First time home buyers are taking advantage of a 30% drop in home price in the mountain resort counties.
Colorado resort homes have seen a decrease in sale price from 2010 to 2011, allowing first time buyers to take advantage of some incredible deals that they would not have been able to afford in 2007 when resort home values were soaring. Now, short sales have continued to drive the prices down.
If you are looking for a resort home in the $200-300,000 range, you will be able to get a lot more for your money. However, these homes are not staying on the market for long with first time buyers hungry to get a good deal.
Great value on high end homes in 2011.
On the other end of the scale, high end resort homes have also seen a significant decrease in price. More high end buyers have purchased real estate this year than the previous year, and for less money. For example, buyers are able to purchase a home in the high end markets in Aspen and Snowmass Village in Pitkin county in 2011 for $10 or $15 million, compared to $30 million in 2010.
What’s in store for 2012?
Some counties experienced a decrease in both the number of transactions and the total dollar value for these transactions. Other counties and markets have seen an increase in both. With mixed signals, it is to early to predict how property values in Colorado mountain towns will change this year.
If you are interested in owning a resort home, it may be a good time to talk to an exclusive buyer’s agent to find out what is available in your price range. With the market slowly picking up, it is difficult to tell if buyers will be able to get the kind of deals that were available in 2011 in the future.