The Real Estate Market in Summit County Colorado is HOT right now. There are so many properties trading hands, and deals are ready to be made. If you’re looking for a place in one of the most pristine resort communities in Colorado, this is the time to start thinking about getting “in” because the forecast is continuing to move in the right direction for investors and home owners.
In our market, we watch the Denver market VERY CLOSELY. To date there are 10K people a month moving to the Denver area, and the homes available to purchase in Denver continue to be few and far between. The principles from the Denver agents are:
When you find a property you like…
- Get in and get in fast
- Get ready to deal. There are multiple offers on almost every sale, and so having the flexibility up front to help negotiate is important.
- Purchase price to asking price is around 95 – 120%
Summit County is a bit different, and the market trends are moving to a new way of buying. I’m starting to see a unique threshold being breeched. In Colorado there is a concept known as “Aspenization.” Aspenization is a reality that happens when the inventory of homes on the market are substandard. For example, if you see multiple homes that are older and not updated on the market, but the building of new homes continues to increase, the only choice is to buy an older home and “fix it up” or move into the same market as the new builds and “scrape” the old one.
The Aspenization threshold is about to be breeched. We’re seeing homes sell for $1.4 – $1.6 Million being scraped and new home budgets between $1.4 – $3.0 M for a bottom line build budget between $2.8 – $4.6M. When this happens, it’s prime time to start thinking about finding the deals in the middle of the market.
*This concept is a Single Family Home concept
Owning Town Homes and Condos
Right now the Town Home and Condominium market is ripe for new buyers. Right now, today, owners are deciding whether they will submit properties into a rental pool for ski season, or take cash off the table.
We’re seeing an incredible market opening up for first time town home and condo owners. Depending on the amenities you are looking for, we can find properties in the high end luxury market with ski in ski out capacity, or we can spend time finding you a deal you can watch increase in equity for the next foreseeable market shift.
If you’re interested in owning a property in Summit County, feel free to contact us at email@example.com and we’ll set up a buying experience for you that will be fun, less stressful, and able to meet your specific needs.