Democratic National Convention aligns for real estate success.

• Author: Roberts, Will
• Position: GUEST column

Coloradans should be honored, regardless of political affiliation, to have the Democratic National Convention in our backyard during the week of Aug. 25.

With an expected 35,000 participants and their families partaking in our fine dining, museums, mountains and everything that our majestic state has to offer, Colorado residents will be at the focal point of the national and international media. In addition to the host city's insightful events, many Realtors also are gearing up for the possible insurgence of investment, relocation and second-home business.

It is certainly not novel news that metropolitan-area real estate is being sold at bargain prices. There are areas of our market that have retracted substantially since the run-up in home prices through 2004. These locations are expected to remain on a downward fall at least until the last major wave, in which adjustable mortgages will increase in March. This will be seen as favorable news to the DNC participants who are searching for value.

As published in the October 2007 issue of New York Resident magazine, Denver is on the national list for second homes. "Despite the thin air in the Mile High City, Denver is still riding high off the 1970s energy boom as a hub for transportation, shipping and business," the magazine noted. As written by Colorado Real Estate Resource: "(As) tourism continues to grow, vacation and second homes in the area could be poised to become one of the area's hottest commodities. In addition to the serenity the area offers, Denver has lots of affordable options."

According to recent MLS data provided by Metrolist Inc., there are many real properties on the market that are offered from $35 to $60 per square foot. This is undoubtedly a rarity in today's market. Most contractors cannot even build for less than $90 per square foot. For this reason, the Denver metro area is at a pinnacle for investors and first-time homebuyers.

Many Realtors are also aware of the events that are occurring both before and after the Democratic convention. In August, 17,000 fire chiefs from around the country will be here for their Fire Chiefs International 2008 convention, and with 90 percent of the chiefs retiring within the next five years, Denver is presented with yet another great relocation...