Summit County Price Reductions Rise | Ski Summit Show 173

The Summit County real estate market is giving buyers something they haven’t had much of in recent years: more choices, more time, and more negotiating leverage.

This week on the Ski Summit Show, I’m looking at a big jump in price reductions, what that actually tells us about the market heading into fall, and an important September deadline for short-term rental owners. I’ll also show you what’s happening around Dillon over Labor Day weekend before taking you inside a four-bedroom Ski Tip Ranch property in Keystone that might be one of the most meticulously maintained homes I’ve seen in a while.

144 Price Reductions in One Week — Is the Market Tanking?

This week we saw 144 price reductions across the market, along with 98 new listings and 66 properties going under contract.

That number of price reductions certainly gets your attention, but it doesn’t mean the Summit County real estate market is suddenly tanking.

This is actually fairly common for this time of year. Sellers who have had their properties on the market through the summer start getting more motivated. At some point, they generally have two choices: reduce the price to attract a buyer or pull the property off the market.

We’ve also had a bit of a gap between seller expectations and buyer expectations.

When buyers have more inventory to choose from, they can afford to be patient. Sellers eventually have to respond by bringing their asking prices closer to where buyers believe the market actually is.

We can see some of that happening in the numbers. With 98 new listings and only 66 properties going pending this week, inventory is continuing to tick upward.

For buyers, this is where opportunities can start to appear. More inventory and motivated sellers can mean more negotiating room than we’ve had during stronger seller’s markets.

That doesn’t mean every property is suddenly a bargain. Pricing, condition and location still matter tremendously. But if you’ve been waiting for a little more leverage as a buyer in Summit County, this is a market worth watching.

Labor Day Weekend Around Dillon

If you’re going to be in Summit County over Labor Day weekend, there’s plenty happening around Dillon.

Dillon Farmers Market — September 4

The Dillon Farmers Market is a great way to spend part of your Friday while the weather is still beautiful in the mountains.

⁠See Dillon events and Farmers Market information

Fall Art Fest — September 5–6

I’ve walked through the Dillon Fall Art Fest a number of times, and there are always some really talented artists and beautiful pieces to check out.

We’re also getting closer to leaf-peeping season, so this is a great time of year just to get outside, walk around Dillon and enjoy the mountains.

⁠Learn more about the Dillon Fall Art Fest

Marina Mutt Show — September 7

Dog lovers can head over to the Dillon Marina for the Marina Mutt Show, benefiting the League for Animals and People of the Summit.

It runs from noon to 3:30 p.m. and includes dog contests, a silent auction and plenty of four-legged entertainment.

⁠Marina Mutt Show details

Ozomatli at Dillon Amphitheater — September 7

Ozomatli will also be at the Dillon Amphitheater on September 7.

If you’ve never seen a show at the amphitheater, I highly recommend it. Sitting right there on the lake with the mountains surrounding you, it’s one of my favorite concert venues anywhere.

⁠Ozomatli at Dillon Amphitheater

Short-Term Rental Owners: Don’t Miss Your Renewal

September is also an important month for short-term rental owners.

If you own an STR in Summit County, make sure you personally know that your license renewal has been taken care of.

Don’t simply assume your property management company handled it.

I know of an owner who switched management companies, the new company didn’t renew the license, and the owner lost it. Depending on where your property is located, that can be a very costly mistake.

⁠Summit County Short-Term Rental Information

Why Keystone Is Different for Short-Term Rentals

Keystone is particularly interesting because there currently isn’t a cap on the number of short-term rental licenses or the number of rental nights within the town.

That’s something I talk about frequently with second-home buyers.

One of the questions I hear all the time is:

“Can I rent this property when I’m not using it?”

In Keystone, the answer is still generally yes.

Of course, that doesn’t mean every Keystone property is automatically a great rental investment.

You still need to look carefully at the HOA dues, location, amenities, rental history, property management costs and the overall economics of the property.

But if you want a mountain property you can enjoy yourself while maintaining the option to short-term rent it when you’re away, Keystone remains a very interesting part of the Summit County market.

Listing of the Week: 226 Alpen Rose Place #8725 in Keystone

That brings me to this week’s Listing of the Week, because we’re staying right in Keystone.

We’re looking at 226 Alpen Rose Place, Unit 8725, a four-bedroom, three-bath property in Ski Tip Ranch listed at $1,725,000 at the time we filmed this episode.

And this place is a chef’s kiss.

It’s an older property, but you would hardly know it from the condition. Everything has been meticulously maintained and updated.

The best comparison I can make is finding an older car that somebody kept in the garage and faithfully waxed every summer. It’s just dialed in.

The kitchen and cabinetry have been updated. The bathrooms are beautiful. You’ve got porcelain tile, big and bright bedrooms, a new washer and dryer, a spacious entry and mudroom area, additional storage and a deep one-car garage with enough room for a large vehicle.

And it comes fully furnished.

Then there’s the location.

The property backs up to open space, you can get onto hiking trails right out the back, the Snake River is nearby, and you’re close to Keystone Resort without sitting directly on the highway.

That’s one of the things I love about Ski Tip Ranch. It’s quiet and secluded, but you still have easy access to the resort and the shuttle.

This property is ready to go for ski season.

⁠View 226 Alpen Rose Place Unit 8725

Thinking About Buying or Selling in Summit County?

As we head toward fall, we’re seeing the market continue to shift. Buyers have more choices, sellers are becoming more realistic about pricing, and the opportunities can vary dramatically from one neighborhood and property type to another.

If you’re considering buying a home in Keystone, Breckenridge, Frisco, Dillon, Silverthorne, Copper Mountain or elsewhere in Summit County, I’m happy to help you understand what’s happening in the market and find the right property for what you want to do in the mountains.

⁠Search Summit County homes and connect with me at Ski Summit Homes.

Thanks for joining us for Episode 173 of the Ski Summit Show.

See you in the mountains soon…