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Denver Is Attracting International Interest

From Broncos to beer, Denver is an attractive option for prospective residents seeking to relocate to the Mile-High City. Once considered one of the best-kept secrets because of the aforementioned benefits, not to mention numerous outdoor options, Colorado’s capital city is a popular destination to not only visit, but also live.

In fact, Denver’s significant growth goes beyond U.S. citizens living in other states and looking to pull up stakes. Residents of other countries are taking notice.

A trend is developing as the flood of foreign investors ponying up significant amounts of cash continues its upward trend. In 2018, the National Association of Realtors reported that Colorado represented $1 billion of the $153 billion spent by foreigners nationwide. The top five countries include Canada at number one, closely followed by Singapore, France, China, and Germany.

As with any type of economic growth, positives and negatives exist. For sellers, the trend represents a real estate boom as international buyers are driving up prices with their enthusiasm to invest. In addition, the actual sales of residential real estate can be measured in hours or days instead of weeks or months. Sellers also have the option of considering multiple offers from different buyers.

However, those looking to make the “American Dream” come true are experiencing a bit of a financial nightmare. Buyers are finding it difficult to afford the home they want because it is no longer affordable.

The influx of international money is revealing foreign investors paying up to 30 percent over the property’s value. Conversely, the growth in buyer frustration is equal to that percentage, if not more. The competitive nature of finding a place to call home now has additional obstacles with a new demographic with deep pockets entering the fray.

Peaks and valleys are the norms for real estate markets in any part of the country. For now, Denver is reaping the benefits of interested and well-to-do investors in other countries. Yet, no matter how much money is at stake, the buying and selling process is complicated and necessitates the help of an experienced real estate attorney.

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