One of the things to emerge from the current real estate market downturn is the realization that there is no longer such a thing as a national real estate market. Rather, there are many diverse, smaller regional markets. In no place is this better illustrated than in the Salida real estate market.
While Colorado real estate in general is experiencing a slow down, at least in the urban markets, the Salida real estate market is holding strong. Salida properties have exhibited a sustained growth in value of between seven to ten percent over the last decade. Last year, 2007, was a record year for the Salida property market, and to date, 2008 is looking strong also.
Recent county figures show the construction of new Salida properties continues to keep pace with figures from last year. Approximately seventy five percent of this construction is directed towards new homes and residential properties, with the remainder being commercial construction. The Salida real estate market is seeing many new commercial ventures underway or recently completed, including a new hospital, golf course, hotel and retail centers. In the residential market, Salida properties are proving an attractive investment to people looking for retirement homes, second homes and vacation rentals.
Annual events like the Salida Art Walk, Fibark Whitewater Festival, and Brewers Rendezvous each year attract thousands of visitors, many of whom find themselves attracted to Salida’s laid back charm, diversity of character and economy.
This attraction is fueling the residential boom in the Salida real estate market. Buyers are divided between those attracted to new construction, and those interested in buying and restoring many of the grander, older Salida properties. Many of the original Salida properties were built around the turn of the nineteenth century, when Salida was in its infancy and a rip roaring railroad and mining town. Many of these stately older homes add a tremendous amount of character to their neighborhoods, and have been lovingly restored by their owners to their former glory.
So while Colorado real estate may be in the doldrums in general, the Salida real estate market remains a good option, both from a financial point of view and from a ‘good for the soul’ point of view.