Commercial Real Estate Points to a Booming Market…and Here’s Why!

Commercial Real Estate Points to a Booming Market…and Here’s Why!

When you combine commercial real estate and the pandemic, you might think of a downfall of an entire industry.


Employees are working from home, leaving office buildings vacant. Restaurants closed and people holed up in their houses. Customers are leery of stores, thus they prefer online transactions and deliveries.


Over the last two years, this has become our new normal. However, as the pandemic looks to be waning, specialists in the commercial real estate industry, both nationally and locally, depict a significantly more upbeat picture for the commercial real estate industry. But before we go into detail about the commercial real estate market in Colorado, it’s important to understand that the state’s economy is still recovering.


As of today, gatherings are now allowed, thus, offices, restaurants, inns, resorts, and all other commercial offices are opening their doors to everyone. According to UNWTO, tourism enjoys a strong start to 2022, international tourist arrivals could increase by 30% to 78 percent in 2022 compared to 2021, according to projections. However, this would be 50 to 63 percent lower than pre-pandemic levels. Nonetheless, everyone is coping and the commercial industry is back and kicking the stats high.

March 2022 average asking prices rose as the market received a slew of new listings.


In March, the average asking price per square foot increased by 2.72 percent over the previous month, with cap rates contracting by a small 0.14 percent. During the same time period, occupancy rates increased by 1% as tenants moved in and landlords listed their more crowded properties.


Prices and tenant occupancy in office and retail properties are both increasing.


Office and retail properties, which were among the most severely damaged by the pandemic, showed indications of recovery. Office assets increased by nearly 6% month over month, while occupancy increased by 2%, indicating a continued “return to the workplace” and firms implementing their physical footprint plans as property values grow.


Tourism in Colorado resort towns will continue to strive.


Colorado ski resorts are in a different place now than they were ten years ago, with strong brand recognition and less demand for destination marketing. In general, Aspen and Vail are well-known ski towns in Colorado; over 95 percent of Americans are familiar with them. In essence, a decrease in marketing will have little or no effect on the number of visitors to the various mountain communities.

Meanwhile, according to local analysts, demand for industrial and warehouse space has risen dramatically in recent years, owing in part to the boom in e-commerce, which was fueled in part by the pandemic. Rents have risen as a result of a scarcity of available industrial building sites.


Overall, Colorado’s real estate market recovered faster than most other states because it continues to be such an attractive area to live and invest in. If you’re looking forward to learning more about Colorado, check out

3 Reasons WE ARE NOT in a Housing Bubble

3 Reasons WE ARE NOT in a Housing Bubble

Home values appreciate on average by over 15% percent in 2021 and are forecast to continue rising this year. Voicing concerns that we may be in another housing bubble like the one we experienced over a decade ago. Here are 3 reasons why that’s not the case and the market is completely different today…

1. This time, housing supply is extremely limited…


The price of any item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase.


In real estate, this balance is measured in month’s supply of inventory, which is based on the number of current homes for sale compared to the number of buyers in the market. The normal months’ supply of inventory for the market is about six months. Anything above that defines a buyer’s market, indicating prices will soften. Anything below that means it’s a sellers market in which prices normally appreciate.


Between 2006 and 2008, the month’s supply of inventory increased from just over 5 months to 11 months. The month’s supply was over seven months in 27 of those 36 months, yet home values continued to rise. Month’s inventory currently stands at 2.4 months – near historic lows. Remember, of supply is low and demand is high, prices naturally increase.


2. This time, housing demand is real.


During the housing boom in the mid-2000s, there was what Robert Schiller, a fellow at the Yale School of Management’s International Center of Finance, called irrational exuberance.


The definition of the term is, “unfounded market optimism that lacks a real foundation of fundamental valuation, but instead rests on psychological factors.” Without considering historical market trends, people got caught up in the frenzy and bought houses based on an unrealistic belief that housing values would continue to escalate.


The mortgage industry fed into this craziness by making mortgage money available to just about anyone, as shown in the Mortgage Credit Availability Index (MCAI) published by the Mortgage Bankers Association. The higher the index, the easier it is to get a mortgage; the lower the index, the more difficult it is to obtain one.


Prior to the housing boom, the index stood just below 400. In 2006, the index hit an all-time high over 868, meaning nearly everyone could qualify for a mortgage. Today, the index stands at 128.1, which is well below even the pre-boom level.


In the current real estate market, demand is real, not fabricated. Millennial, the largest generation in the country, have come of age to marry and have children, which are two major drivers for home ownership. The health crisis also challenged every household to redefine the meaning of home and re-evaluate whether their current home met that new definition.


This desire to win, coupled with historically low mortgage rates, makes purchasing a home today a strong, sound financial decision. Therefore, today’s demand is very real. Remember, if supply is low and demand is high, prices naturally increase.


