Breck’ sets real estate record
Summit County Correspondent
Vail, CO Colorado
BRECKENRIDGE, Colorado ” The most expensive home in Summit County history sold this week for $5.55 million, almost a million dollars more than the previous high.
The 7,512 square foot, ski-in, ski-out home near Peak 8 is located at 312 Timber Trail Road, and comes completely furnished with seven bedrooms, 8-1/2 bathrooms, a three-car garage, an elevator, a cinema and a wine cellar ” plus a few more creature comforts.
“To build this house, you’re looking at $3 to 3.5 million,” said spokesperson Dan Corwin of Breckenridge Associates, explaining the high price. “We’re seeing prices hit these high levels, but in comparison, we’re still less than Vail and a whole lot less than Aspen.”
The home sold for $738.82 per square foot, more than 25 percent less than the condos and townhomes selling at nearby Crystal Peaks lodge.
Corwin explained that smaller units with more services, as you would get in a condo, are traditionally priced at a higher rate than single-family homes.
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Don’t expect this record to stay for long, though. Another house in the same subdivision is on the market for $5.9 million, and a nearby undeveloped lot is on the market for a record-setting $3.3 million.
According to area real-estate agencies, single-family home prices have increased 4.2 percent in 2008; condos have bumped up 14.4 percent; and townhomes have risen 19 percent, while the pace of growth has slowed and inventory has increased.
“We will see similar prices for that neighborhood coming up,” Corwin said, “barring any major economic shift.”
The previous home-price record was set in 2007 at $4.8 million, according to the Summit County Assessor’s website.