According to Vacasa, an international vacation property management firm, conditions are right for investing. And winter is a good time to start looking, said Thaddeus Hanscom, Vacasa real estate trend analyst.
It is estimated by company officials that homeowners with vacation properties in Flagstaff make on average $23,380 annually when they use their property as a vacation rental.
Realtor Blake Cain with Russ Lyon Sotheby’s International Realty says he has found in general there is a need for long-term rentals in Flagstaff, but there is also a need for vacation homes, which make money for the owner.
“If you are smart and have the right real estate agent, you can get profit on your investment,” he said. “You do have to do your due diligence about where are the rights spots to purchase. When people come here, I show them property. I know the area where this type of activity is allowed. I point them in the right direction.”
Cain says Flagstaff is a good place to have either a second home to visit or to rent out as an investment, and a great location for snow sports in the winter. “It is 30 minutes from Sedona. It is close to the Grand Canyon, and Las Vegas is only three hours now. High-end shopping is in North Scottsdale, and San Diego is only an hour’s flight away.”
Just a couple of hours from the searing summer heat in the Valley, people also love Flagstaff’s four seasons, he added.
“Flagstaff, at 7,000 feet, has fresh crisp air and ponderosa pines,” Cain said. “There are miles and miles of hiking, biking and winter sports. We have Arizona Snowbowl.”
The Vacasa study focused on the most profitable markets for investors looking for a vacation rental-friendly community.
In the No. 1 spot, the survey identified Okemo, Vermont. No. 5 was Steamboat Springs, Colorado, with Tahoe at No. 10.
Bobby Brush, the designated realtor for Vacasa, said the company is excited to get into the area. “Flagstaff has about five million visitors a year. It is a unique market compared to the rest of Arizona.’
If the home is to be used as a vacation rental for a few days or a few months, the local Vacasa office can take care of the property, take care of the home and the guest issues, he noted.
VACASA was founded in 2009 to help homeowners navigate the rental property landscape. “We do everything for the homeowner,” said Hanscom.
The Portland, Oregon-based company began the business with one home in Washington state. It has grown to 11,000 rentals internationally. FBN
By Patty McCormac, FBN
For more information, call Cain at 928-856-9071 or visit Vacasa.com.