$10.1 million Breckenridge home sale sets new record in April
A seven-bedroom home in Breckenridge is the new high-water mark for the most expensive residential property in town after the record-setting deal closed April 18 for $10.1 million.
No doubt, the multimillion-dollar home at 382 Timber Trail Road is an impressive piece of property. It was listed just shy of $12.3 million almost a year ago, and the 6,565-square-foot home had actually broken the town’s real estate record back in 2009, when it sold for $8.28 million.
Looking at the most recent monthly sales report issued by the Summit County Assessor’s Office, the blockbuster deal isn’t mentioned anywhere in the document. Instead, the sale, handled by local real estate agents Mary Brooks of Re/Max Properties of the Summit Real Estate and Stephany Epps of Breckenridge Associates Real Estate, only hit the headlines when the pair took out a full-page advertorial to celebrate the noteworthy transaction.
Rather, March is the most recent month for which the assessor’s report is available, and it details the month’s top housing sales, along with a series of improvements at a Frisco shopping center and more.
For March, the priciest property of the month was a $4.8 million home in Breckenridge’s Shockhill neighborhood. The sale was followed by two other Breckenridge homes, one in Keystone and another in Blue River. Those five transactions, ranging from $1.9 million to $4.8 million apiece, rounded out the most expensive homes of the month in Summit.
It’s not unusual to see the improvements of local properties on the assessor’s monthly reports. However, the work at the Basecamp Center in Frisco is beyond the scope of what most people would call normal.
1. $4.8 million, single-family home at 462 Peerless Drive, Shockhill subdivision, Breckenridge
2. $3.49 million, single-family home at 121 Boulder Circle, Boulder Ridge subdivision, Breckenridge
3. $3 million, single-family home at 118 W. Trade Court (CR 278), Dercum’s Dash subdivision, Keystone
4. $2.75 million, single-family home at 219 Glen Eagle Loop, Fairways subdivision, Breckenridge
5. $1.95 million, single-family home at 996 Indiana Creek Road, Spruce Valley Ranch, Blue River
Source: Summit County Assessor’s Office
March Real Estate by the Numbers
Real estate sales: 103
Real estate sales (March 2018): 128
Total volume of sales: $82,973,698
Total volume of sales (March 2018): $82,261,404
Sales at or above $1 million: 23
Sales at or above $1 million (March 2018): 19
Source: Summit Association of Realtors
Detailed in the report, the assessor’s office recorded in March more than $4.8 million worth of combined improvements across seven parcels at the Basecamp Center. Describing the extent of the work, managing partner Kate Clement recalled that Whole Foods Market opened in April 2014 and the last building received its certificate of occupancy this spring.
Clement said there are only 2,500 square feet of medical office space and 3,000 square feet of retail space that remain to be leased out across the six buildings at the Basecamp Center, which house more than 100,000 square feet of space combined.
Crunching the numbers, the Summit Association of Realtors found that March brought more than snowstorms, as the month produced a slight bump in sales volume and uptick in the number of luxury housing sales — defined as any home sold at or above $1 million — over the same month last year. But the number of actual transactions did decline.
That’s not uncommon for Summit County, which has seen a yearslong trend of increasing scarcity and rising housing prices.
Checking on the number of active listings, Brooke Roberts, the director of sales and marketing at Land Title Guarantee Company, noticed that there were 606 listings across Summit County on April 8, including 455 for residential properties and 151 for vacant land.
While the number of active listings is up slightly from the last two Aprils — which had 521 and 579 listings — it remains well short of April 2016, when Summit had 850 active listings, Roberts said.
Through the first quarter of 2019, she added, sales volume was up about 22% at the same time that the actual number of transactions was down about 5%, a statistic that falls directly in line with the idea that housing prices are continuing to escalate while the overall number of sales remains flat.
Roberts has also seen another interesting uptick in the first quarter of 2019, in which people from the Front Range are making up an increasingly larger percentage of Summit County’s buyers. She said buyers from the Front Range typically account for about 42-45% of Summit’s real estate sales, but that’s increased throughout the first three months of 2019 to the point they’re closing in on 50%.
For one of the two agents who sold Breckenridge’s most expensive home, that’s just another telltale sign that “Breckenridge has been discovered.”
“For a long time, we were really affordable compared to a lot of the other ski resorts,” Mary Brooks said. Because of Summit County’s proximity to Denver and its world-class skiing at a higher elevation than most other resorts, she’s seeing more high-end buyers coming into the local market.
Brooks has been working in Summit County real estate for over three decades now, and she recalled being excited about her first $200,000-plus buyer, explaining how much the market’s changed over the years.
Brooks has seen housing prices steadily increase, but she’s noticed recently that it’s gotten to the point single-family homes priced under $500,000 are almost impossible to find anywhere in Summit County, and even the single-family homes under $1 million are starting to disappear.
Looking at the current listings, Brooks found only two single-family homes on the market right now for less than $500,000 in Summit, and both of them are in the area of Green Mountain Reservoir on the northern outskirts of the county. For homes in the $500,000 to $1 million price range, Brooks could only find 18 listings.
With this in mind, she predicted that Summit will continue to see higher priced properties in the near future, and she applauded local efforts to bolster the stock of deed-restricted housing in Summit, as she believes those homes are a critical piece to helping keep locals in the area.
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