Steamboat- Revisited

Last month there was a big event. Depending on your plans, this could be the time to by property.

If you were looking for the town to grow, that's not going to happen anytime soon.

The Growth Phase of Resort Towns

Step 1: Whenever a resort town reaches a national level of interest, they either step-up-to-the-plate and improve the attributes of the town, or they refuse to do so and stagnate economically.

Step 2: If they improve the attributes (Steamboat has), they then need to address the issue of afforable housing for those who provide the day-to-day services. This is a key moment for those looking to capitalize on the real estate market.

The Short Answer for Steamboat

The affordable housing project was voted down.  Prices have stabilized.  Before you rush in and buy property, there's more to the picture.

Look at the large projects.  The "where" and "what" of the development has a big impact on the value of the surrounding property.  Now add to that the effects of the:
- global economy,
- rental volume,
- the location of local residents,
- sustainability of service businesses,
- schools, hospitals, etc.,
and your purchase could be all wrong.

In other words, the "type" of property, the "location" of the property, AND how the town "functions" on a day-to-day basis, is what you need to look at.

Changes from a year ago
5 bedroom penthouse $1.4M, now $650k
3 Bedroom house       $600k, now $300k
2 Bedroom condo      $650k, now $350k

Conclusion

Steamboat is getting a solid "Green Light". Solid and safe real estate opportunities exist.  The good deals will be a function of the "rate" of return you're looking for.  Short term profits exist, but you need to choose intelligently.  If you want more information, drop us a line.

Never Fly Solo