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What’s happening with the Breckenridge condo market?

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Condo sales in Breckenridge have slowed down in 2016. The reason for this is a low inventory. The demand is still high.This is the lowest the inventory has been since 1998 and that is the farthest back I can go with my available data. So what we do have listed is selling in a matter of days if it is priced right. This graph shows that even though the number of sales are down, if you want to purchase an investment property, Breckenridge has the lion’s share of the county market. This is also why investors purchase in Breckenridge.

Why the Rapid Growth of Summit County is Good For Us Locals

Best time to buy in Summit County COSummit County real estate is booming. Really booming.

In the beginning of this year, it was predicted that Summit County would receive and approve the same amount of building permits as they did in 2015. This prediction has already been proven inaccurate. In fact, the county has received many more permits this year.

Last April, the town of Silverthorne approved 25 new residential development permits—a huge jump from only six permits in April 2015!

People from all over the USA are coming to Summit County in droves. Some of them plan to live here all year round. Some are second homeowners. A few are real estate investors. Whatever their reason for being in Summit County, they’re buying homes in Summit County left and right.

Buy Homes in Silverthorne COIn order to keep up with the demand for housing and real estate in Summit County, developers are snapping up land all over the area, mostly in the northern part of Silverthorne, and putting into motion new residential development projects faster than you can say, “Welcome to Summit County.”

Many of us Summit County locals aren’t happy with the construction boom in the area. Who could blame us? Construction vehicles and large pieces of construction equipment are everywhere. The roads have gotten a bit more crowded. Public places have gotten a little noisier. Summit County is changing, and we hear you loud and clear.

However, what if we told you that the rapid growth of Summit County is actually a great thing, especially for us locals?

It really is! Just hear us out.

With more people coming here, Summit County is making a lot of money in sales tax and excise taxes. To avoid getting bogged down in the details and numbers, let’s take a look at Silverthorne in particular:

  • According to Summit County’s 2016 budget report, the county’s sales tax revenue was predicted to increase by 2% this year. However, by April, Silverthorne had already exceeded that goal. Its year-to-date sales taxes had risen by 2%. From January 2016 through April 2016, the town of Silverthorne alone brought in $3.16 million.
  • Silverthorne is making a killing on its excise-tax collections. It went up 440.7% compared to April 2015 and 259% year-to-date compared to the previous year.

Buy Houses in Silverthorne CO

So what does this mean for us?

Better roads, nicer public facilities, cleaner parks, improved bike trails, and increased maintenance for other departmental services provided by the county.

Two percent of all sales taxes across Summit County go toward these programs and services. In addition to that, up to 2.5% of the sales taxes go to their respective towns. The percentage depends on the town. For example, Silverthorne takes 2%.

Just when we’re starting to think that Summit County couldn’t get any nicer, an opportunity arises for it to do so. Do you have any ideas on how Summit County should spend its newfound money? Let us know!

How’s the Residential Real Estate Market in Breckenridge?

Residential Realtor Breckenridge
Well the numbers don’t deceive! After a crazy busy summer, we’ve got some numbers that show steady increases in the Breckenridge real estate market. The average cost of a home in Breckenridge has risen 9% and the number of homes sold is up a whopping 15%! We are very excited to see these positive trends.

2013 and 2014 also saw steady increases. We are regularly seeing homes sold for great prices, bidding wars and houses selling without even going on the market.

If you are considering selling your home in Breckenridge, now is a great time to do so! Give us a call to get the ball rolling on selling your Breckenridge property!

See more detailed residential real estate stats here.

Big News for Blue River Properties!

Homes in Blue River for SaleBeginning November 22, Blue River will now be accessible via the Summit Stage!

Up till now, Blue River has been so close yet so far. Despite being just a 5 minute drive from Main Street Breckenridge, Blue River real estate has been inaccessible for many prospective renters and ski lovers. It’s difficult to have a rental property without bus service. Renters were forced to rely on expensive taxis or dangerous hitch hiking.

Summit Stage changes everything. With bus access, Blue River is now just a short jog from the ski resort for locals and tourists alike!

