Breckenridge Real Estate

Breckenridge Real Estate is a Good Deal Now

This may be the best time to consider buying Breckenridge real estate, or any other real estate in Summit County.

I have a good friend who has been a real estate agent in Dillon since the late 1970s. He’s seen Breckenridge real estate ebb and flow (mostly flow, and flow a lot). The last and only time, he watched Breckenridge real estate and Summit County real estate go down was in the 1980s due to an oil crunch, when Front Rangers wondered about the practicality of driving back and forth to their Breckenridge vacation home when gas seemed to be going higher and higher.

The dip in Breckenridge real estate prices that he’s seeing now is not as bad as it was in the 1980s, but it’s down about 20 percent, which means it could be a very good time to buy.

By 1990 the Breckenridge real estate market had recovered from the 1980s crash, allowing a friend of mine to buy a one-bedroom condo overlooking Lake Dillon for $45,000. The buyers she bought it from paid almost $80,000. Now the latest tax assessment, which came out last month, says her condo is worth $216,979! Every year since 1990, it has steadily increased, and she’s glad she purchased when she did; now the mortgage is paid off, and she rakes in $850 a month in rent.

This summer, it’s a strong buyer’s market. Homes are discounted about 20 percent from their top prices at the beginning of 2008 and end of 2007. And buyers have plenty of Breckenridge vacation homes from which to choose.

My Realtor friend just closed on a home listed – and worth -- $1.7 million, but in this buyer’s market, the sellers agreed to the buyer’s offer of $1 million. So, essentially, these buyers got a steal – the sellers had paid more than $1 million to build the Breckenridge vacation home on its premium lot.

It’s true that there’s still uncertainty in the economy and in the market, but buyers who wait until it’s clear that the economy has recovered often jump back into the real estate market too late, wishing they had purchased their long desired Breckenridge vacation rental sooner.

The beauty of purchasing a home in Summit County is that it continues to draw visitors and investors like a magnet. With three world-class ski areas, championship golf courses, proximity to Denver and all of the recreational activities, magnificent environment and amenities Summit County offers, Breckenridge real estate remains a good bet.

(Note that when St. Anthony’s Summit Medical Center opened a few years ago, the “perfect storm” of sorts occurred; many retirees who longed for a second – or primary – home in Summit County finally jumped in and bought, because the county finally offered a hospital capable of dealing with major medical problems. Before that a larger percentage of patients were flown in helicopters down to Denver for care, which caused some older potential buyers to pause.)

One of the perks of owning Breckenridge real estate is that you can place it on a short-term rental program with Ten Peaks Lodging. We’ll ensure your property remains clean and meticulously maintained, while you collect extra income. At any time you can block off a few weeks for your own personal enjoyment of your Breckenridge vacation rental.

Of course the closer your Breckenridge vacation rental is to the ski area, the more desirable it becomes. Million-dollar-plus homes on Peaks 7 and 8 are listed for incredibly low prices right now. Call Mark Gossman at Ten Peaks Lodging if you’d like to see some properties during your visit to Summit County.