Summit County New Construction Homes: What to Know Before You Buy
Buying new construction can be a great move in Summit County. You get a home built for how people live now, in a market where good inventory is genuinely scarce, and buyers do it successfully all the time. It is a different transaction from a resale, though, and most of the differences work in the builder's favor unless you know them going in. The pricing behaves differently. The contract is not the one you are used to. The financing has its own timing. And how you are represented, and how you register at the community, can quietly decide who gets paid and what it costs you. None of that should scare you off. It just means the buyers who go in prepared are the ones who come out ahead, and this guide is how you go in prepared.
This page walks through the parts of a new development purchase that catch people off guard, and it is fair about the real advantages too. None of this is legal advice. For a specific situation, talk to me and, where it matters, an attorney.
Reviewed and updated September 2026 by Tucker Zimmerman, Associate Broker, Slifer Smith & Frampton.
The three kinds of new construction
New construction is not one thing, and which kind you are buying changes your timeline, your price, and your risk. There are three broad types, and it helps to know which one you are looking at before you walk in.
Inventory, or spec, homes are homes the builder is building on its own, either finished or well underway. You are buying a specific home, you can often see close to what you get, and the timeline is short or immediate. This is usually where the most price and incentive flexibility lives, because the builder wants standing inventory sold.
To-be-built homes mean you pick a lot and a floor plan and choose your finishes, and the builder constructs it for you. You get more say, but the timeline runs months or years, your money is committed early, and you carry the delivery and financing-timing risk while it is built.
Custom homes are built to your own plans, usually with your own builder rather than a production developer. The most control, the longest timeline, and a different process altogether, closer to managing a construction project than buying a home.
Most of what follows applies to all three. The earlier and more custom you go, the more the timeline, financing, and developer-risk cautions on this page matter.
Why buyers choose new construction, and the tradeoffs
I spend a lot of this page on what to watch for, so let me be fair about the other side. New construction has real advantages, and for a lot of buyers it is the right call.
You get a home where nothing is worn out. No roof to replace in five years, no aging furnace, no deferred maintenance you inherit from the last owner. New builds meet current code and are usually more energy efficient, which shows up in lower utility bills, a real consideration at altitude. You often get to choose finishes rather than live with someone else's taste. There is a builder warranty behind the workmanship. And in a market like Summit County, where buildable land and new inventory are genuinely limited, a new home can be the only way to get a floor plan and features that do not exist in the resale stock.
That does not make it the right buy for everyone. It just means you should go in with realistic expectations. You are trading the certainty of a finished, proven home for newer everything and more choice, and you are taking on some timeline and process risk to get it. For the right buyer, that trade is well worth it. The point of this guide is to make sure you make it with your eyes open.
Thinking about a new development and want to go in prepared? 303-907-9129 or TZimmerman@SliferSummit.com. I can walk through a community's pricing, contract, and registration policy with you before your first visit.
Price and terms on a home under construction
Builders think about their pricing differently than an individual seller does. Many will not cut the base price of a home under construction, because a recorded discount can affect appraisals and the prices they hold on the rest of the community. That does not mean there is no room to work. It usually means the room is in incentives rather than base price: upgrade allowances, design center credits, lender credits when you use the builder's preferred lender, or paid closing costs. Standing inventory and spec homes tend to have more give than a to-be-built home, and builders are often most motivated near the end of a quarter or a phase.
Read every incentive for the string attached. An upgrade allowance is real money, but only if you were going to buy those upgrades anyway. A lender credit that requires the builder's lender is only a benefit if that loan is competitive once you compare it. The work here is in comparing the total deal, not the headline number.
Builder preferred financing
Most builders have a preferred lender, and using them is often a genuinely good path, not just a sales pitch. To move their own inventory, builders frequently attach their best incentives to that lender: a large closing cost credit, a rate buydown, or a reduced rate for a period. On the right deal that can be worth more than anything you would negotiate on the price itself.
