Aspen Updates from Sally Shiekman

I am regularly espousing the deep value of the Aspen, Snowmass, and the Roaring Fork Valley, and it is clear that I am not alone.

It's time to dig out those skis and if you are ready to move closer to the lifts, give me a call.

Carbondale leads the nation in home appreciation

October 10, 2024

As a realtor for over three decades in Aspen and the Roaring Fork Valley, I’ve witnessed many changes in the local real estate landscape. One of this region's most remarkable growth stories has been in Carbondale, Colorado. What was once a quiet agricultural and mining town has become a booming hub for second-home owners, remote workers, and families seeking a laid-back mountain lifestyle.

According to a recent Forbes article, Carbondale’s growth over the past two decades is phenomenal. From 2004 to 2024, the median home value in Carbondale skyrocketed from $256,998 to over $1.44 million—a five-and-a-half-fold increase. This growth rate far outpaces the national median, which saw a 111.7% rise during the same period, as the U.S. median home value more than doubled from $170,603 to $361,676. These numbers highlight Carbondale’s standing as one of the hottest real estate markets in the country, which leads the Forbes list. Also on that list are Rifle, Quick read more or view full article Colorado, at #13, and Glenwood Springs, Colorado at #19. Even little-known Boone, Colorado, with a population of 306, made the list of 20 cities with the most significant home value appreciation over the last 20 years.

Carbondale's transformation is closely tied to its proximity to Aspen. As Aspen grew, so did the surrounding towns, with Carbondale benefiting immensely from being just down the road. Once considered a "bedroom community" for Aspen workers and second-home owners, Carbondale has developed its own identity. Its artsy, eco-conscious vibe and strong sense of community make it a magnet for those seeking a mountain lifestyle without Aspen’s sky-high price tag.

What’s driving this growth? Carbondale has successfully balanced development with sustainability. Many buyers are drawn to the region for its outdoor amenities, thriving cultural scene, high quality of life and stunning views of Mt. Sopris. The town’s rise in home values reflects not just demand but also the influx of new services and amenities, and a strong tourism sector that has evolved in recent years.

For families and professionals, Carbondale offers excellent schools, a rich cultural heritage, and endless recreation opportunities. While its real estate market is proliferating, it still offers relative value compared to Aspen. Owner-occupied households in Carbondale have a median income of $133,333. While the town's median income of $92,083 is below what you might expect for an area with such high property values, it underscores the diversity of people who call it home.

If you’ve been considering Carbondale as a place to invest or relocate, now is a great time. With its rapid appreciation and growing appeal, Carbondale is no longer just a hidden gem—it's a thriving town with a bright future. I’ve been fortunate to work with buyers and sellers throughout this region for decades, and I’m always here to help guide you through your next real estate move.

Feel free to reach out if you have any questions about Carbondale or the Roaring Fork Valley market. With Carbondale’s upward trajectory, there’s never been a more exciting time to explore your options in this flourishing community.
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What the Fed's Rate Cut Means for Aspen Snowmass and the Roaring Fork Valley Real Estate Market

September 23, 2024

The Federal Reserve's decision to cut interest rates by 0.5% in September 2024 marks the first interest rate cut since 2020 and a significant moment for the real estate market nationwide, including in Aspen, Snowmass, and the Roaring Fork Valley. While the effects may take some time to fully unfold, we can expect several vital impacts, particularly in a high-demand, luxury-driven market like ours.

1. Increased Buyer Confidence
A rate cut generally brings a sense of optimism across the real estate market, and this one is no exception. With the Fed opting for a larger-than-expected reduction, buyers, particularly those in the mid to high-end price ranges, may feel more confident about entering the market or making their next move. Lower borrowing costs can make it more attractive to finance a home purchase, even in areas like the Roaring Fork Valley, where many luxury buyers pay with cash as opposed to obtaining financing. The psychological boost Quick read more or view full article from lower rates is likely to bring more activity to Aspen and the Roaring Fork Valley as prospective buyers see an advantage to purchasing now rather than waiting.

2. Potential for Increased Listings
One of the challenges we've faced in the Roaring Fork Valley has been limited inventory, with homeowners reluctant to sell due to their locked-in low mortgage rates from prior years. With the Fed's rate cut signaling a shift towards more favorable financing conditions, we might see more homeowners willing to list their properties. This is good news for buyers and sellers, as it could help normalize the market and ease the upward pressure on prices.

