Summit County Colorado real estate today offers buyers and real estate investors the ideal investment opportunity. Land values are solid in the ski resorts as build out closes in. Real estate in Frisco, Copper Mountain and the Ten Mile Basin is 80% developed. Dillon, Keystone, and the Snake River Basin are at about 70%. Breckenridge real estate, Silverthorne, and the Upper and Lower Blue basins are approximately 65% built out.
Projecting future growth patterns, Summit County planners anticipate that real estate in Breckenridge and Summit County will reach build out in less than a decade. It may be upon us in only 5 years! The subject of build out has been visited while the County has been updating its master plan.
What does build out mean? Build out is achieved when all of the land that is zoned for development has been developed. At that point there can be radical jumps in the property values, a pattern that has been experienced at similar ski resorts such as Vail, Aspen, and Jackson Hole when they reached build out. Planner John Roberts explains that in Aspen, “…Real estate values went through the roof.”
Another pattern that occurs is the thoughtful redevelopment of older buildings, less-desirable properties, parking lots, and properties with prime locations.
The analysis is based on the current growth rate. The county as a whole including four towns is at 68.7% build out for residential development. Commercial development is at 60.7%. The planners had to look at the existing zoning on every parcel of private land in the undeveloped areas, and incorporated towns supplied figures also. Subtracting the number of existing developments, the remainder is the amount of available property.
Conjecturing that since 25% of the development capacity took place between 1992 and 2002, the next remaining 30-40% could be taken up by 2013.
Contact Jonna Beardsley at (970) 390-2533 or (800) 774-7970 to learn more about available investment properties in the area.
