Colorado Springs Homes and Condos
Denver and Colorado Springs, Top Ten Real Estate Investment Cities
Denver and Colorado Springs were named among the nation's top opportunities for residential real estate investment in a list complied by Forbes Magazine with the help of the real estate firm Local Market Monitor. Colorado Springs came in 6th on the list, while Denver came in at number 8. Specifically, the study set out to identify metro areas whose local real estate market represents the best opportunities for investors.
Raleigh, North Carolina topped the list, followed by the Texas communities of McAllen and Austin. These cities did not see the drastic price gains during the boom years that were seen in West Coast cities, and so were spared the ensuing massive price declines that followed. They are also driven by growth industries like government and education that tend to fare better in a recession.
But the study didn't just focus on the jobs picture and home prices. One characteristic of a city poised for a comeback is a population that was growing rapidly before the recession. Raleigh's population had expanded by 18 percent from 2001 to 2005, and McAllen and Austin's grew by 16 percent during those years. The same can be said for Colorado Springs, whose population expanded by 9 percent in the five years before the recession struck. Albuquerque, New Mexico and San Antonio, Texas' populations also grew by 8 percent in the pre-bust years, while Nashville, Tennessee saw a population spurt of 10 percent in that time.
The study analyzed data from the 145 Metropolitan Statistical Areas with populations over 400,000. A variety of factors were looked at, including historic population trends, job growth, property value trends, and type of industries fueling the local economy. An ideal investment market is one where the local population had expanded rapidly leading up to the recession, home prices are at or near a bottom, and strong job growth is expected over the next several years.