Frequently Asked Questions
1. What’s the best time of year to buy real estate in Summit County?
ANY time is a good time! It’s good to buy in the fall or winter because one not only has rental income coming in right away (most of our owners rent their properties!) but one can use it to ski/board from right away! The spring is a good time because, although there may be less supply, prices might be less than they will be in the summer – our main real estate ‘buying season’. However, summer is a great time to buy because that is when we sell about 60-70% of the properties for the whole year, so there is usually the best selection of properties to choose from! So, really, there is NO BAD TIME TO BUY A RESORT PROPERTY! It all depends on each individual’s situation!
2. What’s the best area in Summit County to purchase real estate?
EVERY area in Summit County is great – depends on what one is looking for. Breckenridge is the best place if one loves to shop, eat and sight see. It has numerous restaurants and shops and the sidewalks are always bustling with people….a great place to ‘people-watch’! Of course, the ski area is excellent there as well! Frisco is great because not only it has a great ‘Main St’, but it also has great shops and restaurants AND, because of its’ central location, it is easy to access all of Summit County’s ski areas – including Breckenridge, Keystone, A-Basin…and even Vail! Also, Dillon, Silverthorne is a wonderful place to be because it’s right off the highway (easy-in, easy-out access) and the Factory Outlets are right there – A LOT of great shopping! Of course, Lake Dillon is right there with all of it’s sailing and boating during the summers…and one is still not far from the ski areas as well! Lastly, if one has a family, Keystone Resort is THE best place to be – voted #1 ski resort in North America by Family Circle magazine more than a dozen years running. Also, the ski mountain is fabulous! Having 3 mountains in 1 (‘back to back to back’, as they say!), it’s a ’big mountain’! Also, it’s home to some of the best dining in the County – three 5 Star restaurants: Ski Tip Lodge, the Alpen Glow Stube and The Ranch! Keystone has MY vote! So, again, there is NO BAD AREA TO BUY REAL ESATE IN THE COUNTY! No matter where you end up, you’ll be glad you have YOUR own ‘piece of paradise’ here in Summit County!
3. Where should I buy if I’m looking to rent (get cash flow on) my resort property?
If one is looking rent, and one wants to get your property to ‘cash flow’, one should be looking to pay the lowest price compared to the highest potential rental income a property can generate. Therefore, in this regard, Frisco has the best ‘price-to-rent’ ratio in the county, followed by Keystone and then Breckenridge. As far as rental income, these are the place one will get ‘more bang for your buck’!
4. What’s the best ‘size’ (# of bedrooms) to buy for a rental/investment property?
This is a bit ‘counter intuitive’ but the smaller properties can generate some of the best revenue – especially those right at the base of the ski areas! Go figure! This is because a lot of conference planners and travel agents request smaller properties and the skiers and boarders want to have direct access to the ski mountain! However, on the other side of the coin, large homes also do well – mainly because there are only a few that are rented but one can also put A LOT of people (whether families or corporations) in them! The mid size properties (2 or 3 bedrooms) don’t fair as well because there are so many of them on rental programs and, because of that, they get discounted quite a bit. So the answer is: smaller AND larger ones!
5. Is it better to buy a single family home, a townhome or a condo?
Again, this depends on what one is looking for. If one isn’t going to be using it a lot and just wants a ‘base camp’ to recreate from, then a condo is great. If one needs more size and/or desires more privacy (with a separate entrance, etc) , then a townhome might be the way to go. Lastly, if one is going to be spending more time here and/or has a large family (etc), then a single family home is best. Again, NO ‘ONE SIZE FITS ALL’. Whatever works for YOU (and/or your family…or pocket book) IS’ best’!