Rise in Colorado resort real estate sales in 2012 fueling hope of rebound
September 22, 2012
The real estate market in Colorado’s High Country is finally stabilizing as it emerges from the darkness of the past three years – although sales at the highest end remain soft.
Sales in six of Colorado’s seven resort-anchored regions are up year-to-date over last year, rising a combined 2.8 percent through July. But sales remain a fraction of the peak boom times seen in 2007, when Routt, Eagle and Pitkin counties each surged past $1 billion in sales by the end of July.
Those heady days may be gone, but steady sales so far this year indicate a rebound from 2009, when the High Country real estate market hit bottom. The new normal is sitting well with brokers ready to get off the roller coaster.
“I think we are finally recovering noticeably. Yeah!” Telluride broker George Harvey said.
Telluride’s San Miguel County saw its real estate market fall from a peak of $442 million in sales in 2007 to $118 million in 2009 as resort-area buyers stopped spending at the nadir of the recession.
A surge in sales in 2010 – particularly in mountain regions’ more affordable locations – gave hope that the recession-pinched real estate market was recovering, but 2011 saw yet another dip, with sales falling about 10 percent across the High Country.
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A strong start to 2012 rekindled optimism that the bleakness was behind the resort real estate market.
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