CO Short term rental elections 20% tax rates approved, what are the results and what does this mean to you and Colorado ski real estate?
Regardless of party affiliation, this has been a big voting season for Colorado real estate…
In times of economic uncertainty, high net worth individuals focus on safety. From Government securities like 10 year treasuries, to municipal bonds, and gold. There is another trend emerging that Colorado real estate is being placed in the “safe haven” category. What town most closely resembles the “gold standard” in safety?
Safe–haven assets typically perform well during downturns and financial crises when riskier assets underperform. Gold is considered a safe haven because it has acted as a store of value, maintaining its purchasing power.
I think there is one, Aspen, CO. Aspen real estate has taken off since the coronavirus hit as a “safe haven” for high net worth individuals and looks very similar to Gold in many respects
Aspen, Colorado is about as close as you get to the “Gold standard” in real estate. There is only one issue, Aspen real estate is not as easily tradeable as a bar of gold. To sell a 10 million dollar house in Aspen will not happen the same day like it would with a bar of Gold. Long term it is hard to go wrong in a market with such constrained supply and insatiable demand. The runner up to Aspen would be Vail, CO, there is more supply in Vail, but the area is highly desirable from an investment perspective. Look for Aspen along with Vail and many of the Colorado resort communities to some extent to retain their rankings as the “gold standard” in real estate.
Don’t worry, I’m not asking you to wire money to your long-lost cousin that is going to give you a million dollars if you just send them your bank account! I do need your help though, please like and share our articles on linked in, twitter, facebook, and other social media. I would greatly appreciate it.
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 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.
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