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VRBO ranks Breckenridge top destination among US ski resorts

by Eli Pace Summit Daily

This photo shows a Breckenridge home that rents for $5,000 a night on average. The popular website accommodations company has tagged Breckenridge as the most popular ski destination for the 2019-20 ski season based on the company’s data.
Courtesy of VRBO.com

 

Surprise, surprise, it’s Breckenridge — again.

The Summit County resort town consistently ranked among the top destinations in Colorado and the U.S. has just been pinpointed by VRBO.com as “the most popular ski season destination among travelers for the 2018-19 ski season.”

A VRBO spokeswoman said the travel accommodations website won’t reveal how many guest arrivals or booked nights there were for Breckenridge properties, but she confirmed that the town is in higher demand than any other comparable destination for VRBO.com.

Behind Breckenridge was Park City, Utah, followed by Mammoth Lakes, California, in third, according to VRBO’s rankings.

While VRBO won’t release figures on bookings, some of the statistics that it did publicize regarding the short-term rentals in Breckenridge were jaw dropping.

Based on the properties listed with its website, VRBO says vacation-rental homeowners in the Breckenridge area can charge over $3,325 a week renting out their homes at peak times during the ski season.

The spokeswoman said that figure — derived from a $475 nightly rate — was taken on average and does not simply reflect VRBO’s most expensive rentals, which can run up to $5,000 a night in Breckenridge.

The numbers don’t include any of VRBO’s fees, either, the spokeswoman said, adding that the data points should be taken as “ballpark figures” for what homeowners in Breckenridge might charge listing their homes with VRBO.

“What you would actually net is specific to (the situation),” she explained, adding that the company has different working models for homeowners that can affect the owners’ incomes.

But over half of all VRBO owners use that income to cover at least 75 percent of their mortgage payments, said Bill Furlong, vice president of VRBO’s North American business, in a prepared statement.

And statistics like these are the primary reason Breckenridge’s elected leaders have asked town staff to start segregating short-term rentals from the town’s overall lodging category in the monthly sales tax reports.

That request followed Airbnb.com tagging Summit County as the top mountain destination in Colorado last year with 275,300 guest arrivals and $57 million in host income, second in the state to only Denver.

In 2017, Airbnb ranked Breckenridge second in both guest visits and rental income statewide by itself with two other Summit County locales — Keystone and Silverthorne — making the top 10 before Airbnb began lumping all of Summit County together.

Unlike Airbnb, VRBO also released a list of the top origin cities showing where these guests are coming from.

In contrast with Vail, which largely relies on major metropolitan areas across the U.S., like New York or Atlanta, for many of its travelers — a host of Colorado cities are responsible for a lot of Breckenridge’s guests, according to VRBO.

Ranked No. 1 and 2, respectively, Denver and Colorado Springs accounted for the highest number of travelers booking Breckenridge through VRBO. The town also saw a strong turnout from Texans with Austin, Houston and Dallas filling out the bottom three slots of Breckenridge’s top five origin cities.

At No. 7, Chicago managed to crack Breckenridge’s top 10 origin cities, but Colorado reigned king locally with Littleton, Aurora, Fort Collins and Highlands Ranch filling out the remainder of Breckenridge’s top 10 list.

“The traveler origins tell you a lot about the appeal of specific destinations,” the VRBO spokeswoman said.

Additionally, it might influence rental rates. That’s because Park City homeowners could charge $690 a night, according to VRBO, while Vail’s homeowners could get top-dollar at $730 a night.

As for the homes being rented out by VRBO, the company’s “Premier Partner Properties” in Breckenridge are certainly nice ones, but they’re not necessarily the multimillion-dollar, mountain-modern mansions with ski-in, ski-out access.

One of the featured homes is a three-bedroom, three-bathroom condo with 1,550 square feet in the heart of downtown. It advertises comfortable accommodations for up to eight to nine people and rents for around the VRBO average.

Conversely, the one that charges $5,000 a night has eight bedrooms and five-and-a-half bathrooms with 4,600 square feet and advertises sleeping accommodations for up to 17 people.

Top U.S. ski destinations for 2018-19 ski season

According to data compiled by the accomodations website VRBO.com, these are the most popular ski destinations in the U.S. for the 2018-19 ski season.

1. Breckenridge

2. Park City, Utah

3. Mammoth Lakes, California

4. Grand County

5. Squaw Valley, California

6. South Lake Tahoe, California

7. Vail and Beaver Creek

8. Poconos Mountains, Pennsylvania

9. Bend, Oregon

10. Steamboat Springs

Source: VRBO.com

Scoop on Ski resort closing dates

by Allison Simson

Well...the ski season will be winding down in the next few weeks here in Summit County (except, of course, for A-Basin - they aren't closing until June!)

