Highlands Cashiers Market

[Scott Weston]

Really interested in investing in this market and would accept a relatively low return (or even a break even scenario because i believe in continued appreciation potential here).  Ownership demand here seems to heavily outweigh tourism demand and i'm struggling to get anything to pencil.  Not alot of confidence in any existing rentals as consistent indciators but I feel like so many homes are 1/2 rentals and don't tell the whole story.

Anyone have any insight into the Cashiers/Highlands/Sapphire/Lake Toxaway markets to share? 

[Scott Weston]

@Mitch Davidson - agreed.  Hammer got dropped in Highlands with some level of grandfathering to existing rentals.  Cashiers is unincorporated Jackson County - where Highlands is its own municipality and able to act in more precise way that exact community.  So while there is always risk in this area - i don't know.  Its a vacation town.  Some level of protection will almost certainly be provided as opposed to some sort of outright ban.  

Quote from @Mitch Davidson:

@Scott Weston and @Luke Sanders. I looked at Sapphire pretty hard last year, and made a couple of offers there, but in the end decided it wasn't the market for me. I too live in Asheville, so Sapphire was closer than Cashiers and Highlands. And the locals in Highlands have been fiercely debating STR's and regulations for the last few years, so I wouldn't be comfortable buying there. That also made me hesitant about Cashiers, meaning I worried that the mindset would spill over. Sapphire is much more of a vacation home community.

The deciding factor for me was that Sapphire and Cashiers don't have a lot to do, except for golf and hiking. Sure, there's a little beach at the one lake, and the shops at Cashiers, but to me it's just not quite enough. Lake Lure, for example, has more to offer, is more well-known, and is closer to some other great towns like Black Mountain and Hendersonville. 

If I was buying south or southwest of Asheville right now I might be trying to get very close to one of our great new downhill mountain bike parks, meaning Ride Kanuga in Hendersonville or Ride Rock Creek in Zirconia. Both are drawing more and more tourism, as well as relocations, and are holding more and more special events and competitions.