Will Recreational Marijuana Affect Real Estate?

It’s all over the news and impossible to ignore: Colorado has legalized recreational marijuana. USA Today recently published a story about how joint-rolling and Dorito eating are among anticipated pot-themed contests at the Denver County Fair in August. It seems Colorado has become the butt of a few jokes the last few months.

No matter where your personal opinion lands on the new law, if you’re a REALTOR ® in Colorado, you’ll eventually have to deal with client concerns and questions brought about by recent media hype and what legalization of the drug means for them.

In general, municipalities and people across the state seem less concerned about the consumption of marijuana and more concerned about how to handle recreational pot sales, tax income, and what it means to neighborhoods where pot shops might open up. Opponents argue that recreational pot shops will traffic in more crime, and eventually bring down property values. The biggest issue REALTORS ® will face is how the law influences their buyers.

“Some people don’t want to come [to Colorado] with their families,” says Joyce Burford, executive director of Colorado Association of Ski Towns. “Because they have this image that all these pot smokers will be everywhere.” That’s not happening, she says, and “I don’t think that’s going to happen.” 5

Knowing the facts about the new law will help you reassure any clients hesitant to relocate from out of state or local clients who are curious about how the new laws will affect them.

Read More




Other News

Summit County real estate roundup: October sales slow down for winter season NOVEMBER 2016 NEWSLETTER Shorter shoulder season in Summit boosts sales tax revenue in September OCTOBER 2016 NEWSLETTER September 2016 Market Stats Summit County real estate roundup: September sales continue trend of rising prices Dillon Valley the hot market in Summit County condo sales Density of Frisco townhome development faces resistance What is “high plateau” and what does it mean for the Denver housing market? Record Eisenhower Tunnel visits come with benefits, concerns National Association of Realtors economist looks at the future of real estate in Summit New construction drives Summit County sales tax revenues in April Buyer's Resource Newsletter- June 2016 The 3 biggest challenges that homebuyers face in 2016 Home Buyers: Don’t Wait Forever for The One New to the Neighborhood Slopeside Breckenridge townhomes top February real estate sales Exclusive Buyers Agents Predict Challenges for Buyers in 2016 Summit County real estate sees fewer sales for higher dollars in January Buyer's Resource Newsletter- May 2016 Summit County real estate sales end 2015 on a high note Buyer's Resource Newsletter- March 2016 Powder Paradise...if you can afford the price Buyer's Resource Newsletter- February 2016 Metro Denver housing remains constrained and combustible Summit County real estate sales top $157 million for October Urban Renewal in the Rockies: Silverthorne seals the deal on new developments USA Pro Challenge Returns to Summit County Summit County real estate round-up: August property sales top $119 million Local property owner sells Silverthorne lot for $7.25 million Buyer's Resource Newsletter- September 2015 Real estate sales reach $114.5M thanks to good summer market Buyer's Resource Newsletter- July 2015 Breck on track for strong summer business Buyer's Resource Newsletter- June 2015 Breckenridge's infrastructure, cultural improvements Buyer's Resource Newsletter- May 2015 Buyer's Resource Newsletter- April 2015 Homebuyer Mistakes: 7 to Avoid Making Home-Buying 101 – How to Pick the Right Pros Fannie, Freddie, MBA economists predict interest rate hike in 2015 Summit County lodges break all-time revenue records as economy continues to recover Colorado BBQ Challenge brings Kansas City flavor to the Colorado Rockies Final Shock Hill plot in luxury Breckenridge neighborhood sells for $10.25 million Summit County real estate market notches $75M in April on strength of luxury home sales Summit assessor releases values for all county properties May 1 Summit County affordable housing hit hard by recalculated income index Main Street Station property in Breckenridge sells for $5.6M Denver firm buys Blue River Apartments in Silverthorne for $9.2 million 17 Coolest Towns in America Summit County retail sales edging back to pre-Recession levels $3 million Dercum's Dash home becomes priciest Keystone sale since 2007 Summit County real estate sales reach $83 million in March Colorado home prices rising at fastest rate in country Buyer's Resource Newsletter- February 2015 The Fed’s getting closer to raising rates. How much is up in the air Freddie's 3% Down Payments Start Next Week Denver buyers up their game to be last bidder standing in real estate deals Hot tubs are hot commodities for rentals, homeowners in Summit County 10 reasons the housing market could go ballistic this spring Summit County real esate deals in February top $50 million THE 20 COOLEST TOWNS IN THE US Silverthorne delays approval of contested Maryland Creek Ranch parcel Breckenridge and other mountain towns learn to regulate short-term rentals Summit County welcomes newest craft beer hot spot, The Bakers’ Brewery Summit County real estate sales top $61.7 million in January Can The FHA Fix The First-Time Buyer Gap? $12 million Home Depot land purchase in Silverthorne the year’s biggest real estate deal Will Recreational Marijuana Affect Real Estate? 2014 Market Analysis NAHB: Signs Point to a Robust Year for Housing Uber car service expands to Breckenridge, Vail, Aspen The top-selling new-home neighborhoods and builders in markets most likely to succeed in 2015. Generation Y Prefers Suburban Home Over City Condo Buyer's Resource Newsletter- November 2014 Buyer's Resource Newsletter- July 2014