We’ve always loved Blue River properties for their atmosphere. With higher than average snowfall, gorgeous forestry, and of course the river going through it – all at a short drive from Breckenridge- Blue River homes have retained their rustic mountain feel. And is if that wasn’t enough, a moose family of 4 visits the Goose Pasture Tarn every day! (We’re starting to wonder if someone hired a moose family to add charm to the area.)

Blue River  Colorado Real Estate

We’re interested to see how this changes the Blue River real estate market but we expect it to be a big positive change for the housing market for Blue River. This can only add value to the homes in the area.

Blue River Township has released a newsletter with the bus stops, rules, parking regulations and the like. The service will include 2 buses in the morning heading into Breckenridge and two return trips in the evening. There will be bus stops along both sides of the highway. The town requests that riders be ready to board when the bus arrives to limit time needed to pick up passengers and minimize traffic blockage. They also request that riders do not try and cross the highway, but use the closest stop on their side of the street.

Additional Resources

Real estate sales in Summit County are anything but scary – they’re rather impressive!

New under contract activity remains very strong, in fact last week was at a level usually only witnessed during the peak summer selling season! Sales are up, the average sold price is up and the pending properties are holding at over 400 still (they have been that way all summer long)…this is a very impressive wind down to our summer selling season here in Summit County, Colorado.

FYI: That 400 pending represents about 30% of what has already closed this year and there are still three months left.

Interesting: Summit County residential properties that are under contract today have a higher average list price than what has sold this year (over $100,000 higher). In fact, if what is under contract today closes at an average sold price at the same list/sell ratio the county has witnessed so far this year the average sold price is going to move up.

The Average Sold Price So Far by Town for Residential Sales

Summit County Real Estate Sales 2015

How’s the “Luxury” market in Breckenridge?

So what about the luxury sales market in Breckenridge you ask? 2014’s closing numbers show a 7.6% increase from 2013. The average price went up ads well and is around 1.6M, 6.2% increase from the previous year!

Check out this video to learn more.

The importance of home staging for selling your Breckenridge Home

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Most homeowners know when selling a home, it is important to keep a home clean, bright and free from clutter. But these days when trying to sell your mountain home or condo, taking the extra step by home staging can make a difference in how a buyer values it and the price a seller might get for it.

“Realtors know how important it is to have a home in the best shape possible when showing it to prospective buyers. “At a minimum, homeowners should conduct a thorough cleaning, haul out clutter, make sure the home is well-lit and fix any major aesthetic issues. Another option is staging a home, which Realtors often suggest to sellers to help prospective buyers better visualize themselves in the home and could modestly increase the home’s value for both the buyer and seller.

staging-your-breck-home-to-sellOne report found that 49 percent of surveyed Realtors who work with buyers believe home staging usually has an effect on the buyer’s view of the home. Another 47 percent believe that staging only sometimes has an impact on a buyer’s view of the home only.
Realtors on the buyer side believe that staging makes an impact in several ways; 81 percent said staging helps buyers visualize the property as a future home, while 46 percent said it makes prospective buyers more willing to walk through a home they saw online. Forty-five percent said a home decorated to a buyer’s tastes positively impacts its value.

home-staging-breckenridge-real-estateRealtors representing both the buyer and seller agreed on two major points in the report—which rooms should be staged and the change in dollar value a buyer is willing to offer for a staged home compared to a similar not-staged home. Realtors ranked the living room as the number one room to stage, followed by the kitchen. Rounding out the top five rooms were the master bedroom, dining room and the bathroom.
“Working with a realtor gives buyers, sellers and investors the advantage they need to succeed in today’s market, as they know what buyers want and how to best market and stage a home for sale while many factors play into what a home is worth and what buyers are willing to pay for it, staging is an excellent tool that can be used to give a home a little extra push for sellers.

By Teresa Moen

Second home vrs. investment property? What to consider.

Investment vrs second homeMost Buyers at some point reach a difficult real estate crossroads: Do they renovate an existing home to fit their current needs, or do they go out and buy another house that’s already the way they like it?

This is a question with no one-size-fits-all answer.

The most important issue is location. Are you buying a ski in ski out property for rentals or do you want something you and the family can enjoy as well? Or maybe you want a cabin in a more rural area of Breckenridge.

