Colorado Springs: The next Portland???

Question

As a Denver urban dweller, I have been accused of condescending to Colorado Springs. Well, no more! I should apparently eat my words because ... Colorado Springs has the highest rate of millennial migration of any city in the country. Who knew??

http://gazette.com/report-colorado-springs-shows-n...

Okay, to be fair this doesn't surprise us that much. The mountains are RIGHT THERE. Breweries are popping up everywhere. Prices are still relatively affordable, at least compared to here in Denver. (Plus, they're hip to Airbnb, which we personally like.) And when we're showing homes down there, we've definitely seen an uptick in ironic mustaches.

So what do you think ... Colorado Springs: The Next Portland?

Colin Smith · Answer

@James Carlson - While I don't remember the specifics, I read an article early fall of last year that searched several social media platforms that ranked the word "hip" relating to major cities and found Colorado Springs at the #1 spot. While 10 years ago you would have found every high school kid using the slogan "keep Colorado Springs lame", I believe things are changing around quickly with new restaurants, breweries, and revitalizing projects to bring more of the millennial generation to this town.

@Reed Huddleston - I hate to say it but Colorado Springs is growing and I don't see it slowing down for many years to come. I think you're getting into this market at the right time be glad you're not making the jump 10 years from now.

James Carlson · Answer

@Sophie Sperber

There are a lot of areas that I like in Colorado Springs.

Anything in District 20 has good schools, so that's always going to be attractive. You see a lot of people attracted to Briargate, but I'd watch out for HOA restrictions on rentals.

I like most anything on the west side of I-25 because there's a natural barrier to growth called the mountains. (The inverse is also true, I don't personally love way out east where the city is sprawling with new builds. You're always going to be outbuilt by the newer homes.)

There's an area south of Platte and east of downtown, all the way to -- and maybe even past (blashemy!)  -- Union that isn't great right now but we think is poised to be something in the next 10 years as the south and southeast sections of downtown Colorado Springs get more and more development. (Like this area that's developing.) Anywhere you can get a 3br/2ba home for around $300k and still near downtown is a good buy in mind.

I've got a buyer client who loves to house hack and he's all about the 1970s split levels in 80917, 80918 zip codes.

I'd connect with an agent who knows the area and invests (ahem) and talk about what kind of investing you like to do.

Cheers!

Reed Huddleston · Answer

@James Carson

Thanks for sharing this current article! I think I fit their description pretty well of a millennial wanting to move to Colorado Springs and being attracted to the outdoor living. I just hope the city doesn't get AS huge and AS expensive as Denver!

Michael Wolffs · Answer

This is going to make for some serious culture clash with the old timers.

Sophie Sperber · Answer

@James Carlson thank you so much for your insight! This is very helpful. I'm new to investing, and trying to get a handle on where to start.

Sophie Sperber · Answer

Looking to get into the market now. What are some areas of the springs to focus on?

Matt K. · Answer

Will these new people have the spending power that those coming into Portland had?

Gretchen P. · Answer

@BryanCork

"we aren’t even in the same conversation when it comes to the music scene."

Seriously??? There is nothing that comes close to the Golden Bee sing along anywhere in Denver. ;-)

Chris Gilbert · Answer

My wife and I moved to Colorado Springs 26 years ago to be closer to family and we love it.  Except for jobs, I have always thought Colorado Springs compares very favorably to Denver.  Housing has always been less expensive than Denver, Colorado Springs is less crowded, less traffic, cooler summers and warmer winters, the snow is typically gone in a few days, you can get through the Colorado Springs airport in 10 minutes, and the University of Colorado is significantly expanding here.  And if we want to visit Denver for the activities that it offers, it is a 40 minute drive for us to get to southern Denver.

Based on the number of apartment buildings recently built and being built, many people obviously think the trend will continue.

Colorado Springs: The next Portland???

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