Breckenridge Colorado is a premier ski and vacation resort community located in Summit County, about an hour and a half drive west of Denver, and the Breckenridge Colorado real estate market is feeling the effects of the Great Recession.

Breckenridge homes, condos and land have seen an increase in available inventory and a decrease in the number of sales compared to market highs during 2005-2007. This has led to a reduction in sales prices for all three types of properties.

Breckenridge land sales have been especially hard hit. In 2006, 260 vacant lots were sold in Breckenridge. In 2009 there were only 40. And in the middle of 2010, it seems that this year is going to be more or less the same as the last.

The drop in land value that has resulted from the reduction in the number of transactions has been dramatic. The following are just a few examples of Breckenridge Colorado land sales over the past year that show the magnitude of losses vacant land sellers are experiencing:

1. LOT 146 HIGHLANDS AT BRECKECKENRIDGE (835 GOLD RUN ROAD): The seller paid $550,000 for this lot on 05/31/07 and sold it for $403,000 on 08/14/09.

2. LOT 200 HIGHLANDS AT BRECKENRIDGE (834 PRESTON WAY): The previous owner of this lot had paid $427,500 for it on 07/24/07. The bank now has it under Contract after listing it for $297,900.

3. LOT 109 HIGHLANDS AT BRECKENRIDGE (517 HAMILTON COURT): The previous owner of this vacant lot purchased it for $435,000 on 10/01/07. Now the bank has it listed for $265,500.

The above are just a few examples. There are many more like these in Breckenridge and throughout Summit County, Colorado. And the loss of land value paints only part of the picture when it comes to the Breckenridge, Colorado land market. Another important aspect of this market is the relationship between the inventory of available land and the number of vacant land transactions that take place.

At the time of this writing, there are 283 vacant lots for sale in Breckenridge Colorado. This is more than has been sold in a single year and is approximately 6.5 times more than has been sold in the previous 12 months. This concept can be further broken down by price range:

• Between $250,000 and $400,000, there are currently 51 active vacant lot listings with 8 closings in this price range over the previous 12 months. This equates to approximately 6.5 years of inventory on hand.
• Under $250,000, there are currently 111 active vacant lot listings with 21 sales in this price range over the previous 12 months. This equates to approximately 5.25 years of inventory on hand.
• Above $400K, there are currently 124 active vacant lot listings with 15 sales in this price range over the previous 12 months. This equates to approximately 8.25 years of inventory on hand.

By comparison, there is approximately 2 years of inventory of single-family homes for sale in Breckenridge and approximately 2.25 years of inventory of multi-family properties (ie condos, townhomes, duplexes, etc.).

Of course, this is all bad news for those who have property for sale in Breckenridge. But it could be great news for those looking to buy Breckenridge real estate, especially when it comes to those interested in buying vacant land.

Copyright 2010 – All rights reserved by Ted Amenta

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