The catch is simple. An incentive is only a benefit if the loan underneath it is competitive. Get a written quote from the builder's lender, then get at least one or two outside quotes on the same loan, and compare the rate, the fees, and the credit together as one number. Sometimes the builder's lender wins outright. Sometimes an outside lender beats them even after the incentive is counted. You will not know until you check, so check before you commit to the builder's lender.
Financing a home that is not built yet
Financing a home that is not finished has its own wrinkles, and most of them come down to time. A build can be months or years from delivery, and that changes what your lender can do. If a builder has a preferred lender, they may be able to lock a rate for you for an extended period, often when the home is already framed and six to twelve months from delivery. On a home that is two or more years out, an extended lock may not be available at all, and you carry the risk that rates move before you can close. Ask the builder's lender exactly how long they can lock, and what that lock costs.
Two more things to plan for. An appraisal on a to-be-built home leans on comparable sales that may not exist yet in a new community, which can create a gap between the contract price and the appraised value. And a brand new condo project may not qualify as warrantable for conventional financing until enough units have closed and the HOA meets lender requirements, which can limit your loan options early in a project's life. If you are looking at a new Summit County condo development, factor that in before you settle on a specific unit.
Your representation, and how you pay your broker
The people staffing a new development sales office work for the builder. They are pleasant and helpful, but their job is to sell the builder's homes on the builder's terms. If you want someone whose job is to represent you, that has to be arranged on your side, and it is worth handling deliberately.
In Colorado, this is now settled by law. As of August 12, 2026, under HB26-1426, a broker must have a signed written agreement with you, establishing either an agency or a transaction-broker relationship, before performing licensed duties on your behalf. That covers advising you, preparing or negotiating an offer, and representing you in the purchase. A broker can still show a property or hold an open house without it, but the moment you want someone actually working for you, the agreement has to be in place. That same written agreement is where your broker's compensation is spelled out.
Treat the first meeting with an agent like an interview
The first day you meet a real estate agent is a first date, not a marriage. A good agent can show you a few homes and earn your business. What you should not do is sign a six month exclusive buyer agency on that first day, before you know whether this is the person you want representing you through your whole search. It is fair to commit to that agent for the specific homes they showed you. It is not fair to yourself to lock into a long exclusive relationship before you are sure.
There is one thing you should settle before you tour any home: a signed compensation agreement. In Colorado you need a written agreement in place for an agent to represent you, and you want the fee understood in writing, not left for later. A short, limited agreement covering the homes you are about to see is reasonable. A long exclusive commitment can wait until the second or third time out, once you are certain this agent is your long-term fit and you have agreed on compensation.
This matters most at a new development. Do not tour a new development with an agent you met that day unless you already have a long-term compensation agreement in place. If you do walk a new community with a newer agent, tell them directly that you do not want to be registered yet. Registration is not a formality, and once it happens it can be difficult to undo.
If you walk into a sales office on your own: do not give them your full name and do not register. Registering yourself, or letting the sales office log you, can prevent your own representation from being paid for later. It is fine to look and gather information. Leave the representation decision for when your agent is with you.
How builder registration actually works
Most new home communities run a broker registration policy. When a broker brings you to the community, or you arrive and name your broker, the sales office records that broker as the one who introduced you. Many builders treat that introduction as the event that decides which brokerage they will compensate, and they often require your broker to accompany you on that first visit for the registration to count.
Builder registration policies commonly go beyond a first handshake. They can require your broker to be present at the purchase agreement signing, to sign the builder's own commission agreement, and to attend closing. Many include a protection period, often measured in months from the date the builder or seller signs, and rules about re-registering if time passes. The details vary by builder, and they matter.
Why does this matter to you? Because the registration is about protecting the broker's introduction, not about protecting your freedom to choose who represents you. Those two things usually line up. When they do not, the gap becomes your problem, not the builder's.
Ask the sales office for the builder's broker registration policy in writing before you register.
Read what it actually requires: first-visit accompaniment, the protection period, what happens if you change brokers, and whether the builder's compensation offer can move to a broker you hire later. If the person at the desk cannot answer, that is your answer for the moment, and a reason to slow down.
