from Scripps Howard News Service Real estate may have become a hotter commodity than snow at some Colorado ski resorts.
Copper Mountain, Winter Park and Vail resorts have all noticed an avalanche of interest in resort property in recent months, reports the Denver Rocky Mountain News. Executives from the ski companies gathered in Denver in February to share their experiences with the local chapter of the National Network of Commercial Real Estate Women.
The trio said aging baby boomers are fueling demand for mountain real estate. Copper, for example, sold $53 million in real estate in just seven hours earlier this month. Winter Park had similar success last year when it began selling 230 luxury slopeside condominiums. Only 15 of those units remain on the market.
"It really shows you just how hot this real-estate market is right now," said Gary DeFrange, president of the Winter Park Resort, which has a new residential and retail village at its base.
DeFrange said resort officials thought they would be lucky to get $275 a square foot for the units. Instead, buyers were willing to pay $425 a square foot. Copper found itself selling in a similar price range.
Vail's upscale clientele has been paying anywhere from $500 to $600 a square foot for property at Beaver Creek and neighboring Arrowhead.
Winter Park and Copper buyers have been mostly in-state, middle-income skiers. Vail, on the other hand, reports more international interest in its properties.
The three ski operators don't expect the resort real estate fever to cool anytime soon.
)
