Just Listed: Lakefront property on Shadow Mountain Lake

 
 
 

Lakefront and mountain side, this luxury log home sits on the shore of Shadow Mountain Lake.

With over 100’ of lakefront access, launch kayaks or paddle boards right from your backyard or add a private dock to the already beautifully landscaped yard. This house is immersed in the woods, creating total privacy, yet conveniently located off Highway 34, just a few minutes to charming downtown Grand Lake. All three levels of this cascading home feature panoramic lake views through the large windows. Every season of the year offers different foliage and waterfront gazing. The forest across the water is completely protected, as you look onto Rocky Mountain National park. For the 4th of July, you’ll feel like you have your own private fireworks display with an unobstructed view over the lake. This home is perfect for a family getaway, or hosting friends, with 4 bedrooms, 3 bathrooms and decks on every level. The open concept kitchen, dining and living room with double doors onto a sweeping deck give you the best of indoor-outdoor mountain living. Chefs will enjoy preparing meals with high-end Kitchenaid appliances and gas range with a fully stocked kitchen. The gas fireplace in the living room is perfect for getting cozy and watching snow fall on the serene lake. Radiant floor heating with separate zones per floor provides consistent heat during winter months. This house comes fully furnished and completely turnkey with everything you need. Grand Lake is friendly to short term rentals, so you can earn income with VRBO or Airbnb when you’re not enjoying it yourself. Join one of the exclusive few with waterfront property right on Shadow Mountain Lake.

Listed by Rebekah Gray for West + Main Homes. Please contact Rebekah for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(720) 903-2912
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Presented by:
Rebekah Gray
(303) 374-4985
rebekah.gray@westandmainhomes.com


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These Are the 10 Cheapest States to Buy a House in 2022, According to a New Report

 
 

The housing market varies from state to state, and between prioritizing location, calculating taxes, and paying utilities, it can be difficult to discern which cities truly have the most affordable homes.

Still, people try.

Mortgage lender site Homebuyer.com recently published a new report on the 10 cheapest states to buy a home by tallying median home prices, household income, and estimated monthly mortgage payments. By assessing the median home price and average income, the homebuying site was able to calculate the percentage of income paid to the mortgage.

Here are the cheapest states to buy a home, according to their research:

1. Iowa 

Median home price: $147,800
Median household income: $79,500
Estimated monthly mortgage payment: $702.22
Percentage of income to mortgage payment: 10.60%.

2. Indiana

Median home price: $141,700
Median household income: $73,300
Estimated monthly mortgage payment: $673.23
Percentage of income to mortgage payment: 11.02%

3. Ohio

Median home price: $145,700
Median household income: $75,300
Estimated monthly mortgage payment: $692.24
Percentage of income to mortgage payment: 11.03%

4. Nebraska

Median home price: $155,800
Median household income: $79,400
Estimated monthly mortgage payment: $740.22
Percentage of income to mortgage payment: 11.19%

5. Kansas

Median home price: $151,900
Median household income: $77,400
Estimated monthly mortgage payment: $721.70
Percentage of income to mortgage payment: 11.19%

6. Mississippi

Median home price: $119,000
Median household income: $60,000
Estimated monthly mortgage payment: $565.38
Percentage of income to mortgage payment: 11.31%

7. West Virginia

Median home price: $119,600
Median household income: $60,300
Estimated monthly mortgage payment: $568.23
Percentage of income to mortgage payment: 11.31%

8. Oklahoma

Median home price: $136,800
Median household income: $67,000
Estimated monthly mortgage payment: $649.95
Percentage of income to mortgage payment: 11.64%

9. Michigan

Median home price: $154,900
Median household income: $75,300
Estimated monthly mortgage payment: $735.95
Percentage of income to mortgage payment: 11.73%

10. Arkansas

Median home price: $127,800=
Median household income: $60,700
Estimated monthly mortgage payment: $607.19
Percentage of income to mortgage payment: 12%

Keep reading.