The trap: registering before your representation is settled
Here is the situation that creates real financial pain. You visit a community with a broker before you have agreed, in writing, on whether that broker represents you and what they are paid. The builder registers that broker as your introduction. Later, you and that broker cannot agree on terms, or the broker decides not to continue. You hire the broker you actually want.
Now the mismatch shows up. The builder may still treat the first broker as its recognized recipient of any broker compensation, and it may decline to redirect that compensation to your new broker. You are told you can hire anyone you like, which is true, but choosing the representative you want can now cost you a separate fee out of pocket. On a multimillion-dollar home, a buyer-paid fee runs into the tens of thousands of dollars. That is a heavy price for a first visit that happened before anything was settled.
I am not telling you a builder policy like this is improper. Builders have a legitimate interest in not letting brokers lose credit for introducing buyers. The point is narrower and it is entirely in your control: understand the builder's registration policy and your own broker agreement before you register, because the visit can set the compensation path even if you and that broker never reach terms.
A real example: Rendezvous in Winter Park
I represent buyers who ran into exactly this at Rendezvous, a development in Winter Park. Like many builders, Rendezvous runs a broker registration policy. It treats the broker who first brings a buyer to the community as the procuring cause and the brokerage it will compensate, and it has said in writing that a buyer choosing a different representative later does not change who it recognizes. I understand why a developer sets a policy like that. It protects brokers who put in the time to introduce buyers, and it keeps the builder out of the middle of broker disputes.
Here is where it caught these buyers. By their account, they toured Rendezvous with a broker before they had agreed on that broker's compensation, on the understanding that they would settle the fee later. When they could not reach terms and that broker stepped away, Rendezvous took the position that its compensation offer stayed with the original brokerage, not with the broker the buyers actually wanted. They were free to choose their own representative, but exercising that choice now meant paying that broker out of pocket. On a multimillion-dollar home, that kind of buyer-paid fee can run into the tens of thousands of dollars.
Those buyers hired me to represent them going forward. I am not saying Rendezvous did anything improper, and I am not going to speak for the original broker's side of it. What I am saying is that Rendezvous's policy ultimately hurt the consumer. The lesson is the one this whole page is about. Registration and compensation get decided earlier than you might expect, and a first visit made before they are settled can cost you real money. Understand both before you walk in.
The real question to ask before you register:
"If I register today and this broker and I do not end up working together, will your compensation offer follow the broker I hire instead, or is it fixed to whoever registered me first?" Get the answer before the visit, not after you have found the home you want.
The contract on a new home
A builder contract is written by the builder's attorneys, and it heavily favors the builder. That is just how new construction works. It helps to know what you are giving up by comparison. On a resale home in Colorado, you write your offer on the standard state-approved Contract to Buy and Sell Real Estate, and that contract is balanced toward the buyer: inspection rights, appraisal and loan protections, clear deadlines, and defined ways out. On a new development, you are usually signing the builder's own contract instead, and there is typically little or no room to negotiate its terms.
Know what that means in practice. Earnest money and deposits on new construction are often larger than on a resale, and the terms for getting them back if the deal falls apart are not always the same. Change orders and upgrades are priced by the builder and are rarely negotiable once you are in the design center. Delivery dates slip, so a good contract spells out what happens to your deposit, your rate lock, and your obligations if the home is not finished on time.
Watch for a price-escalation clause. Some builder contracts let the builder raise your price before delivery if their material or labor costs climb, which means the number you sign is not always the number you close on. Read for it, ask whether your price is locked or can move, and if it can move, whether there is a cap. On a long build, that is not a small detail.
One thing worth asking. If the home is already built and ready for delivery, some developers will accept the standard Colorado contract rather than their own. It is not guaranteed, and many will still insist on their form, but it is worth asking, because that contract protects you more.
How your money flows: earnest money, upgrades, and closing
Every developer contract is different, so read yours, but here is the pattern I see most often. Your earnest money goes hard, meaning it becomes non-refundable, within about 30 to 90 days of signing. After that window, walking away usually means losing it. Your upgrades are paid in cash at the time you select them at the design center, and that money is hard too, so the more you upgrade, the more non-refundable cash you have committed long before you close. The rest of the balance is usually not due until closing.
