The Colorado Mountain Crash and STR is a big cause for Over-priced Housing

[Terrel L. Shields]

the 10 towns in total freefall, from the short-term rental panic in Pagosa Springs to the catastrophic billionaire bubble bursting in Aspen.​

 

[TerryRohrer]

Bumper sticker for the next election cycle:

"SAVE THE FRONT RANGE! SMOKE MORE POT!"

 

[Terrel L. Shields]

I am old enough that I remember when the last old resident in Aspen sold out for $250,000, and her property taxes exceeded her SS check and her children couldn't afford to subsidize it any longer. That was about 1978.

I remember when a house in Telluride sold for $10,000 and the owner complained about the property taxes of $300 a year...And I remember when half the population of Telluride were ranchers and drove 4WD trucks and old Jeeps to town. (my picture)

 

[gregb]

Terrel,

Do you have any photos of Steamboat Springs from back in the day?

 

[Elliott]

The "market is crashing" is today's scare story. Yesterday I saw a Las Vegas reporter who interviewed a 'realtor' who had been in sales for almost two-years. He claimed that market had totally flipped,it was a buyers market, builders were paying 6% of closing costs, prices were back where they were 4-years ago, etc. Kind of reminds me of the "appraisers are biased against blacks, here's a couple who got low balled."

Reporters should also go interview a few sellers and they'd probably tell you, 'hey, I'm sitting on a 3% mortgage, and holding this property isn't that costly, 'have you ever heard of opportunity costs or replacement costs?'. The problem is reporters don't do real due diligence in producing 'news' stories.

I'm waiting for the reporter who starts out, "Appraiser says inflated housing prices are caused by Black Box valuations, or AVMs, which are designed to inflate values and make deals work."

 

[Terrel L. Shields]

Terrel,

Do you have any photos of Steamboat Springs from back in the day?

Ski Slope, view from the back deck of my condo I stayed in summer, and view overlooking the drill site for Project Nure test hole (Dept. of Energy). Steamboat lake in the background along with Hahn's Peak, about 15 miles north of town. 1979, Yes, we paid $450 a month for 3-bedroom condo.

 

[Joe Flacco]

Our high-end market is active. A lot of supply, keeping a lid on prices, but a lot of deals are getting done. The number of sales in the upper price brackets is 25% higher than 2021-2022. It's not like the whole market, which is seeing the number of sales down around 40% from 2021-2022.

It seemed like Jonathan Miller was saying similar things about New York.

I would be a little bit surprised if the high-end market in CO was different, with the stock market at highs.

 

[Terrel L. Shields]

 

[KHS445]

During the ‘70’s I made multiple trips out west skiing to Jackson Hole, Steamboat, Aspen, Vail, Park City, Park City West, Sundance, Alta, and Snowbird. While skiing was great on my more recent trips, the over development of many areas has ruined the après-ski draw of the area. Terrell’s pictures of the Steamboat area begins to show the building boom. On my first trip to Steamboat the drive from town to the ski area there was nothing but open ranch land, now it is nothing but rooftops.

 

[Mark K]

On my first trip to Steamboat the drive from town to the ski area there was nothing but open ranch land, now it is nothing but rooftops.

Steamboat is one of my favorites places to ski and I've noticed the same thing. There used to be a couple of miles of open space between the old cowboy town and the ski slope. As you say, today its nothing but apartments, condos, and a few multi-million $ homes.

Terrel paid $450/month. Last time I was there we paid about $450/night. Its still a great place to ski but it can be a btch trying to get into a restaurant afterwards.

The subject of the OP is STR. I hope everyone that bought one and drove up the prices choke on them. Another good reason to ban them or at least make them subject to the same rules/regs/zoning as hotels.