As we step into the chilly embrace of November, the real estate sector in Colorado is anything but cold. The Ski Summit Show's latest edition, aired on November 2nd, unpacked a host of crucial insights and updates, particularly for short-term rental property owners. If you missed the live show, don’t fret. Here’s a quick recap of what went down.
The world of real estate in Colorado is undergoing rapid shifts. With legislative changes on the horizon, property owners, especially those dabbling in short-term rentals, need to be on their toes. Joined by Benji, the producer and live chat maestro, the duo set the stage for an insightful session.
The Big Question: Modern Minimalism or Cozy Rustic Charm?
Before diving into the meaty topics, Matt and Benji threw a light-hearted question to their viewers – when it comes to home decor, where does your allegiance lie? Are you a fan of sleek, modern minimalism, or does the warmth of cozy rustic charm beckon you? It's an age-old debate that continues to divide design enthusiasts.
Real Estate News: The Taxing Dilemma
Short-term rental owners, brace yourselves. There's a potential storm brewing. Colorado lawmakers are pondering over reclassifying short-term rental units as lodging property. What does this mean? Well, any home that was leased for short stays more than 90 days in a year could find itself in this bracket, starting from the property tax year 2026. This reclassification could trigger an increase in property tax revenue by an estimated $371.2 million. The numbers being bandied about are stark - a jump from 7% to 28%.
"CJ Willey from Evolve, a Denver-based property management company, painted a rather grim picture, estimating a potential hit of $500 million to the state’s tourism economy if these tax rates were imposed. Interestingly, he also mentioned that a significant 76.5% of all Colorado short-term rental properties are owned by Coloradans themselves.
The Pro Tip: Pre-Inspection Advantage
Matt highlighted a golden nugget for those looking to list their properties. Considering a pre-inspection can be a game-changer. This step not only unveils potential issues that can be addressed before they become negotiation hindrances but can also instill confidence in potential buyers. A win-win!
Contact Me
If you need help finding someone for your pre-inspection needs, please reach out, I am very happy to find someone to help you out!
Market Pulse & MLS Highlights
The market metrics segment showcased some intriguing trends. New listings, properties under contract, price reductions, and total listings (with a 27% skew towards new constructions) were discussed in-depth.
Matt also showcased the top 5 listings, and a spotlight was thrown on the 229 Fly Line property, which promises to be a hot favorite among buyers.
The Ski Summit Show remains a beacon for those navigating the unpredictable waters of Colorado's real estate sector. As Matt aptly signed off, the hope remains to see everyone in the mountains soon. Remember to keep an eye out for the next episode and in the meantime, happy house hunting (or selling)!
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