Local News

• Sep 26, 2007 11:35 pm US/Mountain
• Digg | Facebook | E-mail

  Close WindowE-mail This Page

  Home Sales In High Country Stay Hot

  Required fields are marked with an asterisk(*)

  ---

  • Recipient E-mail:* 
  • • Your Name:* 
    • Your E-mail:* 
  • Add a Message:
  •   Send me a copy of this e-mail.

  • Type the characters in this picture:* Click here to refresh with new letters

  ---

  The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

  Send E-mail

  | Print

Home Sales In High Country Stay Hot

BRECKENRIDGE, Colo. (CBS4) ― Home sales in Colorado's mountains are bucking the downward trend nationally.

Home loan applications fell last week after climbing for three straight weeks. Mortgage applications dropped 2.8 percent for the week ending Sept. 21. Sales of existing homes fell to a five-year low in August.

Homes in the high country are getting bought by a lot of people from Denver and the Front Range. Frisco and Breckenridge seem to be the two popular spots to buy this season.

At the base of Peak 7 in Breckenridge, condominiums have been selling out and construction is not even done yet.

"We had 46 residences originally for sale," broker associate David Karoly said. "That started December 23rd and we have one left."

The buying frenzy is part of a trend of people buying condos and town homes in Summit County.

"I think there is a pent-up demand for true ski and ski op. property. And if you look at what's going on in Breck, or what's gone on in the past, there hasn't been any new ski and ski op. property in quite some time," Karoly said.

Brooke Roberts with Land Title Company said that homes in the $400,000 to $500,000 price range have been the popular pick so far this year. They are usually condos and town homes.

"August in Summit County this year has once again broken the record for the busiest real estate month of transactions and monetary volume," Roberts said.

About 70 percent of the buyers are purchasing second homes. The other 30 percent were locals looking for a deal.

"Anything around the $300,000 range is gone within two to three days," Roberts said.

Roberts said Summit County is probably the most affordable of the resort areas.

In August, single-family homes were selling for an average of $700,000. As far as the homes with a price tag of $3 million or more, so far there has only been five sold this year. Last year, only one was sold.

(© MMVII CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)