Summit County CO Real Estate Economic Update
Will Summit County Colorado real estate take part in the downward trend in the economy?
The history of sales in Summit County Colorado says “maybe not”. In a poor economy, we have almost always seen the sales just plateau for a while, then head up again after a little respite. Think of Summit County as being the lowest priced house in the neighborhood, always a good thing. If you compare our prices to surrounding resort communities you will see that Summit County real estate is very affordable when it comes to owning a second home.
Last year, Breckenridge real estate moved into the $1000 a square foot price range
and prices are now reaching $1200 to $1500 a square foot for new construction at the base of Peaks 7 and 8. They are selling like hotcakes!
The rest of the county, Frisco, Keystone, Dillon, Copper Mountain, and Silverthorne are still in the more affordable $200 to $600 a square foot range but also moving up. I am a true believer in second homes as investments, especially in a market as low priced, yet convenient to a major metorpolitan area and airport as Summit County.
Summit County MLS has a single family home in Breckenridge; 7 bedroom, 9 baths, 7500 square feet and ski-in/ski-out.
It is one of our most expensive properties for sale at just under $6,000,000. Compare it to Vail. One of their more expensive properties is a condominium, just over $19,000,000, a 6 bedroom, 6.5 bath, 6400 square feet, ski-in/ski-out. What does this work out to be in price per square foot? The Breckenridge home is $784 a square foot and the Vail condo is $2957 a square foot! WOW! That is a difference. These two areas are only 30 minutes away from each other. Vail has its mountains and golf courses, and Summit County has more of the same. That is why I feel very happy about my house in Breckenridge. I paid 300k for the home 2 years ago and it just appraised for 425k. I like that appreciation. Will the rise continue? I can’t see it going down, and I do own one of the lowest priced houses in the neighborhood. 
This post was written by Matt Cheek, Buyer Specialist for the Mountain Living Team and Summit County Investor! Matt has been with the Mountain Living Team for three years and does a great job making sure his clients know the market and all their options.
January 28th, 2008 at 6:03 pm
Hi Joanne, Oh my. $600/ft. ? It does sounds like a fantastic place for an investment home. I know I would love to have a summer home up there.
January 29th, 2008 at 6:51 am
Stephanie, we can help! Actually, you can still find homes and condos for $300 a sq ft, but they won’t be ski in and ski out. As we have 4 ski areas in the county, you are close to one of them no matter where you are.
January 31st, 2008 at 8:13 pm
The highest sale in Summit County in 2007 was $5,500,000. It had been only in the 3 million dollar area in ‘05 & ‘06. With homes in the $1000/sqft range I wonder what the next few years will bring for a high sale price for Summit County.
January 31st, 2008 at 9:00 pm
I can remember when we had our first sale over $1Million in Summit County. It was only a few years ago. People are demanding more amenities and nice finishes than they used to, and they get expensive.