Trickle down real estate
With prices so high in Denver and people still wanting to move here from other states, the housing market has hit some records and changed in unexpected ways. First, who would have thought 10 years ago that condos would be all the rage today? It used to be that condos and town homes didn’t appreciate as fast as single family residences. Now, the appreciation on condos and town homes is over 13% year over year, even more than SFRs. Why? Affordability. That’s the key these days.
Second, median home prices in Colorado Springs and Pueblo are reaching all time highs and appreciating faster than Denver. Why? Again, affordability. When you can’t afford Denver (or want more for your money), you look to Colorado Springs, where the market has gotten so hot itself that the next in line is Pueblo. That, coupled with new jobs means Pueblo is likely see extreme appreciation in the next few years. (BTW, The same is happening to the north of Denver and east.)
QUOTE OF THE WEEK
“A true friend never gets in your way,
unless you happen to be going down.”
~Arnold H. Glasow
See you soon,