3. Mid-Range Buyers Could Benefit Most
While Aspen's ultra-luxury segment tends to be less affected by mortgage rate changes, the Fed’s cut could open doors for more mid-range buyers—those looking for primary homes or vacation properties in Snowmass, Basalt, or Carbondale. These buyers rely more heavily on financing, and their purchasing power increases as rates continue to decline. This could drive more transactions in this segment, bringing further balance to our local market.

4. A Boost for Local Development
Lower interest rates can also benefit developers, particularly those working on new residential and commercial projects. Financing costs for construction could drop, making it more feasible for developers to push forward on projects. For Aspen and Snowmass, where demand for both high-end homes and investment properties continues to grow, this could mean more new builds, further enhancing the vibrancy of our local economy.

5. Looking Ahead: What to Expect
While the immediate impact on mortgage rates may not be dramatic, experts anticipate that if the Fed follows through with more interest rate cuts later in the year, we should see a gradual reduction in mortgage rates. For those considering refinancing or purchasing property, this is an excellent time to stay informed and be prepared to act as conditions become even more favorable.

In summary, the Fed’s aggressive rate cut provides an opportunity for buyers and sellers in Aspen, Snowmass, and the Roaring Fork Valley. With improved financing conditions on the horizon, we expect increased market activity and a potential uptick in listings, making the coming months an exciting time for real estate.

If you or someone you know is interested in this fantastic market, please let me put my mountains of experience to work for you.

– Sally Shiekman Read Less

The New Real Estate Commission Structure: What You Need to Know

August 26, 2024

A successful lawsuit against the National Association of Realtors has shifted how commissions are represented in real estate purchase agreements. Here’s what you need to know.

Commissions: Up for Discussion?
Real estate commissions have never been set in stone. Traditionally, these commissions were paid by the seller upon closing and were split between the buyer's and seller's brokers. Factors such as the property's price, market conditions, the level of service, marketing efforts, and the agent’s expertise have always played a role in negotiating these fees. The recent changes in commission structure further emphasize the importance of negotiation, making it even more crucial for buyers and sellers.

The New Commission Structure
While contracts in every state may differ, in Colorado, there is now a clause in the contract that indicates who will pay the buyer’s broker’s compensation and how much the buyer’s broker will be compensated. It’s still possible to negotiate that the Quick read more or view full article seller pays the buyer’s broker’s commission. However, if the seller isn’t willing to compensate the buyer’s broker, this could affect buyers, especially those who can’t pay cash and need financing to purchase the property. If the buyer's broker's commission isn’t part of the deal and the buyer is obtaining financing, the buyer's broker’s commission cannot be rolled into the loan. As a result, buyers must come up with additional funds to pay their broker. This shift requires careful financial planning and a clear understanding of the transaction's nuances. For instance, negotiating a lower purchase price might allow buyers to cover their broker’s commission out-of-pocket, and cash offers that don’t require financing could streamline the process.

Why Sellers Should Still Pay Both Commissions
Despite these changes, there is still a strategic advantage for most sellers to continue covering both the seller’s and the buyer’s broker’s compensation. Why? Because doing so incentivizes buyer’s brokers to show the property, increases the buyer pool for the property, makes the property more appealing, eases the financial burden on buyers and increases the likelihood of a quick and smooth sale. In a competitive market, this can be a crucial factor in attracting top-notch buyers.
Covering both commissions also simplifies the transaction process, sparing buyers the need to secure extra funds. This convenience can be a significant advantage in a market where ease of transaction can make all the difference.

The Bottom Line
The new commission structure introduces new financial considerations. Buyers may now need to budget for their broker's compensation separately, which could impact their purchasing power. Despite these changes, paying both commissions remains a reassuring approach that benefits both buyers and sellers, providing stability and clarity in these evolving times.

Navigating this new era of real estate requires staying informed and adaptable. With the right approach, these changes can be managed to your advantage. I strongly recommend seeking professional advice to understand and navigate these changes entirely. If you or someone you know is looking to buy or sell real estate in Aspen, Snowmass, or the Roaring Fork Valley, please contact me at 970-948-7530 and let me put my Mountains of Experience to work for you. Read Less

Navigating the Potential Downturn in Real Estate

August 2, 2024

Concerns about a potential downturn in the real estate market are growing. Here’s a look at the key factors and predictions for the remaining 2024 year and how they compare to what's happening in Aspen.

