Breckenridge & Keystone Market News
Keith Kirchner cell 970-389-4154 / 800-821-1365 www.keithkirchner.com
Old market updates are below
Coming soon... Stats and comparisons for 2005, 2006 & 2007
The trend holds for another year in 2007 - Number of transactions in 2007 FLAT
- Dollar volume sold in 2007 Down 11%
- Ave. appreciation for all types property UP 13.7%
Breckenridge Market Update: by Keith Kirchner
Jan 23, 2008 - Market News & 2007 in Review
- New Developments info below
The Little Market That Could
Summit County vs. The Front Range & The U.S.
At times when foreclosures are nearly a nation wide epidemic, there’s a little real estate market in the central mountains of Colorado that defies all common knowledge. During the country’s largest housing slump in history, Summit County has not only stayed out of the mess, but prices have been soaring for three full years now. Micro changes are noticeable to the watchful eye, but over all, there has been no one niche or price range of our market better positioned than another. Almost everything is moving, and fast. As a local expert, I am regularly asked in disbelief, “How is this possible?” So instead of providing yet another report on "it is still a seller’s market", this month’s update focuses on the factors of how this situation has come to be.
First things first, at risk of sounding cliché, the first three rules in real estate are 1. location 2. location 3. location. Summit County consists of 5 towns and 4 ski major resorts that surround beautiful Lake Dillon. The community is set in the beautiful Blue River Valley enclosed by 13,000 -14,000 ft mountains that supply numerous recreational activities year round. It sounds like a utopia right? Colorado’s East/West pipeline of commerce, Interstate -70, slices directly through the valley allowing easy access for quick visits from Denver and/or extended vacations via Denver International Airport. Without mountains east of Colorado, Summit County is also the first major ski community for virtually everyone in the Mid-West United States. The area provides more skier days than anywhere else in the country and retains every amenity a visitor could ever want. As far as location goes, Summit County is generally poised for prosperity.
Brief History: Despite the unique setting, there are a few historical factors as to how we have seen 3 years of 20% appreciation. Due to the benefits of location, Summit has a long history of being a strong real estate market. The 19 year average appreciation for the county has been 9% per year. However, the most recent and most important events for our current market begin at the Sept. 11 tragedy.
After 8-9 years of notable growth, the economic aftermath of Sept. 11, 2001 had the nation in restraint. People stopped flying. Investments were lost in the stock markets. People stopped vacationing and purchasing lavish items, including second homes in Breckenridge, CO. From 2002-2004, Summit experienced it most sluggish market since the early 80’s, yet showed amazing resilience. Breckenridge and Frisco remained flat markets, not gaining or loosing value. Dillon & Silverthorne saw slight dips of 1%-5%. Newly doubled in size with the new River Run Village, Keystone was highly overbuilt for such an event and the market there dipped 10% to even 17% with the overstocked inventory.
This national recession soon came to an end. The nation, Summit County locals, the local ski resorts, and most every ski town in Colorado began receiving and spending more money. In early 2005, the market and tourist-based economy was back on track and then news hit about the coming of a new gondola in Breckenridge. The news lured in speculators and investors and the cycle began to take off. After 18 months of expectation, the gondola was complete and kept prices soaring upwards.
There are more tangible reasons for the market conditions, however. For the last three years, there has not only been a surge of buyers, but a serious lack of sellers and lack of inventory – nobody wants to sell. Today, there are less than 30 total listings in Copper Mountain, under 100 in Breck/Blue River. Frisco has 60 properties for sale. These are the major local factors as to why this market is thriving, but still not everything.
Along with a shortage of market inventory, news of build-out has been common place for a few years now. Especially with new construction at every turn of the head, we are simply running out of vacant land Summit County. Studies are showing that at the current rate of construction, there will be no more vacant land in 6-8 years. With the new prices of existing structures and land becoming more valuable, inventory is, in theory, going to remain lower. This community is now at a phase where demolition of older building has begun and will become more and more common.
