New luxury units are selling fast in Breckenridge
Real estate agents from Summit and Eagle counties, as well as Denver, waited outside of sales agent Scott Mitchells office at Ten Peaks Sothebys ov July 24 to purchase a piece of Shock Hill.Breckenridges Shock Hill Lodge & Spa, located at the midway station of the new BreckConnect Gondola, offered 15 units ranging from $1.1 million to $2.75 million (one- to three-bedroom units), which sold out in 10 minutes when they went on sale at midnight, Mitchell said. The developer then decided to release the 15 units in phase two, which sold out by the end of the day.Buyers were from Arizona, California, Colorado, Florida, Illinois, Nebraska, Oklahoma and Texas, and placed 30 more reservations on the units in phases three through five, which will be released soon, though no date has been determined, said John Niemi, chief executive officer of Mesa Homes Development Co.Last ski season, Breckenridges Crystal Peak Lodge sold about two-thirds of its units for about $928 per square foot in weeks after the initial offering, enhancing other million-dollar plus sales. Realtor Casey Kellermann of Slifer Smith & Frampton in Breckenridge said that when people look at a $1 million home that averages $300 a square foot (which wouldnt be a ski-in, ski-out unit), it looks like a deal. Currently, one penthouse at Crystal Peak, which has already increased in price by $200,000, remains; the other 45 units sold by the end of ski season, and some buyers have turned around and sold units for $200,000 or more than they purchased them for, Kellermann said. In addition, Breckenridge currently has its highest-ever sales pending the market has never reached more than $4 million, but if two contracts for more than $4 each million go through, it will.I think (future) research will show that a sale over $4 million and definitely $5 million takes the area to a new place, Kellermann said.
Meanwhile, in Silverthornes Eagles Nest golf course community, plenty of million-dollar-plus homes are selling. Developers continue to create new projects, such as Fox Valley at the Ravens and Mountain Angler Ranch.Fox Valley, on the second and third holes at The Raven at Three Peaks, has 24 single-family homes and eight duplexes planned. However, the duplexes are luxury units in that they are only attached at the garage, and each owner has his or her own private driveway as close to single family living as one can get in a duplex. Developers released phase eighteen months ago, starting from $825,000 and reaching to $1 million, and the 12 units have sold out. They are starting on phase two and have pre-sold two.Angler Mountain Ranch is across from Three Peaks on the Ptarmigan Mountain ridge side and offers single-family homes, townhomes and cabins. The cabins are similar to single-family residences, only they offer worry-free living because a homeowners association takes care of all maintenance. The duplexes will most likely be located around a private lake with a steel and wood frame bridge that crosses the Blue River. Lots start at $379,000 and go to $559,000.I have the feeling thats going to set the tone (of building to come), said Don Thomas, managing broker at Slifer Smith & Frampton in Frisco.
In the past, Summit County remained in the shadows, so to speak, as Vail and Aspen prices quickly soared into the seven-figure categories. But now Summit County is running with the big boys, mostly because Vail and Aspen have reached build-out and prices are extraordinary there, said Tim Crane, developer of Angler Mountain Ranch, whereas Summit County still has desirable land at more affordable prices. In June alone, Summit County had 20 transactions of more than $1 million, according to Land Title Guarantee.We have now come into our time, Crane said. I like to say this is Summit Countys time in the sun.
As the luxury trend continues, people are looking for smaller, more high-end homes. Crane sees the days of the 7,000-square-foot trophy homes fading. Yet he sees people spending more per square foot on their homes, because they want high-end appliances and finishing touches.Some of the land, such as Shock Hill, simply demands high-end homes, with its stunning views. The project will include a private spa for owners as well as concierge, shuttle and food services.Cucumber Gulch, a protected wetlands habitat that separates the town from the ski resort, is another plus to homeowners.When people think of Colorado, they think of big, majestic homes out in the forest with views, not on top of people, Niemi said. The entire development group feels a tremendous amount of responsibility to build something at a level that does justice to the property and to Cucumber Gulch.Developers call the design rustic zen, because it incorporates the tradition of national park architecture with a sleek, international flair. Massive logs meet contemporary steel, creating a clean design. Privacy is also an added luxury, thanks to varied topography, which gives 85 percent of the owners views of mountains, while the others view forest land.The Shock Hill Lodge & Spa also will share conveniences with a second development soon to follow, called The Shores at the Highlands, located along the banks of the Blue River. Architectural plans and development schedules are in the works.