Excerpt from: Breckenridge, Keystone and Summit County Places, Events and Things
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| December 31, 2004 | | Why did Keystone take a dive? And where is it headed now? | Keystone real estate was negatively affected by the dot.com bust. While the rest of Summit County real estate fared well, appreciating 3-6% per year during the down times, properties close in at the resorts suffered. That particularly included Keystone, where Intrawest favored selling properties at "launches", where for much of the 90s, properties were over-developed and aggressively priced. However, the economic downturn brought reality to this over-inflated market. For nearly two years, you could purchase condos, for example, for about 15% less than their purchase price 3-5 years earlier. However, 2003 featured very strong sales, and a significant amount of the inventory was sold. 2004 saw a slowing in sales, but properties are appreciating again, although at much more sane rates than they did in the 90s.
Construction is still relatively stagnant except for some single family homes, but until inventory is used up, that is a good thing. However, two more housing projects are in the approval process, and are expected to break ground in 2005. It's really a good time to invest in this resort. | |
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