Finally, what about the big news in lending? This unfortunate tragedy has had a devastating effect on the nationwide housing market as well as business around the world. It will be haunting us for the next few years and is potentially something that could eventually bleed into Summit County. So how come has this not been halting Summit like everywhere else? The answer is simpler that you might think…people that buy here have money. Buyer’s who can afford Summit County real estate don’t need loans as often, and if the do, they typically have good credit. Loan requirements are now higher, but most people buying an $800K condo can more easily fill those requirements. The current loan issues that have affected Summit have been typically on the lower end of the market – the locals. What has occurred is that the locals have been more challenged in qualifying than the average 2nd and 3rd home owner. With prices they way they are here, this is not exactly a new challenge.
I hope this has clarified the situation for you. Although this history does not offer every detail of the market in Summit, this is a great overview of the conditions that have brought us to this moment. If you have any interest in reading former write-ups on the market and how things have come to be, about four years of my updates are always available on my web site along with much more. If you are ever in need of any additional information, please don’t hesitate to email or call. I am always happy to help. Have a great and prosperous 2008!
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New Developments Jan. 2008
New Developments in Summit are Common Sights.
One of the tell tale signs of a soaring market is a builder/ investor’s confidence in new construction. Even at a time when new construction is selling at $900/ft. and more, both buyers and builders are finding that the timing is right. In the last three years, the sound of hammers and the ‘beeps’ of trucks in reverse are common in every town in Summit County. The projects in action vary from commercial to residential, additions to multi-million dollar trophy homes, and there are many projects planed and under way right now. The following are just a few of current projects available to buyers.
Breckenridge
BlueSky Breckenridge – The first to set a new price standard in Breckenridge. Recently complete, it has been reselling 25% higher than the initial offering price of $725/ft.
Crystal Peaks Lodge – The new Peak 7, still under construction, this ski-in ski-out development sold out quickly at $1150/ft. about a year ago.
One Ski Hill Place – An impressive brand new release from Vail Resorts at the base of Peak 8. With big plans for a total revamping of the base area, this building is a sample of the future Peak 8. The developer is still accepting reservations and offers at around $1200/ft.
Shock Hill Condos – Located on the new gondola thoroughfare, there are just a few units left at $1150/ft. Construction is scheduled to begin this spring.
The Waterhouse – A new building at Main Street Station! Yet another Vail Resorts development, very little information has been released about this new project except that they are for sale at around $1100.ft. Construction is set to begin this spring.
Corkscrew Flats – A quiet and friendly location, this is a single family home subdivision on French Creek on the North side of Breckenridge. Prices start at $900,000.
Frisco
Bear’s Den Condos –A small condo building just off of Main Street with 2-3 bedroom condos from $500K-$1.1mil.
Marina Park Condos – Another small building close to Main Street these 2-4 bedroom condos are selling from $800K-$1.2mil.
Timberline Cove Condos – Not from Lake Dillon and the main shopping center, these 1-2 bedroom condos sell for $500K-$1.1mil.
Keystone
The Sanctuary – An incredible new single family residence project in Keystone offering homes and duplexes in town. With few homes in Keystone, this is a type of property that Keystone has been waiting for.
Whispering Pines Ranch – A small new single family subdivision by The Keystone Ranch Golf Course offering space and amenities for large high-end homes in a private setting.
Silverthorne holds a consistent spec home market especially in the Raven Golf Course area. The Fox Valley at the Raven single family home subdivision has been selling somewhat regularly. On the Blue River and The Raven Golf Course, this one is poised for exclusivity.
Copper Mountain – Lewis Ranch – A small single family home subdivision with a true ski-in ski-out location. These high quality homes start at $1.7 million.
