Colorado Mountain Prices Moving Up
The values of Colorado Mountain homes and vacation real estate have been steadily rising. The prices in the upscale resorts of Aspen/Snowmass, Vail and Telluride have had dramatic increases, reaching new highs, and pricing some people out of those markets. With that, there has been a shift to the other ski resorts of Keystone/River Run, Breckenridge, Copper Mountain and Winter Park.
This last week we heard from Michael Lytle, a friend of ours and real estate professional in Keystone with Slifer, Smith and Frampton Real Estate. He called and sent me a note about the activity in his area. He reported, “the real estate market in Keystone is getting tight, particularly in River Run Village. There are only 27 active listings in the entire village today…down from nearly 200 listings just 18 months ago. That’s an 85% reduction in the River Run inventory in the past year and a half.”
In this writer’s opinion, I believe we still have a significant way to go with prices in the mountain areas. Historically, when mountain real estate turns the corner upward, there are price improvements for a sustained period of time.
New construction is currently taking place, but in many mountain areas, such as Summit County, there will be a limited supply for the increasing demand. The surrounding national forests will prevent building in the future.
The shift in demand and prices we are seeing is largely attributable to baby boomers with the financial ability to place their investments in second and vacation homes in the Colorado resort areas. In terms of assets and age, the baby boom generation is starting to reach this point and may have at least another ten years to drive this demand.
The vacation possibilities in the mountain resorts are endless: downhill skiing, cross country skiing, golf, tennis, boating, fishing, hiking, rafting, ice skating, cycling, and on and on…
We believe there is still a window of opportunity to invest, so we are urging our readers to take a look and decide if this is where they would like to be before prices reach even higher levels.
If you would like to reach Michael Lytle in Keystone/River Run, you may email stevehewson@comcast.net .
This last week we heard from Michael Lytle, a friend of ours and real estate professional in Keystone with Slifer, Smith and Frampton Real Estate. He called and sent me a note about the activity in his area. He reported, “the real estate market in Keystone is getting tight, particularly in River Run Village. There are only 27 active listings in the entire village today…down from nearly 200 listings just 18 months ago. That’s an 85% reduction in the River Run inventory in the past year and a half.”
In this writer’s opinion, I believe we still have a significant way to go with prices in the mountain areas. Historically, when mountain real estate turns the corner upward, there are price improvements for a sustained period of time.
New construction is currently taking place, but in many mountain areas, such as Summit County, there will be a limited supply for the increasing demand. The surrounding national forests will prevent building in the future.
The shift in demand and prices we are seeing is largely attributable to baby boomers with the financial ability to place their investments in second and vacation homes in the Colorado resort areas. In terms of assets and age, the baby boom generation is starting to reach this point and may have at least another ten years to drive this demand.
The vacation possibilities in the mountain resorts are endless: downhill skiing, cross country skiing, golf, tennis, boating, fishing, hiking, rafting, ice skating, cycling, and on and on…
We believe there is still a window of opportunity to invest, so we are urging our readers to take a look and decide if this is where they would like to be before prices reach even higher levels.
If you would like to reach Michael Lytle in Keystone/River Run, you may email stevehewson@comcast.net .
posted by Steve Hewson @ Saturday, December 09, 2006
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