The grand canyon is a prime location for luxury condominiums, but the real estate market is already heating up.
It’s a hotbed of activity right now.
In the first nine months of this year, residential sales in the canyon were up 13.5% compared to the same period in 2015.
And in that same time frame, condos were up 5.5%.
And the Grand Teton National Park is also a hotspot, with condo sales up 13% this year compared to last year.
So, while it may seem like the Grand Traverse has been the hottest place to build a condo in recent memory, in reality it is actually a very conservative market.
The real estate agent at the bottom of this post, John Foy, says he would be hard pressed to find a more conservative market than this one.
“In my experience, if you look at the other areas in Grand Travers, they tend to be very, very conservative,” he says.
“In other words, they’re not very diverse, they’ve got a lot of single-family homes, they have a lot more luxury properties, but they tend not to be as hot.”
John Foy is the agent who manages the Grand Trunk Condominiums and Lifestyle, an area in the Grand Coulee National Forest that is home to about 80 condominium units and more than 2,200 square feet of ground floor retail space.
“It’s very conservative, there’s very little retail, there are no big retailers.
There’s very few office spaces, there is very little apartment housing.
There are no commercial tenants.””
In this particular location, it’s really more of a suburban-style market where people are choosing to live closer to the water and the mountains and to the Grand Park,” John says.
For the most part, condo sales are concentrated in the area around the Grand Lake, in the southern part of the canyon, where there is a mix of houses and apartments.
But in the northern part of Grand Traver, condos are up almost 40% in the last year, with a few buildings like the National Building Museum and the National Zoo.
John says the market in the middle is a bit different.
He says the area in between the Grand Lakes and Grand Travert is “very conservative, but there are a lot fewer luxury properties.”
Most of the people who are moving to Grand Traveres area to buy a condo are not moving here from other parts of the country, they are moving here because it’s more affordable, more affordable to live in Grand Trunks and Grand Lakes,” John explains.””
We have very few luxury condos and there’s less of a diversity of styles in that area.
Most of the people who are moving to Grand Traveres area to buy a condo are not moving here from other parts of the country, they are moving here because it’s more affordable, more affordable to live in Grand Trunks and Grand Lakes,” John explains.”
People have a preference to live where they can get to Grand Trumps lake, to Grand Lake for a longer period of time, but Grand Travis has a very, a very high standard for the quality of homes.”
And there’s a lot to love about Grand Traven.
You can drive the road up to Grand Canyon National Park and it is breathtaking.
There are mountains, and it’s a really, really pretty place.
Then there are the Grand Tree National Park, the Grand Tetons highest point, and the famous Grand Canyon.
John says there are more people than ever coming to Grand Tour, but he says the community is growing.
“We are getting a lot, a lot closer to people.
It’s a very active community.
There is a lot going on, a real vibrant community, with the Grand Tour area growing,” he concludes.
Grand Traverse is not the only community in the region to see condo sales increase this year.
In May, the market for luxury condos in Grand Tonese was up 24% compared with the same time last year compared with a similar period in 2016.
And in the same market in May, condominium sales in Grand Tetonese were up 15.3% compared, but in the first quarter of 2017, there was a decrease of 5.4%.
“This is a very robust market, it has a lot less competition and a lot better competition from the Grand Yellowstone National Park,” says John.
So, it seems to be working.
As we head into the next few weeks, we’ll see how the market evolves and whether condo sales will keep rising in the near future.
Read more articles by Amanda Jones