I woke to the peaks covered in a blanket of the white stuff this morning. A couple of the ski resorts are talking about starting to make snow as early as next week! It's kind of funny because the trees just started to change color and the aspens look like they are on fire. I guess I'll have to break out the skis and start to put away the bikes!
We closed on a duplex yesterday at Copper Mountain. It is a beautiful 5000+ square foot home and the proud new owners are a great couple from Texas. We negotiated a great price for them and she is busy decorating and buying furniture. Congratulations Michael and Dina!
Speaking of properties on the upper end of the market...we have had 10 properties over $2 million sell in the past 6 months and 11 all year. 84 are actively marketed as of this post. When I look at absorption rate, we have over an 8 year inventory! I also looked at the sales price to assessed value and we are currently running a bit lower there as well. The ratio is 79.7% of the assessed value. When I ran the numbers for all properties sold in Summit County, Colorado the number is 88%. All in all, not too bad of a drop from our all time highs.
We have seen an interesting group of buyers this year in the high country. Many of them have cleared out their stock accounts and decided to put it in real estate where they can at least visit their money. Some have taken advantage of the lower prices and ridiculously low interest rates while others who had been priced out of our market are back.