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Why Idaho’s Home Values Are Increasing More Than Any State in the Country

 
 

The value of a typical home in Idaho more than doubled in the past five years—a feat no other state can claim

With low interest rates and a life-altering pandemic that found many trading in their commute for remote work, it’s no secret that the real estate market in 2022 looks a whole lot different than it did five years ago. Those circumstances led many would-be homeowners to broaden their search, looking outside of the cities and suburbs they’d normally consider. And while it’s been apparent for at least a year that these shifts stood to benefit sellers in more rural states, the state to actually see the biggest growth in real estate prices since 2017 may not be the first one that comes to mind.

According to data from Zillow’s Home Value Index, Idaho saw the most significant change in typical home value over the past five years. Based on the real estate platform’s algorithmic “Zestimate” of home values, which uses a wide array of data points beyond sales prices to more comprehensively assess a given market, the value of a typical home in the Gem State jumped from $222,122 in July 2017 to $472,272 in July 2022.

That’s an astonishing increase of just over $250k, which translates to a growth of 112.6%. Idaho’s growth far exceeded not just the rest of the country, at a time when every state saw gains of at least 34%, but even its closest competitors: Second-place Arizona and third-place Utah saw five-year changes of 95.9 and 91.4%, respectively. While Utah’s pure dollar increase of $273,608 outpaced Idaho, it still found a place in the top five alongside Hawaii, California, and Washington, the three most expensive states (excluding Washington, D.C.) in terms of typical home value.

If these Zestimate increases can be considered a proxy for the value of living in a given place, metro-level data suggests that new (and existing) Idahoans enjoy the balance of a relatively urban area within an otherwise largely rural state. Showcasing a 117.8% growth in typical home value from 2017 to 2022, Boise was the only area to exceed Idaho’s state-level increase of 112.6%, with home values rising $276,676 over five years to a price of $511,618 by this July.

Those who relocated to Boise from out of state got good bang for their buck as well: Zillow further notes that these movers typically gained 68 square feet at a price that was about $145,000 less than the value of their prior home. That’s enough extra space for a cozy but viable home office, and a tidy profit with which to redesign or renovate one’s entire space as needed.

Other Idaho areas that gained ground showcased connections to the outdoors. Idaho Falls, Twin Falls, and Pocatello all saw prices increase by more than 100% over five years, with each situated a short distance from the Snake River. Coeur D’Alene, where the Spokane River flows into the town’s eponymous lake, saw property values rise by 109.3%. Hailey, which offers access to Sun Valley at a slightly more affordable rate than the ski town itself, saw comparatively modest but still significant growth of 87.5%. By way of out-of-state comparison, Summit Park, tucked between Salt Lake City and Sundance host Park City, saw prices increase by 108.6% to a typical value of just under $1.47 million.

Between attractive locations, extra space, and the fact that ninth-place Idaho’s typical 2022 home value is closer to that of 15th-place New Hampshire ($436,623) than eighth-place Oregon ($524,718), you have the recipe for real estate demand. “States where home values grew the most over the past five years tend to offer relative affordability, as well as a lifestyle that many are attracted to,” says Zillow senior economist Nicole Bachaud. “Markets that offer year-round outdoor living and easy access to outdoor amenities have been the most in-demand.”

Between a retreat from historically low interest rates (a move that also speaks to the realities of inflationary concerns) and a gradual return to the office, the moment to drop everything and save money by moving to a place like Idaho may be on its way out. Even still, the data goes to show that homeowners might still be able to get more for less, if they’re willing to look for hidden gems.

Read more on Architectural Digest.

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Next Week is The Best Week to Buy a Home

 
 

More than 6% of homes may have reduced prices during the week of September 25

It is general knowledge that spring time is home selling season, but the best time to buy a house can change from year to year. According to a report from Realtor.com published Wednesday, in 2022, the best week to buy a house is from September 25 to October 1.

Many in the industry view fall as “off season” for the housing market, which offers opportunistic buyers many favorable factors including more listing, less competition, and lower prices.

According to Realtor.com, those who buy during this week can expect more than 6% of homes with reduced prices, savings of more than $20,000 on average, approximately 46% more homes to choose from as compared to the average week to date, extra time to make buying decision with homes expected to stay on the market 15 days longer than summer’s peak, and less competition as as demand during the best week to buy is historically 26.9% lower than the yearly peak week and 8.5% lower than the average week.

