Business for sale Colorado County
Business for sale Colorado County
The Summit County Colorado real property market is experiencing the total effect of the economic slump. As a matter of fact, market data indicates that the market fall started around the same time that Bear Sterns crumpled. Before that time, Summit County had been somehow unaffected by the troubles confronting much of the rest of the real property field all across the US. There are several causes of this, some of them are:
1. Compared to the rest of the country, Summit County has a somewhat limited percentage of mortgage appliers and the loan defaults that affected other markets was not much of a Business for sale Colorado County element in Summit County.
2. Summit County did not go through the risky conditions that occurred in some other markets. Being a four sessions destination resort market, most purchasers in this area buy for the intention of personal utilization and/or tourist lease income, not with the intention to sell in the short-run.
3. As the insecure Business for sale Colorado County conditions were not felt, and being encircled by mountains and National Forest, over development in Summit County did not deduct as it did in other sale markets.
For sure, there are Colorado County counter-examples to each of the above points and that they are comprised only as a comparison to other markets and to afford an overall overview of the real property market in Summit County leading into the initial quarter of 2008. Mostly, the real property market in this area had been, and goes on to be, outlined by the overall US economy and not needfully the trends within the real Business for sale Colorado County property industry in general.
And with the exclusion of a hand full of talking heads and Wall Street bail-out recipients, most of the rest of us are aware that the economy is not in a good condition. The slump has led to a decline of Summit County Colorado real property sales rates, number of sales, and general sales intensity. Meanwhile new listings keep on emerging on the market leading to a great deal of inventory. Among the most difficult hit spheres of the Summit County real property market has been empty land. In order to look into this further, the following will test the two Summit County real property building Business for sale Colorado County sites that sold in Breckenridge Colorado during the initial three quarters of 2009 in the $400,000 to $500,000 cost array:
* The initial was a resale of a lot in the Highlands at Breckenridge for $403,000 on 08/14/09. In this instance, the vendor had paid $550,000 for the land on 05/31/07 at the time the market was in its best Business for sale Colorado County condition.
