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Breckenridge/Summit County Market Update – April 2019

Commercial Real Estate sales volume for Summit County of $39.4M YTD in 2019 is up 507% compared to sales YTD in 2018 of $6.5M. Residential Real Estate sales for $320.4M YTD in 2019 is up 21.6% compared to sales YTD in 2018 of $263.5M. Sales Taxes in Breckenridge are up 5.3% YTD in 2019 compared to taxes collected YTD in 2018. The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project. Other developments include 107,000 square foot building being constructed in Dillon for Vail Health plus 4th Street Crossing Condominium Project in Silverthorne. Breckenridge Modular Workforce Housing Project is on hold.

BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE

Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Sales Volume
$6.5M
$39.4M
507%
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Transactions
11
17
55%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
Q1 2018:
Q1 2019:
% +/- :
All Sales Taxes
$4.2M
$4.4M
5.3%
Item:
Q1 2018:
Q1 2019:
% +/- :
Retail Taxable Revenue
$35M
$40M
14%
Item:
Q1 2018:
Q1 2019:
% +/- :
Restaurant Taxable Revenue
$35.2M
$36.1M
10.3%
Item:
Q1 2018:
Q1 2019:
% +/- :
Lodging Taxable Revenue
$49.5M
$50.3M
2.6%
Item:
Q1 2018:
Q1 2019:
% +/- :
Weedtail Taxable Revenue
$2.4M
$2.4M
1.9%
Item:
Q1 2018:
Q1 2019:
% +/- :
RE Transfer Taxes
$1.1M
$1.4M
32.6%
BRECKENRIDGE VACANCY RATE
Q1 2018:
Q1 2019:
% +/- :
VACANCY RATE
0.7%
0.9%
28.6%
CAP RATES
Q1 2018:
Q1 2019:
% +/- :
CAP RATES
6.3%
6.1%
-3.2%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Total Sales
$263M
$320M
21.6%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Transactions
425
409
-5%
Item:
Q1 2018:
Q1 2019:
% +/- :
Single Family Home – Average Price
$1.14M
$1.27M
11.4%
Item:
Q1 2018:
Q1 2019:
% +/- :
Multi Family Home – Average Price
$523,519
$535,419
2.3%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Days on Market
69
66
-4.3%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Listed for Sale
PUBLIC POLICY CHANGES
  • Moritorium on New Construction in Brekenridge Historic District
  • Short Term Rental Property Tax Being Considered
  • Summit Health Care Alliance
DEVELOPMENTS
  • The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project.
  • 107,000 square foot building being constructed in Dillon for Vail Health.
  • 4th Street Crossing Condominiums in Keystone
  • Breckenridge Modular Workforce Apartment Project is on hold

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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.