|By Marketwired .||
|January 16, 2014 10:24 AM EST||
IRVINE, CA -- (Marketwired) -- 01/16/14 -- RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released a report identifying the nation's best ski resort towns for real estate investing, which ranks 19 towns with high-quality ski resorts based on the health of the local housing market and opportunity to acquire profitable investment homes.
To create the rankings, RealtyTrac identified all towns with a population of at least 2,500 that had at least one ski resort that ranked in the top 50 of the 182 ski resorts ranked by ZRankings (as featured in Forbes) for "Pure Awesomeness Factor" in terms of the quality of the skiing and snowboarding experience. We ended up with 19 towns on that list, and we then ranked those towns based on their combined ranking for the PAF along with eight real estate-related factors: distance from closest airport, unemployment rate, median list price of a residential property, foreclosure inventory percent of all housing units, rental vacancy rate, gross yield on a rental property, 2013 foreclosure rate, and percent change in foreclosure rate from 2010.
"Most buyers consider the purchase of ski resort real estate a lifestyle investment and Park City certainly delivers as an amazing year-round destination with three world-class ski resorts in town as well as 11 other ski areas nearby," said Steve Roney, President of Prudential Utah Real Estate, covering the Salt Lake City and Park City, Utah, markets. "The area also offers a charming historic district and countless summer activities, all within 30 minutes of Salt Lake City's hospitals, universities, and most importantly, a major international airport. These factors also make Park City real estate a fantastic financial investment as indicated by demand and increased recent sales activity compared to other ski destinations, and although prices have stabilized they haven't increased significantly making now a great time to invest."
"The Lake Tahoe Basin is home to more than 15 ski resorts and more than 300 days of sunshine a year, and is split between California and Nevada with Nevada having a very favorable tax climate for investors," said Craig King, COO of Chase International, covering the Reno, Nev., and Lake Tahoe markets. "Supply is historically low causing values to hold and appreciate and the rental market is very strong and a great way to recoup investor's holding costs while the market appreciates."
Whitefish, Mont., led the way thanks to No. rankings for three of the eight real estate-related factors: it had the lowest median list price of any of the 19 towns, the lowest rental vacancy rate, and the biggest drop in foreclosure rate between the peak foreclosure year of 2010 and 2013.
The remaining top 5 towns were boosted by ski resorts that all rated among the top 11 nationwide for their PAF -- Truckee, Calif., with the Squaw Valley ski resort at No. 5 for PAF; Vail. Colo., with the Vail Ski Resort at No. 6 for PAF; Avon, Colo., with the Beaver Creek Resort at No. 11 for PAF; and Jackson, Wyo., with the Jackson Hole ski resort at No. 1 for PAF -- along with solid real estate metrics.
Other towns with high-rated ski resorts ranked lower for real estate investing for a variety of factors, including high unemployment rate, high median prices for housing, high rental vacancy rate and low gross rental yield.
Attached are the towns, listed in order of their ranking from first to last. The full dataset used in the analysis is available upon request.
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the nation's leading source of comprehensive housing data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
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