National Perspective:

Interest rates and elections have a complex relationship. Historically, rates don’t consistently drop during election years, as the Federal Reserve bases its decisions on economic conditions rather than politics. For 2024, expected interest rate decreases have not yet occurred, affecting the broader market more than the luxury segment.

The National Association of Realtors (NAR) expects housing sales to increase by 13% in 2024, with existing home prices rising by 2.6% by August. Housing inventory remains low, 36% below pre-COVID levels, which could increase prices if interest rates don’t drop. High mortgage rates and slow inflation cooling have delayed potential rate cuts, adding to market challenges.

Experts overwhelmingly say that a housing market crash is unlikely in 2024. The lack of supply, a lingering effect of the last housing Quick read more or view full article crash, prevents prices from falling significantly. Mortgage rates are expected to fall this year as inflation continues to slow, and the Federal Reserve potentially eases its monetary policy. Lower rates make homeownership more affordable and stimulate market activity.

According to a recent report by Forbes Advisor, the challenging housing market has many would-be buyers wondering if home prices will ever go down. However, despite high mortgage rates and prices, home prices increased by 6.49% year-over-year in March 2024. Experts believe that a market crash remains unlikely unless there is a significant increase in supply or a major economic downturn.

In Colorado, Arizona, Texas, Florida, and Tennessee, which experienced a housing boom during the COVID-19 pandemic, the market is now seeing increasing inventory and price cuts. According to Reventure CEO Nick Gerli, up to 30% of the properties in this market are experiencing price cuts. This could signal a shift from a seller's market to a buyer's market in those regions.

Aspen Area Perspective

The luxury real estate market in Aspen is not just thriving; it's booming. High-net-worth individuals and investors continue to seek properties here, driven by Aspen's unique appeal as a premier destination for both winter and summer activities. Unlike the national market, Aspen's buyers are less affected by interest rate fluctuations and often pay with cash, a unique aspect that sets it apart.

Aspen faces a significant inventory shortage, with even more pronounced scarcity due to limited land for new developments and strict zoning regulations. This keeps prices high and competitive. While national home prices are expected to rise modestly, Aspen has seen more substantial increases due to its desirability and the influx of affluent buyers.

Preparing for Market Challenges

For buyers in Aspen, flexibility and understanding the market's competitive nature are crucial. Getting pre-approved for a mortgage can provide a competitive edge, even if it is not strictly necessary.

Sellers should maintain their homes well and work with local agents who understand Aspen's market dynamics. Pricing competitively based on current conditions and comparable properties will help attract serious buyers quickly.

In conclusion, navigating a potential real estate downturn requires staying informed and strategic. While national trends provide a broad overview, Aspen's unique market highlights the importance of localized insights. Buyers and sellers can make the best decisions in this complex landscape by leveraging expert analysis and staying attuned to national and local trends. If you or someone you know has real estate interest in Aspen, Snowmass, or the Roaring Fork Valley, please contact me, Sally Shiekman, at 970-948-7530 or visit me online at www.sallyshiekman.com. Your proactive approach can make a significant difference in this dynamic market. Read Less

Technology and Real Estate

June 18, 2024

With an extensive real estate career spanning over 32 years in Aspen, Snowmass, and the Roaring Fork Valley, I am no stranger to the industry's evolution. However, the current surge of technological advancements, particularly in artificial intelligence (AI), augmented reality (AR), and the broader digital transformation, is set to be the most revolutionary. Here are just a few ways these technologies are reshaping our industry.

Embracing Future Technologies: AI and AR

Integrating AI and AR in real estate is not just a trend but a game-changer. AI, for instance, revolutionizes various aspects of real estate services, from devising marketing strategies and messaging to virtual staging and lead management. This technology empowers us to work more efficiently, allowing for personalized and effective client services painting a bright future for the industry. Future iterations of AI will be used, for example, to predict the best locations to invest.

AR offers potential buyers an Quick read more or view full article immersive experience by layering computer-generated images over real-world views. This magic lets clients visualize properties interactively, making virtual tours more engaging. These technologies represent the future of real estate marketing and client interactions.

