Breckenridge real estate also keeps setting records. In 2007, the most expensive single-family lot went on the market at $5.4 million, near Breckenridge Ski Resort’s base of Peak 7. In August 2007, the most expensive home — a six-bedroom, six-and-a-half bath — sold for $5.5 million.The year also brought in the highest asking price for a non-single-family residence — a penthouse at the base of Peak 8 for $2.67 million. In 2008 and beyond, Breckenridge real estate promises to be even larger in terms of growth and opportunity.
Of course, off the mountain prices are significantly lower, usually in the $220-$550 per square foot range. An in-town home or duplex sells for an average of $600,000, but can go up to $5.5 million. Breckenridge condos range from $189,000 for a studio to $3 million for a 3-bedroom or more unit. Just south of town, in Blue River, Most homes sell for $450,000 to $750,000, though they range from $370,000 to $1.3 million. There’s plenty of room for continued Breckenridge real estate growth, as demand for properties continues to increase.
Breckenridge real estate experiences the largest volume of sales of any town in Summit County. In 2007, 779 homes (single- and multi-family) sold. Like most of Summit County, sales prices average 97-98% of asking price for homes and 96% of asking price for vacant land.
The average price of Breckenridge single-family and duplex homes increased to $963,360, almost 18% from 2006 to 2007, and it increased by 21% from 2005 to 2006, and by 20% from 2004 (when the average price was $609,415) to 2005.
In three of the past four years, the average price of Breckenridge homes was the second highest in Summit County, just behind Keystone. Compared to condos, townhomes and land, single-family homes sold the fastest in 2007, with an average of 160 days on the market.
Breckenridge condos and townhomes increased from an average of $452,117 in 2006 to $532,637 in 2007. For the past three years, Breckenridge condos have garnered the highest average price out of all Summit County towns and communities.
The average price of Breckenridge land has steadily increased, but from 2006 to 2007, it saw a huge increase of more than $120,000 — from $324,551 to $445,365. In 2004, the average price was $247,401. In 2007, vacant land sold the second quickest in Summit County towns and communities, next to Frisco, which is more rapidly running out of lots.
A prudent investor will buy into the Breckenridge real estate market before interest rates rise again - and while property values are still reasonable, unlike Aspen or Telluride.
Breckenridge real estate appreciation
Average square foot price in Breckenridge(Condo Average PPSF) - $431.69
average sale price trends in summit county co