“According to the Summit County Building Inspection Department's 2017 summary report, the number of permits for single family and multi-family issued by the department skyrocketed to 852 in 2017 after the county issued 710 in 2016 and 644 in 2015.” -Summit Daily News, February 1, 2018. A big jump in building permits is another signal of the strength of the current Summit County real estate market.
The signal is two fold. One is that available homes for sale are selling and so people who want to live in Summit County are deciding to build. The large number of permits also signal that people feel that the local labor, design and construction costs will amount to something that the market will bear when the homeowner / building chooses to sell. It almost means that the Upper Blue River Joint Master Plan is working. Buildable lots are getting fewer and farther between — supply low, demand usually goes up if the product is worthy.
The master plan “seeks to sustain the quality of the Upper Blue Basin's resources and the character of the community as we know it today.” It does this by governing the way we approach the preservation of our resources, utilize and protect land, encourage transportation systems and designates residential densities.
Since the 1997 version of this plan was released, maximum build out has been revised upward to accommodate some higher numbers and greater density required for workforce housing necessary to maintain a quality of life. But this increase has been a small percent of the total avalable private and buildable land. Public land is estimated at as much as 80 percent of Summit County.
So while a casual look around might lead one to believe there is a massive amount of undeveloped space left, we are actually swimming in a veritable sea of public land. Couple that with our density restrictions and we are much closer to build-out than one might think.
If you've been thinking it's time to buy land and build, you will want a trusted advisor by your side in this market, and Breckenridge Associates Real Estate Partners / Brokers are ready to jump to action. Call us today!