The Breckenridge Ski Area is scheduled to open in 25 days and this means that those considering the purchase of Breckenridge investment property are beginning to do their homework once again in order to get their purchases made by the beginning of the peak rental season.
The following is an example of some recent correspondence with more to follow:
Question: How is real estate in Breckenridge these days? Prices? Rental income?
Answer (and a long one):
Breckenridge real estate sales volume, prices and rental income are all off of their highs, reflecting the economic downturn, and the ratio between prices and income has remained fairly consistent.
I have general market data posted here:
The Land Title Summit County Gross Real Estate Volume chart shows 2010 sales volume similar to that of 2009. I also track active listings, under contracts, and sales at the bottom of the page here:
Highlights of the 10/15/10 data are as follows:
1) There are about 300 fewer residential properties on the market in Summit County now as compared to the inventory peak of 07/15/10. In Breckenridge, this number is 137.
2) For the county as a whole, there have been 200 fewer sales residential sales YTD than there were in all of 2009 with 219 currently under contract. In Breckenridge, there have been 69 fewer sales YTD as compared to all of 2009 with 100 currently under contract.
3) Summit County land sales YTD is only 1 shy of the 2009 total. In Breckenridge there have already been 3 more land sales than in all of 2009.
Inventory is down across the board when compared to the summer months and you can see the current inventory and pricing here:
I posted the following info in mid-August and it will give you an idea of how prices have moved off of their highs:
A few more examples are as follows:
1) I recently closed on a Lodge at Riverbend condo for $370K which could have sold for as much as $495K at the peak of the market.
2) This summer, I saw Treehouse condos selling in the $160K range which had been selling in the $200K to $220K range at the market highs.
3) I currently have a lot listed for $325K which could have sold for $500K to $525K at the market peak.