Will Breckenridge be a Vail look-alike?

The construction activity in Breckenridge is moving quickly these days. The new "Breck Connect" gondola that opened last January and runs from downtown Breckenridge to the bottom of Peaks 7 and 8, has brought new energy to the interaction between the Town of Breckenridge and the Breckenridge Ski Resort.   The local newspaper, The Summit Daily, recently wrote an article  talking about the three possible plans for the Gondola Plaza.  The town and the resort envision it as a lively commercial space with restaurants, shops and maybe even condos.  They are listening to public input and want it to be a place that will draw people from the gondola into the downtown area.  The new development will cause a loss of about 700-800 parking spaces, and they will have to be replaced, perhaps with a parking structure, at nearby parking lots. 

At the base of Peak 7 and just now beginning construction, The Crystal Peak Lodge has already sold out except for one unit, a 4 bedroom,  4 bath, 2200 square foot condo priced at $2.400,000.  The Independence Super Chair, currently at the bottom of Peak 7, is being moved downhill about 100 yards to the new Peak 7 Village. This area will be home to Crystal Peaks Lodge as well as a time share complex owned by the developers of the Grand Timber Lodge, as yet unamed. The Gondola will stop at the Peak 7 area, drop off and pick up passengers, and continue on to the bottom of Peak 8.

With all the new ideas floating around the area, one has to wonder if Breckenridge will soon become a Vail Resorts look-alike. In any case, properties are selling, and selling at top dollar, averaging around $1000 a square foot for brand new construction, sk-in/ski-out.    

Another area of interest is the Peak 7 single family neighborhood that is north of the new Peak 7 Village. It has been there for years, but now that Vail Resorts owns the right to develop Peak 6, which is just above the Peak 7 neighborhood, the homeowners in the Peak 7 subdivision are watching to see what the plans will entail.  What will the next 10 years bring? This is the question on my mind because I own in the Peak 7 neighborhood and I want a lift to my back yard!  So its a good year to own Breckenridge real estate, and a good year to buy it. Prices will keep moving up (we hope!) and the only question left will be when are we going to see the $10,000,000 mark? We actually are not too far from it now, as there is a house listed currently for $7,000,000.   Talk to y'all soon: this is Matt Cheek's thought of the month.

For more on similar subject, we recently wrote a market report on Breckenridge land, and what is available in ski-in and ski-out lots. The prices will astound you!