The practical takeaway is to know your hard-money dates before you sign. What you stand to lose by backing out grows as you pass the earnest-money deadline and as you select upgrades, not at the closing table. Map those dates against how certain you actually are about the purchase.
Plan for closing costs too, because a new build can carry line items a resale does not. Beyond your down payment, expect title and lender charges, prepaids like taxes and insurance, an HOA setup or working-capital contribution and initial reserves, any developer administrative or transfer fee, and, in a metro district, that tax. Ask the builder for an itemized closing-cost estimate early rather than discovering it at the closing table.
The timeline, the warranty, and the HOA
The builder's home warranty usually comes in tiers. A common structure is about one year on workmanship and finishes, roughly two years on systems like plumbing, wiring, and HVAC, and up to ten years on major structural defects. The exact coverage and the claims process vary by builder, so read what is covered, what is excluded, and how long each part lasts. New does not mean flawless, so take your walk-through seriously and get your punch list in writing before closing.
In a new community, the homeowners association is often still controlled by the developer, not the owners, until enough homes have sold. That affects who sets the dues and the rules while the community fills in. Ask where the HOA stands, who controls it today, and what the budget looks like.
What happens if the developer runs out of money
The risk people underestimate most in new construction is the developer's own finances. When you sign early, you are betting that the developer can actually finish the building. If a project stalls or the developer fails, the buyers who put money down are often the ones left most exposed.
Dillon saw this with Uptown 240. According to local reporting, buyers put down roughly six million dollars in deposits across about half of the eighty planned condos, some individual deposits reported near eighty thousand dollars, on a building that broke ground in 2019 and was supposed to finish in early 2022. The developer lost its financing in 2020, construction stopped near the foundation, and the project filed for Chapter 11 bankruptcy in early 2023. By the time of the bankruptcy hearing, reporting indicated the deposit money had already been spent. Buyers from around the country were left fighting to recover deposits on a building that was never built.
Here is the part that made it so painful. The purchase contracts allowed the developer to use those deposits for project development, so the money was not sitting in a protected escrow account waiting to be refunded. That is the single most important question to ask about any pre-construction deposit: is it held in escrow and refundable, or can the developer spend it, and what happens to it if the project is never delivered.
There is a second way a cash-strapped project can trap people, through the contractors. When a developer stops paying its contractors, those contractors can record a mechanics lien against the property for the work they have done. Once liens are on title, lenders will not finance the property, which means buyers who need a loan cannot close. That can create a standoff: the developer needs the closings to raise the money to pay the contractors and clear the liens, but the liens are blocking the financed closings from happening. Projects sometimes break the logjam by getting cash buyers, who do not need a bank loan, to close first, then using that money to pay down the liens so the financed buyers can close. If you are buying into a building that is not finished, ask whether there are any liens recorded against the property and whether the construction loan is current.
Before you put money down on an unfinished project, ask:
Who holds my deposit, is it in escrow, and is it refundable if the project is not delivered? Can the developer spend it before closing? Is the construction loan fully in place and current? Are there any liens recorded against the property? What is the developer's track record on finishing projects? The further along the building is, the less of this risk you carry, which is one reason a finished, ready-to-deliver unit can be a safer buy than a deposit on a foundation.
Other things to watch for in new construction
Metro district property taxes. Many new Colorado developments sit inside a metropolitan district that issued bonds to pay for roads, water, and infrastructure, and repays them through an added mill levy on your property tax. That can make the tax bill on a new home meaningfully higher than an older home of similar value nearby. Ask for the mill levy and the district's outstanding debt before you get attached to the base price.
The model home is not the base home, and the design center is where budgets balloon. The model you tour is loaded with upgrades. The home at the advertised base price is a different house. Ask for a list of what is standard versus an upgrade, and price the home the way you would actually build it. Then set your upgrade budget before you sit down at the design center, because that room is built to move you well past it. Put your money into what is hard or expensive to change later, framing changes, wiring, plumbing rough-ins, and structural options, and go easier on the cosmetic finishes you can upgrade yourself down the road.
