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REAL ESTATE PROPERTY in RESORT TOWNS

PEERless

Bronze Contributor
Jan 23, 2008
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I live in Jackson, Wyoming, where the median home price is $1.2m and the values keep climbing. When it's doom and gloom on the news, it's just another great day to invest in Jackson.

I'd like to know who is having similar experiences in their resort town.
 

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hakrjak

Bronze Contributor
Read Millionaire Fastlane
Sep 15, 2007
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Colorado Springs
I know there are still no deals to be had in any of the Colorado ski towns either. But the days of high appreciation are gone as well. The difference is that the people who have bought these 1 bedroom condos for $500k and up are usually the types who have plenty of money, so it's no big deal to them to keep the condo in the family until kingdom come.

I wouldn't call any of these owners real "investors" though... I mean honestly -- who buys a 1 bedroom condo for $500k and cashflows negatively and calls themselves an investor?

We're still elluding the "bust" down here in Colorado Springs just fine. I can show you neighborhoods that are starting to take off, and there are still plenty of easy cashflowing deals to be had -- and even some good foreclosures to buy right now. I'm starting to get itchy to jump back in and start accumulating again under these conditions, and with interest rates headed towards 5%

- Hakrjak
 
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PEERless

Bronze Contributor
Jan 23, 2008
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...But the days of high appreciation are gone as well.
I agree. It's hard to imagine these rates continuing. Oh, and the paper published a new stat today: the median home price in my little town is $1.8m.
 

biophase

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Speedway Pass
Jul 25, 2007
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Scottsdale, AZ
The properties in those towns are often 2nd or 3rd homes held by wealthy people who can afford it. They are not going to come down in value due to foreclosures or deseperate sellers.

I follow the town of Crested Butte's real estate. Their lower end condos have not come down but they haven't appreciated at all. I do see a few desperate sellers every once in a while but their properties are snapped up fairly quickly and not at anywhere near bargain prices.
 
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PEERless

Bronze Contributor
Jan 23, 2008
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Yes, it's hard to get into the markets here. I had to buy my first property "over the hill" in the next town. Even there, a 600sq.ft. 1b/1b is $175 at its lowest.
 
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PEERless

Bronze Contributor
Jan 23, 2008
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Where do the "normal" people live?
I know, right? The "normal" people live in the next state, but they rent there too. Or they get a live-in caretaking situation like mine.
 

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