{"id":794168,"date":"2019-03-25T19:12:00","date_gmt":"2019-03-26T01:12:00","guid":{"rendered":"https:\/\/www.summitdaily.com\/news\/summit-real-estate-pros-countys-chief-appraiser-see-no-signs-of-a-local-market-downturn\/"},"modified":"2019-03-25T19:12:00","modified_gmt":"2019-03-26T01:12:00","slug":"summit-real-estate-pros-countys-chief-appraiser-see-no-signs-of-a-local-market-downturn","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/ksmt\/local-news\/summit-real-estate-pros-countys-chief-appraiser-see-no-signs-of-a-local-market-downturn\/","title":{"rendered":"Summit real estate pros, county\u2019s chief appraiser see no signs of a local market downturn"},"content":{"rendered":"<div class=\"swift-gallery\" readability=\"6.8361836183618\">\n<ul id=\"imageGallery-363498-891\" class=\"gallery list-unstyled\">\n<li data-thumb=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-150x150.jpg\" data-src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1.jpg\" data-sub-html=\"Hugh Carey \/ hcarey@summitdaily.com | $3.99 million, single-family home at 120 Glenwood Circle, Highlands at Breckenridge.\" class=\"h-100\">\n<div class=\"row no-gutters h-100\">\n<div class=\"col my-auto\" readability=\"7.5\"><img decoding=\"async\" src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1.jpg\" alt=\"$3.99 million, single-family home at 120 Glenwood Circle, Highlands at Breckenridge.\"><\/p>\n<div class=\"caption\" readability=\"10\">\n<p><strong>$3.99 million, single-family home at 120 Glenwood Circle, Highlands at Breckenridge.<\/strong><br \/>Hugh Carey \/ hcarey@summitdaily.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<li data-thumb=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-1-150x150.jpg\" data-src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-1.jpg\" data-sub-html=\"One River Run Acquisition LLC | This rendering from the developer's website shows concepts for a planned development that could transform the base of Keystone Resort. Vail Resorts, the owner of Keystone Resort, announced last month that it has closed on a deal to sell four acres at the base of Keystone Resort to a development teams that hopes to build a new hotel, about 95 condos and commercial space there. Property records show the property changed hands for $5 million.\" class=\"h-100\">\n<div class=\"row no-gutters h-100\">\n<div class=\"col my-auto\" readability=\"9\"><img decoding=\"async\" src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-1.jpg\" alt=\"This rendering from the developer's website shows concepts for a planned development that could transform the base of Keystone Resort. Vail Resorts, the owner of Keystone Resort, announced last month that it has closed on a deal to sell four acres at the base of Keystone Resort to a development teams that hopes to build a new hotel, about 95 condos and commercial space there. Property records show the property changed hands for $5 million.\"><\/p>\n<div class=\"caption\" readability=\"13\">\n<p><strong>This rendering from the developer&#8217;s website shows concepts for a planned development that could transform the base of Keystone Resort. Vail Resorts, the owner of Keystone Resort, announced last month that it has closed on a deal to sell four acres at the base of Keystone Resort to a development teams that hopes to build a new hotel, about 95 condos and commercial space there. Property records show the property changed hands for $5 million.<\/strong><br \/>One River Run Acquisition LLC<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<li data-thumb=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-2-150x150.jpg\" data-src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-2.jpg\" data-sub-html=\"Vail Health | This diagram provides a look at the potential outline of the proposed facility's site, located adjacent to the Dillon Ridge Marketplace. Property records show all four parcels have been bought by the same owner for $5.8 million combined.\" class=\"h-100\">\n<div class=\"row no-gutters h-100\">\n<div class=\"col my-auto\" readability=\"7.5\"><img decoding=\"async\" src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-2.jpg\" alt=\"This diagram provides a look at the potential outline of the proposed facility's site, located adjacent to the Dillon Ridge Marketplace. Property records show all four parcels have been bought by the same owner for $5.8 million combined.\"><\/p>\n<div class=\"caption\" readability=\"10\">\n<p><strong>This diagram provides a look at the potential outline of the proposed facility&#8217;s site, located adjacent to the Dillon Ridge Marketplace. Property records show all four parcels have been bought by the same owner for $5.8 million combined.<\/strong><br \/>Vail Health<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<li data-thumb=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-3-150x150.jpg\" data-src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-3.jpg\" data-sub-html=\"Hugh Carey \/ hcarey@summitdaily.com | $3.6 million, single-family home at 445 Long Ridge Drive, Highlands at Breckenridge.