Ski town real estate investing analysis places Steamboat in middle of pack
January 27, 2014
Steamboat Springs — An analysis of the best ski towns for real estate investing placed Steamboat Springs in the middle of the pack.
RealtyTrac, a real estate information company that specializes in foreclosure data, considered nine factors when evaluating 19 ski town markets for their investment potential.
Steamboat placed at No. 11 while Whitefish, Mont., was named the best market.
RealtyTrac Vice President Daren Blomquist — a skier himself — said the idea for the rankings came from the company's CEO, Jamie Moyle, who owns a place in Park City, Utah, which came in at No. 9.
A lot of RealtyTrac's customers are investors, Blomquist said, and while most are "bread and butter" investors, there certainly are some who specialize in higher end markets such as ski towns.
The analysis included the following factors: distance from the nearest airport, unemployment rate, median list price, foreclosure inventory, rental vacancy rate, gross rent yield, 2013 foreclosure rate, foreclosure rate from 2010 and the "pure awesomeness factor" of the nearby resorts, as judged by Zrankings.
The real estate information used was from RealtyTrac's own data while vacancy and unemployment rates were from the Census Bureau and the Bureau of Labor Statistics, respectively.
For Steamboat, distance from the nearest airport was listed at 58 miles despite Yampa Valley Regional Airport being about 25 miles away. Blomquist said the airport distance information was taken from Homefacts, a site owned by RealtyTrac.
Steamboat had the fourth best gross rental yield but a number of other real estate factors were middle of the road.
Whitefish, Mont., rising to the top was a surprise, Blomquist said, adding that its rank was helped by a low median list price and vacancy rate.