The number of homes sold in Summit County is continuing to decrease each month but home prices are remaining at a record high, according to February real estate data.

The findings come as brokers have been predicting a slight shift in the housing market, eyeing a tilt toward buyers who they say may be more empowered to negotiate home prices amid a post-COVID market boom. But sellers are still nearly reaping their full asking price.

There were 19.3% fewer sales than a year prior, but that number is about 18% better than we did last month. The median sales price is up 20.4% over the same time last year. Another federal reserve rate hike could flatten our market again, but as for now, even with this upward trend, sellers are receiving about 97% of their list price.”The average home transaction in February for both single- and multi-family housing was $1,484,891,” according to our highest average Recently released from Land Title.

Many people are holding onto their homes as they have lower interest rates and want to keep those where they are. There seems to be indicators of the market going back to normal even with the interest rates increasing. Part of this is the time of year and also people’s fears. If the interest rates hit up to 6% that is still pretty cheap money. We just all got spoiled with those super low interest rates. So demand is there to purchase, and there are still buyers out there just less to choose from. This puts the market at a more equal playing field, so to speak, as it has been a buyers market for so long since COVID-19.

According to Zillow, which is a nationwide company servicing thousands of zip codes, and is certainly computer generated, but it is useful for discussion. The best way to get a more in depth accounting of the market you really need to talk to a local Breckenridge realtor which would be Roger and Teresa Moen of course. We have seen a sluggish market in the last quarter of 2022. The true test will be to see what happens in this first quarter of 2023.

A couple of things are showing themselves to be promising. One is our sales are almost where they were last year at this time. I have also been seeing interest rates going down again. I have even seen some no-doc loans which I haven’t seen in years. So the chart below is projecting 2.5% value increase which is low for Breckenridge. I will keep you posted as to what is happening in the near future. If you have a particular price range of Breckenridge mountain homes or another area of Summit County let me know and I can do a more in-depth search for you. Roger and I are your friendly, local guides to all things real estate!

Here is a monthly local update based upon homes you viewed in zip code 80424.

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.

As you have heard me talk about how the saying in Breckenridge is “I came for the winters and stayed for the summers”. Well, that is now the norm. Please read this article from Summit Daily as you will need to adjust your hiking schedule. There are so many people wanting to hike our most beautiful places here such as Quandary Peak and McCullough Gulch that there is a need to have buses taking people there. There were so many traffic and safety issues with cars lined up along Highway 9 it had to be done. I know it was a little heartbreaking for us old timers but Breckenridge just keeps getting bigger and better and people want to be as lucky as we are to own mountain property here. Another good reason to invest in Breckenrige. You can make plans early before the crowds come, during the week is always better than the weekends, and not have to fight traffic on 1-70. Whether it is a second home or strictly investment it really shows the growth we are experiencing. I will keep you posted as I hear more…

https://www.summitdaily.com/sports/quandary-peak-and-mccullough-gulch-trailhead-details-finalized

Regarding the Tax Structure for Short Term Rentals

I’ve received a lot of messages in the last few days from concerned constituents inquiring about potential legislation that would modify the tax structure or rates of property tax for Short Term Rentals.  I need to clarify the status of any potential late bill introductions.

To be clear, I do NOT plan to introduce any legislation this year, but I do hope to keep the dialogue active. At this point, I also do NOT believe that other legislators will offer legislation this session.

I have been in discussions about this issue. In fact, it comes up every year in some form. While there are some abuses of the residential classification of property being used for commercial properties, I recognize that there are also many homeowners who rent part time with benefits to the community’s economy. I see no simple (or elegant) acceptable change currently being proposed.

Thank you for all of your comments and suggestions.  It’s encouraging to know that so many constituents are paying such close attention.

Best,

Bob

Bob Rankin

Senator, Colorado Senate District 08

303-866-5292

email: [email protected]

The Best Breakfast in Breckenridge According to Locals

Breakfast in Breckenridge tastes better. Most of the local favorites offer great food and stunning views. Get out and wonder around town. Take in the sights and smells. Savor the food – it tastes better at elevation, I promise. Go ahead – sit next to the local, ask them about the next storm or their favorite trails to ski or bike… it’s amazing what we can learn over a cup of coffee.

BoLD

Located in the Village at the base of Peak 9 is BoLD! A relaxed place with reclaimed wood interior dishing out classic breakfasts. You will only be served cage free eggs, 100% pure organic maple syrup and their signature biscuits are freshly baked every morning. And there’s a build-your-own bloody mary bar! Menu items range from $10-$15.

Columbine Café

Located right on Main Street in the heart of Breckenridge, Columbine Café offers a traditional diner feel.  The menu features specialty items like trout and Eggs, their famous hangover burrito, Breck scramble and Salmon Benedict and a killer Bloody Mary. The portions and generous and the price is right. Menu items range from $8-$13 and a $5 kids menu is available.

Cuppa Joe

Off the beaten path, located on Ridge Street, just one block off Main is a hidden gem. Cuppa Joe prides themselves on their friendly, local staff and tasty drinks and treats. Try a Chemex, a pour-over style coffee, flat white, oatmeal latte, Bhakti chai or a Nutella mocha. Their food is generous in size and flavor, offering fresh ingredients, made to order. Try the smoked Salmon and goat cheese burrito, Vegan tofu burrito or a smoothie bowl. Menu items range from $2-$10.

Daylight Donuts

This cash-only, grab and go or dine in breakfast stop is located on the north side of Main Street. Donuts are made fresh daily and go great with a cup of their local coffee. Breakfast dishes such as biscuits and gravy, huevos rancheros, corned beef hash and more range from $4-$10!

The Blue Moose

Tucked in toward the south end of Main Street, The Blue Moose is serving up traditional breakfast options for a hungry crowd. The coffee is hot, the pancakes are stacked tall and the eggs are fluffy. There are a few options that may tempt the more adventurous foodies such as Mike’s Eggs Benedict – delicious and topped with crisp spinach, brie cheese, bacon, and creamy avocado, but sticking to the tried to true works here. The space tends to be busy, especially during ski season. Most folks are looking for a hearty start to their day. Menu items range from $2-$14. Please note: The Blue Moose is cash only.

The housing madness shows no signs of slowing down. People keep asking me if think next year or even later this year is a better time to buy properties in Breckenridge. Well, given we are in uncharted territory I would say this is going to be our Breckenridge market for a long time. The Properties are still flying off the shelf, investment properties and second homes alike. We are still seeing breaking records. I promise I will let you know when I see a change, but it isn’t happening yet. Summer is just around the corner and typically that is our busy time!! Yikes!! What is that going to be like! Stay tuned. Lately I feel like “Lucy” for those of you who remember the scene at the chocolate factory. I am selling as fast as I can.

You have heard me talk about buying investment properties in Breckenridge quite a bit, but here is another piece of the equation. Some people pay cash but most get a new loan so in this busy market one way to get an edge up on the other guy is  having your loan in order. There are two phrases used interchangeably but they are not the same.

Pre-Qualified vs. PreApproved

This is a quick step, and the first step in that it shows you have spoken to a lender, submitted some basic information and they have let you know what you are qualified for, and have looked over your information. It is not a sure thing, but it give you an idea of what price range you should be looking within. The lender will then give you a letter that states upon first review it looks like you would qualify for a loan.