\" class=\"h-100\">\n<div class=\"row no-gutters h-100\">\n<div class=\"col my-auto\" readability=\"7.5\"><img decoding=\"async\" src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-3.jpg\" alt=\"$3.6 million, single-family home at 445 Long Ridge Drive, Highlands at Breckenridge.\"><\/p>\n<div class=\"caption\" readability=\"10\">\n<p><strong>$3.6 million, single-family home at 445 Long Ridge Drive, Highlands at Breckenridge.<\/strong><br \/>Hugh Carey \/ hcarey@summitdaily.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<li data-thumb=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-4-150x150.jpg\" data-src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-4.jpg\" data-sub-html=\"Hugh Carey \/ hcarey@summitdaily.com | $2.8 million, single-family home at 173 Glen Eagle Loop, Fairways at Breckenridge.\" class=\"h-100\">\n<div class=\"row no-gutters h-100\">\n<div class=\"col my-auto\" readability=\"7.5\"><img decoding=\"async\" src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2019\/03\/RealEstate-SDN-032619-1-4.jpg\" alt=\"$2.8 million, single-family home at 173 Glen Eagle Loop, Fairways at Breckenridge.\"><\/p>\n<div class=\"caption\" readability=\"10\">\n<p><strong>$2.8 million, single-family home at 173 Glen Eagle Loop, Fairways at Breckenridge.<\/strong><br \/>Hugh Carey \/ hcarey@summitdaily.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<p class=\"caption-toggle\"><a href=\"https:\/\/www.summitdaily.com\/news\/summit-real-estate-pros-countys-chief-appraiser-see-no-signs-of-a-local-market-downturn\/#\" class=\"show-captions\">Show Captions<\/a><a href=\"https:\/\/www.summitdaily.com\/news\/summit-real-estate-pros-countys-chief-appraiser-see-no-signs-of-a-local-market-downturn\/#\" class=\"hide-captions\">Hide Captions<\/a><\/p>\n<\/div>\n<p class=\"STND-STND BodyText\">The chief appraiser at the Summit County Assessor\u2019s Office has been keeping an eye out for signs of a slowing local real estate market. And so far, nothing.<\/p>\n<p class=\"STND-STND BodyText\">Colorado\u2019s real estate market might be cooling down in some places across the state, but, based on what Tom Coolidge, president of the <a id=\"N0x17e0460N0x178a840:N0x17e0460N0x17c4b00\" href=\"https:\/\/summitrealtors.org\/\">Summit Association of Realtors<\/a>, has noticed, those indicators have not yet materialized in Summit County.<\/p>\n<p class=\"STND-STND BodyText\">\u201cWe\u2019re definitely seeing a slowdown in the Front Range and Denver,\u201d Coolidge said, adding those areas recently hit their highest inventories in the last seven years. However, Summit County\u2019s still \u201cholding its own.\u201d<\/p>\n<p class=\"STND-STND BodyText\">Like Coolidge, the county\u2019s chief appraiser, Jim Roath, has been keeping a lookout for signs of a slowdown in local real estate, but he hasn\u2019t seen anything to suggest the market\u2019s ready for an adjustment.<\/p>\n<p class=\"STND-STND BodyText\">\u201cFor the most part, things are on the same track as they have been,\u201d Roath said. \u201cI\u2019m looking for any slowdowns that have occurred since June of 2018, and I\u2019m not seeing it. Things are still selling for pretty good prices.\u201d<\/p>\n<p class=\"STND-STND BodyText\">February\u2019s real estate sales are usually fairly modest compared to the summertime activity. Still, records on file at the assessor\u2019s office show how good the prices are currently.<\/p>\n<p class=\"STND-STND BodyText\">In February, the top housing sale of the month was for a five-bedroom, single-family home in Breckenridge\u2019s Highlands with almost 6,000 square feeet and a price tag a hair shy of $4 million. Four other homes in Breckenridge rounded out February\u2019s top five housing sales in the county, but that\u2019s not to say any one of them was the biggest news of the month.<\/p>\n<p class=\"STND-STND BodyText\">Previously in the <a id=\"N0x17e0460N0x178a8a0:N0x17e0460N0x17c4ef0\" href=\"https:\/\/www.summitdaily.com\/news\/keystone-resorts-honki-dori-parking-lot-sold-to-developers-with-big-designs\/\">headlines<\/a>, details of the mega-deal weren\u2019t announced when Keystone Resort revealed in early February it was selling the Honki Dori parking lot to developers who are planning to build a hotel, commercial space and condos on the parking lot. Records now show the property went for $5 million.<\/p>\n<p class=\"STND-STND BodyText\">In Frisco, another parking lot slated for development also changed ownership in February, this time to the tune of $3 million.<\/p>\n<p class=\"STND-STND BodyText\">At Granite Street and Seventh Avenue, the vacant lot just off Summit Boulevard has been used for overflow parking when major events come to Frisco in the past, but it retains its developable density, Roath said, and is scheduled to become part of the <a id=\"N0x17e0460N0x178a900:N0x17e0460N0x17c50a0\" href=\"https:\/\/www.summithousing.us\/real-estate\/neighborhoods\/frisco-copper-mountain\/water-tower-place\/\">Watertower Place<\/a> project.