Posted by JanL on January 26, 2016
If you’ve been keeping up with our Breckenridge real estate news, you know that quarter one of this year started of with a bit of reluctance, dipping numbers below last year’s first quarter – according to March’s market watch report.
As predicted, 2015 numbers for residential sales in Summit County have been on a steady ascent. With 171 residential real estate sales in June, this year’s sales volume is already 25% higher than the same time last year.
As for market trends, residential properties are selling at an average of 97% of asking price – evidence that Summit
County is still one of Colorado’s best real estate options for return on investment.
An additional movement has taken root in Summit County real estate: a dramatic rise in sales of vacant land. There were 19 residential lot sales in June alone – the highest numbers for the month in the past 8 years. A total of 72 vacant land sales have taken place this year, nearly 70% more than 2014.
So what exactly is the appeal in purchasing a residential lot over an existing home? More and more Breckenridge real estate buyers are opting for empty lands, yet this seems like somewhat of a hassle. The fact is, there are many benefits to starting with a residential lot in the Breckenridge and Summit County Areas.
Building a home from the ground up is often times much more inexpensive than buying an existing property. This ofcourse depends on the sort of property you’re after. An upscale or mountain luxury property will run anywhere from $500,000 to upwards of $1 or $2 million, depending on amenities, location, etc. Residential lots in Summit County tend to have an even wider span, but a coveted piece of land can be found for as little as $300,000. Construction costs of the property also vary, but keep in mind that you pay for square footage and labor, without the pesky markup that comes with existing homes.
It goes without saying, Breckenridge real estate agents don’t typically have a hard time selling people on location. People who move to Summit County are rewarded with breathtaking views, unparalleled access to the Colorado wilderness, incredible wildlife sightings and some of the best skiing in the entire world. The number one rule of real estate is hard to break in Summit County, and it’s why the properties here maintain a high market value. A residential lot not only offers a great deal on a sought after spot, it allows you to decide what parts of the high country you value most, and to consequentially build your home (and life) around those values. Maybe you want to easily access trailheads while being minutes from Main Street, or maybe you want to leave your front door on skis. Purchasing vacant land in the city might mean a prime spot downtown, but doing so in the Rocky Mountains offers so much more.
Even the finest mountain luxury properties in Breckenridge and its surrounding areas come with limitations. If you were to picture your dream home in detail, there’s no way you’d ever find it’s exact replica already in existence. A residential lot lets you magically poof that vision into real life. Sure, it may take a little extra time, but that’s a small price to pay for the mountain manor you’ve always wanted. One of the most difficult things about buying a new home is running inspections and making sure all the construction and essential amenities are up-to-date. This is crucial for return on investment, as an expensive fixer-upper can wind up being a money pit. But a property built from scratch gives you the utmost freedom in maximizing ROI. Choose the amenities that fit your lifestyle, face the windows toward your favorite mountain vista. The opportunities are endless.
Although pictures can’t do these beautiful Colorado landscapes justice, you really need to see for yourself what makes these residential lots so spectacular.
Slifer, Smith & Frampton
Real Estate Agent