Skiing and Real Estate in Breckenridge 1960-2024
In 1960 Breckenridge was basically a ghost town. The Rounds and Porter Lumber Company from Wichita, Kansas saw a future and decided a lumber yard was necessary to support growth. They brought Trygve Berge and Sigurd Rockne along to oversee the project. Trygve and Sigurd were lifelong skiers from Norway. Sigurd was even on the Norwegian Olympic team. In a stroke of good fortune Bill Rounds was also a skier and the three of them together saw the possibilities. Construction began on the first ski trails in 1961 and soon covered Peak 8. Trygve Berge and Sigurd Rockne ran the ski school and several ski shops and restaurants in town.
Growth was slow until the construction of the Dillon Dam and Eisenhower Tunnel changed the face of the area. As travel to the area grew so did Breckenridge Ski Resort. Purchased by Aspen Ski Corporation in 1971, the area expanded to Peak 9. The world’s first detachable quad lift was installed on Peak 9 in 1981. World Cup Freestyle came to the area. The 1987-1988 season saw a million skiers for the first time. Aspen Ski Corp sold to Victoria LTD of Japan who then sold to Ralston Purina, owners of Keystone Resort and A-Basin, a few years later. The three resorts were powerhouses with over two and a half million skiers in 1993. By now Breckenridge covered three peaks; Peaks 8, 9 & 10, all serviced by at least one high-speed lift.
Vail Resorts bought out Ralston’s interests in Breckenridge and Keystone in 1996 and began aggressive terrain expansion. Peak 7 was added, then the Imperial lift opened all the upper bowls to lift service. Finally Peak 6 was given a lift in 2013 bringing the total skiable acreage to 2908. From its humble beginnings Breckenridge now boasts a vertical rise of 3398 feet with 187 trails serviced by 35 lifts. Vail Resorts does not release its skier numbers anymore but when they did Vail and Breckenridge were always neck and neck for the most visited resorts in North America. This is most likely still true with an estimated 1.5 million skier visits per year.
What sets Breckenridge apart from most of the ski industry is it’s authentic downtown Main Street. Established in 1859 many of its original structures remain. Strict building guidelines in the Historic District have maintained its charm and ambiance throughout its growth. Now a thriving year-round destination with over a hundred shops and restaurants, the town is as much a draw as the multitude of outdoor recreational opportunities in the area.
Along with the ski area the town has grown exponentially over the last six decades as well. The good news is that, due to the surrounding National Forest, we are nearly built out. As worldwide demand for places like Breckenridge continues to grow, while supply has nearly topped out, values will continue to grow.
After the record breaking 2021 real estate market things have cooled off the last few years. We are still well above pre-pandemic levels, however. The past year was flat in the number of transactions while the dollar volume of sales was up about 15%. This is due to the increasing values of properties as well as the increase in luxury home inventory. New construction is almost exclusively luxury at this point. As the last remaining lots are developed and infill projects proceed this trend will continue. Our average sales price now exceeds $2 million and the under a million-dollar price point inventory is shrinking quickly. Thanks to the high interest rates, despite low inventory and strong demand, the market has generally remained balance over the past twelve months. If rates drop, we should trend back towards a sellers’ market next year.
Our buyers are nearly equally divided between locals, including those relocating here as their primary home, Front Range residents and out of state buyers. Texas dominates the out of state group but nearly the entire country is represented. Besides Vacation properties, retirees and remote workers are finding our lifestyle attractive and are a growing segment. There seems to be no sign of a slowdown in our future. It’s just too wonderful here to resist.