Summit County real estate market could be worse; recovery is uncertain

In the January 21, 2010 issue of the Summit Daily News, Robert Allen reports that after two years of falling prices and transactions for local real estate, local experts arent' sure whether the Summit County market has hit its lowest point.

From a cross-section of realtors, one believes we've already hit bottom and that there's going to be a "feeding frenzy", and that prices could get back to previous highs within four to six months. Another realtor isn't sure that the market has hit bottom -- that it might drop a little more. Houses that have had drops in prices are the ones that are selling. Nevertheless, this is a good time to buy rather than waiting until the market is already going up. Yet another realtor believes that it's really difficult to know.

A couple of things seem evident. People who are cash buyers have the most leverage in negotiating a purchase, and location is important -- properties that have traditionally seen the highest demand are likely to stay that way.

One indicator of the last couple of years of a soft real estate market is a decrease in the number of Summit County Realtors. From 2008 to 2009, membership in the Summit Association of Realtors dropped from 718 to 660, almost 8 percent.

If the market hasn't hit bottom, it is getting pretty close barring any unforseen market events.

Record $8.285M home sells at end of 2009 in Breckenridge

Local $2 million-and-above home sales in 2009 beat 2008 numbers

An article in the Summit Daily News, by Robert Allen on January 6, 2009 reports that the most expensive home in Summit County history occurred last week. Located on the Trygve ski run going directly to the base of Peak 8, the 6,565 square foot, seven-bedroom, nine-bath, four-fireplace, three-car garage, custom home sold for $8.285 million.

Additionally, transactions for homes in the $2 million and above range were actually up in 2009 over the same period last year, even though some of these homes had dropped their initial asking prices. This, in spite of the fact that overall sales of local homes were down from previous years.

According to a local realtor, there is demand from people who want a home in a resort area and are looking to expand their [investment] portfolio without having everything in the stock market.

For more information about Breckenridge real estate, go to www.Breck4Sale.com, or contact Susan Gunnin.