High Traffic in Colorado: a look into cannabis and the growth of the state.
With marijuana legalization in Colorado, Coloradoans, have seen a vast increase with rent and housing prices, let alone the amount of people moving into Colorado per month. Colorado has a population of over five-million people as of 2017 with over 99,171 new residents flocking over during 2014–15. But what has caused the gigantic increase in populous?
During 2014, Colorado enacted recreational marijuana legal and during the same time, becoming the second fastest growing state in the U.S. I wanted to figure out if theres a correlation with the amount of new combers moving over here and the complete legalization of pot.
I was able to meet with Randy Payne at a local Starbucks to grab a cup o’ joe and get his point of view from a real estate standpoint as to what is causing Colorado to grow. Randy has been a licensed realtor for over four years and has got his start at C3 Real Estate which established in Loveland, CO a little over four years.
Waiting out under the shade with my caramel Frap, cooling me down as its still 80 degrees in September, I was met with a 6'5'’ bald headed smiling face who had the same idea and got an iced coffee. We got right down to business.
Colorado has many people from all walks of life, but what would you say is Colorados demographic?
Its a good general mix of people that are coming over for various reasons that its hard to measure, because you have college students, smaller families, retirees, or people wanting to come over and see what we have to offer.
Well with so many people coming over, many people would agree pot has grown CO’s popularity, would you agree?
I think marijuana has grown Colorado’s popularity but not necessarily it’s population.
Then what do you think has grown Colorado?
Personally, there are many amenities that this state has to offer, whether its biking, trails, ski resorts, outdoor activities, great mix of weather, and with Washington and Colorado legalizing at the same time, marijuana definitely is popular.
Do you have many out of state clients asking about marijuana?
Personally, no, I haven’t clients ask me but many do joke about it sometimes.
Whats the most populated area in Fort Collins?
Definitely anywhere around Old Town is huge, places along mountain ave are also popular. A premium house along mountain will probably run you minimum, $475,000, and thats for something with 1000–1200 square feet. The generation is changing as far as more people wanting to be closer to the city. Families are having one, maybe two children and moving around more as compared to families in the 60’s and 70’s where the suburbs were the most populated.
What would you say is an estimate of around how many people are coming to Foco?
It changes based on seasons essentially, during summer, you have more college students moving in, along with families moving closer and people want to jump into the market while its booming. Overall, we probably sell hundreds of houses per month, but inventory is becoming soft, building permits are down, and things are going to be expensive.
In fact it’s predicted in 25 years, this corridor, points to the ground, and all north of the metro area is expected to see around 250,000 new people.
Do you think marijuana has helped the housing market by more people moving here?
Theres more of an impact for personal financial investment. More people are looking to invest into large warehouses and flip them to make them into grow facilities but theres only so much area you can have them based on limits.
Has there been any issues with pot smokers and growers while your trying to sell a home?
Overall not personally, but, we have had a guy experimenting with hydroponics in his unfinished basement and over time that can become a hazard when trying to sell. We have to disclose that information when we sell a house, and for this guy, after he cleared it all out, you could still smell the marijuana. For growers, thc can seep into the concrete from spills and that has an impact on investors. Its a safety concern for multifamily units because of exposure or a firehazard.
Do you think theres a stigma associated with Colorado? Usually its about marijuana.
Curiosity has definitely provoked a lot of people to come and see what it’s all about and thats brings a lot of travel. I know they even have a tour set up I believe in Denver, where a bus takes you to various dispensaries and you can “partake” while being shuttled around but pot is something that comes to mind when people mention Colorado so there is some stigma but not necessarily negative.
If you wouldnt mind me asking, whats your stance on legalization?
(laughs) well if you asked me this 20 years ago my answer would be completely different. I was raised conservative so thats something I wasn’t around but personally, I don’t have an issue with it, I think its better to learn from it and educate than create a demon of it. CO and WA did it and other states can learn from our mistakes, but now I can see it(legalization) inevitable.
