money raised to a voluntary organization responding to this disaster.

These are a few simple but very effective ways to help out those in our state that need it. Every little bit will help them adjust and cope with the horrible situation they are fighting. We all need to keep them in our thoughts and help any way we can. If you have any questions about donations or volunteering please feel free to contact me. Pray for rain!

July Fun!!

I can't believe it is already July, what happened to June? Although the summer is flying by, there are still plenty of activities and events that you need to be filling you and your families down time with. July seems to be the month of concerts, with Bravo! coming to town and all the free concerts in Vail and Eagle it is a concert goers dream. 

Bravo! Vail Valley Music Festival

This year is the 25th anniversary for the Bravo Music Festival and they are rolling out all the stops to make this year fantastic. The Vail Valley will be host to the Dallas, Philadelphia, and New York Philharmonic Orchestras, plus world-class chamber musicians, composers,  and the brightest new ensembles . They will be having shows and events almost everyday in July so this is your chance to see some world class musicians right here in your backyard. For more information or to purchase tickets go to their website.

http://vailmusicfestival.org/

Fourth of July

Even though there will be no fireworks here in the Valley there are still plenty of fun things to do for the holiday.  On the 3rd of July, Avon has canceled their famous fireworks display but are still having bands on their main stage and activities for the kids everywhere else. They have a bouncy house, carnival games, face painting and balloon sculptors. Vail is also keeping the festivities going on the fourth with the regions largest Independence Day parade starting at 10AM in Golden Peak. In Lionshead they will have arts and crafts for the kids and music for everyone to enjoy too. For more information visit their town websites.

http://www.avon.org/index.aspx?nid=414

http://www.vail.com/events/event-calendar.aspx

LA Sportiva Hill Climb

For those who are looking for a strenuous activity this month Vail Mountain is having their 7.5 mile hill climb up 2,500 feet on July 7th at 8AM. Voted the best trail race in 2006 and 2011 by Colorado Runner, this will definitely be fun and challenging event for those who enter. The Eagle Bahn Gondola will be running for spectators and family to cheer on their runners.

http://www.vailrec.com/hillclimb.cfm

Triple Bypass Bicycle Tour

This one will be a challenge, but a fun one. On July 14-15 there is a daunting 120 mile ride with over 10,000 feet of elevation change. The ride starts in Evergreen and climbs over Squaw pass to Idaho Springs and on into Georgetown. From there, it climbs over Loveland Pass to Frisco and over Vail Pass to the finish line in Avon. Come to Nottingham Park to cheer on the finishers.  If you are still feeling good after your ride you can do it again the next day to ride back to Evergreen! For more information go to http://www.teamevergreen.org/triple

It appears there is something for everyone this coming month. For the active people out there we have bike and running races; if you want something of a slower pace we have many concerts to attend. On top of the Bravo! series, Vail still has their free concerts every Tuesday and Eagle does a free concert every Thursday. If you have any questions about other things that may be happening in our beautiful valley please give me a call. Enjoy all the fun!

Town of Eagle New Website

To get ready for the summer season, the Town of Eagle has launched a new website to keep you informed about all that is happening! The site, www.EagleOutside.com is a user friendly page that filled with details about hiking and biking trails (including detailed maps), ideas for fishing holes, and places to get food when your done playing.

When on the site, (looking for something to do on my day off), I can find great descriptions of the bike trails I want to tackle. They also give a brief run-down of the ride and difficultly so I know if I'm getting in over my head. They provide parking info, elevation change, and even similar rides if you find you enjoy your time out there. I enjoy having the information before the ride so I know what to prepare for.  

This site is a must if you are planning any weekend activity or just an evening dinner. The one downfall of this site is that it is only covers Eagle activities and not the rest of the Vail Valley. It is set up so well it has to only be a matter of time before this template catches on.  Please contact me with any questions you may have or suggestions for things that are not on this site. 

www.EagleOutside.com 

FIRST TIME HOME BUYER FINANCING OPTIONS

After the real estate meltdown in 2008-9 the financial industry cracked down on their lending standards making it more difficult to get a loan. With theses changes many first time homebuyers assumed that they could no longer qualify for a loan because of the strict standards lenders were adhering to. While it has become more tedious, that doesn't mean it has become impossible. There are many programs available now that can provide borrowers with the assistance they need while not letting them get in over their heads like in the early 2000's. Here are a few options available with the low interest rates banks are providing these days:

I love the Rural Housing Program provided by the USDA. This program is perfect for Eagle County buyers. The Rural Housing Program can assist buyers with down payments but also provide 100% financing in many cases. This program can also provide financing for other closing costs which will fully eliminate or greatly reduce the out of pocket cash a buyer needs to close. 

Another great option is the Community Development Mortgage Program. This will give borrowers less-demanding income and debt guidelines helping borrowers to get a loan even with limited credit history. A great aspect of this program is that it doesn't require mortgage insurance. Many lenders that don't require down payments want some sort of premium to help guarantee their loan, but this program allows for the low down payment without the added expense of Mortgage insurance.

The Federal Housing Authority (FHA) is a great option for many aspects of obtaining a mortgage. They provide assistance for down-payments, refinancing, and easier credit qualifying. Their Teacher Next Door program provides teachers with a great way to buy a home with only $100 down payment.  FHA also has many options for the non-teacher crowd providing up to 97-100% financing on new buyer loans.

These are only a few of the options available for you if you're thinking of making your first home purchase. Please contact me and we will explore the multiple options available for your situation and find the one that fits. Also if you are interested in refinancing your existing mortgage there are many options available to you.  As you can see there is money available for buyers at historically low rates making this NOW the time to buy!

High Mountain Gardening

With the Vail Valley having such a beautiful natural landscape, you will want to keep your own yard consistent with the natural fauna. Because of our low humidity, fluctuating temperatures, and possibility of high winds we need to take every precaution we can when planting. Planting with native species will not only give it a better chance of success but it is also better for the environment.  Those species won't need special soil brought in or watering every day like another non-native species. Here are some great suggestions from local landscapers:

Flowers

Officially we are in USDA growing zone 5 and sunset zone 1A. What does this mean? Well, it means we are in one of the hardest growing regions in the US...but its not impossible!  The mild days and cool nights provide a great climate to prolong flowering on plants and small shrubs. Perennials are widely suggested for planting in our region for this reason.

Penstemons (Blue Strictus)-   I am sure we have all seen this one before. This flower has over 250 species and many colors.

Rodbecka Fulgida- A champion plant, winning "Perennial Plant Association 1999, Perennial Plant of the Year." It is very forgiving with soil conditions and sunlight so it will look beautiful wherever you would like to plant.

Erigeron- This is a versitile flower that will thrive in our high sun and dry soil conditions, but also has the flexibility to survive in wetter areas.

Shrubs and Small Trees

These types of plants will require lots of TLC in the first year of growth but that extra care will provide you with many benefits for years to come :-)

Rocky Mountain Juniper- This is another common but beautiful plant for the area.  While it prefers full sun it is a very resilient tree/shrub so will succeed almost anywhere.

Russian Hawthorn- While it's name is deceiving this is another species that has success in Colorado High Country.  It has small thorns and smaller leaves but it will also give off some stunning what flowers with some red fruits during the summer season.

Big Sage- This is another aromatic Colorado classic. While very common it can provide the subtle accents to your landscaping that will look great for many years.

While I have only provided you with a glimpse into planting with native Colorado plants I hope to have given you some insight into the subject.  If you would like more information on how to plant or the costs contact me and I can provide you with some local landscape companies that will fit your needs. Enjoy your day.