Good deals coming up on Breckenridge condos
Breckenridge condominiums were slow sellers
the first five months of the year. Inventory levels are high, with 394 Breck condos for sale right now, but only 24 sales from 1/1/2009 to 5/28/2009. 
At that rate, it is going to take 6 1/2 years to sell them all! Condos make up about 45% of the total residential property for sale in Breckenridge, but so far this year, have only made up 26% of the total residential sales. Looking at the mix of what has sold, I noticed that of the 394 condos, 88 were priced over $1M, but only one has sold in that price range. However, of all 93 Breck residential sales for 2009 to date, 27 were listed at more than $1M. Most of the higher priced properties were single family homes.
Other parts of Summit County have seen only lower priced properties selling, but it seems that Buyers are taking advantage of some very anxious Sellers of larger, high-end Breckenridge homes and are buying them for good prices. Getting a loan for more than $729,000 can be difficult these days, so cash buyers are in a very good position and are able to negotiate lower prices. As a result, condos are not selling as quickly. Buyers are seeing better values in condos in Frisco, Silverthorne and Keystone and are buying there.
That is not to say that you cannot sell a condo in Breckenridge today. You can, but it has to be priced properly. I know of one three bedroom condo with great ski run and Snowflake lift access, that has had some serious price reductions. I showed it some some people who were very interested in it, but they moved too slowly and someone else bought it out from under them. Even in this slow market, we can still get multiple offers as people recognize a good deal when they see it. To get the rest of the condo inventory moving, we are going to have to see more screaming deals. Sellers will eventually realize that they need to either take them off the market and wait for better times, or price aggressively and get it sold. Many high end Sellers have already recognized what they must do; now the condo Sellers need to get the message too.
June 29th, 2009 at 5:18 am
A verry good post.I like it: “That is not to say that you cannot sell a condo in Breckenridge today. You can, but it has to be priced properly. “