As many prospective homebuyers have faced a multitude of challenges over the past year, from intense competition to limited inventory, as well as rising mortgage rates and record high home prices, they may be looking for any advantage they can get.

“If you’re flexible on your timing and can budget for higher rates, early fall can be a great time to secure a home, with a number of factors aligning to make it the best time of the year both in terms of price and competition,” Danielle Hale, the chief economist at Realtor.com, said in a statement. “This is especially true for first-time buyers and others who are not trying to sell a home at the same time as their purchase.” 

On the other end of the homeownership lifecycle, a Thursday in late April is the best time to list a home, as home seller can expect to sell their property for 2.8% more than other times of the year.

Learn more on Real Trends.

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Vail Resorts asks judge to toss "emergency ordinance" that stopped affordable housing development

 
 

The Vail Corp., parent company of Vail Resorts, has asked a district court judge to nullify an emergency ordinance the town of Vail passed Aug. 2 to stop the company from developing affordable workforce housing on land it owns.

The complaint, filed Aug. 30, alleges the Town Council acted “arbitrarily and capriciously” and that it “exceeded its jurisdiction” when passing Ordinance 16.

The emergency ordinance stopped Vail from issuing any permits that would have allowed Vail Resorts to perform soil testing or any building activity, like grading, on a 5-acre parcel on the east side of the mountain town.

That’s the location where the resort wants to build affordable or workforce housing.

It was intended to preserve the property while the town works to acquire the land through the condemnation process in an effort to prevent high-density development on bighorn sheep habitat in the area, according to the ordinance.

“This effectively closes down Vail Resorts for the entire mountain building season until next summer,” according to the complaint.

Town Council in May passed a resolution to move toward condemning the land, so it can buy it and set it aside as a nature preserve to protect the herd of bighorn sheep that frequent the area.

But, Vail Resorts alleges, it never condemned the land and never made the company any fair compensation offer for it in four months. Meanwhile, the town’s Design Review Board approved the company’s development application May 18 and Vail Resorts wanted to move forward with soil testing.

“There is no emergency other than the one of the Town’s own making from its delay in filing its condemnation case,” the complaint states. “But a Town cannot circumvent its own Code by creating its own emergency.”

Town officials posted notice of Ordinance 16 the Friday afternoon before the Aug. 2 Town Council meeting at which it was approved, the complaint alleges. Ironically, also at that meeting, the council upheld the design board’s decision after a neighbor had appealed it.

“As of Aug. 2, 2022, Vail Resorts’ Project was fully entitled and ready to build,” the complaint states.

A Vail spokeswoman said the town attorney “is in the process of reviewing the complaint, so as of yet, we do not have a statement.”

Vail Resorts’ spokesman John Plack emailed the following statement: “Vail Resorts did not want to end up in court, and our goal is unchanged: more urgently needed incremental affordable housing in the Town of Vail. However, the Town of Vail’s extraordinary and unusual action, and improper use of an Emergency Ordinance, resulted in our court filing on August 30, 2022.”

Vail officials said the $17 million development would add 165 units of desperately needed workforce housing and is “shovel ready.”

In 2017, Town Council — with the unanimous recommendation of the town’s Planning and Environmental Commission — agreed to rezone the 23.3-acre parcel to allow for development on the 5-acre plot for an East Vail workforce housing subdivision. The area is known as Booth Heights.

The development was approved by the Town Council in 2019.

After concerns were raised early in 2022 about the bighorn sheep being impacted by the development, the company agreed to give the town 18 acres of the property to preserve the forest land, and also paid the town $100,000 for “wildlife enhancements within the Town.”

“Mountain towns across Colorado are in critical need of affordable workforce housing,” the complaint states. “And the Town of Vail is no exception.”

The complaint asks a district court judge to toss the ordinance because:

“The town took this action: (1) without following its own Code with respect to passing Ordinances that impact property rights; (2) without filing any condemnation case to take the Property; (3) without proving in a court of law that it is entitled to take the Property through eminent domain; and (4) without obtaining possession following such a finding and after making a deposit of the estimated just compensation for its taking.”

The complaint does seek any other damages.

Keep reading on The Gazette.

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