Not all good real estate deals are overseas real estate or overseas property. Years ago, a message told readers about a real estate auction in Crested Butte, Colorado. The story revealed that a Savings & Loan had repossessed a number of condos near a ski lift and I mentioned I was bidding $50,000 for one of these units myself.
My readers outbid me and racked up huge profits! I did not mind a bit. Merri and I are happy any time we can share good investing ideas with readers. This has created a loyalty over many years that is worth more than any profit on a real estate deal.
This is also why when I received this note from a reader, I decided to immediately pass it onto you.
“Hello Gary, I have written you a few times on different topics (and attended one of your Isle of Man seminars a few years back).
if you're looking for interesting real estate possibilities, you might want to revisit Crested Butte Colorado. I bought our first unit there at the Plaza after reading about the auction in your newsletter (in 1991) and then elsewhere. I have since sold it as our family grew, and bought a new 4 bedroom townhouse, then a second after the first turned out so well
and then a 3 bedroom condo built by the same developer at another nearby property.
Prices in Crested Butte go up, plateau for a while, then go up a bit more.
until this year when (in case you hadn't heard) the owners of the Okemo Vermont and Sunapee New Hampshire resorts bought the Crested Butte resort which due to lack of skiers and in turn lack of investment had fallen on hard times. Real estate prices jumped 20% the month before the deal was closed and most properties on the market were gobbled up.
Why? because the new owners have a reputation–they turned Okemo into one of the best family resorts in the East and will no doubt use the same approach in Crested Butte investing 5-10 million or more each year to turn things around. Has Crested Butte become too pricey with the recent jump? Not hardly, If you consider what the future will bring and if you compare the per square foot with prices at other Colorado resorts you will see that anything bought now should prove to be a moneymaker. I'll spare you the details of all the changes they are doing, but a lot is planned for the moment.”
There you have it folks. I like small town USA . (See https://www.garyascott.com/greatplaces/index.html). Crested Butte is small and a glorious place to be, especially at this time of the year.
Monday’s message looks at interesting real estate in Mexico.
Until then, good investing!