Thursday, 09 April 2020

Legal Marijuana Leading to “Higher” Home Values?

Written by Posted On Monday, 28 October 2019 07:16

It’s no secret that there is an ongoing trend across the country of states allowing marijuana sales for both medicinal and recreational means. We now have data on how legal marijuana sales can affect home values in those states and cities that allow it compared to those that don’t. The results may surprise you!

U.S. map of current marijuana laws by state

Marijuana may be Your New Friendly Neighbor

A recent study from Clever Real Estate analyzed the impact legalization has had on local housing markets. From 2014 to 2019, they found that, on average, cities with retail dispensaries saw home values increase $22,888 more than cities where marijuana is illegal. Moreover, The CATO Institute found that single-family residences within 0.1 miles of a cannabis dispensary increased in value by approximately 8.4% relative to residences located further away.

legal marijuana

In 2012, Colorado was one of the two first states to pass an initiative legalizing possession and sales of marijuana for recreational purposes. The legislation allowed municipalities in the state to permit or prohibit retail marijuana sales within their jurisdictions. Overall, a 2018 research paper posted in Economic Inquiry found that legalization increased housing values in Colorado by about 6% which translates to an average of $15,600 per house. Specifically, homes in the jurisdictions permitting the retails sales had their values increase at a faster rate than jurisdictions prohibiting sales.

Why Home Values are Seeing Green

Many factors are believed to be involved in the noticeable increase in home values where marijuana has been legalized. One study found that areas where marijuana is legal attract not only  users but entrepreneurs and job seekers which cause higher demand and a lower supply of residential housing. The scale of investment is striking as there are now more dispensaries in Colorado than Starbucks, McDonald’s and 7-Elevens combined. Similar to our article on how close proximity to grocery stores increase home values, people will pay more to live in areas with desirable amenities. Denver residents hosting their properties on Airbnb have even seen strong results from their advertising aimed at “pot tourism.”

Not an Issue of “If” but “When?”

Recent polls show that Americans, of all demographics, now decisively support legalizing marijuana use and sales. How much so? A CBS poll from April found that a record-high 65% of Americans support legalization and most even go a step further to say that legalization would be good for their local economy. Closer to home, a Quinnipiac University poll from June showed that Floridians also back legalizing possession and 61% would support the sale of legal marijuana in their community. With multiple bills in Congress ranging from decriminalization to outright legalization, it may just be a matter of time.

Let us know your thoughts about the legalization of marijuana and increased home values below!

From the trenches,

Roy Oppenheim

Oppenheim Law | Real Estate Attorneys Broward County

2500 Weston Rd, Suite 404
Fort Lauderdale, FL 33331
954-384-6114
https://www.oppenheimlaw.com/ 

Originally posted at: South Florida Law Blog: Legal Marijuana Leading to “Higher” Home Values? https://southfloridalawblog.com/legal-marijuana-leading-to-higher-home-values/

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Roy Oppenheim

From Wall Street to Main Street, Roy Oppenheim is a successful serial entrepreneur and attorney focusing on Florida real estate, foreclosure defense, loss mitigation and Internet ventures.

 

He founded Oppenheim Law in 1989 with his wife Ellen Pilelsky and uniquely positioned the Firm as one of Florida’s leading boutique law firms in Weston, Florida.

 

Serving national, international, and local clients, Mr. Oppenheim has the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S.

 

In 1989, Mr. Oppenheim also co-founded and served as general counsel to ShopSmart Corp., the company that originated and owned the GNC Gold Card Program, a program that continues to this day and was one of the first cross-promotional programs of its kind.

 

In addition, in 1994, he co-founded Weston Title & Escrow, the oldest title company in Weston, Florida, and he currently serves as its Vice President. In 1999, Mr. Oppenheim served a one-year term on the board of directors for Catalina Lighting, a publicly traded company on the New York Stock Exchange.

 

Growing up in the Bronx, Mr. Oppenheim learned to be focused on success and driven to always persevere for opportunity.

 

In 2009, he started the South Florida Law Blog, which was voted the best business and technology blog by the South Florida Sun-Sentinel. He also serves as an expert witness on title industry practices.

 

Mr. Oppenheim has also authored two law review articles with Jacquelyn Trask; namely, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6.

 

Today, Mr. Oppenheim is a sought-after legal expert on issues relating to the real estate crisis and beyond. In addition to his own blog, he also has been a contributor to Yahoo! Homes, and featured on HuffPost Live, FOX News, and Lifetime TV. In addition he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim also understands the power of social media, and can be found on a variety of social media platforms.

 

Mr. Oppenheim also speaks fluent German.

 

Admissions

 

  • Florida Bar, 1987; Member of the Real Property Probate and Trust Law Section
  • New York Bar, 1987; United States District for the Southern and Eastern Districts of New York, 1987
  • U.S. District Court, Southern and Middle Districts of Florida, 1993

 

Education

 

  • Princeton University, A.B., cum laude, 1982
  • Northwestern University School of Law, J.D., 1986
    • Member of the Northwestern University Law Review
    • Member of the National Moot Court Team

Original source:  https://www.oppenheimlaw.com/who-we-are/meet-our-team/roy-d-oppenheim-esq/ 

https://www.oppenheimlaw.com
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