As record-setting real estate sales continue in Colorado resort towns, buyers are now looking way down valley

 

The real estate growth in “down valley” ’burbs — think Basalt and Carbondale downstream from Aspen, or Eagle down from Vail, or Ridgway down the hill from Telluride — has been strong for more than a decade as more buyers seek homes outside, but near, pricey resort towns. With the explosion of mountain real estate in 2020 and 2021, that down-valley growth has moved even further down the road. Call it the down, down valley.

Prices and deals in places like the West End in Montrose County, the North Fork Valley of Delta County, Fairplay, Rifle, Silt, Kremmling, Del Norte and Craig have peaked in 2021. It’s not just locals cashing out of their longtime resort-area homes, either. These are newcomers, many working from home and discovering the affordability and appeal of areas far from tony resorts.

Courtesy of the Colorado Sun

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Frisco Pedestrian Promenade won’t return next summer

 

While the COVID-19 pandemic is not over, Frisco Town Council doesn’t see a need for the Frisco Pedestrian Promenade to return for summer 2022 with occupancy restrictions mostly in the past. However, parklets might still be a Main Street fixture.

Opinions of the promenade have been mixed from businesses. When it came back for a second summer in June, co-owner of Next Page Books & Nosh Lisa Holenko said she was a fan of the aesthetics and safety it provided.

Later in the summer, Frisco Lodge owner Susan Wentworth didn’t see the value in it past 2020. She said businesses didn’t have the staff to handle the additional seating and the closure negatively impacted her business.

With the Pedestrian Promenade no longer being pursued, parklets — essentially portable decks on town parking spaces — might be the summer compromise. A future work session will discuss how exactly the parklets will be implemented.

Courtesy Summit Daily News.

Breckenridge Town Council votes to hold hearing on Breckenridge Grand Vacations development

 

Breckenridge Town Council voted 6-1 to hold a hearing on the Breckenridge Grand Vacations gondola lot development master plan at its Tuesday, Oct. 26, meeting.

Council member Dick Carleton voted for the hearing because he disagrees with some of the analysis from the Breckenridge Planning Commission, which approved the project.

“This is a really important project, and I think we need to make sure that we have plenty of time to vet it properly,” Carleton said.

Council members Erin Gigliello, Dennis Kuhn and Carol Saade also voted yes, but Mayor Eric Mamula voted no, saying it will be difficult to argue against the planning commission’s approval.

“I would rather discuss this on (a) site-specific (level) when it comes to that or see what planning commission does then,” Mamula said. “ … It is the council’s option to do this, so nobody’s doing anything wrong. We all have different opinions on it.”

Town Council will hold a hearing to review the master plan at its Nov. 9 meeting. The hearing will include presentations from staff and the applicant as well as public comment for and against the project.

Breckenridge aims to improve enforcement of short-term rental complaints

 

The town of Breckenridge has received 121 complaints about short-term rentals this year, and as the town continues to make changes to its rental policies it’s looking to be more proactive in enforcing regulations.

Of the complaints the town received this year, 78 were related to noise, 17 were related to parking, nine were related to trash and 17 were classified as nuisances, which include any complaints not concerning parking, noise or trash.

Brian Waldes, Breckenridge’s director of finance, said the town has implemented new ways to address concerns about short-term rentals over the past few years. He said it started with making sure rental owners are licensed and that their licenses are posted in their advertisements. The town also has a maximum occupancy limit for short-term rentals of two people per bedroom plus an additional four people, which is also required to be posted in advertising materials.

In an effort to ramp up proactive enforcement, the town is adding a third community service officer to its police department to help with enforcement next year. Baird said he sees all three officers working together, with about one-third of their time going toward short-term rental enforcement.

These employees are not state-certified police officers, and they mostly focus on code enforcement throughout town. Baird said during the pandemic the town has been a bit lax with some of its code enforcement, such as sign restrictions for businesses on Main Street, and this new officer will play a role as the team brings back heavier, proactive enforcement efforts.

Courtesy Summit Daily News.

Home Sales Jump as Buyers Aim to Beat Rising Rates

 

Existing-home sales rebounded in September as buyers may have felt a sense of pressure as mortgage rates started to inch up. Existing-home sales rose by 7% in September compared to August. All major regions of the country posted increases last month, the National Association of REALTORS® reported Thursday.

