Vacation real estate on the Summit County recreational playground remains steady in 2008. Generally speaking, the Summit County real estate market is avoiding the extremes— such as very low prices and sellers holding out for the big bucks. As long as buyers and sellers go down the middle road, real estate in Breckenridge, Keystone, Silverthorne, Frisco, Copper Mountain and Dillon is still changing hands according to the needs of the owners and investors. With the low interest rates and new jumbo-loan limits, the timing is optimal for buyers dreaming of a Keystone or Breckenridge vacation home in “Colorado’s Playground.”
For those who have never purchased vacation real estate in Breckenridge or Summit County, it may be interesting to share some facts. A survey conducted every year by the National Association of Realtors offers insights into the trends and buying patterns of second home-owners and owners of investment properties around the nation.
Looking closer at the needs of vacation-home owners, 66 percent want to be near water—a river, lake or ocean. (Our playground includes the Blue River, Snake River, Dillon Reservoir and other wonderfully refreshing splashes in the forest and mountains.) Thirty-nine percent want to be near recreational and sporting activities. (We boast a glorious array of recreational activities and year-round sports activities). Thirty-eight percent want their vacation homes to be located close to vacation or resort areas. (That’s us!) Thirty-one percent want to be close to mountains and other natural scenery. (We are nestled in one of the most beautiful mountain settings found anywhere.)
The average vacation-home owner earned $120,000 in 2007 and is 59 years old. Even so, 5 percent live in manufactured homes, 22 percent in cabins and cottages, and 40 percent purchased single-family homes for their vacation residences. Half are in resort or recreational areas, 18 percent in small towns ,and 16 percent preferred the rural areas.
Eight of 10 people drive to their vacation homes. The survey revealed property owners in Summit County have a primary residence an average of only 220 miles away. About 1/3 live less than 100 miles away and 1/3 are 500 miles or more. The vast majority (3/4) purchased vacation homes for personal use and 1/3 to diversify investments. Almost 1/5 hopes to retire to their vacation properties.
Contact Jonna Beardsley at (970) 453-2200 or (800) 774-7970 to learn about available properties in the resort areas.
