Colorado Investor Question
When investing with appreciation in mind, what parts of Colorado are you investing in to park your money?
I had awesome returns on my property in Westminster. It's right between Denver and Boulder which I believe pushed appreciate a lot. The area could be reaching a plateau, so I'd be curious what other people will answer. Finding a purely growth area in Colorado that hasn't seen massive gains yet, feels like looking for a Unicorn sometimes.
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Erie is another great area as far as appreciation goes, new neighborhoods being constructed monthly as well as development plans in the works for a town center. Renting inventory is also fairly low if you wanted to go that route.
Windsor/ Severance area is getting a massive overhaul in the next couple of years. Shopping center and stores being developed as well as a GIANT sports complex that supposedly is going to have a minor league baseball team. Hotels going in to support the sports complex as well as a Top Golf being constructed in Timnath just up the road.
I have not invested there yet, but I'm looking at Colorado Springs and possibly even further south in Pueblo. The Berthoud area is experiencing a lot of growth as well, with companies like Ursa Major expanding and bringing tons of jobs to that area - they have a dedicated real estate team there to find properties for their employees.
Can you afford the resort towns? Breckenridge/Frisco is still affordable compared to Vail and Aspen. It's closer to Denver. I know a great STR management company if you just want to park your investment.
I live in Erie, and moved here from Westminster. Similar close areas are Broomfield, Thornton, etc. I own a LTR in Northglenn.
You'll be hard pressed to get any good cash on cash returns - the prices have just gotten too high compared to rents, unless you can get a BRRRR deal or similar. Super high demand here however. Broomfield is $100K/house more than Erie (for the same new build house, same builder) just because it's a little closer into population centers.
The other posters are right to suggest going further from the Denver metro area. I work in Berthoud, and it's growing pretty well, just a little further behind the $$ increases of Erie. It's a little far for Denver commuters, but it is growing. Going further north & you get into college town (Fort Collins). Going East some is a good option (Brighton, for example) gets you better CoC returns.
If you're OK with break even CoC & want to play just an appreciation game, this is a good place to play that game. Most resort towns (and even Denver now) have cracked down on STR's & STR permits are tough to come by. Additionally, they've blown up so much in price, even self-managed STR's are real tough to break even with, let alone get 'STR-caliber' returns.