Breckenridge Market Update: by Keith Kirchner
August 1, 2007 - Mid Summer Report
Real Estate in Summit Still Strong
At no surprise… sellers still have the upper hand in Summit this summer. Properties have been selling regularly in 2007 as expected, and at rising prices, however there is a notable rise in inventory this summer, particularly in Breckenridge. Despite the increase in inventory, there are considerably less properties for sale than usual. Thus the pattern of "low supply, making for high demand" continues. So far, this year Dillon, Silverthorne & Copper Mt. have been huge success stories with inventory way below normal.
Breck/Blue River 391 listings - up 30% from May
Copper Mt. 42 listings - up 12% from May
Keystone 101 listings - up 9% from May
Silverthorne & North of. 143 listings - up 31% from May
Dillon / Summit Cove 81 listings - up 37% from May
Frisco 90 listings - up 14% from May
Summit Totals 848 listings - up 25% from May
The increase of inventory is likely to be due to the typical seasonal habits of the summer being the busiest time of the year. It has also had an effect on increasing the amount of time a property is listed this summer. The graph here shows the new listings by month in 2006. This is the basic pattern every year.
Listings are staying on the market a little longer right now than the last two years. Virtually everything under $1 million sold in hours in January, days in April, and today properties are lasting 1-10 weeks. Properties are still selling at 95%-101% of asking price as well. In-town condos close to the slopes are in great demand and are still selling in less than a week today. Non-ski/in-ski/out property is moving slower now, but buyers be prepared to move without hesitation. It will sell.
Breckenridge Market Update: by Keith Kirchner April 1, 2007
2006 was yet another record year in real estate sales (dollar volume) in Summit County and the market remains incredibly strong. The dollar volume of sales in Summit County rose 11%; however the number of transactions fell slightly at 2%. This is a sign that the feeding frenzy of ‘05/’06 may have ended, but the market holds with amazing strength and new high prices are showing up on every new listing.
The market is driven upwards due to a massive lack of supply right now. Sellers are bullish and holding on to their investments. As of the New Year, there are a total of 620 residential listings in all of Summit County (237 in Breckenridge & Blue River). Without previous logged statistics, this very well could be a record low number of listings. Today, there are 645 listings in the county (278 in Breckenridge). An amazing search came to me mid-March when I saw only 11 total listings in Silverthorne under $540,000. There are usually 90 or more listings in that price range.
For about two years, Breckenridge saw an average appreciation of 15% - 25%. Keystone, Frisco, Dilverthorne saw 10% - 15%. The market has changed a small amount this year, and the lower end of the valley seems to have really tightened up more than Breck. I wouldn’t be surprised to see 15% growth in Breck this year and 15% - 20% in the rest of the county (10% in Copper). Only time will tell and the busy summer season is coming.
There has been a mirco-softening in Breckenridge lately, but again, the market is strong. This softening is due to four main factors:
1. The rest of the country (where most buyers are from) is under the impression that real estate is taking a dive nation wide and buyers are unaware of this small, thriving market.
2. Interest rates are back to normal around 6%-7%.
3. Sellers are asking more than ever before and scaring off buyers.
4. The craze over the new gondola has toned down a bit.
These factors have only softened the market in the sense that desirable properties stay on the market a month instead of a day. Buyers, be ready to move quick if you want it. It will sell!
Breckenridge Real Estate Market Update:
Jan. 17, 2007
The 2006 Summit County real estate sales statistics are in.
--- Overall # of real estate transactions in Summit County in 2006 -
down 2% from 2005
---Total dolar volume of sales in Summit County in 2006 -
up 11% from 2005
---Average appreciation has slowed from roughly 25% in 2005
to 10%-15% in 2006. Average appreciaion has typically been 6%-10%.
2006 Market Recap
by Keith Kirchner Jan. 1, 2007
The 2006 real estate market in Breckenridge was simply remarkable. Very little has changed in the last 3 months since my last update… the market remains strong. When all the statistics are in, 2006 will no doubt be another record year in sales. In fact, the number of transactions in Summit County this September was the same as last September, but the monetary volume of transactions is up 36%. This is likely to be the case for the entire year. This pattern is due to two basic factors. I am assuming that new prices and sticker shock were playing a part in this small softening and interest rates were rising for about a year as well. Despite these two factors, there is very little for sale in the area and prices are rising with every new listing. As of the New Year, there are a total of 620 residential listings in all of Summit County (237 in Breckenridge & Blue River). Without previous logged statistics, this very well could be a record low number of listings. With such little supply, demand is strong and buyers are willing – especially in the under $500,000 range.
