Surveying The Luxury Real Estate Scene In Breckenridge, Colorado, In 2021
Breckenridge, Colorado, has a decidedly more low-key vibe than ski resort areas like Aspen or Vail. Still, the luxury real estate market there is plenty active, with the average sale price in June rising to $1.4 million.
Breckenridge has the advantage of being closer to Denver International Airport, making it attractive for buyers—both vacationers and year-round residents who have the flexibility of remote work.
As inventory continues to tighten, as it has in many popular mountain communities, luxury homebuyers have been expanding their searches beyond central Breckenridge. Victorian architecture reminiscent of the area’s mining past has drawn buyers to nearby Keystone, Copper Mountain, Frisco, Dillon and Silverthorne in Summit County, said Eric Klein, a broker in the Frisco office of Slifer Smith & Frampton Real Estate.
“Luxury is no longer defined as being on the ski hill,” Klein said. “There is high desire for [access to] our summer activities like golf, mountain biking, fly fishing, sailing and hiking, as well as our famous mountain town festivals.”
Here’s what’s available, what’s selling and who’s buying at the entry, middle and high ends of the market in this mountain community.
High — Above $4 Million
Many of the buyers in the ultra-high-end market are from the Front Range area around Denver, as well as Texas, Florida, Illinois, Oklahoma and California. Modern homes with the requisite panoramic mountain views and outdoor living areas, plus access to open space, are the most sought-after among wealthy buyers.
These buyers “are amplifying value into price points Summit County has never seen before,” said Jeff Moore, a broker in Slifer Smith & Frampton’s Breckenridge office. He also notes that Breckenridge offers “an incredible value proposition compared to other mountain locations within the central Rocky Mountain region.”
Moore defines the high-luxury sector in Breckenridge as anything above $4 million. This updated six-bedroom home, surrounded by gardens and with dramatic views of the Breckenridge Ski Area, is on the market for $4.8 million with Slifer Smith & Frampton.
Medium — $2 Million-$4 Million
While most buyers in the mid-range luxury segment are based up and down the Front Range of Colorado, Boulder, Denver, Fort Collins, and Colorado Springs, more and more are from the Midwest, Texas, Oklahoma, and Florida, driven by flexible work.
“A recent luxury buyer we worked with said, ‘Keystone has always been our jam, and now that we committed to buy, we can be here even more often.’ They love the flexibility,” Klein shared.
Mid-range luxury homes range from $2-4 million. A redesigned and modernized three-bedroom in Breckenridge’s Historic District sold for $2.05 million this spring.
Entry — $1 Million-$2 Million
In a vacation market with tight inventory, even condos are selling fast, says Renee Imamura, a broker in the Breckenridge office of Slifer Smith & Frampton.
New construction is also selling out. “Buyers typically can buy at pre-construction prices and gain equity at a quicker pace,” Imamura says.
Entry-level luxury homes in Breckenridge start at about $1 million and run upwards of $2 million. In Keystone, a rare single-family home near the slopes, restaurants and shops, as well as mountain views and a hot tub, is asking $1.649 million.
Slifer Smith & Frampton Real Estate is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.