The following is a continuation of the correspondence from 10/18/10.
Question: What is the name of the place by Quicksilver that is a bit less expensive than Beaver Run?
I expect that you are thinking of The Village at Breckenridge. There are currently two listings here, a 940 Sq.Ft. 1 bedroom for $499K and a 960 Sq.Ft. 2 Bedroom for $799K which had first come on the market over a year ago for $649K.
The Village at Breckenridge studios are located in a building called Liftside which currently has three listings priced between $299K and $359K.
There is also another building here with larger condos called Chateaux Condominium Hotel which currently has two listings. One is a 1267 Sq.Ft 2 bedroom for $725K and the other is a 1709 Sq.Ft. 3 bedroom for $899K.
This is all fairly light inventory for the Village at Breckenridge which has had a complete exterior renovation taking place all summer. I expect that when this work is done, we will see several new listings come on the market.
Another property near the Quicksilver lift is Main Street Station which also has good rental pontential. Prices here are typically higher than at Beaver Run. Prices at Main Street Station currently range from about $335K for a studio to about $1.7 million for a 4 bedroom.
Question: I have a hard time with the search because most searches yield several dozen real estate listings. What is the best way to limit the real estate search results?
The easiest way limit the search results will is to be as specific as possible, especially when it comes to price. Once you have a list of results, you can also use the "Map it" feature. For the best rental potential in Breckenridge, you will want to focus on properties close to the chairlifts and not give much consideration to anything East of Rt.9, south of River Park Dr, or north of Sawmill Dr.
And of course, I will be able to provide you with a list of the best properties once we narrow down the size and price range that you desire.
Question: How do inventories look compared to historical norms?
Part of the reason I started posting the Summit County real estate Active / Under Contract / Sold YTD tables was to keep better track of this info for myself. I have always paid attention to these numbers but not recorded them. When I saw 743 active residential listings in Breckenridge on 05/01/10, I thought we were on our way to reach 1000 active by the summer peak. This is something I have not seen before and we did not quite make it this year either. 945 active residential listings on 07/15/10 was the most I have seen in Breckenridge. But oddly enough, the 2105 for the county as a whole was not all that unusual for that time of year.
In general, I have found that 450 or fewer active residential listings in Breckenridge has meant a lack of inventory and 750 or more has meant an abundance of it. These numbers also vary with the season with the summer being the time of peak inventory.
Owners who do not sell during a given summer often decide to keep their properties for another ski season and try again the following year. This is especially true for rental properties.
With all this said, 808 active residential listings in Breckenridge on 10/15/10 means that there is certainly an wide selection of properties for you to consider.
As I look through the list of available condos in Breckenridge right now, I notice that all of the following buildings have multiple listings which could have some potential for you:
Beaver Run Condo, Cimarron Condo, Corral At Breckenridge, Der Steiermark, Condo Los Pinos, Main Street Junction, Main Street Station Condo, Mother Lode Condo, Mountain Thunder Lodge, Park Avenue Lofts Condo, Park Place Condo, Pine Ridge Condo, Powderhorn Condo, Retreat Condo, River Mountain Lodge Condo, Sawmill Creek Condo, Ski Hill Condo, Sundowner Condo, Tannhauser Condo, Trails End Condo, Twin Elk Lodge, Tyra Iv Riverbend Lodge Condo, Tyra Summit Condo.
Once I have an idea of your current price range, I will be able to narrow this list down quite a bit.
Question: The condo fees at Beaver Run say they include insurance. Do you know what type? Does it include loss of use? vandalism and theft?
The will be a question for the Beaver Run home owner’s liaison there but I very much doubt that any of the above would be covered. HOA insurance typically covers the restoration of the property after some kind of damage. The above sounds more like what would be covered by your own contents and/or renters insurance.
HOA insurance typically stops with the paint for a given condo. Anything on the inside the paint is up to the individual owner.
Questions: I see there is a three and four bedroom at Beaver Run, which I understand are pretty rare. What is the price history on units like these (may be spotty). The 4BR looks like the better deal. Do you know the 2009 rental income on the 3BR? Do you know owner usage of each unit? How do you think 2010 income will compare to 2009? What do you think of the location of each? I think the 3BR is in building II. I only know where building 4 is. Where is the 4BR?
There is currently a 4 bedroom at Beaver run for $799K and a 3 bedroom (really a 2 bed + loft) for $699K. Both are in building #2 which is the one to the right of the walk-way as one walks from the check-in/conference building to the ones where the condos are located.
The most recent sale of the 3 bedroom floorplan was in building #3 in May of ’08 for $795K. The most recent sale of this floorplan in building #2 was in Nov of ’04 for $530K. The most recent sale of the 4 bedroom floorplan was in building #2 in Dec of ’04 for $663K.
I have links to rental histories for Beaver run posted here:
The listing details state that the 2009 gross rental income for the 4 bedroom was $68,290. However, this is also the number given for the average of condo of this type.
The listing details for the 3 bedroom show gross rentals of $41,842 in 2009 and also mention that the property was not being rented for part of the year.
Specific owner use is rarely available at Beaver Run as the rental management company does not provide this and few owners track this for themselves.
The rental figures that I have pulled for various condos so far this year have been fairly consistent with those of last year for properties within a similar price range. I would not try to guess what future rental income might be for any given property. Snowfall plays a major factor here as does the overall economy. However, www.summitdaily.com sometimes has articles which mention the projections of Vail Resorts (which owns the Breckenridge Ski Area) and advance booking figures from a variety of sources.
Question: I thought I read that Beaver Run will likely build more units. How will this affect value of existing units? Where would the new buildings go?
I would be interested to see what your read and where. I made some phone calls on this and was told that for density reasons, there is nowhere for new buildings to go and there are no plans to build new units.