Quote from @Steve K.:
Quote from @Tim Bee:
I probably would have bought in Breckenridge or Steamboat. Janurary (and much of the rest of the year due to amazing out door activities) is booked solid for huge rates due to it being located next to amazing ski resorts. You'll always want to research areas where demand is high before getting into a low demand area. You might want to think about selling and getting a property in one of these more desirable locations. Remember if you find your self in a hole, stop digging.
There's really no comparison between these two very expensive luxury markets and Greeley. Sure demand is higher for STR's up in the mountains, but prices are also much, much higher. Median home price in Greeley is currently ~$400k and there are still a few detached homes for sale under $200k there, while Breckenridge and Steamboat are more like median $1.2M with very little inventory under $1M even for attached. Breck and Steamboat have been absolutely insane markets over the past few years, two of the craziest seller's markets in the whole country. Breck in particular has also been severely restricting new STR's recently (last I checked the waiting list was 80 units long to get a permit, permits can only be issued in certain areas that are also among the most expensive parts of town, and the annual regulatory fee just went up from $400/yr. per room to almost $800/ room among other new rules and regs). Steamboat doesn't have as many regulatory issues but STR competition has really picked up and there is basically no inventory to purchase. So the barrier to entry is super high for Breck and Steamboat. I'm guessing the choice to pick Greeley over these two very expensive markets was budget and property availability related. Greeley has been a really good investment market over the past few years.
I think my general philosophy remains pretty valid. Breck and Stem aren't the only high demand options, although there are a few under the 500k price point. I am just saying when you gather together with your kids for the big family vacation talk and say "GUESS WHAT KIDS! You know how we talked about Disney World, Hawaii or Lake Tahoe for our big winter vacation options?" The kids on the edges of their seats with bated breath reply "Yea Daddy?", with ear to ear smiles. Then Daddy replies, "WE GOING TO GREENLY!!" Apart from the many crickets you now notice that will have to be professionally exterminated, now you have to worry about paying for professional mental health therapy and rehab when they're older as well. So just maybe suggesting that a STR in Greenly would have a lower demand and would be better for that LTR. Unless of course you're way over levered, which in that case you should definitely sell. :)