3. This time, households have plenty of equity.


Again, during the housing boom, it wasn’t just purchasers who got caught up in the frenzy. Existing homeowners started using their homes like ATMs. There was a wave of cash-out refinances, which enabled homeowners to leverage the equity in their homes.


From 2005 through 2007, Americans pulled out $824 billion in equity. That left many homeowners with little or no equity in their homes at a critical time. As prices began to drop, some homeowners found themselves in a negative equity situation where their mortgage was higher than the value of their home. Many defaulted on their payments, which led to an avalanche of foreclosures.


Today, the banks and the American people have shown they learned a valuable lesson from the housing crisis. Cash-out refinance volume over the last three years was less than a third of what it was compared to the 3 years leading up to the crash.


This approach has created a level of equity never seen before. According to the U.S. Census Bureau, over 38% of owner-occupied housing units are owned ‘free and clear’ (without any mortgage). In addition, the ATTOM Data Solutions first quarter 2021 U.S Home Equity Report reveals:


“17.8 million residential properties in the United States were considered equity-rich, meaning that the combined amount of loans secured by those properties was 50% or less of their estimated market value… The count of equity-rich properties in the first quarter of 2021 represented 31.9%, or about one in three, of the 55.8 million mortgage homes in the United States.


If we combine the 38% of homes that are owned free and clear with the 19.8% of all homes that have at least 50% equity (31.9% if the remaining 62% with a mortgage), we see that 57.8% of all homes in this country have a minimum of 50% equity. That’s significantly better than the equity situation in 2008.


Bottom Line


This time, housing supply is drastically lower. Demand is real and rightly motivated. Even if prices were to drop, homeowners have enough equity to be able to weather a dip in home values. This is nothing like 2008. In fact, it’s the exact opposite.


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Want to more about home values before selling or buying a property? Call Lindsey Stapay at 970-435-5700 to arrange a consultation. While we’re at it, Lindsey will provide a private showing of all the properties for sale at the Summit County, Colorado just for you.

Summit County Short-Term Rental Ordinances & Regulations

Summit County Short-Term Rental Ordinances & Regulations

Stakeholders from all across Summit County have debated the shortage of affordable housing for local employees for decades. Each year, the availability of affordable housing in Summit County has grown. However, with the start of Covid-19, finding affordable housing in Summit County has been exceedingly difficult.


Furthermore, many local firms believe that a lack of housing is blamed for workforce shortages. Summit County government officials spent a significant amount of time and effort in the summer of 2021 looking for answers to the workforce housing dilemma. As a result of these meetings, governing organizations around Summit County have enacted or are contemplating adopting new short-term rental (“STR”) license requirements.


A short-term rental in Summit County is described as any property rented for less than 30 days in a row. Long-term rentals are defined as those that last for more than 30 days in a row. Long-term rentals are also encouraged because they help local employees find accommodation. As a result, no new limits for rentals of more than 30 days are presently being considered.

Summit County Moratorium on Short-Term Rental Licenses


The Town of Breckenridge has very clearly defined physical boundaries, and a surprising number of properties close to Breckenridge are really in unincorporated Summit County (hereafter “Summit County”) or the Town of Blue River. As a result, it’s possible that reviewing recent STR modifications made by other local government agencies will be beneficial. Summit County’s Board of County Commissioners (“BoCC”), for example, had previously established regulations requiring Summit County short-term rental property owners to obtain STR licenses. The BoCC, like Breckenridge, has held meetings recently to receive public input and debate solutions to the local housing situation.

These sessions, like the one in Breckenridge, saw a lot of public opposition to limiting STR licenses. Nonetheless, the BoCC imposed a 90-day freeze on new STR licenses on September 14, 2021. Renewals and conversions of STR licenses are unaffected. It’s also worth noting that the BOCC’s 90-day ban in Summit County did not impose any kind of STR license ceiling. Furthermore, the resort regions of Keystone, Copper Mountain and Peak 8 were completely excluded. The BOCC’s Summit County moratorium is already in effect, having gone into effect at 11:59 p.m. on September 17th, 2021. During the moratorium, the BoCC and County staff will study data to propose restricted regulatory adjustments that will prevent the loss of long-term housing.

Breckenridge Cap on Short-Term Rental Licenses

Breckenridge short-term rental property owners were previously required to get STR licenses from the Town of Breckenridge. The Town Council unanimously passed an ordinance capping Breckenridge short-term rental permits for non-exempt homes on September 28, 2021, after hearing several hours of more public debate (most of it in opposition). The law will take effect on November 2, 2021.


To summarize, “exempt” property operates in a hotel atmosphere with 24-hour security and a front desk, regardless of whether it is a timeshare, partial ownership, or full ownership property. Exempt properties are now recognized by the Town Council in twelve Breckenridge subdivisions. Any other Breckenridge residential property qualifies as “non-exempt” property.


