Home prices in Summit County continue to break new records.
Sales of $3 million or more used to be at the top end of the Summit County market. But one five-bedroom, six-bath, 5,289 square-foot home sold for $4.69 million — or $869 a square foot — on Aug. 9. Another home, a six-bedroom, six-and-a-half bath, 8,542 square foot home sold for $5.5 million Aug. 31, the highest home price ever in Breckenridge.
From January to August, 124 homes have sold for more than $1 million, and five have sold for $3 million or more, according to Land Title Guarantee. In the same time period, no homes sold for $3 million or more. One home sold on Oct. 6, 2006 in the $3 million and over category, but that was the only one in 2006. August saw 25 homes sell for $1 million or more, and the number of transactions in general was up 24 percent compared to August, 2006. Last August, year-to-date monetary volume was $934,138,606, whereas August 2007 year-to-date monetary volume is $1,022,863,107, according to Land Title Guarantee Company. Nearly a third of the sales are cash closings.
Local realtor, Jeffery McClintock, who has been an active real estate broker and involved in numerous ground breaking projects in both Summit County and along Denver’s front range over the years say “because the price of land has gone up “so exorbitantly†people need to build homes that cost more than $1 million, this is a strong indication that this is because that’s where the market is going”. A good rule of thumb for residential project is what McClintock refers to as the 25% rule. The cost of your land should never exceed 25% of the total cost of the project. You can go as high as 33% as long as there is there the property will actively produce income. But, if the cost exceeds 25% of your total costs to develop the project you run the risk of over building and the ability to obtain commercial financing is doubtful.
What makes Breckenridge such a popular spot?
Breckenridge offers the outdoorsman or nature enthusiast recreation activities all year around. The winters come alive with skiing, ice skating and a variety of winter carnivals, festivals and events including various ski and snowboard competitions. In the summer you can enjoy kayaking, golfing, biking, hiking/trails, nature series and cultural arts. The great scenery, a wonderful climate and variety of activities make Breckenridge a year-round resort for every interest. Located in the heart of the Rocky Mountains, Breckenridge, Colorado is the perfect place to relax and enjoy life. With temperatures ranging from 28 degrees Fahrenheit in the winter to 70 degrees Fahrenheit in the summer.
During the 2005-2006 ski season, Breckenridge Ski Resort hosted more than 1.4 million skiers and riders. The resort offers skiing and snowboarding for all levels with more than 2,200 acres spread across four interconnected mountains and can accommodate over 18,000 visitors on peak days. With bumps, chutes and bowls, the wide diversity of the terrain challenges the most advanced skiers. For the less advanced the resort offers plenty of “skier friendly” terrain. Breckenridge Ski Resort also offers 27 lifts, including six high-speed quad superchairs and two six-person high-speed lifts that access 146 trails. A variety of ski and snowboard lessons, several “on mountain” dining options, and four terrain parks and pipes are offered. The resort is also open during the summer and the slopes are used for hiking, scenic chairlift rides, the ‘SuperSlide’ and mountain biking. The human maze, climbing wall, quad power jump, ziplines, alpine barbecue, and a children center are other attractions offered during the summer.
REAL ESTATE
If you would like additional information about real estate in Breckenridge Colorado as well as anywhere in Summit County Colorado contact us at 1-800-791-3990 ext 421.
Jeffery McClintock, is a real estate broker in Summit County and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.
Posted by: Jeffery McClintock
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