The average cost of buying a home along I-25 is at an all-time high. Well…make that “buying a home west of I-25” is at an all-time high. If you look at housing prices to the east of the major interstate, they are much more affordable.
This article from BizWest.com describes the “eastern” phenomenon along with building stats for the Northern Front Range Corridor:
The primary attraction east of I-25 is significantly lower prices than in Fort Collins, Loveland or Longmont. With an average home price of $257,409 based on August sales, buyers in the Greeley-Evans area can save approximately $100,000 compared with Fort Collins, Loveland and Longmont. While the price difference is less dramatic for the towns of Ault, Eaton, Johnstown, Kersey, La Salle, Mead, and Milliken, their collective average price ($321,187), is still 14 percent below Fort Collins, 6 percent below Loveland, and 18 percent below Longmont.
Another dimension of this “eastern” phenomenon is that markets east of I-25 are all experiencing home-price appreciation at double-digit rates — even greater than the cities west of I-25. In Greeley-Evans, for example, average sales prices were up 10.7 percent from August 2015 to August 2016. For the Ault-Eaton-Johnstown-Kersey-LaSalle-Mead-Milliken group of communities, the average was up 12.1 percent. By comparison, Fort Collins and its immediate area — including Wellington and Timnath — was up 6.4 percent, and Loveland-Berthoud was up 1.4 percent. Longmont (both Weld and Boulder counties) was an outlier in this picture, with prices up 11.7 percent.
Read the complete article here: Homebuyers head east to find best opportunities – BizWest
This infographic put together by Larry Kendall of BizWest.com shows the difference between the real estate closer to the foothills or the mountains, as with Estes Park. The second to the bottom stat has to do with the towns that are the opposite direction of Interstate 25:
Because Fort Collins real estate prices have increased quite a lot since 2014, more and more people are looking to rent. Development is starting to take place in the area closest to the interstate as opposed to the metropolitan area a few miles away. Why? Because Fort Collins really doesn’t have anywhere to grow by to the east.
This article by The Coloradoan describes some new apartments popping up near to the busy interstate:
330 apartments planned at I-25 Harmony exit
With land and water costs pushing Fort Collins home prices near $400,000, and a construction defects law hampering condo construction — often a lower-cost option for home ownership — many residents are still renting, Holsapple said.
Christopher Johnson, assistant director of the Everitt Real Estate Center at Colorado State University, said “a lot of people think of students when they think about apartments, but something like that near such a transportation avenue when you have a market that is functioning like ours might be going after an older group that would be buying but is now renting.”
The site is in the city’s employment zone, which required the developer to get a zoning modification to allow the site to be 100 percent residential rather than complementary to employment.
Harmony 23 is adjacent to about 236 acres being developed by longtime Fort Collins developer JD Padilla of Post Modern Development. Combined, the two projects would develop the entire southwest corner of Harmony Road from Interstate 25 to Strauss Cabin Road.
The original article was posted here: 330 apartments planned at I-25 Harmony exit
At the rate that the Front Range is developing, how long will it be before Wiggins, CO is considered part of the I-25 Corridor? As mentioned above, Fort Collins can really only expand to the east, but the same goes for cities from the north all the way to Colorado Springs and beyond.