Some of my favorite skiing happens as we get close to closing day - the days are warmer, the snow is softer and most of the big crowds are gone.  And best of all - lots of fun music and events happening at all of the resorts.  

ALSO - of note....the real estate inventory in Summit County always increases after the resorts close down.  Keep your eyes open for your perfect mountain getaway!  

Here's the scoop on closing dates from The Summit Daily News:

Several local resorts have announced their tentative closing dates, along with events to coincide with one of the best seasons in recent memory.

Arapahoe Basin Ski Area, which is shooting for a June 2 closing date, will celebrate closing weekend with live music on Saturday, June 1 and Sunday, June 2 at the Mountain Goat Plaza. The springtime event will feature a free, family-friendly concert from 1 to 4 p.m. For more information, visit ArapahoeBasin.com.

Ski Cooper’s closing weekend celebrations through April 7 will feature a Ski with a Ranger program and live music, along with other festivities for guests. Cooper is also offering a $25 spring daily lift ticket deal from April 1 to 7. For more information, visit SkiCooper.com

Copper Mountain Ski Resort will end its season with its traditional pond skim with a twist at its eighth annual SlopeSoakers contest. Competitors will end the season in style by skimming across floating rails on April 20. On Copper’s closing day, the Retro Shred-a-Thon will return with retro gear to raise funds for injured mountain action sports athletes. Guests are encouraged to reach out for pledges and donations to the High Fives Foundation and wear throwback gear including one-piece snowsuits, shaped snowboards, long poles and straight skis. For more information, visit CopperColorado.com.

Loveland Ski Area will feature “Live Music at the Basin” on May 4 for its closing weekend, with a live performance from A-Mac & The Height. Guests will also be able to enjoy spring skiing, drink specials and live music from 2:30 to 5:30 p.m. Loveland will team up with Never Summer and Toyota for the second annual Neverland Banked Slalom. The snowboard race will take place off of Lift 6 and all ages and abilities are welcome. For more information, visit SkiLoveland.com.

Keystone plans to close April 7- which has some shaking their heads with all of the snow we've had here....but to make up for it, Vail Resorts has extended the closing date at Breckenridge to Memorial Day!  

See you on the slopes!  

And Here's Your Morning Coffee!

 

Warmly,

Allison Simson  Owner/Broker

 


Heading into the spring buying market, there are strong trends starting to emerge.

The inventory of homes for sale has increased on a year-over-year basis for eight months in a row. Home price appreciation has continued to grow, although at a slower rate. The homeownership rate has reached heights last seen in 2014, with millennials and Generation X leading the way!

Let’s dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season!

1. National Association of Realtor’s Existing Home Sales Report

Sales of existing homes were down for the third consecutive month in January. Some of this can be explained by the natural seasonality that the real estate market experiences every year, and some can be explained even further by a lack of homes available for sale on the market.

Inventory

For the last eight months, the inventory of homes for sale has been higher when compared to the same month the year before. The challenge in the market is the mismatch of the type of home that is available for sale. First-time homebuyers looking for a starter home are often competing with other buyers to stand out, often outbidding each other.

Lawrence Yun, NAR’s Chief Economist, agrees that the market is still experiencing an inventory shortage.

“In particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed.”

Home Prices

The median home price for homes sold in January was $247,500. This is up 2.8% from January 2018 and marks the 83rd consecutive month of year-over-year gains. The 2.8% growth in home prices represents the smallest year-over-year change since February 2012 but is a welcome change for buyers who had feared being priced out of the market.

Days on the Market

Properties that sold in January were on the market for an average of 49 days with 38% of homes on the market for less than a month.

Yun is positive about how today’s market conditions will help buyers this spring,

 “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

2. NAR’s Pending Home Sales Report

The national Pending Home Sales Index (PHSI) rose 4.6% to 103.2 in January from 98.7 in December. An index score of 100 is considered normal. All four major regions of the country experienced gains in January, with the largest increase coming in the South.

 “The PHSI is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.”

Increases in the PHSI often predict increases in the level of home sales in the coming months, which is great news for the housing market leading in to spring! Yun had this to say,

“Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers.”

Bottom Line

The housing market in 2019 will require homeowners to list their house at the right price to attract buyers. If interest rates continue to stay low while wages increase, and more inventory comes to market, 2019 could be one of the best years for home sales in recent history.