Over the 18 month period from November 2004 to April 2006, Breckenridge experienced what could be its most impressive appreciation gain in history. Properties in town saw a 20%-30% in 2005 & 15%-20% in 2006. The other com-munities in the Summit County, and the outskirts of Breckenridge experienced anywhere from 8% to 20% in appreciation during both years.
Last year was hard to predict market changes, as demand seemed to have slowed a tiny bit. Just after the end of the ’05-’06 ski season, properties started to linger on the market for more than a few hours and buyers had a little more time to shop around. This is common during the spring off-season, but a few properties expected to last a week, lasted well into the summer. Slowing down is all relative, however. It only slowed from the ravenous feeding frenzy that it was. Growth and demand are at a much more stable pace today, but I do expect this seller’s market trend to continue through 2007.
At the risk of sounding redundant, the market is holding very well. With buyers waiting in line, Breckenridge is still defining a seller’s market. When it comes to buying in Breckenridge right now, there is still no time to dilly dally, especially when looking for property near the ski slope or new gondola. This year in Breckenridge, buyers need to move fast and owners have big smiles on their faces
River Run Village Real Estate Market Update:
January. 1, 2007
Its been a long wait, but the market conditions in Keystone have finally caught up with everyone’s expectations. Over the last two years, the over abundance of listings in Keystone has been dwindling. The busy summer selling season polished off the old market, and by November of 2006, Keystone was officially experiencing a shortage of listings. Two years ago, the typical number of listings in River Run would be 85-100. Last August, River Run had a total of 41 listings. November provided 29 listings. Today, is a total of 25 listings for sale in River Run – 7 of which are in the $1million or more range. Now, for the first time since the construction of River Run, we are in a full blown seller’s market. Hats off to all the homeowners who stuck it out through the years.
When all the county-wide statistics are in, 2006 will no doubt be another record year in sales. In fact, the number of trans-actions in Summit County this September was the same as last September, but the monetary volume of transactions is up 36%. This slowing-sale/rising-dollar volume trend is likely to be the case for the entire year. A flat or slight decrease in the number of sales was observed last year due to sticker shock of new prices and a lower number of listings, but despite these factors, values are rising. The virtual record low number of properties for sale is big news and the driving force in the market here forward. The lack of supply in the area is creating real demand, and prices are rising with every new listing. As of the New Year, there are a total of 620 residential listings in all of Summit County (237 in Breckenridge & Blue River; 86 in Keystone; 100 in Silverthorne; 73 in Frisco; 57 in Dillon; & 67 in unincorporated Summit County). With such little supply, demand is strong and buyers are willing – especially in the under $500,000 range. In short – For Keystone property owners, there hasn’t been a better time to sell in a very long time.
Frisco Real Estate Market Update:
Although I do not have my finger on the pulse of Frisco like I do in Breck and Keystone, I can say that every time I check the pulse, I don't need any special equipment. Frisco is the consistent iron horse of the markets here in Summit County. Never shaken, this machine moves forward with consisten and stable appreciation in the neighborhood of 7%-13% per year. Even when the market was flat in 2002, Frisco seem to be be squeezing out 2% anually Frisco has the least dependant economy on the ski industry and is right on I-70 for esay access. With a huge percentage of the jobs and businesses in the entire county (and the new hospital), this town's future is bright.
