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…
What a few weeks it has been. The stock markets have been up, then down. Interest rates have also spiked only to fall shortly thereafter. I’ve been asked by several realtors in various ski towns, what is the impact of Ukraine and real estate prices in Colorado. Will there be a surge in prices as buyers search for “safe places” and safe assets like we saw during COVID?
What has happened economically since the invasion of Ukraine?
Will there be a flight to “safety” in Colorado ski towns?
With everything going on since the Ukraine invasion, it makes me wonder if we will see another Covid type repeat in Colorado ski towns where there is an insatiable demand. During Covid, there was a huge “flight to safety” as people wanted to be in smaller, safer markets. This led to huge price jumps in every ski market in Colorado with some topping 50% increases year over year.
With the war in Ukraine continuing, will Colorado ski towns see the same response in real estate to the current crisis? I think the factors today are a bit different, I don’t think there is the same perception of personal “safety” from the crisis in Ukraine but there is now a big push out of risky assets into safer assets which fits with Colorado ski real estate.
Will there be an increase or a decrease in Colorado ski real estate prices?
Although we will not see another huge increase in real estate prices in the mountains like the Covid bump, it will remain desirable as buyers look for safe places to park assets as opposed to the stock market. This will keep Mountain real estate a desirable asset to own which will keep prices high albeit the appreciation rates will be slower than the past 3 years.
I don’t think that the Ukraine invasion is market moving unto itself for Colorado ski real estate, but the invasion does put further pressure on other assets which will drive high net worth individuals to diversify their portfolio into safer assets. From a real estate perspective, mountain real estate will continue to be a “haven” for investors looking to hedge against downside risk. Although I don’t think we will see the same appreciation we saw during Covid, the mountain communities look to stay at their highs with little respite in sight for buyers as prices look to increase a bit further.
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Written by Glen Weinberg, Owner 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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