As billionaire oilman J. Paul Getty once said: "Buy when everyone else is selling and hold until everyone else is buying."
J. Paul Getty would be buying Steamboat real estate like crazy right now.
If you are still sitting on the fence wondering if this is the time to buy Steamboat real estate, these time-tested ways can help you--and your investment portfolio--come out ahead at the end of this real estate slowdown:
Time it Right by Being in Front of the Herd.
Get into the market cycle early. Don't buy when the media headlines say "Record Levels of Appreciation". Be a contrarian and buy when the media headlines say...well, when they say exactly what they've been saying for months.
Don't Spend Your Last Dime on Real Estate:
Consider your holding costs, HOAs and cash flow potential, especially if you find your Steamboat place is not being rented or is taking longer to sell than you expected. Consider short term rentals and long term rentals. Have enough cash to ride out this market cycle. After all, it is a cycle and will come back around.
Buy it and Hold it.
Time is a Steamboat investor's best friend when it comes to real estate appreciation. If you are in it for the short term, keep renting. If you buy and hold, the fundamentals are solid in Steamboat to see healthy appreciation rates.
Steamboat's community buildings and recreation facilities are brand new. Since 2006, Steamboat has added:
- improvements at the ski mountain,
- a new Community Center,
- an incredible new library,
- new schools-- Soda Creek Elementary was torn down and completely rebuilt. Strawberry Park Elementary got a new wing, or "pod". The Middle School got a new addition and heated sidewalks
- new playgrounds--Soda Creek Elementary and Strawberry Park Elementary both got new playgrounds that are handicap accessible and have heated play areas to melt the snow.
- brand-new pools at the Steamboat Springs Health and Rec hot spring pools,
- and a future brand-new base area.
Find the Best Deals
They ARE out there. Whether you are looking at new construction or entry-level condo, there are motivated sellers.
Plan to Sell Before you Buy.
you are buying Steamboat real estate for investment purposes, think about the exit plan. Think resale and buy properties that will appeal to the most buyers when you go to sell. Think about doing a 1031 exchange and keep detailed records of rentals and your owner usage.
By:Eliese Pivarnik
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