Marijuana-Friendly Real Estate is Selling Quick
In states where marijuana has been legalized for recreational use, real estate agents are beginning to show off massive pot plants in yards of promotional photos for properties. It’s smart salesmanship, especially if the plants are included in the deal.
Colorado allows homeowners to grow up to six plants for personal use and now it’s become common practice to proudly show off budding marijuana plants in real estate photos. Legal weed is changing the way people buy and sell real estate – those who move from other states first think about where they’ll grow their plants when buying property. Local housing prices have spiked by 12 percent in the past year and we’re seeing a shift in the types of property sold. Spacious backyards and basements sell much more frequently than ever before for example.
Although real estate agents cite a change in market behavior directly from legal weed, others are skeptical. Many Western states have seen double-digit house price growth over the past year, so it’s hard to say how much of an effect it’s truly had on the market. Colorado is an especially important market for marjuana-centric businesses and is often the first to adopt new trends. For example, the Trichome Institute has begun training and certifying the first generation of weed sommeliers.
Marijuana Real Estate Agencies Have Entered the Market
Growing your own marijuana may be just a small piece of the pie in terms of shaping Colorado’s property boom. Despite strict limits in the state on where commercial grow-ops are allowed, warehouse spaces have seen a huge spike in demand. Grow-ops can only be located in industrial use zones 1,000 ft from schools and churches, making prime real estate extremely high in demand (no pun intended).
Following this high demand, real estate agencies that specialize in grow-op spaces have popped up in the past year, brokering land deals only for marijuana-related businesses. It’s already been developed to a point where turnkey operations are available for sale: If you’ve got the money, you can purchase marijuana operations that are ready for production.
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