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September 2022 Market Update

If you haven’t made your leaf peeping plans for 2022, you’d best get on it!  The aspens in Grand County have turned overnight- no joke!  Thanks to a wetter than average summer, they’ve stayed green longer but never seem to stay yellow long enough to truly enjoy.

As we approach the end of the 3rd quarter, it’s interesting to look at the swings that are occurring. For example, condo sales in the greater Winter Park Area have shifted slightly from the last few years of continued growth.  The current sales volume of all condos is down approximately 6% compared to this time last year.  (This number was 10% at the beginning of September).  Conversely, average sales price is up 23% jumping from $533,695 to $659,700.  The closed price percentage, compared to list price, stayed relatively similar: in 2021 condos sold at 103% of list price vs 102% in 2022.  We are anticipating we'll see a percentage under 100% over the next several months.

For new construction, the rest Timber Fox building condos are almost completed and will begin closing end of October.  Timber Fox is in the new ROAM development at the south end of Winter Park and is one of the largest, new condo developments we've seen in several years in Winter Park - there are two (possibly three) more buildings yet to sprout from the ground.  These condos will be 1,2 and 3 bedroom units with common garage parking near the Fraser River and walking distance to downtown Winter Park and the Fraser River trail.  Buildings 1 and 2 are sold out and there are only a few left in building 3.

Another new complex planned along the border of Winter Park and Fraser, adjacent to the Headwaters Center, will be known as the the Headwaters Condos.  Earth work is underway for these  2 and 3 bedroom condos with Continental Divide views, common garage parking and quick access to the Fraser River and trail system.  Like Timber Fox, this is an exclusive listing of Real Estate of Winter Park and we are proud to introduce the offering here.  Pricing and nal oorpans will be ready in the next week, so look for more on that.  

There are 24 units in this one and only phase and all proceeds from the sale of the units will fund the local Headwaters 501c3 focusing on education and ecology surrounding our endangered rivers. Even with the slight slump or adjustment in what was a frenzied market for the past couple of years, we are anticipating a strong fall/early winter sales season with condos, townhouse and homes as is typical each year as we approach ski season.  And with even more recreation options in all seasons (not just skiing), we are seeing a more diverse buyer/visitor to our high alpine market and we don’t foresee a long term adjustment.  How could you leave this amazing place we are lucky enough to call home?

Interest rates a concern?  There is a lot of uidity in the rise of rates by the Feds in an effort to curb ination.  This doesn’t mean you should postpone your investment in real estate.  It does mean that strategies are shifting as well and we have some amazing lenders that have track records of success no matter the market.  Your expert at REWP is here to keep you informed as we educate ourselves daily on the changes in the mortgage industry.

Any day now, we’ll see a smoky cloud to the south of us indicating that Winter Park resort has started their snow making operations.  This means- it’s time to get into a ski conditioning class ASAP!  Do you have your ski pass?  Do you need to update your gear?  Time to check that closet or attend the Ski and Snowboard Swap at WP Resort Friday, Oct 7- Saturday Oct 8.  

And in case you missed the article in this newsletter…..a recent press release from Winter Park Resort stated that the resort  was enhancing and expanding more expert and extreme terrain for the 2022-2023 season.  This expansion exists on the Mary Jane and Vasquez peaks.  The resort is also in the process of building attainable housing at the intersection of Hwy 40 and Winter Park drive across from the Vintage Hotel and Cabriolet.  Lastly, the resort announced that it will be enhancing its evening activities at the mountain to include guided skiing, cat tours, ice skating and tubing. There is so much more to report so call us if you want to regroup on the market, properties, the weather or anything else on your mind.  Happy Fall y’all!


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