For this week, I chose a Shadow Run condominium unit. This unit has nothing flashy going on, which was my main driver.
Trends in Steamboat are for two bedroom units and larger. Prices of these properties have been rising fast, which then put pressure on one bedroom units. This deal is a one bedroom unit.
This is why I think it is a good deal today:
- It is the largest, least expensive one bedroom on the market today.
- It has a location that allows both short and long term rentals.
- Historically, rentals in Shadow Run have been consistent.
- The complex is undergoing a facelift. Once done, the complex overall will have greater appeal.
- The unit is in need of cosmetic renovation. Installing updated appliances, paint, carpet, and interior doors (solid core) would bring the appeal of this unit up.
- Appreciation of real estate values in Steamboat Springs looks to continue for awhile, probably more than three years. Rates of appreciation could be 8-12% annually. Last year was 18% year over year.
If you’re in Steamboat this weekend, let me know and let’s get coffee!