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Colorado Real Estate: The Top Cities
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The entire state offers landscapes of striking beauty with
mountains and plateaus and is rich in gold, silver, and other
minerals. Once primarily a
mining and agricultural state, Colorado's economy is even now
driven by mining and energy industries, telecommunications,
defense and other service industries. It is also a large
employer of federal workers with many federal government offices
located in Denver.
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From a real estate point of view all four
cities have been witnessing a developmental boom for several years
now. While Denver has witnessed an explosion of development
downtown in recent years with the Downtown Denver Partnership
estimating that 13,760 residential units have been built in the
city's center since 1990, there is still a strong demand for
high-priced properties in the area with a spate of new projects
coming up. Museum Residences and Art House Projects are two such
developments designed and built by top-notch architects. While
Museum Residences is coming up next to the Denver Museum of Art,
the Art House Project is coming up next to the Museum of
Contemporary Art. Both projects have been designed to make "Home is
Where the Art is".
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Colorado Springs on the other hand is going through a phase of
urban renewal. The city has set up a Colorado Springs Urban Renewal
Authority which has designated four areas as urban renewal sites
since 2001: downtown's southwest side; the City Auditorium block in
the heart of downtown; the North Nevada Avenue corridor in the
center of the city; and the Gold Hill Mesa property on the Springs'
west side. As a result there is now a development boom going on in
the area and many new residential properties are coming up in a
planned manner with good architecture and amenities.
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In Boulder a change in demographics has triggered a similar real
estate boom. Boulder County's median family income has doubled over
the past 13 years from $47,800 in 1992 to over $90,000 now.
Similarly real estate values have also more
than doubled during the same period - medians from around $122,000
in 1990 to over $300,000 now. The median rent has also shot up from
$480 in 1990 to over $900 now. Boulder, therefore, is today a very
hot real estate market.
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In Fort Collins the emphasis is on second-home and resort
ventures. Demographically, Fort Collins is presently witnessing an
increase in
health worker and medical worker
populations with many new health offices, medical centers and
hospitals are coming up in the area. These workers, however, do
not have very high median incomes, so homes in the lower end of
the market will find more takers than up-market, high value
properties. So, from an investment point of view, Fort Collins
is ideal for investment in second homes, resort ventures and
homes for the middle class.
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Colorado as a whole is on the upswing. In 2004, the state had the
10th highest job growth in the country, with a healthy chunk of
that coming in the professional and
business services sector. The
bottom line is that Colorado has many job opportunities and is a
pleasant place to live, which has led to an increasing number of
people calling it home.
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Drew Hodges recommends that you visit http://www.cohomefinder.com
for more information on Colorado real estate.
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