As second home buyers flock to Colorado resort areas like Vail Valley and Breckenridge for idyllic summer temps, mountain charm, and favorable housing options, one thing often remains a mystery – who is buying and why?
The latest reports from Land Title Guarantee Co. reveal 42 percent of all transactions in Summit County (Breckenridge, Keystone, Copper) year-to-date (YTD) were purchased by residents from the Front Range (Denver Metro). The close proximity of Breckenridge to Denver provides residents a higher quality of life, just one-hour from mountain activities like skiing, snowshoeing, hiking, and fly-fishing.
In Eagle County (Edwards, Vail, Beaver Creek), approximately 17 percent of property sales YTD came from the Front Range, while nearly 30 percent came from out-of-state, including traditional Colorado feeder markets like Texas, California, Florida, and Illinois. With the charm of a European-inspired town, Vail attracts buyers from all over seeking exquisite mountain views and Colorado’s quintessential active lifestyle.
Experts say “a wealth surge” is responsible for boosting the second home market noting “many well-off Americans have been getting wealthier.” In fact, the United States added more than one million new millionaires in 2017 as stock prices rose, per the Global Wealth Report published in December 2017 by Credit Suisse.
According to Realtor.com, Hawaii and Colorado posted the nation’s fastest luxury price growth, beating out traditional luxury hubs like New York and San Francisco. Luxury home prices increased in Maui by nearly 33 percent, while Eagle County Colorado rose by 31.5 percent.