Greetings, Timberline Cove Condominium Owners! It's great to see owners in Timberline Cove are enjoying their properties and generally holding on to their assets. In fact, there has only been one Timberline Cove sale since the beginning of 2023. In July of 2023, unit #308 closed for a sale price of $1,255,000. However, Frisco's lake front area has been busy with sales! I was personally pleased to represent the Sellers in the listing and sale of the neighboring Towers at Lakepoint #703 for a closing price of $1,440,000.
Timberline Cove remains a standout choice for discerning buyers in Frisco, boasting extraordinary views, convenient access to Lake Dillon and the recreation pathway, offered near Frisco's most popular price point.
Dispelling any misconceptions regarding the larger Frisco & Summit County market, it's important to note that our inventory remains notably limited, firmly establishing Frisco as a Seller's Market. Due to rising interest rates in 2023, Sellers resisted listing their homes which kept prices high. The federal reserve has expressed intent for 3 rate cuts remaining in 2024, which will likely lead to increased transaction volume this Summer. Active listings in Summit County are already up 47% from April of 2023, but Frisco active listings are down 2.6%.
Despite the rise in interest rates, property price/sf. in Summit County has actually increased by about 7.1%. An interesting trend to observe is the divergence between the median (9 days) and average (41 days) days on the market, indicating that while some sellers initially aim high with ambitious pricing, adjustments are being made to meet market realities. Conversely, appropriately priced homes are swiftly attracting eager buyers, showcasing the importance of strategic pricing in today's dynamic market.