Summit County

Summit County, CO Real Estate Forum
By Allison Simson

Question: I want to buy a vacation-home and had been looking at properties along the coast. The hurricane situation there makes me very nervous. Do I have a good option in the mountains- specifically Colorado? Answer: As hurricane insurance makes coastal living more costly and as wealthy buyers look to resort communities for vacation-home purchases, pricey mountaintop developments are gaining popularity.

Ridge-top homes in the western North Carolina mountains are going for $225,000 to $1.5 million. There are dozens of such developments along the mountains of North Carolina. Among the largest is Wolf Laurel near Mars Hill, with over 600 of 1,000 planned homes completed so far.

The resort communities in Summit County, Vail and Aspen are very strong markets now. While communities in Phoenix, San Diego, Florida, Washington DC and Las Vegas are struggling following double digit inflation in the past decade, our mountain market remains extremely strong.

First-Time Buyers Are Picky, Picky, Picky

Question: I might just be picky, but I have delayed buying my first home because there are certain things that I want in a home that I just can’t afford right now. Do you have any comments? Question: High expectations might be playing a role in the slowing U.S. real estate market.

A national survey by Wells Fargo Home Mortgage shows many first-time home buyers are unwilling to compromise on certain key elements in the homes they buy and that could prolong the time they spend renting.

Among the renters surveyed who say they want to buy a home, four of every 10 are unwilling to buy a home that is smaller than they'd like or one needing significant improvements. Forty-six percent are unwilling to buy at a distance farther from work than they would like; and 70 percent are unwilling to move to a less-desirable neighborhood than they would ideally like.