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Breckenridge Real Estate Market Update: by Keith Kirchner Nov. 1, 2006
The market here in Breckenridge is always on the move, but not much has changed in the last 3 months… the market remains strong. 2006 is sizing up to be another record year here, but I must admit, we are not seeing the insatiable demand we saw last summer. Over the 18 month period from November 2004 to April 2006, Breckenridge experienced what could be its most impressive appreciation gain in history. Properties in town saw a 20%-30% in 2005 & 15%-20% this year. The other communities in the Summit County and the outskirts of Breckenridge experienced roughly 8% to 20% in appreciation during both years.
This year was hard to predict market changes, as demand seems to have slowed a tiny bit in the last few months. Just after the end of ski season, properties started to linger on the market for more than a few hours or days and buyers now have a little more time to shop around. This is common during the spring off-season, but a few properties expected to last a week, lasted well into the summer. New prices and sticker shock is also probably playing a part in this small softening. Interest rates have been rising for about a year and this is also a very likely contributing factor in the slowing. This micro-softening does not seem to be hurting property values, however. There is still very little for sale overall, and values are still on the rise. In fact, the number of transactions in Summit County this September was the same as last September, but the monetary volume of transactions is up 36% providing us with the third record year in a row for sales volume. When it comes to buying in Breckenridge or Frisco right now, there is still no time to dilly dally, especially when looking for property near the ski slope or new gondola.
River Run Village & Keystone Real Estate Market Update:
Nov. 1, 2006
The market in Keystone has been on the move this year and is stronger now than it has been in a very long time. For the last two years there have been more sales than new listings and inventory for buyers is very low. Recovering from the Sept. 11 market slump was a slow process, but a strong market is now upon us. The Keystone market has nearly completed its much needed boost in demand as property appreciation this year ranged from 5% to 15%. Property is now sold readily and values have been on the rise.
Believe it or not, there are only 29 total listings in River Run right now! Eight of those listings are in Red Hawk Lodge. Nine of those listings are 3 & 4 bedroom units. High competition with your neighbors has been keeping prices low in the past. With very little for sale in River Run right now, and Keystone in general, there has probably never been a better time to list property for sale at a new high price. The way things are stacking up, this winter is likely to bring on new, even stronger seller’s market conditions.
2006 is sizing up to be another record year for Summit County (Keystone has its own market demand), but I must admit, we are not seeing the insatiable demand we saw in the summer of ‘05. There seems to be a very subtle softening in Summit County overall after two big years in sales. New high prices and sticker shock is probably playing a part in this small softening. Interest rates have been rising for about a year and this is also a very likely contributing factor in the slowing. This micro-softening does not seem to be hurting property values at all. There is still very little for sale overall, and values are still on the rise. In fact, the number of transactions in Summit County this September was the same as last September, but the monetary volume of transactions is up 36% providing us with the third record year in a row for sales volume. Notice that activity was down in July and August (our two busiest months). Thing are good for property owners and when it comes to buying a condo in River Run Village this winter, there will be no time to dilly dally. Condos, especially condos with a view of the resort, will be selling very quickly.
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Market Update: WRITTEN MARCH 24, 2006
The real estate market in Breckenridge has been nothing short of amazing for the last 18 months. In 2006 alone, listing prices are jumping by the day. All the talk about rising property values a few years ago has transformed from speculation and rumor to flat out reality and the transition to a strong seller’s market is complete. Sales are less frequent in the past few months due to the lack of inventory as home owners are holding on to their investments. There is about ¼ of the inventory now versus this time last year. With so little on the market in Breckenridge, sellers are leveraging the situation for all its worth. Property values jumped 10%-23% in 2005 and were selling for 95% to 105% of asking price within 1 to 30 days. Sellers – There has never been a better time to sell. Buyers - Act soon as today’s rising prices could be tomorrow’s purchasing dilemma.
Looking into 2006: The coming months in real estate look very promising for home owners in Summit County. With the strong seller’s market now even in Dillon and Silverthorne, property values are poised to rise practically by the day until at least until next ski season. My crystal ball has no guarantees, but it looks like this summer is set to explode with a huge number of new listings at record prices. With such great leaps in appreciation lately, investors are likely to take advantage of the market and cash in.
