The market for our Summit County real estate in these communities, as well as in Silverthorne, Dillon, Frisco, Copper Mountain, and Montezuma, and recreational real estate in Park County has slowed down over the last two years.  According to the National Association of Realtors® (NAR), this local trend is in line with research about national statistics for the sales of vacation and investment homes in 2008. 

In the U.S., 30 percent of all existing- and new-home transactions in 2008 involved vacation and investment properties.  Twenty-one percent of sales in 2008 were investments and 9 percent were vacation homes.

However, that is a significant drop from the previous year.  In 2007, 740,000 vacation homes sold.  By 2008, the number of vacation homes sold dropped 30.8 percent to 512,000.  These sales had peaked in 2005 when second homes comprised 40 percent of sales.  In a recent news release, NAR chief economist Lawrence Yun addressed the issue.  “We expected vacation-home sales to fall given the impact of a declining economy on discretionary purchases.” 

Investment home sales dropped 17.2 percent, from 1.35M in 2007 to 1.12M in 2008.  Yun explained that investment-home sales are more stable as buyers are taking advantage of deeply discounted prices in some areas.

Interestingly, with people shifting their portfolios around trying to adjust to the throes of the national economy, a substantial number of sales are cash transactions.  Thirty percent of vacation-home buyers paid cash and 40 percent of investment-home buyers paid cash.

Yun explained that in the long term, with almost 40M potential buyers in the 50-to-59 age bracket on track to buy second homes and 45M more in their forties, middle-aged buyers will most likely lead the second home market into many successful years ahead.

Nationwide in 2008, 70 percent of vacation homes were single-family homes, 18 percent condos, 5 percent townhouses. Similarly, 64 percent of the investment homes purchased were single-family homes, 22 percent condos, and 8 percent townhouses.

Jonna Beardsley of Breckenridge Associates offers a wealth of information about real estate in the Rocky Mountains.  Call Jonna at (970) 453-2200 for friendly, professional assistance.

In today’s market, we are finding creative solutions for buyers of Breckenridge CO real estate.  Ask about our one-bedroom condo at Crystal Peak for $860,000 with quarter-share interest available at $300,000.  It is a buyer opportunity with equity on the table in a premier ski in/out location with the gondola! 

For buyers who need large family or corporate retreats, look at the unique Breckenridge log home with ski-in/out access on Beavers with almost 6,000 square feet and five bedrooms fully furnished and listing for under $4M.  For $2,250,000, the round log Breckenridge CO home on Boulder Circle features 4802 square feet and 5 bedrooms—right in the heart of the Peak 8 expansion.

We are speaking about Breckenridge properties.  However, the Epic Season Pass is completely unrestricted and unlimited at Breckenridge, Keystone, Vail, Beaver Creek, Arapahoe Basin, and Heavenly.  “Unrestricted” means no blackout dates and “unlimited” means that you ski where you want when you want for just $579 during the entire season. 

Additionally, the Epic Pass comes with a long list of benefits. 
• Epic Pass Club (EPC) with exclusive member-only benefits, discounts, freebies, and more
• 6 ski-with-a-friend tickets to take friends and family to ski at a discounted rate.  Tickets are loaded onto your Epic Pass.
• One-year subscription to SKI Magazine, 7 issues per year
• Resort Charge privileges to make it super convenient to charge on-mountain dining, ski and snowboard lessons and more.  Your Epic Pass can be linked to a credit card for use on 5 of the 6 mountains.

All season passes are non-transferable and non-refundable.  The Epic Season Pass requires a current photo of the passholder, which can be uploaded online.  Once again, the $579 price is only guaranteed through April 9, 2009.  After the initial payment of $49, which is due by May 10, the balance is paid in September.

Contact Jonna Beardsley at (970) 453-2200 for friendly and professional real estate assistance in Summit and Park counties.