Market Insights: Crazy, crazy, crazy
September 29, 2012
You know me. I am one heck of a straight shooter. No sugar-coating the facts in the Market Insights column.
In the national news, we are beginning to see articles with headlines such as, “Home prices are on the rise again, a key index confirmed, bla, bla, bla.” (At least the first part of the sentence is a direct quote.) When you read statements like the one above, please remind yourself every market is unique; that real estate is a very localized business. Don’t assume that the “key index” includes Summit County.
I am very, very happy. Based on the data from the Summit Association of Realtors, which I track each week, and my personal experience working with buyers and sellers on a daily basis, I believe prices overall are stable. I see two factors that are causing sales to be taking place: interest rates and prices. And both are best described as crazy. Crazy low interest rates and crazy low prices. Many prices are lower than anyone expected we would see again.
My example this week is a lot in the Highlands in Breckenridge with a crazy low price. Here are the details:
In 2000, the lot sold for $360,000, it was the first lot in the area purchased from the developer; in 2007, the lot sold for $495,000, and sold quickly; and 2012 the asking price is $349,000 and not yet sold, crazy!
This lot is not some also-ran; far from it. 47 Galena Court has views of the Tenmile Range, privacy (1.48 acres), is on a cul-de-sac, and it backs to Breckenridge Golf Course. That sounds like a winner to me. Have a look at the photos.
Buyers and sellers, make sure to work with a local Realtor. Select one who is very well-established here; one who puts all time and energy into Summit County.
Meet Daniel Webster Johnson Saturday and Sunday at 411 Long Ridge Dr., Breckenridge, a Parade of Homes property. He is a broker associate at Resort Brokers Real Estate, Breckenridge. Call him at (970) 393-3300, or drop him a line at Daniel@YourMountainBroker.com.