The second major question is budget: Is it more economical to renovate your new purchase or buy another one? The answer to this question will depend upon your desires, your budget and your needs. Many buyers tell me they want an older property so they can renovate. Before you do this, consider trying to do this if you live out of state. Many families can make this work and enjoy it. Also consider the higher cost of supplies and labor in the mountains.

After considering all this if you still want an older property, start with your list in hand. Consult with a realtor or builder. A realtor can discuss re-sale issues with you and a builder can tell you about pricing and timing.

With over 15 years in the Breckenridge real estate market, we do have a great team of people to refer you to. We are also happy to answer any questions you might have if this is an idea you are considering. Click the blue/gray “Live Chat” button above or click here to send us an email.

What to look for in a real estate agent when buying your Breckenridge Mountain Home!

Finding a real estate agent in Breckenridge CO

Are you thinking of buying a vacation home in Breckenridge? Considering buying a ski in ski out property? Dreading walking through the homes of strangers and the long paperwork? Hiring a professional real estate agent can take away many of the challenges of buying a home in Breckenridge. Just like a doctor or accountant, a real estate agent is worth more than the commission they charge. We believe we are those kinds of agents.

In order to find a good real estate agent in Breckenridge, you must be able to distinguish the average agent from the great ones. These are some of the things we promise you:

1. Tell the truth about the price

Too many agents just take your offer at any price and then try to ‘work’ both the seller and you while negotiating later. Demand that the real estate agent prove to you that they believe in the price you are offering. Make them show how they will convince both the seller – and the bank – to accept that price. Every house in today’s market must be sold twice – first to you and then to your bank.

The second sale is often more difficult than the first. The residential appraisal process has gotten tougher. A recent survey showed that there was a challenge with the appraisal on 24% of all residential real estate transactions. It has become more difficult to get banks to agree on the contract price. A red flag should be raised if your agent is not discussing this with you at the time of the original offer.

2. Respect your timetable

You will be moving your family into a new home. Whether the move revolves around the start of a new school year or the start of a new job, you will need to work according to plan.

Getting everything in order to keep to the schedule can be very emotionally draining. Demand from your agent an appreciation for the timetables you are setting. While your agent cannot pick the exact date of your move, but they should exert any influence they can to make it work.

3. Safely navigate the challenges of buying a new home.

It is imperative that your agent knows how to handle the challenges that will arise. An agent’s ability to negotiate is critical in this market.

Remember: If you have an agent who was weak negotiating with you on parts of the purchase offer, don’t expect them to turn into a super hero when they are negotiating with the seller for you and your family.

Finding a real estate agent in Breckenridge Colorado

4. FIND the right house!

There is a reason you are putting yourself and your family through the process of moving.

You are moving on with your life in some way. Whether you are looking for a new home or a vacation home, the reason is important or you wouldn’t be dealing with the headaches and challenges that come along with purchasing. Do not allow your real estate agent to forget these motivations. Constantly remind them that finding the right house is why you hired them. Make sure that they don’t worry about your feelings. If they discover something needs to be done to attain your goal (i.e. rethinking price), insist they have the courage to inform you.

Any agents knows how to deliver good news. Only great agents know how to deliver tough news. In today’s market, YOU NEED A GREAT AGENT.

Roger and Teresa Moen deliver these promises. With over 15 years of experience in the resort community of Breckenridge, we will work to get you the best opportunity in selling or buying your dream home.

Images and concept provided by Keeping Current Matters

Great news for vacation home owners in Breckenridge!

Summer Peak 8 Improvements

The proposed action includes enhancing year-round recreational opportunities at Breckenridge Ski Resort by constructing and operating two zip lines, three canopy tours, two challenge courses, new and realigned hiking and mountain bike trails, off-highway vehicle tours, and additional lifts for scenic rides and activities access.

The proposed action also includes improvements to the Vista Haus and Independence SuperChair summit sites, realignment of Four O’Clock Road, expansion of the Peak 7 Hut and deck, expansion of the Vista Haus deck, construction of a climbing wall at Vista Haus and a lookout tower on Peak 8.

This is great news for all of us. If you are renting your property we are hoping to see  improvements in our summer rental numbers. People are finally realizing that winter skiing is great in Breckenridge but the summers are absolutely beautiful. We are more than just a winter destination now. We now offer even more year round fun and activities.