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Market Update – Starting Off 2011 With A Bang!

Posted by Breckenridge Associates Real Estate on Monday, January 17th, 2011 at 10:37pm.

150 Single Family Breckenridge properties sold in 2010 with 23 pending in early January 2011
The sold stats show foundations with some framing of $120,000 in Quandary and up to $3,590,000 in Summit Estates, a higher end luxury estate neighborhood.

190 Condominium Breckenridge properties sold in 2010 with 17 pending in early January 2011
• Keep in mind 6 of these were the Water House properties – new construction sales located at Base 9 of the Breckenridge Ski Resort and offered at a special 40% developer discount.
The sold stats show prices start as low as $80,000 for a small one bedroom 1960’s Breckenridge Quandary condo and up to $2,690,000 for One Ski Hill Place, a new construction luxury slope side property.

60 Duplex/Townhome Breckenridge properties sold in 2010 with 15 pending in early January 2011
The sold stats show prices ranging from $194,000 in Gibson Heights (deed restricted) up to $1,775,000 for a Shock Hill Condo/Townhome next to the Gondola.

Land sales show 58 Breckenridge properties sold in 2010 with 5 pending early January 2011
•Noteworthy is our highest Land sale in Timber Trail Breckenridge’s Ski In/Ski Out Subdivision sold for $3,300,000.

Overall, we are seeing inventory dwindle downwards in certain segments of the market making it harder for the buyer to find what they want for the right price. Some sellers have tested the market and realize that keeping the property for personal enjoyment another couple of years may make more sense than cashing out at current market levels. However, not all sellers share the same agenda. Some will sell due to economic conditions, moving on because of family relocation, or enjoying the profit they have made to buy something else. What does this mean? Our prices look to have bottomed. National statistics say price points will remain the same over the next couple of years across the country. That means one thing…look and consider a well-rounded inventory while you still can. It is great to be a buyer especially with the low, low interest rate offerings – the lowest since the Eisenhower years!

Source: MLS Data January 7, 2011

Please contact us to learn more about these and other real estate deals in Summit County. 800.774.7970 or 970.453.2200. Click here for the latest news about Breckenridge real estate.

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