It may have been slow season in Summit, but the county’s real estate market only continued to grow in April. Overall, Summit saw a slight increase from March’s figures, and even larger results over the past 22 months.
The Summit County Assessor’s office has nearly finished collecting results for the most recent data period, which will end June 30. As of April 2016, the county has seen a 19.2 percent increase in condo sales, a 14.5 percent increase in duplex sales, a 22.3 percent increase in townhome sales and a 14.8 percent in single-family home sales.
To paint a better picture, single-family home sales ranged from $135,000 for a small cabin north of Silverthorne, to the high point of $5.2 million for a slopeside home in Breckenridge.
“The Summit County real estate market continues to improve,” said Dennis Clauer, owner and broker with Real Estate of the Summit, and Director of the Colorado Association of Realtors.
When he first moved to Summit 33 years ago, there were about 2 million Colorado residents. Now, there are about 5.3 million. In addition, Clauer noted that with 82 percent of Summit County land owned by the National Forest or Bureau of Land Management, “….the appetite for mountain resort real estate has and will continue to outstrip the supply of housing and development opportunities within Summit County, pushing values higher over the long term.”
At the time of this article, there were just five single-family homes for sale in Frisco, with prices ranging from $888,000 to $3.695 million.
TOP SPOTS FOR REAL ESTATE
Clauer made the top sale for April, a $5.250 million home near the base of Peak 8. The seven-bedroom home was built in 2008, with a total of 7,638 square feet.
Clauer described the home as a “true Colorado log lodge,” designed by architect Mark Hogan.
He added the home, located in “Breckenridge’s most exclusive neighborhood, Timber Trail,” has ski-in access from Trygve’s Run. It also features four separate living areas, six fireplaces, a movie theatre, a billiards room with a wet bar, an elevator, a separate children’s wing and a three-car garage.
Another of April’s top sales was a 17,289 commercial building that sold for $3.175 million. The building is currently home to U.S. Bank, Tetra Tech and Wells Fargo Home Mortgage, just across from the gondola in downtown Breckenridge.
Summit County Assessor Beverly Breakstone said the building was divided into about 12 units.
“You get some more tenants in there, and you get a nice cash flow,” she added.
Eduardo Bello, of the Hawaii-based Bello Realty, said the building “was too good a property to pass up.”
“I always look at Breck,” he added. “This came up and we did our darndest to make sure we got the property.”
While Bello currently resides in Hawaii, he has owned commercial property in Breckenridge since 1988. He and his wife often visit Breckenridge for the mountains, as well as to keep up with the business.
“It’s fairly full. We’ve got a couple spaces in there,” he said. “We’re just trying to lease it up.”