As the temperatures outside begin to heat up, Summit’s real estate market is coming to a simmer. This May’s real estate sales outpaced 2015’s by a small margin, bringing in a few more sales — and a few more dollars — than last year.
“We’re seeing an increase in sales. We’re seeing more deeds than we have two year ago,” Summit County Assessor Beverly Breakstone said.
However, the region-wide slump in inventory has continued into the spring, with few properties up for sale and increased demand taking them off the market quickly.
“We have a big [lack] of available inventory compared to last year, from what I hear,” said Brooke Roberts, director of sales and marketing with Land Title Guarantee Company.
According to Sotheby’s International Realty, May brought in a handful more listings than April. In Breckenridge, Sotheby’s reported 126 listings for the month of May; 54 in the Dillon/Keystone area, 49 in Silverthorne and 13 in the Frisco/Copper area.
Land Title reported a total of 170 residential sales for the month of May, with a three percent increase in the monetary volume for all recorded transactions year-to-date. The number of top-dollar sales, valued over $1 million, also saw a significant jump from last year.
FROM HOSPITALS TO GALLERIES
May’s top sale went to a real estate trust, which purchased the combined structures of the Peak One Surgery Center and Flight For Life helicopter hangar through a $6.68 million special warranty deed. The purchase was part of a large sale by Catholic Health Initiatives, one of the primary sponsors of Centura Health, selling a total of more than $700 million in property to Milwaukee-based Physician Realty Trust (NYSE: DOC).
“This transaction allows us to rebalance our owned and leased real-estate portfolio and strengthen our balance sheet,” CHI chief financial officer Dean Swindle said in a statement. “We have sharpened our operational and financial focus through a more-strategic management of these properties.”
A manager confirmed that Peak One Surgery Center, a joint venture between local surgeons and St. Anthony’s Summit Medical Center, will not see any change in operations related to the transaction.
“Nothing about the use of this building will change,” said Eric Hubler, media relations specialist for Centura Health. “It’s simply that the occupants will be paying rent to a different owner.”
Breakstone confirmed the sale did not include the land, which is owned by Summit County and was purchased through a land trade with the U.S. Forest Service.
While the final sale was significantly higher than the property’s assessed value, Breakstone said an operational business and medical equipment would add value.
“When you sell these kinds of things, it’s not just the real estate,” she said. “It’s something that’s operating, up and has revenue. It has far more value than the structure itself.”
Another notable commercial sale for May included five commercial condominium units in the Bighorn Center in Silverthorne. The property, which was purchased for $4.68 million, will host an art gallery planned by a local developer.
TOP SALES FOR MAY
$6.68 million — Commercial sale, Metes and Bounds Subdivision
$4.68 million — Commercial sale, Bighorn Center Condo Subdivision
$3.78 million — Residential sale, Four O’Clock Subdivision
$2.61 million — Residential sale, Boulder Ridge Subdivision
$2.45 million — Residential sale, Hamilton Creek Subdivision