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  • A Forecast for 2023

    Amid higher mortgage rates and inflation, many buyers are presenting lowball offers, assuming that sellers are no longer in control. The buyers reason that the days of sellers asking for whatever they want, and having bidding wars for their properties is over, and so the sellers should be receptive to lower offers. This is partially true, but not entirely. Here are 2 reasons why:
    First, this year I’ve had more people paying cash for their second homes here in Breckenridge and surrounding areas. Remember, Breckenridge is a resort market, so interest rates are not as much of a concern here, versus areas where people are struggling to finance their first home purchase. But, the way that it is affecting our investors in Breckenridge, is that they are now figuring “cash is king” and in some cases they are right. A cash transaction can close quickly, around 3 weeks, while a transaction with a loan will typically take 6-8 weeks. A quick closing is usually appealing to a seller.
    Second, sellers are seeing more price reductions in their properties for sale and so they see this as a distressed or highly motivated seller. From what we are seeing these price reductions are due to the sellers learning that the crazy run on sales that we saw during the pandemic, where the sellers can demand whatever price they want and get multiple bids, is no longer the case. It takes awhile for both buyers and sellers to learn that this market is different, and more balanced for buyers and sellers. It is a more equal playing field you might say. So in this learning process, you will see price reductions periodically until the market will bear the sellers’ price. The market dictates the price always.
    In an ever-changing world our Breckenridge market is no different so keeping educated is the best way to make a good decision. We are always here to discuss what the latest projections are during a specific season. We are your local experts!

  • Not-To-Be-Missed Festivals & Events

    Happy Thanksgiving!

    I had to mention the holidays in Breckenridge and how spectacular and magical they are. After 25 years of living here in Breckenridge I never want to be anywhere else. There are still short term rentals out there just waiting for you to reserve and have the best Breckenridge holidays ever. There are also many properties on the market if you decide you don’t want to go home. That is actually what happened to Roger and I 25 years ago. We came for Christmas and I couldn’t stand the thought of leaving so we bought property and never looked back! True story! We are the experts in real estate in Breckenridge so give us a call and welcome to Colorado’s Playground.

     

    Dec. 3, 2022 Lighting of Breckenridge & Race of the Santas
    Dec. 8-10, 2022 Breckenridge Ullr Fest (Grab your Viking hats!)
    Jan. 23-Feb. 1, 2023 International Snow Sculpture Championships

  • Breckenridge Short Term Rental Information

    Breckenridge short term rental information is the most asked about topic these days. The vision for the town has changed, with the need for affordable housing being at the top of the list. Also the need for those that purchased a property as a second home to be able to enjoy it as a home in a residential neighborhood and not have renters coming and going all season long. There are definite questions you should be asking when purchasing a second home or investment property in Breckenridge. The best way to find out in-depth information is the town website (townofbreckenridge.com) as the goal of the town is clearly laid out for you. See these items below as being the most important as well as knowing how long the wait is for a short term rental license.

    Short Term Rental Caps and Zoning

    A short-term rental property is defined as “a residential dwelling unit, or any room therein, available for lease for a term of less than thirty (30) consecutive days.”

    • A valid short-term rental license is required for each short-term rental property.
    • Individual homeowner associations may have requirements, restrictions and covenants related to short-term rentals.
    • The license is required regardless of how the properties are marketed (through a management company, on-line through websites such as VRBO and Airbnb, newspaper ads, word of mouth, etc.).
    • The license number must be displayed in all advertisings for the property.
    • Short-term rental licenses are non-transferable/non-refundable in event of property sale.

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