January 2019 Real Estate Market Update

In 2018, we saw the steady increase in values for all property sectors in the greater Winter Park area, coupled with a lot of new construction. Weare predicting more of the same in 2019 and expect it to stay a sellers market with some caveats.We arecuriousto see how the new construction affects re-sale properties. If enough new homes hit the market at competitive prices, it will change the demand for older homes and may balance the market a little bit. Denver/Front Range has already seen the Sellers market slow down and are just starting to see developers offer incentives for buyers a sign the market is starting to shift. However,we follow their trends by 18-24 months and with the bullishness of commercial developers and many buyers wanting to escape the rat race and move to the mountains full time, we'll have to wait and see how this plays out. In the Winter Park Area, we are expecting developers like Rendezvous, Grand Park, Hideaway Station, Sterling Pointe, ROAM, Summit Legend, Chill and others to continue (or start) building thru 2019. There are still a lot of vacant development sites, both commercial and residential, and well continue to see a lot of change in Winter Park and Fraser as those parcels are improved. ROAM should start site work and infrastructure this spring/summer changing the entrance to downtown Winter Park. Hideaway Station has started their 3rd condo building behind the highway 40 frontage condos.They are almost done with the first phase. Their commercial spaces are not yet fully occupied, but they are trying to get some sort of restaurant tenant along with retail. They should be done with the whole project by the spring of 2020. That includes24 condounits in the first phase and 34 in the last building - total of 58 condos. Summit Legend is almost ready to close on their first townhome at Arrow at Winter Park, they've got one more townhome building along Vasquez Creek they'll be starting this spring/summer for a total of 35 townhomes. Theyhave plans to start their commercial buildings along the main street soon which will be lower in height than the townhomes.Summit Legend also has luxury homes behind Sawmill Station they're working on, too. This is the same developer who built Trailhead Lodges and Sawmill Station behind Hideaway Park in Winter Park. Rendezvous and Grand Park are the two largest planned unit developmentsin the Winter Park Area, both wrapping up new homes they've already sold and releasing new product. Rendezvous has single family homes, townhomes and duplexes. Grand Park has condos, townhomes and single family homes. Chill is a new condodevelopment situated along the Mary Jane to WP ski corridor. There are just 16 units in the first of two phases and the developer/builder is selling 8 on a first come first served basis. The units range from 4 large two bedroom units to 8 two bedroom plus oversized den units to 4 three bedroom units. Early buyers will have the opportunity to make the unit their own and completion is expected to be late spring/early summer 2019. The units are elevatorserved and there is underground, covered parking. While this highlights and updates you on the newer things happening, buyers are constantly on the prowl for units ready for immediate possession in all price ranges at this time. If you're considering selling and taking advantage of the current sellers market, call us to get an update on your value, best time of year to sell, expected time on market and tips for staging to get you the highest and best price for your property. That is what we do and we must admit.... we're really good at it.