Posted on September 26, 2018 by shawn_manwaring
When you say “vacation property” or “vacation home” or “vacation investment property” most people tend to immediately think of a beach destination. Here in Western Colorado and among many other resort areas in the state, we are really starting to find our place on the map for vacation property and vacation property investors. With the incredible landscapes, diverse economy, opportunity for exploration, Colorado is showing the rest of the country that you certainly do not need an ocean to be considered a vacation property market.
Whether you are looking for a ski home to use occasionally and produce rental income with, a river retreat to spend summers at or a golf course community setting, Colorado vacation property is a HUGE part of our market today. The trends for Colorado vacation property continue at an upward rate regardless of what part of the state we study. Colorado has always been a tourism state for skiing but with improved accessibility, culture, and economy many people are now looking at Colorado year round for recreational enjoyment AND investment purposes.
In a recent article from Keeping Current Matters, it is said that across the country, vacation property sales are the second highest they have been in the last decade. Here are some additional statistics that speak to that:
- 58% of vacation homes purchased were single family homes.
- 51% of vacation homes that were purchased were found online.
- The median price of a vacation home is up 28% from 2014.
These are pretty astonishing real estate statistics and at this point, there is no reason to think this trend will not continue across the country.
The bottom line here is that whether you are in the market for a vacation rental property or not, when purchasing Colorado vacation property and evidently vacation property around the country, you are going to be competing with lots of buyers who are looking to purchase vacation property as either a personal investment or additional piece of property for enjoyment.