Lot premiums, and what is not guaranteed. Better lots carry premiums, and the view or open space behind you today may not be there in a year. Find out what is planned for the adjacent lots and future phases before you pay a premium for a view.
Get your own inspection. You are still entitled to an independent inspection on a new build, and new homes do have defects. Use it. An inspection during construction and again at the final walk-through catches things the builder's crew missed.
You may live in a construction zone. If you buy early in a community, you can be surrounded by active building for months or years. Ask about the build-out schedule and where your home sits in it.
Resale comparables are thin early on. Before a community matures there are few or no resales, so it is hard to know what your home is worth on the open market. That matters if there is any chance you sell or refinance in the first few years.
New construction in Summit County
New construction in Summit County is not like new construction on the Front Range. Terrain, water, and local regulation limit how much gets built, so new inventory is scarcer here and tends to be concentrated in a handful of condo and townhome projects rather than large single-family subdivisions. You see it more around Dillon, Keystone, Copper, Silverthorne, and Frisco than in big tracts anywhere.
The mountain adds its own wrinkles. The building season up here is short. Crews lose weeks to weather and the ground is frozen for months, so timelines slip more than they would at lower elevation. Snow load, drainage, and access on a steep site are real engineering considerations, not details. Build that into your expectations on any home that is still to be built.
Many of the newer developments here sit inside metropolitan districts, so the metro-district tax point above applies squarely in Summit County. Ask for the mill levy. If you want to see what a current project looks like, Waterview Residences in Dillon is one example of new condominium construction, and Waterdance in Frisco is another newer development. Inventory and status change constantly, so treat those as a starting point and confirm what is actually available.
One Summit-specific question matters more here than almost anywhere: can you rent it. If you are buying a new condo to use part of the year and rent the rest, do not assume it is short-term-rental eligible. Some new buildings run their own managed rental program, some sit in towns with STR caps or licensing rules, and those rules attach to the specific address, not the brochure. Sort this out before you commit. My Summit County short-term rental guide breaks down how the rules differ by town, and I am glad to check a specific building with you.
Before you step into a sales office, settle these:
Who represents you and how they are paid, in writing. Your financing, including how a build that is months or years out affects your rate lock. A copy of the builder's registration policy and how it treats a broker change. The mill levy, and what is standard versus an upgrade. When your earnest money goes hard, and what your upgrades will cost. Whether the building is short-term-rental eligible if you plan to rent. And a plan to have your broker with you, or named, on that first visit so the introduction is recorded the way you intend.
New construction by town
New construction looks different in every Summit County town. What is being built, where it is allowed, and how the rules apply all change with the jurisdiction. Here is where each town stands, with a detailed guide for each one.
Frequently asked questions
Do I need my own agent to buy new construction?
No, but the sales office represents the builder, not you. If you want representation on your side of the deal, you arrange it yourself, and in Colorado that now means a signed written agreement to form the relationship.
Can the builder's sales agent represent me?
No. The sales staff at a new development work for the builder and represent the seller's interests. They can give you information, but they are not negotiating on your behalf.
What is the difference between a spec home, a to-be-built home, and a custom home?
A spec or inventory home is one the builder is building on its own, finished or underway, that you buy as a specific home with a short timeline and usually the most price flexibility. A to-be-built home means you pick a lot, floor plan, and finishes and wait months or years while the builder constructs it. A custom home is built to your own plans, usually with your own builder, with the most control and the longest timeline.
Should I tour a new development on the first day I meet an agent?
Not unless you already have a long-term compensation agreement in place. Treat the first meeting as an interview. Have a signed compensation agreement before touring any home, and save a long exclusive buyer agency for once you are certain the agent is your long-term fit.
What if I walk into a new development sales office on my own?
Do not give your full name and do not register. Registering yourself can prevent your own representation from being paid for later. Gather information, then make your representation decision when your agent is with you.
