What’s New with Real Estate? iRelateCRM.com
Have you noticed a bit of traffic congestion around the Front Range? An article in UrbanLand magazine noted that the average American driver wastes about an hour each week stuck in traffic. It goes on to offer that while traffic congestion is a sign of a healthy local economy, it costs the average driver $1,400/year in wasted fuel and lost productivity. Recently the Denver Post published an article addressing Colorado’s growing pains noting that Colorado has gained 800,000 people since 2007. Infrastructure – including roads – is, and will continue to be, challenged and strained by the population increase. While developers are required to construct roads within their new subdivisions, it falls on cities, counties and the State to maintain and improve the roads between those subdivisions and schools, offices, shopping centers, etc. Prior to the 2008 Recession, Colorado was building 40k to 60k housing units a year. In 2016, despite record demand, just 30k new units came online.
How will the population growth and ensuing pressures on the State’s infrastructure and lifestyle – roads, schools, water supply, air quality, and public safety – affect home values? The Urban Land Institute notes that homes that are closer to “alternative” transportation resources tend to have higher values than those that are located where every trip requires a car. If you would like to explore new home communities please get in touch and let’s talk about your needs.