The Breckenridge Town Council set a limit of 2200 new non-exempt short-term rental licenses for non-exempt units. There are approximately 3000 non-exempt licenses currently available. Because the current number of Breckenridge STR licenses exceeds the cap limit, the STR license cap operates as a halt to new Breckenridge STR licenses until the current number is reduced. Attrition will be used to reduce the number of existing Breckenridge STR licenses. As a result, the license level will be reduced as owners sell their properties or opt not to renew their existing STR licenses. It’s unclear how long it will take to drop the license level to 2200, but it will most likely take more than a few months.


When the Town meets its goal, it will begin issuing licenses based on a waiting list. When the Town notifies a Breckenridge property owner who is on the waiting list that they are eligible, they will have 5 days to apply for an STR license.


Current Breckenridge property owners have until November 2, 2021, to apply for STR licenses. To be eligible for an STR license, properties under contract must have been fully executed on or before September 27. If a building permit was obtained and in effect on September 14, 2021, owners of units under construction may apply for an STR license within 20 days of receiving a certificate of occupancy.

Blue River Short-Term Rental Properties


Short-term rental property owners in Blue River were previously required to get STR licenses by the Town of Blue River. At its August 2021 retreat and again in September 2021, the Blue River Board of Trustees (“BoT”) had a brief discussion regarding STRs. According to the BoT, 18% of Blue River properties were licensed as STRs as of September 2021. The Trustees plan to examine and review the entire plan for STRs at a work session scheduled for November 2021. However, there is currently no plan in place. It is presently unknown whether Blue River will adopt any new restrictions.


Dillon Short-Term Rental Properties

Short-term rental property owners in Dillon were previously required to get STR licenses by the Town of Dillon. The Dillon Town Council discussed workforce housing solutions on September 21, 2021, and it appeared that the Council might pass an emergency seven-month freeze on new Dillon STR permits. During the discussion, Dillon staff stated that the town of Dillon had roughly 1,365 residential units, with 281 of those having valid STR licenses.


This accounts for over 20% of Dillon’s entire housing stock. The Dillon Town Council, however, decided not to press forward with the emergency ordinance after much debate and cited the need for more investigation. Instead, the Dillon Town Council opted to devote more time to the STR issue every two weeks.


The Dillon Town Council plans to devote at least an hour of each work session on workforce housing and STR discussions in the coming months. The Dillon Town Council discussed the possibility of STR license caps, STR occupancy limits, and STR license price increases, as well as asking voters to approve a new tax increase. The Dillon Town Council also intends to host community meetings to debate the matter, ensuring that residents and second-home owners have a chance to speak out.

Frisco Short-Term Rental Properties


Short-term rental property owners in Frisco were previously required to get STR licenses by the Town of Frisco. The Town of Frisco is currently exploring possibilities but has not decided on a course of action concerning STRs.


Silverthorne Short-Term Rental Properties

Short-term rental property owners in Silverthorne were previously required to get STR licenses by the Town of Silverthorne. At this point, the Town of Silverthorne is just keeping an eye on things. At this time, the Silverthorne Town Council has no STR agenda items or actions planned.


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So You Want to Sell?

So You Want to Sell?

So you have decided to sell your property. Before anything else, it is a good idea to sit down and clarify your motivations and draw up a basic time frame for the selling process.

Why Sell?

Why do you want to sell your property? Do you intend to simply find a larger property, or do you plan on moving to another neighborhood, school district, city or state? You might think your reasons are obvious, but it would do well to consider the implications of each option for your lifestyle, opportunities, and finances.

Being clear about your intentions for selling will make it easier for us to determine the most appropriate option for your specified financial, lifestyle, and real estate goals.

When Should I Sell?

You should immediately establish your time frame for selling. If you need to sell quickly, we can speed up the process by giving you a complete market analysis and action plan to obtain all of your goals.

If there is no pressing need to sell immediately, you can sit down with one of our expert real estate agents to thoroughly review the current market conditions and find the most favorable time to sell.

What Is The Market Like?

When you work with us, you can be sure that you will have our knowledge, expertise and negotiating skills at work for you to arrive at the best market prices and terms.

We will keep you up-to-date on what is happening in the marketplace and the price, financing, terms and conditions of competing properties. With us, you will know exactly how to price and when to sell your property.

How Do I Optimize My Finances?

Deciding to sell your property demands a serious consideration of your current financial situation and future possibilities. With the help of our qualified agents, you will be able to effectively assess the cumulative impact of these changes, estimate potential proceeds of selling your property, and plan effective tax savings and estate planning strategies.


We will ensure that you not only take control of your finances, but use them to their fullest potential.


