Colorado Real Estate and Property Investing
The purpose of this blog article is to provide a Breckenridge Real Estate Investment Analysis for 2020 for prospective owners of Summit County property. We get lots of calls from families around the country looking to purchase a condo, or even a single family home as part of their investment strategy in such a volatile time in the stock market. One thing that has proven successful is the valuation of high country homes and real estate. And, with the COVID-19 situation on hand, the demand has only sky rocketed.
Summit County 2020 real estate sales surpass $1 billon as Realtors see record-breaking September
A recent article in the Summit Daily News has listed September as a top-producing month for realtors in the Breckenridge area. This is not surprising as many people are able to remote work right now and are pursuing a mountain resort lifestyle, which they perceive to be beneficial to overall health and well being.
As longtime locals, Dina and I are able to share our favorite local trails and outings with new home owners. We are also able to discuss the nuances and benefits of each town and neighborhood. We have lived in the area for close to 30 years and can give suggestions for properties that fit each client’s needs and desires.
According to Land Title Guarantee Co., which compiles data from recorded deeds at the Summit County Clerk and Recorder’s office, September’s sales volume was up 87% from what was seen in the same month last year, and it’s far beyond every September since 2008.
The September numbers are on top of what has been a crazy busy year for those in the real estate business. Total year-to-date sales have surpassed $1.3 billion
Understanding Short Term Rentals in Breckenridge and Summit County
Once the property is under contract is headed towards closing, we can guide clients to the proper authorities within each town for Short Term Rental (STR) guidelines. Each town has its own specific rules, although they are mostly similar.
As it is technically a business accruing income revenue from guests, there is a business license required by the Town of Breckenridge (TOB). Click here to go to the page for STR’s within the TOB. And, another quirk around here is that the town limits are not clearly defined with linear straight lines. They zig zag around neighborhoods, some opting in to be considered with the town’s limits, while others that do not are then consider county and have to adhere to the county guidelines for STR’s.
If all of this is confusing, I won’t deny, it can be. But, that’s where we come in to help answer questions as I (Stacy, Dina’s husband), have been a professional property manager for companies that manage HOA’s for condos, apartments and townhomes. I have also acted most recently as the Operations Manager for a vacation home rental company and oversaw 80+ large luxury homes in the Breckenridge area.
With that background, I can speak from experience when discussing HOA responsibilities and possible scenarios that owners may have questions about. I may also pose situations that may not on the minds of clients, as they wouldn’t think of certain maintenance requirements and scheduling that are left to owners and which are left to the HOA.
Responsible Party Addressing STR Guests in your Breckenridge Real Estate Investment
One item that is important for both owners, neighbors and guests is that each unit must have a dedicated “Responsible Party” that can address emergencies. What this means is that someone must be made available, within one hour, to assist guests, neighbors or HOA with concerns of the staying guests.
Some owners choose to do this themselves, while others opt to pay someone else to do it.
Property Management Options and Pricing Tiers
Owners looking to keep expenses down have the option to have much involvement, cutting down pricing to as low as 10%. Others want to be “hands off” and can expect to pay for that service, as much as 40-50%, in some instances.
There are many property management companies in Summit County, as many as 50 or more and it can be hard to determine which direction to go with your Breckenridge Real Estate Investment. We know and understand that these properties are essentially run as a business and can discuss expenses and revenue strategies that will ultimately benefit the owner.
Mountain Habitat on Facebook and Instagram
We also post frequently on our social media pages, so click here to go to our Facebook page. We are fans of using Facebook to reach clients and to share pictures of the ski resorts, trails and even videos we create along the way around Colorado.
We toured a lot of houses this past summer and one of the things I did was shot clips of the views of the decks. Most owners wanted mountain views from their porch, as work was a primary reason for purchasing the home and this was an easy way to enjoy the mountains. Check out this video below to see a sample from property tours.
Click here to go to our Instagram profile. Instagram also has a section called IGTV with videos longer than one minute so go check those out if Instagram is your social feed of choice.
Learning More about a Breckenridge Real Estate Investment
Please contact us to learn more about Short Term Rental Opportunities in the Breckenridge and Summit County areas! In the meantime, read our previous blog about Fall Hiking and get excited about the mountain lifestyle.