Why are home prices in Colorado’s Summit County continuing to break new records in 2007? According to Jonna Beardsley’s real estate group at Breckenridge Associates, “People like the allure of Summit rather than Vail and Aspen.” It is true that 2007 has been a banner year in terms of selling homes priced over $3 million.
That figure used to be the price of a rare top-of-the-line Summit County property. However, this summer we saw the sale of a 5-bedroom, 6-bath home boasting over 5,000 square feet. It sold for $4.69 million; that’s $869 a square foot. On the heels of that sale, a 6-bedroom, 6½-bath home took the prize. As the highest priced Breckenridge CO home ever sold, it brought $.5 million for all 8,542 square feet.
This market for Breckenridge real estate is catapulting the Town of Breckenridge and the Ski Resort into another price category, explains Jonna Beardsley. “The price of land has gone up so exorbitantly that people need to build homes that cost more than $1 million because that is where the market is going.”
According to Land Title Guarantee, sales are recorded for 124 homes with prices over a million dollars from January to August 2007. In addition, five sold for $3 million or more. Twenty-five million dollar homes sold in August alone. During the same several months of the previous year, there were no sales over $3 million. One $3M home sold in October, though.
The number of transactions in August was up 24 percent from the same month of the previous year. And the August 2007 year-to-date monetary volume was $1,022,863,107—up $88,724,501 from the previous year.
If prices are not fading the allure for your family, it may be a time for you to consider fractional ownership. Ask long-time resident Jonna Beardsley, GRI about options. It is important for buyers to seek correct counseling from a broker that they can trust. Jonna’s philosophy is simple. She understands that the most important real-estate transaction is yours—whether you are buying or selling.
Contact Jonna at (970) 390-2533 or 1-800-774-7970 or jonna@breckenridgeassociates.com. If you are in Town, drop by the office at 229 Main Street in the red-brick building located between Bubba Gumps and Starbucks.
