Breckenridge
Breckenridge Vacation Homes Brighten Market
By RealEstateColorado.com

The Breckenridge real estate market—mostly Breckenridge primary homes, second homes, vacation homes, and investment properties—in 2006 outpaced the 2005 figures in dollar volume.  Though fewer “sides” were sold, the volume of units and sales’ prices continued to rise dramatically.  Breckenridge real estate vacation homes, along with Park and Summit County real estate, in the Rocky Mountain resort communities are as popular as ever.

If you’ve been following the national real estate market, you already know that there was a slowdown in housing sales in 2006 that followed the 5 years of phenomenal sales.  Though the second-home market slowed along with the primary-home market, the good news is that 2006 was a record-breaking year for buyers purchasing a vacation home. 

The results of the 2006 Investment and Vacation Home Buyers Survey that was recently published by the National Association of Realtors affirmed the growing vacation-home market.  Vacation homes accounted for 14% of the 2006 total residential purchases in the U.S., up from 12% in 2005, rising 4.7% to a record 1.07 million. 

Vacation homes have become more and more popular all over the United States because they fit the needs of a strong market driven by a certain demographic with lifestyle goals.  The typical vacation homeowner is a baby boomer or a bit younger (median age 44) with a household income of $102,200.  The 2006 vacation properties purchased were a median 215 miles from primary residences. 

The large numbers of consumers in the prime buying age group are looking for easily accessible places to recreate.  These buyers plan to use the property for vacations, sharing with friends, and family retreats, and possibly for retirement.  Some are looking for win/win tax breaks or investment potential, but investment is a secondary consideration.

Contrasted with the second-home market, which slipped from its position of 40% of residential sales in 2005 to only 36% in 2006, vacation real estate is outpacing the investment market.  This is not surprising, since many speculative investors left the market in 2006.  Investment sales dropped at a faster rate than other sales.

Twenty-five percent of the 2006 vacation-home purchases are in the West, 29% in rural areas and 24% in resorts.  Our mountain communities combine all of these:  we’re a rural resort in the West!  Buyers are also looking for water features such as oceans, lakes and rivers and golfing, mountain and other natural attractions.  We have lots to appreciate and lots to offer:  spectacular ski resorts, stands of wildflowers, fishing, boating, hiking, and a wonderful historic town center.

We are ideally situated to market to the 44.7 million young boomers and to offer successful professionals a place to chill out on the weekend at a vacation getaway.  We are well positioned.