Schedule a consultation today with Westward Advisors, your Local Real Estate Team with a Global Reach. 1st class Broker Services are here to sell existing property and to assist with coordinating the purchase of that next great opportunity; whatever that goal is, we make Dreams Come True.

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Commercial Team Lead


Residential Team Lead

Bluesky Breckenridge – Breckenridge Real Estate

Bluesky Breckenridge – Breckenridge Real Estate

Bluesky Breckenridge Condo is a premier resort destination for those looking for a mountain getaway. The most breathtaking views with the best amenities make this the perfect vacation spot.


Breckenridge is an exclusive resort town in Colorado, boasting the highest elevation of any Colorado ski area. The area’s ski slopes offer everything from beginner to expert runs, while the town offers shops, restaurants, and activities for all ages.


The Bluesky Breckenridge Condo Rentals are located at the base of Snowflake Lift at the Breckenridge Ski Resort and 3 short blocks to Breckenridge Main Street, and surrounded by stunning mountain views. It features luxury condominiums with vaulted ceilings and large windows providing breathtaking views of the mountains. Completed in 2007, BlueSky Breckenridge has 52 high-end Breckenridge condos comprised of:

  • 2 – 1 bedroom condos

  • 34 – 2 bedroom condos

  • 12 – 3 bedroom condos

  • 4 – 4 bedrooms condos

Residents can enjoy amenities like heated outdoor pool with hot tub, state-of-the-art fitness center, game room with pool table and shuffleboard table. Other amenities include an on-site concierge service to help you get reservations at top local restaurants or book your airport shuttle ride home.


That’s not all! It also has a fitness room, game room, library/computer room, and a CU Tavern where you can have a drink and appetizer. If you are looking for some pampering, book a massage, manicure or any service at The Spa at Breckenridge located onsite next to the seasonal ski shop.


While enjoying your Breckenridge condo park your car in the heated garage and take the shuttle to and from town to enjoy all that Breckenridge Main Street has to offer.

If you are looking for luxury condos for sale in Breckenridge Colorado look no further, BlueSky Breckenridge offers full amenities at a great location. You can’t get much better than BlueSky Breckenridge when looking for condos for sale in Breckenridge Real Estate.

#breckenridge #breckenridgecolorado #breckenridgeoutfitters #Breckenridgerealestate #breckenridgerealtor #breckenridgeskiresort #mainstreetcolorado #condo #realestate #blueskycondo #colorado #ski #luxuryrealestate (Photos courtesy of

To arrange a time to view the condos for sale at Bluesky Breckenridge or other properties in Breckenridge, CO real estate contact or call her directly at at 970-435-5700.


You may also set an appointment here!

Main Street Station Condo – Breckenridge CO Real Estate

Main Street Station Condo – Breckenridge CO Real Estate

Main Street Station Condos in Breckenridge CO is located in the heart of all the action in this lively ski town, with shops, restaurants and bars just minutes away. It’s an easy walk to Main Street for some shopping or dining. It has been recently renovated and is now available for sale.

Main Street Station Condo Breckenridge CO features two lifts that take you right up to Peak 8 or Peak 9 of the Breckenridge Ski Resort, which are some of the best skiing runs in Colorado!

Not only that, it has ski-in/ski-out access to Park City Mountain Resort, Main Street Station Condo offers spectacular views of the Rocky Mountains and convenience that comes with living in a ski-in/ski-out condo.

Built in 2000, Main Street Station Condo has a total of 82 residential units comprised of 9 – studios, 38 – 1 bedrooms, 23 – 2 bedrooms, 8 – 3 bedrooms and 4 – 4 bedroom condos ranging in size from 355 – 1957 square feet.

Main Street Station Condo has it all – high ceilings, large windows, granite counter tops, stainless steel appliances and spacious mountain decor. You will also have access to two outdoor heated pools and hot tubs as well as many other amenities including on-site parking garage and underground parking garage.

Each condo is professionally decorated with granite in the kitchens and bathrooms, decks that feature ski area, main street or mountain views in every room, and gas fireplaces.

While enjoying your stay at Main Street Station Condo in Breckenridge, Colorado take in all the amenities including an indoor/outdoor heated swimming pool with panoramic views of the Breckenridge Ski Resort, 6 hot tubs, fitness center with eucalyptus steam room, private 25-seat movie theater (must be reserved), pioneer club to relax by the fire and enjoy a cocktail, 24-hour front desk and bell service and an onsite concierge.

When considering Breckenridge Real Estate, Main Street Station is a condo complex not to be overlooked.

#breckenridge #breckenridgecolorado #breckenridgeoutfitters #Breckenridgerealestate #breckenridgerealtor #breckenridgeskiresort #mainstreetcolorado #condo #realestate #westward #colorado #ski #luxuryrealestate
(Photos courtesy of Main Street Station Breck)