New Home Construction Booming In Mountain Communities
FRISCO, Colo. (CBS4)- Summer in Colorado’s mountain communities means a lot of construction, and this year new real estate construction is booming.
“New is always nice, people like new,” said developer Larry Feldman.
It’s difficult for developers in Summit County to keep their new units on the market.
“I discovered with the lack of new construction there was an appetite, even going back to 2010,” said Feldman. “Each time I started a project it got gobbled up. This one is 18 units for 90 days and we have 11 of them under contract.”
About 65 percent of Frisco is made up of second homes owned by people who have a primary residence elsewhere.
As construction continues to grow in the years following the recession, space is becoming limited.
“It’s about 90-plus percent built out so we’re seeing more redevelopment,” said Frisco Community Development Director Jocelyn Mills.
As part of the approval process for new construction, affordable housing is required in many of these new projects.
“This project has six affordable units out of 18 unites. They’re playing $285,000 that we’re selling in the market for $530,000,” said Feldman.
Both workforce housing and market rate units are being purchased quickly.
“We’ve also been focused to get people to live here year round because that also helps grow your community,” said Mills. “You want to have a good, balanced community and get everything to thrive.”