Second homes: Ski country light on luxury, deep in snow
— -- When investing in Colorado's ski country real estate, many buyers forgo the glamour and exclusivity of chic resorts like Vail, Aspen and Telluride for the much lower prices, deep snowfalls and skiing in Summit County.
"About 70% of all residential property in the county is owned by second-home owners — and that's been going up," says Allison Simson of Summit Realty in Dillon.
The county's four major ski resorts — Breckenridge, Copper Mountain, Keystone and Arapahoe Basin — are nothing to sneeze at. Breckenridge attracts more skiers and snowboarders annually than any other mountain, and Keystone is one of the largest in Colorado. All are closer to Denver, about 90 minutes, than their chief competitors.
Popular with day and weekend skiers from Denver, the resorts (with the exception of Breckenridge) offer fewer vacation facilities than other destination ski resorts. Both Copper Mountain and Keystone have pedestrian base villages — with shops, restaurants and bars — instead of towns, and many condos, but they have few hotels or year-round residents.
As a result, demand for condo rentals helps many second-home owners generate extra income. "That's a very important part of sustaining the real estate business here, and it makes it easy for absentee owners," says Matt Powers of Colorado Premier Resort Properties in Breckenridge. The vast majority of the ski properties in Summit are condos, and only Breckenridge and the golf course area of Keystone offer a broad selection of single-family homes.
All four mountains are within 10 miles of the county's second-largest town, Frisco, and convenient to I-70, which runs to Denver. Yet ski home prices remain considerably lower than at Vail and Beaver Creek in adjacent Eagle County, and Summit County property taxes are extremely low, just $1,112 a year on a $425,000 Keystone property.
A look at three Summit County neighborhoods
• Frisco: A real town, Frisco is 130 years old and has no ski area, but all four major ones are within three to nine miles. While it appeals to those who want a main street and non-resort community atmosphere, more than half the properties are second homes. Lake Dillon reservoir is available for summer water sports, and according to real estate agent Matt Powers, prices are about the same as in downtown Breckenridge, with one-bedroom condos from $250,000.
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