“Some improvement in supply during prior months helped nudge up sales in September,” says Lawrence Yun, NAR’s chief economist. “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.” The 30-year fixed-rate mortgage averaged 2.90% in September, but rates are rising.

Despite last month’s uptick, total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—were down by 2.3% in September compared to a year ago.

Home prices continue to rise as inventories remain constrained. Housing inventory is down 13% compared to a year ago. Unsold inventory is at a 2.4-month supply at the current sales pace, NAR reports.

Keystone Resort opens today with 40 acres of terrain

 

The resort announced via social media Thursday afternoon that it would open the following day at 9 a.m. with “40 acres of terrain and nearly 2 miles of trail.”

While Keystone didn’t beat its opening day rival Arapahoe Basin Ski Area to the punch — A-Basin opened Sunday, Oct. 17 — the resort will meet its goal of opening in October.

The resort’s opening day runs will be Schoolmarm and Silverspoon, which will be accessed by the River Run Gondola and Montezuma Express chairlift, according to a news release. Skiers and snowboarders will make their way down the runs from the top of Dercum Mountain to the bottom of the Montezuma Express lift and will return to the base area by downloading via the gondola.

#breckenridge #colorado #realestate #coloradorealtor #breckenridgerealestate

Breckenridge Grand Vacations gondola lot development passes final planning commission hearing

 

The master plan for the Breckenridge Grand Vacations development on the Gold Rush and North Gondola lots passed its final hearing with the planning commission and is now moving onto Breckenridge Town Council for approval.

Changes from the plan’s third preliminary hearing Sept. 21 were simply to remove language from the master plan for items that the applicant and commission agreed were more appropriate for site-specific planning.

The commissioners and the applicant also discussed the latest updates to the master plan’s point analysis, a system used for reviewing development applications. Town staff and planning commission award positive points for aspects of planning projects that contribute to town goals and negative points for those against town goals or code.

Breckenridge Heritage Alliance restores historic railroad snowplow

 

The Breckenridge Heritage Alliance is starting a restoration project that is years in the making.

The High Line Railroad Park’s historic rotary snowplow, which was an engine used to plow train tracks, is being repainted. Executive Director Larissa O’Neil said this isn’t your ordinary paint job, as most painters wouldn’t take on the task because the snowplow was originally painted with lead paint.

“Not only is it a unique structure to paint in the first place, but it requires a full lead abatement process. … Most painters, contractors I reached out to wouldn’t touch this with a 10-foot pole,” O’Neil said, noting that in order to complete the project, the painter is required to have a lead paint certification.

“That railroad was quite an adventure,” Knapp said. “… It was always known as the high line because it went over the two highest-traction railroad passes at the time, Boreas and Fremont Pass. … Prior to the plow coming in, the tracks had to be plowed with the plows attached to the front end of the locomotives, which was a very dangerous thing.”

In the early 1890s, the Denver Leadville Gunnison Railway Co. purchased a Leslie Plow.

The plow operated with a locomotive engine, a pilot, an engineer and one to two men responsible for stoking the fire that drove the plow. Knapp pointed out that the rotary plow that sits in Breckenridge never worked the high line route and actually worked in Alaska but that it is a Leslie-designed plow.

“I lovingly call the plow the savior of Breckenridge and Leadville simply because the locomotives were just not able to remove the snow,” Knapp said. “… In my estimation, had it not been for that plow’s existence, it’s quite likely that Breckenridge would not have seen the success that it did as a gold mining town.”

Community members provide input during town hall about Summit County’s new short-term rental conversion program

 

Display boards were up, the survey was live and comment cards were sitting at the ready inside the Summit Board of County Commissioners’ meeting room at the Summit County Courthouse on Thursday, Oct. 14.

The town hall was one of two where community members had the opportunity to give input on the aims to incentivize owners of short-term rentals to convert their properties into long-term housing.

The first town hall was held Thursday, Oct. 7, at the Summit County Library’s north branch in Silverthorne, where 39 community members showed up to ask questions. The second town hall welcomed 42 attendees.

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Arapahoe Basin Ski Area to open this weekend

 

Arapahoe Basin Ski Area plans to open this weekend.

