|Breckenridge, CO 80424|
Wednesday, November 14, 2012
Summit County Real Estate Notes
With respect to the Summit County residential market, as I have been saying for months now, we are seeing a slow and steady climb out of the recession pit. I am seeing well-priced properties moving and buyers who think they have plenty of time, may lose their top property picks to another buyer. Also, buyers who try to "push the envelope" too far will not get the concessions they could have expected only a short time ago. Noticeable price appreciation isn't happening just yet, but distressed properties are all but gone, and as sales continue, prices will climb. With interest rates at all time lows, it's the "perfect storm" buying opportunity: low interest rates, pre-appreciation pricing, and just out of the bottom timing.
Another sign of recovery is the fact that vacant land is the one sector where we are seeing price appreciation. Builders and developers are feeling confident that the market is returning. New construction is appearing in Summit County and when it is completed, developers are hopeful the market will have returned.
Amy Nakos, JD, GRI