Market Insights: More than 250 property owners very confident
Last Sunday while riding the Breckenridge gondola one of the other passengers, a woman in her late fifties, said,
“I haven’t skied Breckenridge in at least a decade. I am amazed at all the changes. We stayed at The Village at Breckenridge last night. It is stunning; I didn’t recognize the property when we arrived.”
The Village at Breckenridge, the condominium complex between the base of the Quicksilver Lift and S. Park Avenue, Breckenridge reopened on December 1, 2010, after being closed for seven months for a total renovation. The renovation is so outstanding that it has become an icon on the south side of Breckenridge.
The owners of the 235 residential condos and the 28 commercial condos financed the $18 million renovation at a cost from $29,000 to $151,000 per residential unit (depending upon the size) and up to $657,000 for the largest commercial unit. These statements of fact tell me that these owners have confidence in the real estate market. How can I say this? Nobody would plow that sort of money into their property unless they believed that real estate prices are going to climb again.
I asked Tony Wait, The Village at Breckenridge Homeowner’s Association (HOA) general manager, “What did that $18 million purchase?” He started by saying the HOA took advantage of the slow economy and obtained much more for their money than they would have just two years ago. He said, “Fully refurbished building exteriors including: replacing roofs, decks, windows, doors, siding and railings; adding stone to lower levels of exterior walls; new entries to buildings; fire suppression system to three buildings; and enhanced the overall image of the property. We accomplished all this and, thanks to discounts, we negotiated even more. We also replaced the entry circle and way-finding signage that had been planned for phase two of the project.”
Susan Grimes, a client of mine who owns three units in the complex says, “This renovation was money well spent.”
The Village is a revitalized asset that is positioned for strong appreciate when the real estate market starts to that inevitable climb again. I have several other clients who own condos in The Village. Every single one of these people is happy.
Chuck Daily, a well know local Realtor who also owns in the complex agrees, “The Village is absolute prime real estate. Now we all own in a complex that reflects this world class location. Our amenities and beautiful new look make this one of the best properties in Summit County.”
Have a look at the photos and make sure to take the time to visit this revived destination at the south end of Breckenridge.
Daniel Webster Johnson is a broker associate at Resort Brokers Real Estate. He can be reached at (970) 393-3300 or at daniel@YourMountainBroker.com.
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