<\/p>\n<p class=\"STND-STND BodyText\">On the project, the Summit Combined Housing Authority notes there are two phases, the first of which was recently completed. Upon completion of the second, the Watertower Place condos will have a combination of housing units, pedestrian plazas, landscaped berms and gardens.<\/p>\n<p class=\"STND-STND BodyText\">Commercial space in Breckenridge is notoriously hard to find. However, the lot at 1730 Airport Road, which is vacant and zoned commercially, sold for $1.3 million in February. It\u2019s between Airport Road Auto Repair and the Family Intercultural Resource Center.<\/p>\n<p class=\"STND-STND BodyText\">Another deal for undeveloped land, now in Dillon, also landed in February\u2019s sales reports at the assessor\u2019s office. The transaction was backdated to late January and actually completes a multi-property sale of four adjoining parcels at Dillon Ridge that\u2019s expected to become a new <a id=\"N0x17e0460N0x178a960:N0x17e0460N0x17c52e0\" href=\"https:\/\/www.summitdaily.com\/news\/medical-group-proposes-new-orthopedic-surgery-and-urgent-care-facility-in-dillon\/\">urgent care and orthopedic surgery center<\/a>.<\/p>\n<p class=\"STND-STND BodyText\">With the four plots, the buyer paid $5.8 million combined for the adjoining properties, which occupy vacant land by the corner of Highway 6 and North Dillon Dam Road, where the Skyline Cinema 8 movie theater\u2019s sign sits.<\/p>\n<p class=\"STND-STND BodyText\">Looking at current real estate activity, Dennis Clauer, owner and broker at <a id=\"N0x17e0460N0x178a9c0:N0x17e0460N0x17c5490\" href=\"http:\/\/www.realestateofthesummit.com\">Real Estate of the Summit<\/a>, said that the county continues to see \u201ca nice, healthy housing market,\u201d fueled by gains in the stock market, as well as lowered mortgage interest rates.<\/p>\n<p class=\"STND-STND BodyText\">Clauer said that corporate relocations from the West Coast to Colorado, and the accompanying high-paying positions that come with them, are also playing a role in Summit\u2019s housing sales, especially with second homes.<\/p>\n<p class=\"STND-STND BodyText\">\u201cSimply, they want a piece of the Rockies,\u201d he said.<\/p>\n<p class=\"STND-STND BodyText\">But scarcity remains a decisive factor, too, as Clauer noted the available inventory has dropped from 4,872 listings in August 2010 to 1,718 last month. Like so many other local real estate pros have said previously, housing prices are a reflection of limited supply competing with a growing demand.<\/p>\n<p class=\"STND-STND BodyText\">This also appears to be true in Summit\u2019s luxury housing market, for which Clauer cited statistics from the first two months of 2011, when 11 homes priced over $1 million sold for an average of $ 1.28 million.<\/p>\n<p class=\"STND-STND BodyText\">He then compared that to the 43 homes that sold this January and February for an average price of $ 1.8 million, a 41 percent increase in average sale price and a 290 percent spike in the overall number of homes sold over $ 1 million. Typically, a home sold at or over $1 million is considered a luxury home.<\/p>\n<p class=\"STND-STND BodyText\">Clauer said that Summit County\u2019s close proximity to the Front Range, along with season ski passes and the many hiking, biking, golfing, fishing and other outdoor activities, have put the area in high demand among locals, second-home owners, investors and rental guests, alike.<\/p>\n<p class=\"STND-STND BodyText\">\u201cAs we approach build-out, expect demand to exceed supply of housing opportunities over the next decade and much farther into the future,\u201d he said.<\/p>\n<p><a href=\"https:\/\/www.summitdaily.com\/news\/summit-real-estate-pros-countys-chief-appraiser-see-no-signs-of-a-local-market-downturn\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: Summit Daily<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>$3.99 million, single-family home at 120 Glenwood Circle, Highlands at Breckenridge.Hugh Carey \/ hcarey@summitdaily.com This rendering from the developer&#8217;s website shows concepts for a planned development that could transform the base of Keystone Resort. Vail Resorts, the owner of Keystone Resort, announced last month that it has closed on a deal to sell four acres [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[99],"tags":[],"class_list":{"0":"post-794168","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-14 01:07:13","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSMT The Mountain","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/ksmt","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts\/794168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/comments?post=794168"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts\/794168\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/media?parent=794168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/categories?post=794168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/tags?post=794168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}