One question I often get from clients is, “If you were me, what Grand County Real Estate would you buy?”
This is not always an easy question for me to answer as I have two homes in Grand County and the thought of managing more makes my head spin. What else do I need? Then I snap back into my role as ‘counselor and steward of real estate’ and remind myself to answer this question objectively as its my job to educate folks. What are the good Grand County Real Estate deals currently? What places are renting well? What is on the horizon for new development? What looks to be a smart investment in a 5 year plan?
At this moment in time, I am flush with suggestions. The Grand County Real Estate market seems to be teetering on the brink of upward pricing as inventory is down. In reviewing early May statistics, the Winter Park area single family home inventory is comparable to what is was at this time last year. There are 168 total active homes (last year at this time there were 167). However, it may feel as though there is less inventory because there are big voids in the 200K – 250K and 400K- 650K price ranges. The Grand Lake area is pretty flat in terms of inventory compared to this time in 2014 and Granby homes listings are down slightly which is a welcome reality for sellers in that market. The more dramatic numbers are in the condo, vacant land and townhome sectors. The supply of condos in the Winter Park area has dropped 27%.
This brings me back to my “what Grand County Real Estate should I buy question?” Before prices trend upward, a small condo would be on my short list to purchase at the moment. There are plenty of older places in need of the HGTV remodel which would, post remodel, sell quickly or rent well. Rentals have been in high demand in the past 12 months. People are starving for 6 to 12 month rentals and are paying higher numbers than we’ve seen in years. Currently, there are cash flow opportunities, which is unusual.
I’m hip to new Grand County Real Estate construction these days. If you notice, there are not many properties in the Grand County area built in the mid 1980s to mid 1990s due to a recession and mortgage interest rates upwards of 18%. History is repeating itself as we now have a new construction deficit from 2008 to 2014. There are one or two exceptions. Trailhead Lodges in Winter Park has been building. These are great condos with a strong rental potential. They don’t offer garages but they do have elevators and are adjacent to Hideaway Park. Rendezvous has built some new townhomes and will soon be breaking ground on new buildings featuring three bedrooms with garages, handsome 2015 finishes and are adjacent to a recently improved trail system.
The Winter Park area’s vacant land availability is shrinking…slightly. Given the lack of new construction, great interest rates and current pricing of many vacant land parcels, this would be another suggestion as a current, strong Grand County Real Estate investment. Development land is also high on my list for strong Grand County Real Estate investments. While it’s not cheap to build single or multi family, we need some 2015 construction for folks wanting the latest, greatest and newest when it comes to residential living. Good job HGTV…your audience is listening!
Outside of the statistics and in an effort to always disclose, disclose, disclose; these are my opinions. While I speak to a decreased inventory, the reduced supply isn’t drastic but it’s noticeable and its something we haven’t experienced in at least 7 years. Its exciting!! It will be interesting to see what happens in the next 45 days as that is when we tend to see an influx of new properties come on the market. Stay tuned and until next month…..