This last cycle has shown Breckenridge imitating but lagging behind our nation's larger markets. While others markets were moving quickly two years ago, we were just moving into this new seller's market. Now many big city and beach front markets have seen signs of slowing down and Summit County is HOT! Predictions are hard to make, especially ones about the future, but it looks like 2006 will be another big year followed by a softening of some kind in 2007. However, the construction of the new gondola this summer may throw off the trend and continue the strong market here in Breckenridge.
Market History: Throughout the 1990’s property values in Breckenridge rose rapidly, particularly after Vail Resorts purchased Breckenridge & Keystone Ski Resorts. Ending the old seller’s market period with the Sept. 11 tragedy, 2002 and 2003 proved to be the most difficult time for Breckenridge and Colorado real estate in well over a decade. As unfortunate as these years may have seemed, they did prove to be a healthy stabilization period for our rapidly swelling market. Breckenridge’s and Frisco’s values managed to hold their values better than the rest of Summit County which remained somewhat flat during these soft market times. Keystone was hit the hardest with properties selling infrequently and prices dropping 1%-8%. The latest shift from the buyer’s market to seller’s started talking place in spring of 2004. Summit County property sales in 2004 were the second highest in history and 2005 broke all previous records. 2006 is likely to be another record breaker as well.
Seasonal Sales Patterns: People ask all the time, "When is the best time of the year to find the best deals on property?" The truth is that there is no specific seasonal good time to buy anymore, particularly during our current seller's market. This was once true in the 1980’s, but the area is now a popular year-round vacation setting. Summer, however, is the most active sales season and there is generally more opportunity for buyers during the summer months. Typically owners wait to get the last days of use/rent out of their ski home or condo, then put it up for sale at the end of ski season. Summer is also the time when curious buyers are most abundant and less concerned about skiing.
The Future Gondola and Peak 7 & 8 Development
Once again, the rumors are moving into reality. Vail Resorts has recently been given the green light from the town planning commission on the development of the Peak 7 base area and is now working on infrastructure planning along with many other early details. The general plan for the development is to build numerous residential, commercial, and time-share properties on the vacant land at the base of the Peak 7 ski lift. The biggest news in Breckenridge right now is the announcement of the new gondola. After 10-15 years of town rumor, Breckenridge Ski Resort and The Town of Breckenridge announced on March 13, 2006 that they will begin construction on the new $14 million gondola this spring and plan to have it operating by this Christmas! To read the complete article, go to http://www.keithkirchner.com/free_reports.shtml .
The ’05-’06 Breckenridge ski season started off better than anyone could have hoped for. October offered a 30 inch storm, followed by the best November in recent memory. Over 8 feet of snow fell on the resort in November and December continued that trend with another 9 feet. Breckenridge Ski Resort was 95% open on Dec. 1st and gave skiers some of the best powder days in nearly a decade! The nearby Hoosier Pass snow gauge for the USGS reads 124% of the typical snowfall for this time of year and everyone is hoping to break snow records like we are doing in real estate.
The Imperial Super Chair: On Dec. 4, 2005 Breckenridge Ski Resort announced the opening of the new high speed quad, The Imperial Chairlift. Construction was completed late this fall and opens up over 500 acres of expert terrain off the top of Peak 8 which traditionally has been accessed by foot. This new lift has also given Breckenridge a new claim to fame offering the highest ski lift in North America at 12,800 feet. Personally, I have noticed that the new terrain has thinned the crowds a good deal too.
The Skiway Skiback Run Is Open! Part of the road construction of last summer was the construction of the tunnel underneath Park Avenue to allow skiers access back to the parking lot without disrupting traffic. This new run, accessed off of Four O’clock Ski Run, gives skiers the ability to ski from Peak 8 back to The Mountain Thunder Lodge, the free skier parking lot, the main bus station, and soon, the new gondola base.