A-Basin announced it will open at 8:30 a.m. Sunday, Oct. 17. While A-Basin won’t be the first in Colorado ) it will be the first in Summit County — that is unless Keystone Resort has a trick up its sleeve.

A-Basin will open with its Black Mountain Express lift, bringing opening day skiers and snowboarders to its single opening day run: High Noon, which is intermediate. The ski area plans to stay open into June 2022.

Market Research Shows 54% Unprepared for Wildfires

 

US consumers said they were least prepared for wildfires and earthquakes in comparison to all types of natural disasters, and those who were involved in natural disasters feel like they could have been more prepared. The survey was commissioned by the consumer market research group Qualtrics and Value Penguin.

The survey also details information regarding preparedness for emergency evacuations and the financial impacts of disasters. CAR has a partnership with several like-minded organizations through Colorado Project Wildfire (CPW), which provides REALTORS® and homebuyers with a toolkit and resources to bring education and awareness, as well as access to resources directly to residents in their local communities.

Get to know more about Colorado Project Wildfire at

https://www.coloradorealtors.com/projectwildfire/

Snow in Summit County’s forecast this weekend

 

#breckenridge #colorado

Summit County has two rounds of possible snow on the way.

It began yesterday,  Friday afternoon, Oct. 8, off-and-on rain and snow showers are expected and will continue through Saturday evening, Oct. 9, according to National Weather Service meteorologist David Barjenbruch. While the majority of accumulating snow is likely to fall north of Summit County, the area could see a few inches.

“We’ll see a few showers around Summit County,” Barjenbruch said. “Some of them will be rain showers initially below about 11,000 feet, snow level above that. And then the snow levels will gradually lower to about 9,000 feet and even 8,500 feet as we head into (Saturday) evening. So maybe a dusting down in the valley, maybe a couple inches up on some of the local ski areas.”

According to the National Weather Service’s Frisco forecast, temperatures are expected to dip to 36 degrees Friday night, 25 degrees Saturday night and 22 degrees Sunday night, Oct. 10.

Barjenbruch said there would be a break in the weather Sunday, aside from a few morning flurries. Monday, Oct. 11, is expected to be warmer with a high of 58 degrees and dry before the next storm system rolls in, which is expected to be more powerful — although it is too early to predict snow totals.

The storm will come in Tuesday, Oct. 12, into Wednesday, Oct. 13, and again favors areas to the north, but it could bring some snow to Summit. Tuesday’s high is expected to dip to 47 degrees.

Summit County finalizes incentive details for its short-term rental conversion program

 

What’s been in the works since June is now finalized: Summit County staff recently wrapped up details on the county’s short-term rental conversion program that aims to transition units into long-term housing. The program will officially launch Friday, Oct. 15.

The last of the details were wrapped up during a Summit Board of County Commissioners’ work session meeting Tuesday, Oct. 5. Summit County Housing Director Jason Dietz proposed various incentives for the first few phases of the program, all of which had unanimous support from the county commissioners.

The first phase of the program will last until Dec. 15 or until the program gets 15 conversions, whichever comes first. This phase offers the highest dollar amount in incentives, mainly because the county is striving to get units converted as quickly as possible before the beginning of ski season.

Dietz said winter typically relies on a larger workforce than any other time of the year, so it’s crucial to get at least some units converted before the season kicks into high gear.

According to his presentation, incentives are based on six-month and yearlong leases. For a six-month studio lease, the incentive starts at $5,500 and goes up to $13,000 for a three-bedroom or larger. For a yearlong lease, the incentive starts at $9,000 and goes up to $24,000 for a three-bedroom or larger. All of these payments will be split into two payouts. The first will be given in the first 30 days of the lease, and the second half will be given at the end of the lease.

Once the initial rollout of the program is complete, the incentives drop. Dietz said this move is strategic.

Summit County to host town halls on short-term rentals and housing Oct. 7 and 14

 

Summit County has been busy with various short-term rental measures: It recently implemented a temporary moratorium on licenses, it’s launching a program to convert some of them into long-term housing units and it’s tweaking its short-term rental program before the year’s end.

