Where in Summit County can you get the best real estate deal today?
Breckenridge real estate comprises 47%
of all our listings in Summit County, and for the first five months of the year, 44% of all residential sales were in Breckenridge. That tells us that home sales in Breckenridge are a little slower than in Dillon, where we have only 8% of all listings but 10% of all sales. That difference may lead one to believe that better buys are available in Breck than in Dillon, but it may or may not be true. Perhaps it is not a specific location in the county as much as it is motivated and realistic Sellers. Inventory and sales numbers can help us try to figure out where the Sellers are that might be more motivated, but it all comes down to how badly a Seller wants to sell and how aware of market conditions they are. Dillon is doing better than Breckenridge simply because the price range of most of the available properties are much lower in price than the homes and condos in Breckenridge.
An example of lack of motivation is Copper Mountain,
where only 5 sales have occurred the first 5 months of the year, but 84 properties are for sale. If sales don’t pick up, that means we have an 84 month inventory….7 years! However, prices have not yet dropped a lot. Copper owners have been through this before, and most can wait it out. Sellers who do want to sell are probably going to have to reduce prices more to get the job done. Keystone is doing better with 35 sales, (16% of the sales this year), and only 14% of the inventory, or 251 homes and condos.
Frisco is not doing so well
and I know there are some motivated Sellers there. Frisco suffers from a similar problem to Breck with a larger percentage of higher priced property. With 183 listings, only 16 have sold so far this year. 10% of all listings are in Frisco, but only 7% of sales. Silverthorne and Wildernest fared better, with 20% of all sales and only 17% of listings, coming in second to Dillon who has just under a three year inventory at current sales levels. It wasn’t so long ago that we had 3 month supplies in some price ranges. Oh well; so much for the good old days.
June 9th, 2009 at 8:08 am
Id like to clarify a few items regarding Copper RE.
Since 2005, Copper has averaged 110 sales/year without counting new developement sales by the developer Intrawest. 2008 showed the lowest total number of sales in a given year since 2001 with only 51 transactions YET the average price per sq foot sold during the year rose over 2007 sales by $34/sq foot. Yes you’re reading that right, Copper prices went UP in 2008. To update the statistics from this post, Copper has 5 pending transactions for the month of May and 84 whole ownership listings not including fractional or deed restricted properties. 15 of these listings are priced over $1Million which is not a market that moves fast in the resort.
I guess the point being with an average # of sales in a given year of 110 and 84 homes for sale (BTW the lowest % in all of Summit County segments) its quite possible for us to turn over the existing inventory in less that 12 months.
Sellers seem more than willing to entertain offers these days which is usually not the case.
Buyers have the best opportunity to purchase since 2003-4. Dont hesitate any longer to find youre home here.
There’s always a few ways to look at things and this is the way I see it.
June 15th, 2009 at 3:06 pm
Hi Peter, thanks for the comment and sorry it took me so long to see it. As you know, I am also a Copper Mountain owner, and I believe in Copper too. (For those of you that don’t know, Peter is a Realtor working for Playground, which is owned by Intrawest, Copper’s owner.) One thing that I don’t think we can do is prop a market up artificially, and you and I have had lots of discussions over time about that. In the last few years Copper has been a good place to invest. If I didn’t think so, I wouldn’t own a condo there. However, right now it is hurting, but so is the rest of the County. The main reason Copper is not selling as well right now is because people can buy similar condos for less money at Keystone, where there is more competition to keep prices down, and Breckenridge condos, while not cheap, are less expensive than they have been in a while. I still say that prices will have to come down more at Copper for the real estate to start moving again! Thanks for your comments Peter!