What does it mean to register with a builder?
Registering records which broker introduced you to the community. Many builders use that record to decide which brokerage they will compensate, and often require your broker to accompany you on the first visit for it to count.
Can I switch brokers after I register with a builder?
You are always free to choose your representative. The catch is that the builder may not move its compensation offer to the new broker, which can leave you paying that broker separately. Ask about this before you register.
Should I use the builder's preferred lender?
Often it is worth it, because builders attach their best incentives to it. But an incentive only helps if the loan is competitive. Get the builder's lender quote, get one or two outside quotes on the same loan, and compare rate, fees, and credits as one number.
Will a builder lower the base price on a home under construction?
Often not, because a recorded price cut can affect appraisals and the rest of the community. Room to work usually shows up as upgrade allowances, design credits, lender credits, or paid closing costs instead.
Do new homes in Colorado have higher property taxes?
They can. Many new Colorado communities sit in a metropolitan district that adds a mill levy to repay infrastructure bonds, which can push the tax bill above an older home of similar value. Ask for the mill levy and the district's debt before you buy.
Can I use the standard Colorado contract on a new home?
Usually the builder requires its own contract, which favors the builder and is rarely negotiable. If the home is already built and ready for delivery, some developers will accept the standard state-approved contract, which protects you more. It is worth asking.
Is a new condo project harder to finance?
It can be. A new condo building may not qualify as warrantable for conventional loans until enough units have closed and the HOA meets lender requirements, which can limit financing options early in the project.
Can I short-term rent a new condo in Summit County?
Not always. Some new buildings run a managed rental program, and some sit in towns with short-term-rental caps or licensing rules. STR eligibility attaches to the specific address, not the marketing. Confirm the building's rental rules and the town's STR rules before you buy if renting is part of your plan.
What happens to my deposit if a new development goes bankrupt?
It depends on how the deposit was held. If it sits in refundable escrow, you have a path to recover it. If the contract let the developer spend it on the project, it may be gone. In Dillon's Uptown 240, buyers put down about six million dollars in deposits, the developer was allowed to spend the money, and by the time of the bankruptcy the money was reportedly already spent. Ask who holds your deposit and whether it is refundable before you sign.
Can unpaid contractors put a lien on a new development?
Yes. If a developer stops paying its contractors, they can record a mechanics lien against the property. Liens can block lender financing until they are cleared, which can stall closings for buyers who need a loan. Ask whether any liens are recorded against the property and whether the construction loan is current before you buy into an unfinished project.
How do earnest money and payments work when buying new construction?
Every builder contract is different, but a common structure is earnest money that goes hard, meaning non-refundable, within about 30 to 90 days, upgrades paid in cash and non-refundable at the time you select them, and the balance due at closing. Know your hard-money dates before you sign, because what you stand to lose by walking grows as you pass them.
Can a builder raise the price before my home is finished?
Some builder contracts include a price-escalation clause that lets the builder pass along material or labor cost increases before delivery. Read for it, and ask whether your price is locked or can move, and if it can move, whether there is a cap.
Related guides
If you are weighing a new development against a resale, these help: my buying overview, the Summit County condos guide for how condo buildings and financing work, and the Summit County short-term rental rules if you plan to rent. For current new and newer projects, see Waterview Residences in Dillon and Waterdance in Frisco. Confirm which jurisdiction a development sits in using the Summit County GIS tool, since the mailing address does not always match the governing town.
The bottom line
None of this is meant to talk you out of new construction. Plenty of buyers I work with have gone the new-build route and been glad they did, and in a place like Summit County, where the right resale may simply not exist, a new home is often the smartest way in. The buyers who do well are not the ones who avoid new construction. They are the ones who go in knowing how it works, with their representation and compensation settled up front, their financing lined up, the registration policy understood, and the contract and the developer checked out. Handle those, and you get the upside of a brand-new home with far less of the risk. That preparation is exactly what I do with buyers, and I am glad to do it with you, ideally before your first visit to a sales office.
