Hello, my name is Chuck Daily and I’m also known as Mr Breckenridge Real Estate. This is the first posting I am making on my blog. I will be updating my visitors about Breckenridge and Summit County real estate and activities in the county.
The real estate market in Summit County has been down about 45% in sales volume. The market is trying to balance itself. This hasn’t occurred yet as we have far more properties for sale than buyers ready to buy. This Fall we are seeing a rash of cash buyers coming into the market and getting great deals in the $1M and up price range. I feel these buyers think the bottom of the market is here or almost here.
Lending institutions are freeing up and starting to lend again. Low interest rates are bringing buyers and second homeowners into the market for the first time in several months. Buying resort real estate still has some major hurdles to overcome. Most lenders are not doing condo hotel loans and many lenders don’t know how to lend on condos that are mainly used as investment properties.Read the full post here
If a lender googles a condo complex or subdivision name and a short term rental comes up the loan is declined. You might be able to see what kind of obstacles Summit County Realtors are facing. We recommend you choose a local lender that knows the local market and the challenges that exist here.
Overall, I feel the future of real estate in Breckenridge and Summit county is promising. We live in and sell in an area of the country that is beautiful and very special. Many of the families that buy real estate here never sell their properties! Their properties are passed on to their kids and grand kids. With a variety of outdoor activities year around, Summit county will continue to draw active seniors, youth, and everyone in between.
I will blog about what is hot and what is not. Stay tuned in to the Mr. Breckenridge Real Estate blog.
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