Situated at the bottom region of Bear Creek Canyon, Morrison, Colorado is a popular hotspot for both real estate investors and those seeking real estate within the state.
Considered to be a Home Rule Municipality with a small population of just over 400, this town provides big opportunities for investors. Officially incorporated in 1906, its name stems from the very first mayor – who was also the son of the founder of the town – Thomas Cowan Morrison.
The town includes an area of 2.2 square miles – all of which is land. It is located to the southwest of the City of Denver. It contains the perks of a big city, without all the hustle and bustle.
There are nearly 140 households and nearly 80 different families that currently reside within the incorporated region of the town. In terms of popular density, there is an average of nearly 200 people per square mile – give or take a little. Whites makes up 98.84% of the area. African-Americans come in at about 0.23%, and others include:
- Native Americans – 0.23%
- Asian – 0.23%
- Hispanic and Latino – 1.86%
- Other – 0.23%
- Two or More Races – 0.23%
Most families consist of married couples. Approximately 23.2% of all homes have children under the age of 18. A total of 41.6% of households are not relative to one another. 13.6% include homes with someone 65 years or older. The average household size and family size rank in at 2.18 and 2.82, respectively. The median income is just over $53,000 for individuals and nearly $69,000 for families. Only 5.5% are considered at or below the poverty line.
As you can see from the basic demographics, Morrison, Colorado contains a mixture of people from various backgrounds and socioeconomic levels. This is a wonderful place for married couples and those with children to settle. There are many job opportunities in and around the city, as well as educational opportunities and activities for those that enjoy the serenity of a quaint city with many outdoor activities. It is a great escape for those looking to escape the big city but are close enough to enjoy the many benefits of a large city.
The General Housing Market
In May of 2021, the home prices in the Town of Morrison were up nearly 12%, compared to the year 2020. The median price of homes being sold is $591K, which makes for wonderful opportunities for investors to the area. On average, it takes about 4 days for a home to sell in the city. In the year 2020, it took about 9 days for a home to sell. In the Month of May – alone – a total of 32 homes were sold. In the same month in 2020, 27 homes were sold.
According to the Redfin score for competition, Morrison ranks in at 96, which means it is “Most Competitive”. 100 is considered to be the most competitive. With the score of 96, this indicates that most of the homes that are listed for sale in the region get multiple offers. These often include waived contingencies. On average, the homes in Morrison, CO sell for an average of 5% above the actual price they are listed for and go into the “pending” status within a 4-day period. The homes that are identified as being “Hot” can sell for up to 12% higher than the price listing and go within the “pending” status within a period of 3 days.
While every area has a risk of experiencing less-than-favorable climate impacts, they are relatively low for Morrison. Right now, rain is low and the area is dry. Yes, there is a risk of drought, fire, and high levels of heat, but there is a low risk of storms in the area. This information is provided to those that seek to invest in real estate in the area so that the proper type of insurance may be purchased. You should ensure that your policy covers drought, fire, and heat – at the minimum. This will ensure that your investment is protected, but it is not likely you will suffer from these adverse conditions.
Morrison, Colorado is a relatively quiet town that is gently tucked within the beautiful foothills of the Front Range. It gains most of its popularity from the music venue known as “Red Rocks”, which is up the hill from the quaint downtown region. The town is very historic. It offers many shopping venues and restaurants. It is 5,765 feet above sea level. It is a gorgeous area that offers a large assortment of unique attractions.
- Red Rock Park & Amphitheatre – This is a specially-designed venue located at the very base of the majestic Rocky Mountains. It was created with sandstone slabs that are 400 feet and it overlooks the beautiful City of Denver.
- Bear Creek Lake – Here, individuals may take part in fishing activities, boating, biking, hiking, camping, and a multitude of other activities.
- Water activities may also be pursued at Evergreen Lake and Chatfield Lake.
- The Fort – This is the most popular restaurant in the area. It is a replica of the Bent’s Fort that is located in the southeast region of the state and serve foods that are from the early period of the Old West.
- Café Prague – For those that love European food, this is the place to go!
- Willy’s Wings – This serves up fried wings and other favorites among those that love fried dishes.
Landmarks and Museums
- Colorado Music Hall of Fame
- Dunafon Castle
- Natural History Museum
- Fossil Area-Dinosaur Ridge
Is Morrison Attractive to Renters?
Yes, Morrison is very attractive to renters. The first reason is that it is in near proximity to many attractive cities that offer employment, educational, and shopping opportunities. Many of these cities offer many attractions, too! Denver is only 17 miles away. Evergreen is 10 miles. Golden is about 8 miles and Kittredge is the same distance. Lakewood is 9 miles away and Littleton is 14 miles away. As you can see, renters can easily travel to these neighboring cities, yet live in an area that is quiet and ideal.
In addition to this, Colorado has a massive transportation system in place. It offers public and private services – which is often very attractive to tenants. This consists of a combination of airports, railroads, buses, taxis, public transportation, ride shares, and more! Regardless of where a tenant chooses to reside in Morrison, they have the capability of getting to their chosen destination easily – be it in the town itself or in a neighboring location.
If tenants have young children that are still in school, they will be pleased at the availability of high-quality and well-respected educational venues in and around the area. Examples include Red Rocks Elementary School, Red Rocks Christian Preschool, and Jefferson County Open School. In addition to this, the town hosts many educational opportunities. Examples include museums, parks, and trailheads. The small-town culture lends big to education and you are sure to attract many tenants based on that fact alone.
Since the arrival of COVID-19 in the United States and the period where businesses closed and people were urged to isolate, many tenants started to feel as if cities were just too cramped. As a result, more and more families started to venture out in rural areas. This help put some space between them and others. In fact, it is now considered to be a trend. More and more individuals are finding that it is best to live in quaint areas that are near big cities. Morrison offers that and more! There are plenty of opportunities for spacing and areas to enjoy the great outdoors and the healthy, fresh air that goes with it. This is one of the main reasons Morrison is quickly gaining in popularity among people looking to rent.
If you have an interest in investing in real estate in Morrison, Colorado, we urge you to seek the assistance of a professional property management company that specializes in the area. The good news is, we here at Pioneer Property Management not only specialize in the area, we can assist you with all of your real estate investment endeavors. It does not matter if you are in search of properties to buy or tenants to rent – we have you covered!
In exploring our website, you will quickly discover that we offer a multitude of services. For investors, we offer highly flexible pricing service plans and there are zero hidden fees. Why place all the work on yourself when you can have a professional team of specialists monitoring and ensuring the success of your real estate business 24 hours a day, 7 days a week? If you are in the market to purchase, we can share with you the best of the best in available properties. Our services are backed by several guarantees. These include a customer service guarantee, Results 1st, Zero Evictions, Tenant Retention, Pet Damage Protection, and Maintenance Done Right. For more information, contact us today by calling: 720-839-7482
Expert Service You Can Trust
Property Management Services in Morrison
For over a decade, Pioneer Property Management has offered its expert property management services in Morrison, Colorado.
With a unique style of management that focuses on a proactive, rather than reactive approach, Pioneer has guided thousands of satisfied clients to well-maintained and cash-flowing investment properties.
Through the implementation of streamlined policies and procedures, efficient systems and software, and calculated execution, we identify issues BEFORE they become problems, maximizing your revenue, minimizing your headaches, and allowing us to maintain your property as an investment, indefinitely.