Real Estate Forum exposes slowdown in August

BRECKENRIDGE - More than 30 people attended the Breckenridge Resort Chamber's (BRC) fall Real Estate Forum Thursday morning at Stephen C. West Ice Arena. The event proved an opportunity to provide information on market analysis, commercial development, and affordable housing needs around the county.

Brooke Valance, the director of marketing and sales at Land Title Guarantee Company, presented statistical information of Summit County sales and transactions from 2004 to 2006. "August was the first month-to-month decrease we've seen in a long time," Valance said. August 2006 sales decreased 12 percent over the prior year, and transactions were down 27 percent from 2005, according to unofficial Summit County record tabulations.

George Beardsley, owner of Land Title, responded to questions about commercial real estate. "I see commercial (real estate) laid back at the moment, but it will come back in the next couple of years," he said.

Beardsley did comment on a recent article that ran in the July/August issue of the Colorado Builder Forum, where Ralf Garrison, director of Advisory Group and Mountain Travel Research Project (mtrip.org) said, "As you see the scarcity of available land diminish, you should expect Summit County to accelerate toward Vail and Aspen in terms of price and values. The good news now is that there's still a chance to get in at $500 a foot." Beardsley did end by voicing his support for the proposed Summit Combined Housing Authority. "Affordable housing is a must!" he said.

Voters in November are being asked to approve a tax increase and an impact fees program to fund a new, multi-jurisdiction Summit County combined housing authority by special ballot question.

Bonnie Osborn, former executive director of the current Summit Housing Authority, gave a presentation regarding the upcoming measure. The 5A measure would create a sales tax of 12.5 cents on every $100 spent and impact fees on some new construction.

"The reality is that in Summit County the average house in 1990 was about four times your personal income. Now the average house is 10 times the average personal income," Osborn said.