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Pueblo real estate in the throes of a seller’s market


Real estate agents will tell you Pueblo’s housing market has ... There is also a Facebook page and website, Moving to Colorado for Marijuana, operated by a Colorado Springs RE/MAX agent, that is geared toward Colorado Springs properties but also promotes ...


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Real estate agents will tell you Pueblo’s housing market has heated up in the past few years — though they are divided over whether the cause is people coming to the area for legalized marijuana “We’re going through a seller’s market right now that I’ve never seen before in my career here in Pueblo,” said Betty Martinez, owner of a local real estate company“You’re seeing multiple offers on property that are above the asking price.” And marijuana? Martinez said only one recent buyer has asked her about whether he could grow pot in the basement of a house he was looking at John Grove, a RE/MAX agent, said he believes legalized pot is playing a large role in bringing new homebuyers to town “Basements have become very important,” he said“And we get lots of calls from out of stateEvery day we’re showing propertiesPart of it is Pueblo County has a reputation for having an open-door policy on pot businesses, so we sort of stick out like a sore thumb.” Grove said he is listing 100 acres out by the county line and he fully expects that to go to a marijuana business of some sort City Councilman Bob Schilling, also a RE/MAX agent, agrees the market is hot but he doesn’t particularly connect it to marijuana “My view is we’ve been so short on housing inventory that when the economy started improving, we just haven’t been able to keep up with demand,” he said Laurie Linn, of the Pueblo Housing Authority, said that for whatever reason, Pueblo clearly is at the top of the list for many housing investors “I had a call from a Denver man who asked me, ‘If I buy 25 or 50 houses in Pueblo, can I rent them all?’?” she recounted“And I told him that right now he could.” Sarah Brown, also of the authority, said there was a recent article in a Denver newspaper explaining how Pueblo was an untapped lode of under-priced, affordable houses on the Front Range “A three-bedroom house in Pueblo used to rent for $750 a monthNow that house is renting for $1,000,” she said Overall, housing prices at sale are up about 12 percent over a year ago, agents said Most of those arrested for illegal marijuana grows in April in Pueblo West had moved into the state within the last three years and rented or purchased homesOf 15 homes, four were leased through a Manitou Springs company called Pueblo West Home Leasing LLC There is also a Facebook page and website, Moving to Colorado for Marijuana, operated by a Colorado Springs RE/MAX agent, that is geared toward Colorado Springs properties but also promotes marijuana legalization, use and lifestyles And commercial property? Dan Molello, of Jones-Healy, said Pueblo’s available warehouse and large commercial building space has already been swept off the market by marijuana entrepreneurs Which is good for longtime property owners who have been waiting years for some kind of improvement in values “The market has gotten very tight for industrial buildings, and prices have gone up substantially,” Molello said“Right now, there are probably only three buildings in the county over 20,000 square feet that are available for lease or sale.” Molello said the rush for commercial space began in 2014 as pot businesses realized that Pueblo had much cheaper commercial space for sale than the Denver area The rush for commercial space is one reason Pueblo City Council decided in 2014 to license wholesale recreational marijuana businesses, such as growers and product-makersCouncil had seen how Pueblo County was tapping into a new source of revenue from the pot industry, and while council had reservations about allowing retail stores in the city, it wanted a piece of the action for city coffers proper@chieftain.com --> #(breadCrumb)# --> Pueblo real estate in the throes of a seller’s market var addthis_config = {"data_track_addressbar":false}; Defaults to "picGrid8" DTITouchGalleryThumbnail Item Area nameDefaults to "Thumbnail" DTITouchGalleryCMSStoryId CMSStory IDDefaults to gStory.%Id(). 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