The Digital Transformation of Real Estate

The digital revolution in our industry is in full swing, with more elements of the home-buying process transitioning online. Many platforms have sprung up, facilitating seamless connections between buyers and sellers. Features like 3D home tours, drone videos, and virtual staging have become indispensable tools, offering clients a comprehensive and convenient experience.

Moreover, the mortgage application process is nearly entirely online, simplifying one of the most complex parts of buying a home. This digital-first approach enhances efficiency and makes the real estate market more accessible to a broader audience, empowering us with information and convenience and keeping us well-informed about the market.

Why Technology Integration is Crucial

Integrating AI, AR, and other digital tools is more than a trend; it's a necessity for real estate professionals to stay relevant and competitive. These technologies enhance our ability to serve clients effectively, streamline operations, and make informed decisions. While not all these technologies are fully implemented at Aspen Snowmass Sotheby's International Realty, they represent the industry's direction, motivating us to adapt and stay ahead and inspiring a sense of healthy competition.

For real estate professionals, embracing these advancements means being at the forefront of industry evolution to be better equipped to meet evolving client demands. It allows us to provide a level of service that aligns with modern expectations of convenience, accuracy, efficiency, and accessibility.

The technological transformation of real estate is the most relevant and important topic today. As we integrate these advancements, we can look forward to a more dynamic, efficient, and customer-centric market.

Stay tuned for more insights and updates from the Aspen real estate market. If you, or someone you know, would like more information about this fantastic region, please call me at 970-948-7530.

Warm regards,

Sally Shiekman,
Aspen Realtor with Mountains of Experience
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The Impact of Colorado's New For-Cause Eviction Law on Landlords

April 23, 2024

The Impact of Colorado's New "For-Cause" Eviction Law on Landlords in Aspen, Snowmass, and the Roaring Fork Valley

As a property owner in the affluent areas of Aspen, Snowmass, and the Roaring Fork Valley, the recently signed "for-cause" eviction law in Colorado represents a significant shift in the landlord-tenant dynamic that could impact how you manage your rental properties. This article aims to provide an in-depth look at what this new legislation entails and the specific considerations you need to be aware of as a landlord in these high-end communities.

Understanding the "For-Cause" Eviction Law

Governor Jared Polis recently enacted a law that intensifies protections for tenants across Colorado, including those in high-demand areas like Aspen and Snowmass. The law mandates that landlords can only evict tenants or refuse lease renewals for specified reasons, such as non-payment of rent or breach of lease terms. Importantly, the law also gives tenants the right of first Quick read more or view full article refusal to renew their leases, barring any breaches.

For landlords in upscale areas, where properties often command premium rents and attract short-term vacationers as well as long-term residents, this change means a reduced ability to freely manage tenancy renewals based on market fluctuations or personal discretion.

Key Concerns for Local Landlords

Lease Management:** Landlords must now be more diligent in drafting leases. Clauses should be clear, and all requirements and expectations explicitly stated. Since landlords can only evict for cause, having a well-documented lease agreement is crucial to enforce terms and conditions.
Tenant Relations:** With tenants having stronger protections, fostering positive landlord-tenant relationships becomes even more critical. Responsive maintenance, respect for tenant privacy, and fair handling of complaints can help in preventing disputes that could escalate to legal challenges.
Eviction Protocols:** Understanding the legal grounds for eviction under the new law is essential. Landlords should consult with legal experts to ensure that any actions to terminate a lease or evict a tenant are in strict compliance with the new regulations to avoid potential legal repercussions.
Financial Implications:** The restriction on evicting tenants without cause may affect landlords' ability to adjust rental properties in response to the market or personal circumstances. For instance, if you were planning to renovate or sell the property, the new law requires landlords to navigate these plans with more caution and possibly more extended timelines.
Documentation and Record Keeping:** Maintaining thorough records has become more important under the new law. Documentation of all tenant interactions, repairs, complaints, and lease agreements should be meticulous to support any necessary legal actions or disputes.

