Mountain Resort Real Estate: What's A Buyer To Do?

Demand for mountain resort real estate continues to outpace inventory. But it’s not all gloom and doom. The summer season historically sees more listings coming to market and new developments in mountain resort towns are opening up additional opportunities.

The general rule of thumb is location comes at a premium. Mountain Resort real estate brokers recommend buyers consider the type of lifestyle they want and what that means in terms of location. Thinking about proximity to airports, open space, climate, recreation options, and type of home will help zero in location options relative to what you can afford. The greater the flexibility, the more options you will have.

Here’s a rundown of the current state of the mountain resort real estate market and your options:

Pitkin & Garfield Counties: Aspen, Snowmass, Basalt, Carbondale & Glenwood Springs

According to Corey Crocker, broker for Slifer Smith & Frampton serving Pitkin and Garfield Counties, limited development opportunities mean fewer choices. “You can still get into a 2 bed/2 bath condo for under a million but it’s not going to be new construction.” Crocker also notes that if buyers have flexibility on timing and seek more year-round lifestyle amenities vs. close-to-resort proximity, new developments, such as River Grand Residences in Glenwood Springs, offer pre-construction pricing. “There are also added benefits to being away from the resort areas. Glenwood Springs, for example, offers eight ski resorts and three airports within an hour’s drive and a price point well below comparable new construction. If there is some location flexibility, buyers will have more choices,” Crocker added.

Eagle County: Vail, Avon, Edwards, Eagle & Gypsum

Michael Slevin, president of Berkshire Hathaway HomeServices Colorado Properties, with 12 offices in 10 mountain resorts and Western Slope communities, says low inventory levels continue to put pressure on sales. “There should be some relief for pent-up demand as inventory levels generally increase during the summer months.”

Slevin also notes that although macro signs of an economic slowdown are on the horizon, the real estate market may likely buck the trend. “Historically, mortgage interest rates have also fallen in the last six recessions, which would be a benefit to home buyers and those looking to move within the valley.”

If you’re considering the Vail market, Kyle Denton, a broker associate with Berkshire Hathaway HomeServices Colorado Properties’ Vail Village office, says that given some market stabilization, there is potential room for negotiation. While sellers might be hesitant to accept a below-list price offer, it doesn’t mean they aren’t open to negotiating,” said Denton.

Summit County: Breckenridge, Keystone, Copper Mountain

CJ Seatvet, a broker associate for Berkshire Hathaway HomeServices Colorado Properties who works with buyers and sellers in Summit and Eagle Counties, says there is still high buyer demand even amidst some higher interest rates that are impacting local buyers. “However, with the higher rent prices people are paying, they could be paying a mortgage instead,” said Seatvet.

For second homeowners, more restrictive short-term rental restrictions present some challenges for supplemental income. But Seatvet says it does not appear to be impacting activity and buyer demand, and that in the last 180 days, 500 residential homes have closed in Summit County.

“Several new developments in Silverthorne, including Après Shores and Blue River Flats, have helped create a more town feel along with the added benefit of being right on the river and proximity to four ski areas, making it more attractive to buyers who seek that lifestyle.”

Winter Park/Grand County

Offering the closest proximity to Denver, Winter Park and Grand County continues to grow in popularity. While limited inventory, similar to other mountain resort towns, places challenges for buyers, several new developments, including Lakota Pointe close to the ski area, and Arrow in the town of Winter Park, offer price points that deliver more value for the dollar.

“Relative to other mountain resort towns, Winter Park is the most affordable option, and you can still find a ski-in, ski-out studio condo in the $400s,” said Carol Underwood, a real estate advisor and broker associate with Berkshire Hathaway HomeServices Colorado Properties in Grand and Eagle Counties. “New construction prices for Arrow start around $800K, and along with other business developments, the town has a more cohesive feel and vibe that is appealing to buyers.”

The general consensus among mountain resort real estate brokers is buyers should make sure they have financing in order. Multiple offers are still happening for the right-priced homes and the more flexible you can be on location, the more options you will have.

By the numbers

Average home prices (according to Zillow as of April/May 2023):

Aspen $4.18M

Vail $1.55M

Basalt $1.2M

Breckenridge $1.09M

Eagle $866,000

Keystone $835,000

Silverthorne $828,000

Glenwood Springs $508,000

Winter Park $438,000