A recently published article in Real Vail, claims Colorado Ski-town home sales are on the rise due to Front Range price increases. For nearly two years, the Denver real estate market has been hot and home prices have been increasing dramatically in Denver and it’s surrounding metro areas. After all, USA News just named it the Best Place to Live in the USA. The ripple effect is clear- as prices along the rest of the Front Range steadily rise along with the capital city. This article explains how the high cost of Denver homes may be affecting more than just the rest of the front range. According to the article, Front Range Buyers are now turning their attention to ski town investments. Bank of America Regional Sales Director, Ann Thompson explains “We’re definitely seeing a spike among the Front Range residents and their desire to buy a second home, and in many areas there’s no shortage of inventory, so they have their choice.” As home values increase on the Front Range, home owners have the opportunity to use equity in their current homes to purchase a second home and many of them are heading to the mountains to do just that. The majority of the impact seems to be hitting areas closest to Denver, like Winter Park and the Summit County I-70 corridor, but there have been Front Range Buyers purchasing second homes or investment home in ski-towns all over the state. Crested Butte may see some benefit from the rising cost of Denver area homes.
In related news, Christy Sports released a list of the Top 4 Places to Buy a Ski Condo in Colorado and (of course) Crested Butte made the list- ranking high for it’s affordability when compared to other ski towns. For example, the article lists the average home price in Aspen at just over $5,000,000, and Crested Butte’s average home price closer to $500,000. That extra zero could make a big difference when Front Range Buyers are looking for their ski-town dream home.