Highway 9 & Main St. Traffic In Fall 2004, The Town of Breckenridge and The Colorado Department of Transportation began the road annexation exchange of Highway 9, in order to re-route Highway 9 down Park Avenue and away from Main Street. New street lights were installed, and many intersections and roadways were widened last summer. The purpose of the project is to reduce traffic congestion in the Main St. corridor by directing it to a street that is more able to handle today's and tomorrow's traffic needs. Much of the project was completed just before the snow fell, but final construction stages will resume in the spring. For additional information, see www.townofbreckenridge.com .
This real estate market info is always available and updated at www.keithkirchner.com
Also search the MLS, find maps, activities, rentals and much more at www.keithkirchner.com
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December 4, 2004
Market Update:
2002 and 2003 proved to be the most difficult years in Breckenridge and Colorado real estate in well over a decade. As unfortunate as these years may have seemed, they proved to be a healthy stabilization for our rapidly swelling Summit County market. During these soft market times, values of Breckenridge in-town locations managed to hold stronger than most other properties in Summit County. In the last year, properties in Breckenridge, and in most Colorado ski towns, property sales have moved faster and have been selling at rising prices.
Up until Fall 2004, listings were abundant and it was an ideal market for both buyer and seller. Properties over $650K we’re having a more difficult time selling, and all signs were pointing towards a harder market. Now the shift has come full circle and we have move into a sellers market. Currently there is a severe lack of quality property listings right now as sellers are holding on to their investments. New listings are rare in the last few months, and tend to move very quickly as many buyers are anxiously waiting for the next good listing. The following kinds of properties are in great scarcity: 1. All in-town listings, particularly property under $350,000 and from $1,000,000 to $4,000,000. 2. Ski-in/ ski-out property. 3. Three bedroom condos in town under $400,000.
Ski Resort News:
Breckenridge Ski Resort is almost 100% open and just received 18 inches of new snow. With 21” of snow at mid-mountain and 28” at the top, there are currently 15 trails, 7 lifts and 410 skiable acres available to the public. During the Thanksgiving week, we had a good storm that provided 14-24 inches of new snow making it possible to temporarily open Peak 10 this last weekend. With extremely cold temperatures lately, the resort has been able to blow snow 24 hours a day for almost two weeks now, allowing Peak 10 and Peak 8 to open December 11. Hiking around the top of Peak 7 the other day, I can verify a report of roughly 4 ½ feet of snow making cross country skiing exceedingly difficult.
Vail Resorts has announced a new lift to be installed this coming summer! This new lift will offer access to the 500 acres of expert terrain off the top of Peak 8 which traditionally has been accessed by foot.
The Skyway Skiback Run:
Plans for the skiback run are still on Vail Resorts’ agenda. The run is intended for skiers to be able to ski from the base of Peak 8 back to the main skier parking lot in town. This project has been postponed for a unknown length of time, but higher than expected tax revenues from real estate sales in 2004 are likely to move the plan along more quickly. Vail says that if possible, they would like to start construction this coming summer, but it is unfortunately dependant on tax revenues and the sales of Vail properties. The skier parking lot is also the designated location for the base of the future gondola.
The Future Gondola:
Vail Resorts and The Town of Breckenridge are in agreement to carry out plans to construct a new $14 million dollar gondola expected to take skiers straight from town to the future Peak 7 village and the soon to be renovated Peak 8 base area. Plans have been postponed due to financial constraints however and, like the skiback run, are subject to real estate sales and tax revenues. The current estimate for gondola construction is set to begin in 2010.
Highway 9 and Main Street traffic:
The Town of Breckenridge and the Colorado Department of Transportation have begun the annexation exchange of Main Street and Park Ave. New street lights have already been installed and two round-about intersections will be constructed next year. The purpose of the project was to reduce traffic congestion in the Main St. corridor and to direct it to a street that was more able to handle today’s and tomorrow’s traffic needs. The new route of Highway 9 via Park Ave. should be complete in 2005.
Keith Kirchner
Broker Associate
970-389-4154
