Marijuana Market Widens Colorado Housing Market

DENVER (CBS4)- Real estate agents are hoping to capitalize on Colorado's marijuana industry-- selling homes to out-of-state buyers trying to move to the state for retail pot sales.

Real estate agent Bob Costello sees a whole new market in marijuana.

"It's the great green rush of 2014," said Costello.

He's been selling houses in Colorado for eight years. Now he's marketing himself as "the 420-friendly realty broker."

"You see thinks like, I'm a Christian-friendly realtor or I'm a gay-friendly realtor. Great. So I'll be a 420-friendly realtor," said Costello.

Costello said marijuana-friendly homeowners are a budding market-- so to speak. Last week he placed an advertisement on Craigslist and had seven interested buyers from as far away as New Jersey and Kentucky.

"They just decided they want to come live here and have that lifestyle," said Costello. "Any real estate officer in this office would love to have seven new leads a week. So apparently there's a good niche and I'm here to serve it."

Rich Grant with VISIT DENVER said it's too early to tell if the drug is attracting more people to Colorado.

"It's a brave new world. There are a lot of people who think they're going to make money off it. Time will tell," said Grant.

Costello said he will help clients find homes in pot-friendly cities like Denver. Ideally the home will be far from a school, well-ventilated and not too close to neighbors. The unusual advertising is getting mixed reviews.

"If it's legal I guess there's not anything we can do about it. But I'm not happy about it," said Denver resident Jana Heiner.

"Good for him. He's an entrepreneur. If it works for him, it's a good idea," said Denver resident Aron Snyder.

The idea is already generating what Costello is calling a "legal" buzz, "There's money to be made."