Allot has changed in the last six months. Interest rates have skyrocketed, appreciation has continued,…
As we all know Colorado is growing rapidly. What areas in the State still provide the best values with the rapid appreciation most areas have seen the last 5 years? What sets these 4 markets apart from others? With many real estate markets throughout CO hitting peaks, why will these outperform other markets within the state? My top 4 markets to watch in 2018 are (not in any particular order): Durango, Fort Collins, Steamboat, and Winterpark.
- This is in the SW corner of the State. It is highly educated and growing rapidly. What is driving the growth? Tourism is the primary growth driver. It is an “affordable” mountain town with easy access to various amenities (two ski resorts, national forests, etc…) “What much of our employment is in is tourism, retail and services – medical, educational, government, etc., and these industries have seen growth over the past few years,” Sonora said. (source Durango Herald) I see Durango continuing its growth as it also becomes a “regional hub” for the SW area of the state.
- Winter Park
- Winter Park is a ski town that was recently purchase by Aspen/KSI/Alterra. This announced purchase has spurred considerable growth in the downtown corridor. Compared to other mountain towns, Winter Park is considerably more affordable than others. It has also benefited from the “ski train” and the fact that you don’t have to go all the way through the tunnels to access it so in most cases it is an easier drive than many of the summit county resorts. Since the Aspen announcement many new projects have been kicked off. Winter Park is a “value” play for mountain property.
- Steamboat Springs:
- Steamboat was also purchased by Aspen/KSI/Alterra and has seen a big jump in investment in the area. Steamboat is one of the anchors of the new Ikon pass that is competing with Vail’s epic pass. Although steamboat is more expensive than Winter Park, it is still considerably less than Vail/Aspen prices for comparable properties. Steamboat has done an excellent job of attracting year-round tourism and many small businesses (like big Agnes and Smartwool were started in steamboat). Steamboat is much more of a livable town than many other ski resort areas with good schools and ample recreational opportunities many location neutral employees are relocating to the area.
- Fort Collins:
- Fort Collins is still reasonably priced for the front range. They are one of the few areas with ample supply of buildable lots and at the same time job growth. Fort Collins has become a tech hub with many technology companies setting up in the area along with other employers demanding highly educated knowledge workers. Furthermore, the area is desirable for its quality of life having been featured as a best small town in various publications. Fort Collins will continue its strong growth rate for some time (according to the Coloradoan at least 25 years)
Although each of the markets above are very different, each one provides a value and solid real estate investment depending on what your preferences are.
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Written by Glen Weinberg, COO/ VP Fairview Commercial Lending. Glen has been published as an expert in hard money lending, real estate valuation, financing, and various other real estate topics in the Colorado Real Estate Journal, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
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