a VirtualTourist member from Lake Geneva
In 1985 you could have bought a nice 3 bedroom house in Glenwood for about100,000; today that house is probably worth300,000. Buildable land is getting pretty scarce in the narrow valleys below the beautiful mountains. Will it all become one large upscale community from Aspen to Vail to Grand Junction? Mat
You think you've got problems. We live in an area of England where house prices have doubled in three years. None of the youngsters can afford to buy their first homes anymore and prices are continuing to rise, by about 8% per month.
Your dilemma is much like what I have experienced in California in the late 1980's. The solution many people there chose was to have at least two people with sufficient incomes (a husband & wife?) to pay the large mortgage and then hope like hell that the price would rise quickly so you could get out again while realizing a capital gain on the equity. Then you take your money and do it over again or move to a place with lower prices and a good chance of substantial rises you can also get gains on. Pretty soon it's time to retire and you have "house wealth" to enjoy in your final years. Unfortunately all this depends on rapidly rising prices. Let's hope we don't suffer a Japanese style "deflation" which would see prices decline while your mortgage stays the same!
There are a lot of properties for sale within reason up Fall River Road outside of Idaho Springs and up at St Mary's Glacier, and Alice. www.stmarysglacier.com High Altitude Living!!!