This winter is the wettest on record for the contiguous United States

by Deepan Dutta Summit Daily

This winter is the wettest on record for the contiguous United States


Andy Richmond clears snow off his driveway along Pitkin Street Thursday, March 7, in Frisco. Record or near record rain and snow across the country led to the wettest winter on record in the Lower 48 states.
Hugh Carey / [email protected]

The past two winters have certainly been a tale of two seasons. Despite the dry season last year, the 2018-19 winter is officially the record-holder for most precipitation in the history of the contiguous United States.

The National Centers for Environmental Information, part of the National Oceanic and Atmospheric Administration, released a report this week revealing that strong precipitation from coast to coast resulted in the wettest December to February span — which is what the NOAA designates as “winter” — since record-keeping began.

The Lower 48’s winter precipitation total was 9.01 inches, which is 2.22 inches above average and the most precipitation dropped in a single winter, beating the 1997-98 winter by two-hundredths of an inch. February 2019 was narrowly beaten out by February 1998 for wettest February ever recorded by only a tenth of an inch.

The strong precipitation was notably felt with record or near-record rainfall or snow in the Tennessee and Ohio valleys in the mid-south, the Great Lakes region, northern plains and the Northwest, but Colorado’s mountains have also had above-average precipitation going into March.

Somewhat ironically, temperatures in the Lower 48 have actually been a bit above average across the country, at 33.4 degrees Fahrenheit. That is 1.2 degrees above average and ranks in the warmest third of the past 125 years. That is somewhat offset by the fact that February was colder than average at 32 degrees, 1.8 degrees below average and in the coldest third of recorded history.

In Colorado, the winter’s wet bounty has been pretty apparent. Even though there’s a long way to go to make up for previous deficits, drought has lessened in severity across the state.

Summit County is now experiencing a “moderate drought” and 58 percent of the state is still experiencing some form of drought. That is a far cry better than last summer, when over 80 percent of the state was experiencing drought. Record water deficits, especially in southwestern Colorado, led to one of the worst wildfire seasons in memory.

As far as the stuff that Summiters care about the most, snowpack totals are very healthy in the county and across the state. The Upper Colorado River Basin is seeing snowpack at 132 percent of the median, while statewide snowpack is 129 percent of median.

The ski resorts are certainly happy with the snowbound late winter and early spring. Breckenridge Ski Resort has been the king of the pow in the county, reporting 81 inches of snow over the past seven days. Keystone and Copper are reporting getting 65 and 63 inches over the past seven days.

Despite the great news about snow, avalanches remain a serious concern in the High Country. Historic avalanche conditions set off hundreds of small and large avalanches across the state in the first week of March, with several fatalities recorded in the backcountry.

At the moment, Vail and Summit County are still under an avalanche warning, with “high” avalanche danger above, at and below tree line. The combination of heavy snow and warming temperatures is leaving a very fragile snowpack on the mountains on the verge of crumbling.

As has been the case for the past week, the Colorado Avalanche Information Center strongly recommends against any travel on or near avalanche terrain. “Exceptional” avalanches in the area have exceeded historic runouts, spreading across valley floors farther than ever before and making the snow slides even more dangerous.

“Do not try and second-guess these conditions,” the CAIC stated in their Saturday morning update for the Vail and Summit region. “Any human-triggered avalanche will be massive and hard to survive.”

Preparing to Spring Forward [INFOGRAPHIC]

by KCM

Some Highlights:

  • In the majority of the country, this weekend marks the start of Daylight Savings Time as we set our clocks forward an hour on Sunday at 2:00 AM EST.
  • Whether you plan on buying or selling this spring, these tips could help you ‘spring ahead’ of your competition!
  • Spring brings two things: more buyers & more sellers! Get prepared now to stand out in the crowd!

Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their homes. Recently, the 2018 Houzz & Home Study revealed:

“Homeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017.”

The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogic’s Home Equity Report.

Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed, homeowners revealed the top four reasons why they felt their homes had increased in value.

Desirable Location
Improved National Economy
Improved Local Economy
Low Home Inventory in My Area

As we can see, not only does the data show that the homes have appreciated, but homeowners also believe they know why. Many have taken advantage of the opportunity to use their newly found equity to sell their current house and move up to their dream home!

2019 will be a good year for the homeowners that still want to take advantage of their home equity! CoreLogic forecasts that home prices will increase by 4.8% by the end of the year.

Bottom Line

If you are a homeowner who would like to find out your current home value, let’s get together to discuss the hidden opportunities in your home!

Contact Summit Real Estate today for our free Home Value Report

Displaying blog entries 1-6 of 6

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Photo of Summit Real Estate Real Estate
Summit Real Estate
The Bright Choice
330 Dillon Ridge Way, Suite 10
Dillon CO 80435
970-468-6800
800-262-8442
Fax: 970-468-2195

Allison Simson, Owner/Broker, is a licensed Colorado Real Estate Broker