So much has happened that the county is hosting two in-person town halls to get the community’s feedback. The first will take place from 5:30-7 p.m. Thursday, Oct. 7, in the Blue River Room at the Summit County Library’s north branch, located at 651 Center Circle in Silverthorne. The second is from 5:30-7 p.m. Thursday, Oct. 14, at the Board of County Commissioners’ hearing room, located at 208 Lincoln Ave. in Breckenridge.

The purpose of these meetings is to discuss potential tweaks to the short-term rental program, which could include new overlay zone districts and different types of licenses. The meetings will also focus on a pilot program where the county will provide incentives for property owners to convert their units into long-term housing for the local workforce.

https://www.summitdaily.com/news/local/summit-county-to-host-town-halls-on-short-term-rentals-and-housing-oct-7-and-14/

Breckenridge nears completion of new parking structure

 

Ski season is approaching, and Breckenridge will be able to better handle the additional traffic this year with the opening of its new parking structure.

The town is nearing the end of construction on its new parking garage at the South Gondola Lot off North Park Avenue. It’s scheduled to open Nov. 12, the same day Breckenridge Ski Resort plans to fire up its lifts for the resort’s 60th anniversary season.

Once completed, the development will feature 958 parking spaces between the structure and surface lot, an addition of about 400 new spots in total. The structure will also have 22 electric vehicle charging stations on the first floor, and there is capacity to add 38 more chargers should demand increase.

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An end of unfettered growth for short-term rentals in Colorado’s resort communities

 

Visitors to the 13-bedroom Little Mountain Lodge above Breckenridge’s historic downtown have supported the tourist town’s economy for many years. 

They book snowmobile rides. They rent bicycles and ski. They reserve tables and rooms in local restaurants.

“All the business owners in Breckenridge who rely on visitor spending, they are getting it from my group,” said Carol Kresge, the manager of the sprawling home that was originally built as a B&B but now can be rented short-term by vacationing groups who pay as much as $4,000 a night. 

The owners of the Little Mountain Lodge could lose their ability to rent to vacationers under proposed changes to short-term rentals proposed by Breckenridge’s town council.

The town has 3,945 privately owned homes and condos that vacationers can rent. The town council, in an effort town leaders described as a way “to protect our quality of life and the fabric of our community” and “fiercely protect the character of Breckenridge,” on Tuesday unanimously approved a 2,200-property cap on so-called exempt short-term rentals in the town. Those are the homes that are not part of a larger hotel-like complex that offers a staffed front-desk and security.

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Summit County planning department proposes tweaks to short-term rental license program

 

When Summit County implemented its temporary short-term rental license moratorium last month, the goal was to free up bandwidth so that county staff could tweak its short-term rental program.

According to a memo recently drafted by Summit County Senior Planner Jessica Potter, the county’s current short-term rental program was first adopted in 2018. The memo states that there was no distinction made between resort areas and neighborhood areas, and that there’s currently a “one-size-fits-all” approach when granting licenses. The memo states that this program is well suited for resort areas, but it doesn’t take into account how these licenses are impacting areas traditionally occupied by locals.

During a Summit Board of County Commissioners work session meeting on Sept. 28, Potter and her team ran through the mem and outlined a new proposal that could change the county’s program. The idea is to launch the changes before the moratorium expires in December.

The tweaks Potter introduced to the commissioners can be lumped into two major categories: First, she suggested that the county have “overlay zones” where the county is divided into resort zones and neighborhood zones.

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Frisco Town Council debates future of Colorado BBQ Challenge

 

An annual Frisco tradition may come back differently in 2022. The Colorado BBQ Challenge, a Kansas City BBQ Society sanctioned competition founded 28 years ago and usually held over Father’s Day weekend, hasn’t occurred for the past two summers due to the coronavirus pandemic. Now, the Frisco Town Council is figuring out how exactly to have it return post-pandemic.

In May, the town of Frisco began conducting a survey for feedback on the event that is Colorado’s longest-running barbecue competition with live music, pig races, a 6K and more. The results of the survey were revealed during a Town Council work session Tuesday, Sept. 28.

There were 1,793 survey responses, which town spokesperson Vanessa Agee said was an unusually high amount compared to other surveys. The feedback, while mixed, indicated that the community is open to some change and evolution for the event.

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