THE ECONOMY
Will Summit County Colorado feel the downturn in the Economy? The history of sales in Summit County Colorado say no.
The history of past slowdowns show that sales flatten, but always head on up. The way I like to look at Summit County is comparing it to owning 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 is the best value proposition there is when it comes to owning a second home. Prices are moving up though. Breckenridge has jumped into the $1000 a square foot price range since late 2006 and prices are moving up and properties are still selling at the higher prices Our other areas Frisco, Keystone, Dillon, Copper Mountain, and Silverthorne are still in the $200 to $600 a square foot range but moving up. I am a true believer in second home real estate investments, especially in a market like Summit County where prices have not yet exploded into the stratosphere. One of Summit County’s most expensive properties is listed for almost 6,000,000. This is a single family home in Breckenridge, 7 beds 9 baths 7500 square feet and is pretty much ski-in ski-out. Compare this property to these in Vail, where one of the most expensive properties is a condo almost selling for 19,200,000. 6 beds 6.5 baths 6400 square feet, ski – in ski – Out property. What does this equal in square footage prices? Breckenridge is at $784 a square foot and Vail is at $2957 a square foot, WOW ! That is a difference. These two areas are about a half hour away from each other. Vail has its mountains and Summit County has ours. This 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? Only if we knew, but I do own one of the lowest priced houses in the neighborhood.
See Ya next week !
From The P1H Team—WWW.PEAKONEHOMES.COM