Breckenridge -Whether you are looking to buy an inexpensive ski property, your first home, or a luxury home in an upscale neighborhood, Summit County currently has great real estate deals for everyone. Our real estate market is still experiencing a slow down, there is a large inventory of properties on the market, and many asking prices are being lowered. Other factors that make this a good time to buy include; very low mortgage rates, some below 5 percent, and a first time home buyer credit of up to $8,000.
If you are looking for a condominium to use as a second home, rental investment property, or a primary residence, there are many inexpensive options. A small one bedroom on the ski hill in Breckenridge is currently available for an asking price of $125,000, while prices for larger one bedroom units in Dillon start at $128,000. Two bedroom condo prices start at around $165,000 in Silverthorne and Dillon.
Townhomes usually offer more privacy and space, as well as lower dues and fewer amenities. They lend themselves better for use as primary residences, long term rentals, or second homes. There are a number of two bedroom townhomes on the market in Silverthorne, Keystone, and Dillon in the $250,000 to $300,000 price range. The least expensive three bedroom units start at around $315,000 for deed restricted properties, and $350,000 will buy you a 1,700 plus square foot townhome in a Silverthorne family neighborhood.
Currently there is also a wide range of inexpensive single family homes on the market in our area. Prices start at around $260,000 for a smaller, older, home in Breckenridge. For those with a budget of $300,000 to $450,000 there are many larger, and newer homes to choose from. These choices include a 1,500 plus square foot home in Dillon with a 2 car garage for $329,000, and a 1,630 square foot, 3 bedroom, property in the Summit Cove area for $350,000.
By far the biggest price reductions, and some of the best deals, exist in the more upscale home market. Sales have been slow in this sector for over 12 months, and available inventory is very high. Many of these properties have seen price reductions of 35 percent or more, and some are now listed for under $200 per square foot, or below replacement cost. Some of the best deals include a newer 3,800 square foot home in Dillon priced below $750,000, a newer 5,200 square foot Breckenridge property for $985,000, and an almost new 5,000 plus square foot home on a large lot in Breckenridge which was originally priced at 1.5 million, and is now listed for under one million.
So if you are one of those people who has been waiting for favorable market conditions, and low mortgage interest rates, before purchasing a property in Summit County, now is your chance