While Colorado may have hit its housing peak several years ago, recent figures suggest that sale have plateaued closer to ordinary inflation numbers, but local Realtors in ski resort communities say business is picking up again.

Snowmass Village

"Snowmass Village, lying at the foot of Snowmass Ski Area, is a resort, a community and a cultural center," says Realtor Wendy Lucas. "The 2,000 residents that live here boast of everything Snowmass Village has to offer, including biking trails, hiking, tennis, golf, an Arts center, dog sled rides, skiing and much more."

"Nearby "Old" Snowmass and Woody Creek offer a world of difference," continues Lucas. "These neighborhoods are made up of working ranches, trophy homes and lovely nooks and hidden homes. The area is filled with creeks, rolling hills and gorgeous vistas. It is pastoral and serene. It is easy to find a place to love in the Snowmass areas. You can choose a style or have it all!"

Lucas adds, "Snowmass Base Village's first phase sold out within hours of release. After that, the market in Snowmass Village went wild, with properties increasing in price with each and every listing. Both the transaction numbers and sales volume figures are up from the same time last year. Sales volume for June is up 46 percent and unit totals increased by 31 percent. Interval sales in June were $13.2 million for the month on 42 closed units representing 27 percent of total closed units in Pitkin County. For the year, interval sales stand at $73.9 million on 210 units, an increase of 64 percent in dollar volume and 37 percent in the number of units closed verses this time last year. Interval ownership sales are likely to continue increasing in terms of total business conducted within Pitkin County driven by consumer acceptance, product availability, and relative cost."

"The Steamboat real estate market is definitely back on the rise," says Realtor Ken Gold. "The 3rd and 4th quarters of 2003 were the strongest in terms of real estate transactions since the boom times of 1993, and so far 2004 has continued that trend. After a couple years of cautiousness on the part of would-be buyers following 9/11, the real estate market has exploded over the last year. In general due to the underperformance of the stock market since the tech bubble burst, people are aggressively diversifying their investments into real estate to hedge against another stock market downturn. This, coupled with the lowest interest rates in decades, has given the Steamboat real estate market a real boost. Certain segments of the market including new condominium and town home sales as well as vacant land sales have lead the market. Despite this surge of activity, Steamboat is still regarded as an excellent value compared to other resorts in Colorado and should continue to be for the foreseeable future."

Winter Park

"Winter Park is a Ski resort community, with Fraser being a bedroom community seven miles from the resort," says Realtor Denise O'Connell. "According to the Denver Post, real estate brokers in many mountain towns say that if the last half of the year meets expectations, the mountain area's real estate market will surpass the last record for real estate sales."

Explains O'Connell, "In Grand County, although interest rates remain historically low, many believe there may be other determining factors that play a significant role for the real estate increases. The statistical forecast is told by the current year-to-date sales which stands at 341 units sold in 2004, compared to this period in 2005, which 355 units have been sold. Many in the Winter Park Market believe that this forecast and predictions could be based on the "Intrawest Factor." Intrawest, a resort company based out of Canada, is slated to develop Winter Park Resort into a world-class destination resort over the coming years. A Discovery Center is in the works and will showcase ambitious construction and development plans which were unveiled this spring. Many of the new area buyers have been running in flocks to get into a second home prior to Intrawest's first projects coming on line for sales in 2006. With all the speculation, many buyers feel this is the last opportunity to buy into a resort community. Think Summit County in the 70's."

"Grand County and all it has to offer will become a bigger player in the future years for those looking for a true destination resort," expands O'Connell. "With the easy access to and from the Front Range, this is a natural choice for a getaway home. The local friendliness and casual lifestyle appeal for many young or old. The Winter Park lifestyle has something for everyone from enjoying the miles of outdoor trails, to biking, hiking, boating, fishing, golf and so much more."

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Published: August 18, 2005

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