Strategic Adaptations for Property Owners

To adapt to the new law while maintaining profitability, landlords might consider the following strategies:

Enhanced Tenant Screening:** To minimize risks associated with longer tenant tenures, rigorous screening processes will be more important than ever. This includes comprehensive background checks and financial screenings to ensure potential tenants are reliable and likely to comply with lease terms.
Flexible Lease Terms: ** Consider offering lease terms that align with tenant needs and property management goals. For example, slightly longer lease terms could be beneficial if tenant stability is preferable, depending on your business model.
Invest in Legal Counsel:** Given the complexities of the new law, it is advisable to retain a lawyer who specializes in Colorado real estate law to navigate lease agreements, tenant disputes, and compliance with state regulations.

Conclusion

Introducing "for-cause" eviction laws in Colorado marks a pivotal change for landlords, especially in high-end markets like Aspen and Snowmass, where the real estate stakes are high. By understanding these changes and strategically adjusting management practices, landlords can continue to thrive in this new regulatory environment, ensuring their investments remain profitable and compliant. Read Less

The National Association of Realtors Settlement

March 27, 2024

As a realtor with Aspen Snowmass Sotheby's International Realty, I'm here to break down the recent developments concerning the National Association of REALTORS® (NAR) settlement. This agreement, addressing nationwide claims on broker commissions, signifies a pivotal moment for our industry.

Firstly, it's crucial to note that myself and other Sotheby’s affiliated agents and franchisees are protected against current and future litigation related to these claims, thanks to a prior settlement by our parent company, Anywhere. This means we can continue our operations without the immediate need for action.

The NAR's settlement introduces several changes, especially around commission structures. Offers of compensation will no longer be mandated on the MLS, granting us more flexibility to negotiate directly. This aligns with Anywhere's stance on the matter, advocating for choice and negotiation freedom in compensation matters.

Moreover, the agreement mandates buyer representation agreements for MLS participants, ensuring that buyer agents are appropriately Quick read more or view full article

Spring is in the air, it’s time to prepare

March 5, 2024

The days are getting longer and warmer. As we embrace the vibrant energy of spring in Aspen, the real estate market is buzzing with anticipation, especially with the expected future decrease in interest rates. I'm Sally Shiekman, your Aspen Snowmass Sotheby's real estate advisor with 32 years experience, and a five-time recipient of the Aspen Times' Best of Aspen, Best Female Realtor award. Today, I'm here to share essential guidance for both buyers and sellers to navigate the upcoming spring market effectively.

For Buyers:

The spring season often brings a renewed sense of opportunity in the real estate market. For those looking to purchase in Aspen, here are three strategic tips:

1. Pre-Approval Is Crucial: If you require a loan in order to purchase a property, begin with securing your financing. A pre-approval not only speeds up the buying process but also solidifies your credibility in the eyes of sellers, giving you a Quick read more or view full article

Testimonials

Sally and her team were such a pleasure to work with. When deciding to sell our home, she gave some excellent advice on what we could do to improve how it shows without any pressure to do so. She’s a realist who tells it as it is and we very much appreciated that. She gave great advice when we asked for it, and led us to a surprise free closing on a timeline that worked best for us. If we are back in the roaring fork valley again, Sally will be our first call!

Josh Meyer

I highly recommend Sally Shiekman as a realtor. She was always available to answer any questions I had and was on top of every deadline in the contract. I am a busy mortgage lender and so I appreciate Sally’s attention to detail, integrity and genuine concern.

Karen E. Crepps

I wanted to express my sincere appreciation for the fantastic job you did in helping me find a home. I had been through the process several times before, and my experiences have been mixed. However, after working with Sally, I believe I have truly seen someone who wants to consistently provide the absolute best service for their client. Sally’s professionalism, concern for my specific needs, and consistency in following-up on every detail went beyond my expectations.

Scott Crawford

We feel that Sally is always looking out for our best interests. She has a great knowledge of the market, is diligent, honest and has integrity. We would not consider making another move with out Sally’s help. She is the best!

Gigi & Tim Durand

I want to thank you for all the work you did to sell my Aspen condo. Now that I have worked with you as a buyer and a seller, I am definitely impressed with your professionalism. I know that you are busy, but you are very organized and thorough so that your clients get excellent service. I think the hardest part of any real estate deal is negotiating a contract and getting that contract to closing. I appreciate you helping me get a full price contract with only minor contingencies, and then following each deadline so that nothing fell through the cracks.

