REAL ESTATE BOOM
Strike While the Iron is Hot Historically low rates have spawned a real estate boom in Douglas County BY AMY DENICOLO
Colorado’s real estate boom has been cause for many headlines this year and the experts will tell you that the market hasn’t even peaked yet. The boom arrived as a result of historically low interest rates, changing homeowner needs, and a mass exodus from large cities by a new generation of buyers. Colorado has long been a vacation destination for many, but with increasing numbers of tech companies moving to the Denver Metro area, work from home jobs, and 300 days of sunshine per year, we are seeing large numbers of people relocating to the state. For many people moving from metro markets like San Francisco, Colorado real estate prices are affordable and “site unseen, cash offers” are becoming a norm. Those of us who have lived in Parker, Castle Rock, or South Aurora, have seen new neighborhoods popping up for two decades. These three cities are the fastest growing cities in Colorado, considering just five years ago, these areas were 7-9% smaller than they are currently. This has given way to beautifully planned developments, parks, award winning schools, and phenomenal economic growth. Realtors familiar with these areas will tell you that while it’s a seller’s market, due to historically low interest rates it’s a win for buyers as well. With today’s rates, buyers who may not have been able to purchase a year ago are now able to realize their dream of home ownership while move-up buyers are able to qualify for a higher purchase price than expected. While the winter months are typically slower in real estate, historically low interest rates and growing home equity and demand have many buyers considering new construction. As realtors prepare for a busy spring real estate season, sellers who list their homes have little competition as Colorado is experiencing extremely low housing inventory. Many current homeowners are taking advantage of the significant increase in home equity they have gained in recent years and moving up to design their dream homes in one of the new award-winning, master planned communities. Let’s take a closer look at three such neighborhoods in Parker, Castle Rock, and South Aurora, and what the driving force is that makes these communities so popular. 8 SEARCHCASTLEROCK | MARCH 2021
PHOTO COURTESY OF ROCKIN MEDIA
