In my blog last week Top Ten Mountain Towns in a free fall, I asked the question to the readers if they agreed with the viral video proclaiming that Colorado ski real estate is in a Free Fall. As you can see the consensus was a blow out, but the interesting part of this survey is the comments regarding why or why not.
What was in the survey data on top 10 mountain towns in a free fall?
This survey was a blow out with 80% calling BS on the viral video showing Colorado ski towns in a downward spiral. On the flip side 20% of respondents felt that Colorado ski real estate was a bubble waiting to pop.
Top Comments on is Colorado ski real estate in a free fall
- In Steamboat Prices are recovering from a 10% dip which lasted only a few months. We are within 3% of the previous high. Hardly a collapse.
- When I watched this a couple weeks ago, I angrier & angrier at the manipulative math being used. Aspen is NOT in a free-fall, I went immediately to my statistical tables and found there have been TWO MORE sales in the past year as compared to the year prior – not a 20% drop in sales volume (SFR).
- Limited product,,natural seller market and inventory can never increase enough to bring prices into free-fall scenario. Larger issue is local affordability, will not correct enough to relieve this. It will continue to be a widened gap of “haves” vs. “have nots.” ST rental matters, insurances, absentee owners and lack of local commerce support (1 dimensional economy) bigger challenges..
- Cash money, no desperate sellers.
- Everything is too expensive! These mountain towns only want the super wealthy and there are not enough of them to keep the lights on!
- My top comment: Guy who did video is a moron and doesn’t understand ski real estate
Should you buy real estate in a Colorado ski town?
When I originally saw the video, I immediately knew whoever wrote it did not have Colorado ski expertise. There were some passionate responses to the survey with readers agreed citing various data points to debunk the theories of a free fall. Although real estate is not in a free fall there are challenges in Colorado ski real estate like affordability for key workers, nightly rentals, condo complexes that are having issues, but overall none of these items will cause a “free fall” in ski real estate.
Long and short the video made some outlandish claims that are not supported by any real data, but it is important to note the go go days of Covid are over and buyers need to be cautious as each ski market is very unique. In summary, long term ski real estate will outperform the majority of other markets regardless of the dire predictions. Thank you everyone who participated in the survey, your insights are amazing
Additional Reading/Resources
https://coloradohardmoney.com/top-10-mountain-towns-in-total-free-fall/
https://coloradohardmoney.com/colorado-property-taxes-jump-40-percent/
https://coloradohardmoney.com/category/survey-results/
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Glen Weinberg personally writes these weekly real estate blogs based on his real estate experience as a lender and property owner. He is the owner of 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 Bloomberg, Businessweek ,the Colorado Real Estate Journal, National Association of Realtors Magazine, The Real Deal real estate news, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
Glen resides in Colorado, lends in Colorado, owns property in Colorado, and services loans in Colorado which provides a unique real estate prospective of what is actually happening on the ground both in Denver and throughout Colorado. My goal of this real estate blog is to provide an honest assessment of what I see happening in Colorado real estate and how it will impact real estate owners, buyers, realtors, mortgage professionals, etc…
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