There is a condo complex in Steamboat Springs, CO where units have precipitously dropped in…
Although summer activities are in full swing, there is still plenty of snow up top. There have been allot of changes in the last couple years in the ski industry (4 resorts changed hands) which will impact any investments in Colorado mountain towns. My top three pics for value in ski town real estate.
I took the picture above this week while looking at properties near Steamboat. If you missed the news, there have been several purchases/mergers involve a number of Colorado ski resorts. Below I’ve highlighted the big three in Colorado. Each of these will have a substantial impact on real estate in their respective markets.
- Aspen buys WinterPark and Steamboat (and some other resorts like Mammoth)
- Copper (Powdr corp) buys Eldora
- Purgatory is sold to James Coleman (local Durango resident)
Here are the top 3 picks for investing in ski property in Colorado
- Winter Park: WinterPark is a sleepy resort that is often overlooked for the I70 resorts (Breckenridge, Vail, Keystone, etc…). Winterpark has been through a number of investors over the years that haven’t invested as heavily as they should in the resort and the base area. With deep pockets like Aspen coming into the picture, I would expect investment to pick up substantially which should increase the value of the surrounding real estate.
- Crested Butte: Although Crested Butte hasn’t been bought or sold recently, it is still an affordable alternative to higher priced resorts closer to the front range. It has some of the best skiing in the state and has consistently been named a top ski destination in various publications
- Nederland: Although not a traditional ski town, Nederland is the town outside of Eldora located about 40 minutes west of Boulder. Copper/Powdr have invested in Eldora’s snowmaking, terrain parks, base area, etc… Although not a big mountain it is convenient and not nearly as crowded as the larger resorts.
Please keep me in mind for your ski town lending needs. We can lend on investment condos, houses, land, and commercial properties throughout the high country and any of the mountain ski towns in Colorado. I have made multiple loans in every ski town including: Steamboat, Winterpark, Eldora, Nederland, Breckenridge, Keystone, Copper Mountain, Frisco, Silverthorne, Vail, Beaver Creek, Aspen, Snowmass, Pagosa Springs (Wolf Creek), Durango (Purgatory), and everywhere in between. Please follow us on instagram for great pics throughout Colorado !
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.
Fairview is the recognized leader in Colorado Hard Money and Colorado private lending focusing on residential investment properties and commercial properties both in Denver and throughout the state. We are the Colorado experts having closed thousands of loans throughout the state.
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- Copper buys Eldora: http://www.denverpost.com/2016/06/06/eldora-mountain-resort-sold-copper-mountain-powdr/
- Purgatory is sold to local investor: http://www.denverpost.com/2015/02/25/sale-of-durango-mountain-resort-finalized-with-name-change-back-to-purgatory/
- Aspen buys Steamboat and Winterpark: https://coloradohardmoney.com/2017/04/10/biggest-news-colorado-ski-real-estate-today-now/