Breckenridge/Summit County Market Update – September 2020
Commercial Real Estate sales volume for Summit County of $45M YTD in 2020 is down 45.1% compared to sales YTD in 2019 of 81.9M. Residential Real Estate sales for $483.1M YTD in 2020 is down 24.5% compared to sales YTD in 2019 of $639.6M. Sales Taxes in Breckenridge are down 19.5% YTD in 2020 compared to taxes collected YTD in 2019. Vail Health has broken ground of a 102,000 sf emergency dare and orthopedic surgery center. The Town of Breckenridge has broken ground on a $45M parking structure in the downtown core. Two Silverthorne properties have received proposals for development.
BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE
VELOCITY (Source – Land Title Guarantee Company)
SALES TAX INDICATORS (Source – Town of Breckenridge)
BRECKENRIDGE VACANCY RATE
VACANCY RATE
CAP RATES
CAP RATES
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
PUBLIC POLICY CHANGES
- Short Term rentals allowed to open June 1
- Social distancing requirements hurting Restaurants
- Summit County trying to terminate open space/conservation easement to allow for Senior Housing project
DEVELOPMENTS
- Vail Health has broken ground of a 102,000 sf emergency dare and orthopedic surgery center.
- The Town of Breckenridge has broken ground on a $45M parking structure in the downtown core.
- Two Silverthorne properties have received proposals for development.