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Breckenridge/Summit County Market Update – August 2018

Commercial Real Estate sales volume of $44.7M with 33 transactions YTD in 2018 is up 65.2% compared to sales Jan-July 2017 with 30 transactions worth $27.1M. Residential Real Estate sales for $720M YTD in 2018 are up 8.6% compared to sales Jan-July 2017 of $663M. Sales Taxes are up 10.4% YTD compared to taxes collected Jan-July 2017. New commercial real estate development projects include Keystone Wintergreen Workforce Housing Project, Peak 8 Luxury Hotel and Condominiums, Town of Silverthorne 4th St. Crossing, Town of Silverthorne Smith Ranch Workforce Housing Project and Keystone Seasons Project.

BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE

Item
2017 YTD
2018 YTD
+/- %
——————————————————————————————————————————————————————————————————
VELOCITY (Source – LTGC)
Commercial Sales Volume
Commercial Transactions
$27,100,000
30
$44,700,000
33
65.2%
10.0%
SALES TAX INDICATORS (Source – Town of Breckenridge)

All Sales Taxes
 
 
10.4%
Retail Taxes
 
 
9.5%
Restaurant Taxes
 
 
10.7%
Lodging Taxes
 
 
12.6%
Weedtail Sales
$6,500,000
$6,900,000
0.3%
RE Transfer Taxes
$2,900,000
$2,700,000
6.9%*
COMMERCIAL VACANCY RATE**
0.43%
0.38%
-11.6%
CAP RATES
6.21%
6.06%
-2.9%
RESIDENTIAL REAL ESTATE
Residential Total Sales
Single Family Average Price
Residential Days on Market
Residential Listed for Sale
$663,192,591
$1,110,125
71
569
$720,414,655
$1,066,151
52
533
8.6%
-4.0%
-26.8%
-6.3%
PUBLIC POLICY CHANGES
  • Short Term Rental Restrictions
DEVELOPMENTS
  • Keystone Wintergreen Workforce Housing Project
  • Peak 8 Luxury Hotel & Condominiums
  • Town of Silverthorne 4th Street Crossing
  • Town of Silverthorne Smith Ranch Workforce Housing Project
  • Keystone Seasons Project

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About The Author

Jack Wolfe, Liv Sotheby's International Realty

Jack Wolfe has spent more than 22 years in Colorado and has over 30 years of experience with virtually every type of real estate transaction. Jack Wolfe is based in Breckenridge and has expertise in commercial real estate development, sales and leasing and has worked with many large clients including Vail Resorts and Walt Disney Company.