Colorado’s Ugliest City
The state of Colorado has fared better than most in the real estate market in recent times. House prices are on the rise, and the number of foreclosures is dwindling down in large areas such as Denver and Colorado Springs. There are however, still some issues in the local market. One city in Colorado, while seeing positive gains in the last couple of months, seems to be lagging behind the rest of the market within the state. This town is Greeley.
It is important to note that Greeley is not Colorado’s ugliest city based on aesthetics, but on real estate performance. In reality, Colorado is a beautiful state, so that would prove near impossible. But while the rest of the state has recovered steadily in the market in recent years, Greeley has been moving at a snail’s pace.
A huge reason for this is because, like many cities in the United States, Greeley was hit with a wave of foreclosures in 2009. It is always difficult to recover from a situation like this. Property values go down, and overall tax revenue is cut short. This hurts the community at large, and it is difficult to convince new buyers to come to the area. Also, while the bigger cities in large metropolitan areas were seeing prices rise, it took longer for smaller cities off the beaten path, such as Greeley.
Housing prices in Greeley are around $150,000, which is lower than the average in Colorado, but higher than the median price of the United States. The listing price is around $217,000, but it has fallen slightly despite a productive final quarter in 2012. There are many positive signs, though, that could lead to a faster recovery.
The amount of bank owned properties have dropped significantly. Real Estate professionals know this is essential for the overall market to have any chance at success. This also means there are less homes that are unoccupied, which raises property value and increases the tax base for the local government. With more tax money available, the city of Greeley can add new sidewalks or parks for residents.
Toward the end of 2012, prices began to rise. Before they began to shift, it was fairly common to have many cheap houses available for around $50,000, whereas now it is near impossible to find a home for that price. As long as prices continue to grow and demand remains high, Greeley should have a healthy real estate market in the near future.