Crested Butte (81224) – Quarter 3, 2012 Report
An improving real estate market, both across Colorado and throughout the nation, has spurred activity in the purchase of second homes. With most of the attention during the real estate downturn in recent years focused on just maintaining current homeownership, recent increases in activity, pricing and demand have spurred a wave of second-home investment. And the reason seems to be speculative investment, where the purchaser is putting improvements into the property then returning it to the market within the next twelve months.
The activity, sometimes called flipping – although professional Realtors do not use that term – shows that demand is increasing across both private buyers and professional investors. After all, professional real estate investors do not invest, especially given a short turnaround, unless they can project a healthy homebuying market. And although Colorado ranked slightly behind national averages in time on market and profit, the time period of selling a second home was 122 days, or a little over four months, which is an astoundingly quick time when compared to years past.
Most promising is the fact that the activity of second home purchases seems to be fueled by a demand for quality. These are not quick fix-it properties but properties being fed into the demand for long-term mortgages by private owners. In short, it shows how the Colorado real estate market and counties like Gunnison with its immense outdoor appeal, are attracting buyers from both within and outside the state. A second home purchase is starting to make sense on a number of levels: for both personal use and as a sound real estate investment.
If buying a second Gunnison County home sounds like either an appealing housing option or a wise investment, I can help. Give me a shout today to learn more about your real estate potentials in Gunnison County.