Betty Hoye

Sally was there with guidance throughout the process of purchasing our home in Snowmass Village. She is knowledgeable about the markets from Aspen to down-valley. We definitely recommend Sally for anyone who is looking for a real estate professional.

Dan & Judi Smith

Sally worked with us to understand our needs, out architectural preferences, and our financial capabilities. She patiently showed us properties from Aspen to Glenwood Springs, and we fell in love with our house in Carbondale.

Randi Lowenthal

I received your gift card, and want to express my appreciation. Quite a nice surprise! Also to acknowledge all your help with our transactions and rentals over the past few years. It turns out that, directly and including the new Tahoe home, you were involved with five different properties we have had owned over the years. (And you have seen Owl Meadows as well, making six.) Which is quite a few for small time investors. You got us out of the properties we needed to get out of, and into one that was just fine for as long as we needed it. Then out again, as we moved on. We hope to see you on our next Aspen visit. And we will toast you at Valenti’s!

Tom & Jan Restaino

Sally always carefully explained each part of the selling/buying process, answered every question patiently, and was completely honest about the possible outcome(s) of the entire event. Buying/selling a home is an emotional and exciting time; Sally has the ability to keep things calm while retaining that important sense of excitement.

Wally & Kris Graham

Sally brokered both sides of our first home purchase this last fall. We felt that Sally always had our best interest in mind, carefully and thoughtfully explained the unknown to us (as novices) and took the time to help make this monumental life moment easy for us. Furthermore, her services didn't stop after we closed, she still checks in to ensure we are comfortable and settled in. She is a wonderful resource to connect with regardless of your home purchase needs. We are forever thankful the Sally Shiekman was our real estate agent and in our corner, thank you!!!

Brooke Benton

Sally was so good to work with during our entire home buying process. We know we took a lot of her time getting to know the market and what was available. I can't say enough good things about her and her interactions with us. Her communication was so very helpful, and she always followed up. She either responded immediately to calls, texts, and emails or let us know when she could get back to us. We highly recommend using Sally.

Dave Shinneman

Sally was very professional, persistent without pressuring, and handled all details necessary to complete the sale. When it came time to sell that property and purchase another, although both my husband and I had become good friends with many other local realtors, we both felt strongly that Sally should be our listing and buying agent.

Anne & Mark Grice

Sally went above and beyond to at first find us a home to suit our needs and finally to sell our home in a timely manner… Sally guided us through all of the details of our sale and was a terrific advocate for us in the process. We wouldn’t consider using anyone else in the future.

Ericka & Joseph Meade

Sally is a true professional. Her open manner, honesty and knowledge of the real estate market are outstanding. I would highly recommend her to any potential buyer or seller in the valley.

Nancy Albert

Sally is a consummate professional who knows her market and takes great pride in being thorough, direct, and positive. I was particularly impressed with her ability to balance patience with execution, given the property we were selling was quite old. I also appreciated the frankness around expectations, and I am sure that pace of closure for our sale agreement in a matter of days, was due to her. If you want to best, she is it.

Buck Byrum

Sally is the best. We have worked with her twice. Accept no substitute!

Jackson Emmer

The most important thing that Sally did for us was to make us comfortable with the experience. She answered all of our novice questions and understood that we were truly starting from the beginning. She showed us a wide range of property so that we had a full view of the valley real estate market.

Jenny & Simon Elliot

Sally Shiekman has acted as my real estate broker in 4 different transactions. Her professional manner, close attention to the market and new additions to it, attention to detail, and willingness to do what it takes to find the perfect buyer and/or property make her an exceptional broker.

Margo Chisholm

Sally recently helped my wife and I to purchase a building site in the Missouri Heights area. Sally made the purchase a great experience; she showed us much of what the valley had to offer over a several days time frame. Sally presented us with information on what was currently on the market. We have since purchase a property and are already projecting an increase in value. Sally has kept in touch since the purchase providing valuable information.

Donald Russell

Through Sally’s efforts our transactions went through without any problems and we received the highest sales price for a unit of our size in the complex. Sally is a true professional in all respects and provided us with top quality service. She made the process easy and painless. Should we ever require a real estate broker in the future, you can be sure we will call Sally.

Kim Nuzzo and Eileen Kinkelaar

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