Many people are wondering what is in store for Castle Rock, Colorado in 2019. There is a lot to look forward to for this awesome city south of Denver.
Many businesses are moving to Castle Rock, including Snowsports 365, the Castle Rock Collaboration Campus, and Dorsey Pictures, which produces many TV shows for HGTV and Discovery Channel. Forbes magazine has now named Douglas County the #9 wealthiest county in the United States. This city is worth keeping your eye on!
The Economic Climate of Castle Rock
With so many conflicting reports of how our economy is doing, it’s tough to weed out the facts and the opinions. Many of my clients have come to me and asked, “When is this bubble going to burst?”
My answer is simple, it’s not. Not unless some sort of catastrophic event occurs and this “crash” likely won’t be happening anytime soon.
Most people look at the economy on a large, national scale. Notably, the Denver Metro Area and Colorado seem to be quite the outliers when it comes to National statistics.
Colorado Economic Facts
- When we have suffered an economic depression in the past, Colorado is one of the last states to feel the effects and one of the first states to recover. Because, Coloradans have a strong workforce and healthy lifestyles.
2.A major cause for the last recession was that anyone and everyone was getting loans, especially some people who couldn’t afford them. Sub-prime loans allowed unqualified borrowers to take out loans that had payments beyond the borrower’s means to repay. Have you tried to get a mortgage today? It’s an extremely invasive process. Mortgage brokers and investors want to ensure they are only giving loans to people who are qualified to pay them back.
Furthermore, the lenders are making sure they are loaning on properties that will keep their value and are in good condition. In turn, this has tightened the conditions that a property must be in for a lender to approve a loan. So, it’s not only about the borrower, but the loan conditions include the condition of the property too.
3. Colorado is still growing. Although the growth rate is slowing down, the Denver Metro Area is seeing about a 50,000 population increase each year. That statistic includes deaths, births and people moving in and out. Still, supply and demand is the biggest factor. Not to mention, the Denver Metro Area, including Castle Rock, hasn’t seen over 3 months of inventory since 2013. A seller’s market has 0 and 4 months of inventory. An even market has between 5 and 7 months of inventory. Lastly, a buyer’s market has over 8 months of inventory. There isn’t more space to build in Denver, so people who want to purchase in Denver have limited options.
Castle Rock Economic Future
Frank Grey, CEO and President of the Castle Rock Economic Development, forecasts that there will not be any more interest rate hikes on mortgage rates in 2019. This is great news. Buyers will be motivated to purchase while rates are low. All in all, with a strong workforce, high consumer confidence, and no forecast for interest rates to rise, the City of Castle Rock and the Denver Metro Area likely will continue to see property values rise and our seller’s market t stick around for 2019.
Castle Rock Collaboration Campus
Douglas County Schools, Arapahoe Community College, and Colorado State University have put their minds and resources together to build the $40 million-dollar campus on the 14-acre site in Castle Rock.
At this campus, high school students can take advanced placement (AP) courses for college credit. Those students will be able to seamlessly transfer those credits to get their Associates’ Degree from ACC or their Bachelors’ Degree from CSU, all on the same campus. Additionally, Colorado State University will offer a masters program on the campus. All in all, this campus will help build a workforce in Castle Rock, making its economy and quality of life so much stronger for their future.