Of course the United States of America has long been touted as the land of opportunity. We have a long history of welcoming migration from all over the world with open arms. Opportunity is what has built and sustained this nation since its inception.
However this article is about the Land of Opportunity in the Steamboat Springs Real Estate market. As with all of nature everything is cyclical. On a daily basis we see the morning transition to dusk then night to be followed by dawn. On a yearly basis we have our four seasons, each unique in its own way but winter always follows fall. So it is with international and national economies. Looking within the Yampa Valley economy and Real Estate in particular we have enjoyed an inordinate period of appreciation which has often bucked national trends. Some even went as far as to claim that we were recession proof.
This latest economic downturn has many features that we have not seen before. First in the speed in which it set in. Secondly the width and breadth of the calamity. It has been a long time since we have seen a financial crisis that has been so international and across so many segments of the income rainbow, in both personal and business. Routt County was not able to escape this latest round either. In retrospect one might even claim that we were overdue for a correction and in the larger scheme of things it may not be all that bad. As with all cycles, it’s always darkest before the dawn.
As our dawn approaches, and we know it will, we have opportunity in Real Estate whether one is seeking a sound investment or a primary residence. We have strong inventory, sellers are motivated and Steamboat is in a unique position of being a non mature resort destination with a lot of upside. The key is to examine and understand the market and see where these opportunities lie. As Exclusive Buyer’s Agents understanding the marketplace and knowing where these opportunities are is one of our primary functions. One prime example is fractional ownership. Currently there is simply no funding available for fractional ownership. Again, inventory is available and sellers are motivated so the only way to purchase is either cash or owner financing. Cash buyer’s have a tremendous opportunity to take advantage of this situation knowing that, due to the cyclical nature of all things, eventually funding will be once again available making this product available, more desirable and hence more valuable.
