CO: Study Shows Value Of Homes Near Marijuana Shops May Be Increasing

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A new study shows that if you have a marijuana shop down the street from your home, it may actually be boosting your houses resale value.

When it comes to marijuana, many say it’s a topic of discussion nationwide. However, it also hits close to home.

The town of Palisade opened its first recreational marijuana shop back in September of 2017. Those in favor say having these shops in our area may have its perks.

“It’s brought in a lot of jobs,” said Palisade Resident Terren Gideon.

“Economically that will definitely boost our revenue,” said Palisade Resident Zach Becker.

Yet it doesn’t stop there. Studies show that actually owning a home next to a recreational marijuana shop may also be beneficial.

“If we look at the overall appreciation for Palisade real estate over the last year it’s been about 13.5%. I think that’s a pretty good move in the right direction for home owners and business owners out there in Palisade,” said Darin Carei, Managing Broker at River City Real Estate.

“Everything around here just seems like it’s blowing up, especially after they got that rec shop in,” said Gideon.

Though many the new marijuana shop has brought more people into the area, it’s too soon to tell if the housing value increase is a direct correlation.

“Palisade traditionally has been an area that has low supply. As of right now, we are looking for properties to sell in that area because people want to live there,” said Carei.

As the town continues to grow, whether or not that’s because of marijuana, is still to be determined.

“I think if we wait to see next year if there’s any effect by virtue of the recreational sales, I think that would be a better benchmark,” said Carei.