6,000 Residential Units Added or Under Construction in Downtown Denver Over Course of Past 5 Years
The Denver residential Real Estate Market is undergoing an incredible transition. Denver is rapidly becoming known across the globe as a World Class City, and it continues to grow exponentially with more than 6,000 residential units either added or under construction in the Downtown Denver area alone over the past five years. But not only is the residential sector growing, the commercial, hotel, and entertainment realms have also seen extensive progression. Since 2007, there have been more than 2 million square feet of office space added or currently under construction and more than 2,000 hotel rooms added or currently under construction in Downtown Denver. Essentially, private and public real estate investments in Denver’s urban core have been vigorous and currently, they show no signs of slowing down!
According to the Downtown Denver Partnership, an organization dedicated to enhancing Downtown Denver by focusing on Leadership, Environment, Experience, Jobs, Connections and Housing, there is much evidence that the area is currently in great economic shape in terms of real estate. Following are some of the statistics published in their second annual State of Downtown Denver Report:
• Downtown Denver is the hub of the region.
• There are approximately 112,000 individuals employed in Downtown Denver.
• Approximately 17,000 people live in Denver’s urban core and 65,000 people live in the neighborhoods surrounding the city’s center. Also, 44,000 students are currently enrolled in Downtown Denver’s institutions of higher learning.
• Aside from residential growth and development, there have been $3.6 billion in non-residential public and private real estate investments in the past 10 years, and more than $1 billion more are slated for 2013-2014.
The Denver Downtown Partnership recently published a “Downtown Denver Developments 2007-2013” map that illustrates private and public investments in Denver’s urban core over the past five years. The purpose of the map is not only to allow current and potential residents and business owners to have an easy-to-navigate record of the real estate projects in the area, but it also provides information to future potential real estate investors. The map assists individuals and investors in identifying development trends. It also serves as a guide to anyone simply wanting to know more about Denver’s real estate development progression.
The development categories on the map include:
• Entertainment & Culture
• Government & Academic Institutions
• Hotel + Residential
• Office + Residential
• Transportation & Public Realm
Following are the number of projects indicated on the map by year:
• 2007: 10
• 2008: 12
• 2009: 5
• 2010: 9
• 2011: 6
• 2012: 10
• Currently Under Construction: 20
The mere fact that more than 6,000 residential units have been added or are currently under construction in the Downtown Denver area is impressive. A few of the most significant projects include One Lincoln Park, One Riverfront and Glass House Denver. If you are interested in learning more about living in one of Downtown Denver’s newest and most desirable real estate locations, or if you want more information about exciting projections related to future real estate development and advancement in the Downtown Denver area, contact me today! I have extensive knowledge regarding all Downtown Denver neighborhoods – both new and old! Rachel Betz Real Estate 303-534-5000
Denver metro Real Estate Market RIGHT NOW – CONDOS – Colorado News Statistics FACTS for Buyers & Sellers Summer 2012 Rachel Betz
The Denver Real Estate word of the season is…CONDO. If the real estate market in Denver is HOT, then the condo market is on FIRE! The spring buying frenzy has continued throughout the summer season, and there are still not enough homes and condos on the market to meet Buyer demand. Inventory is at the lowest it has been in years, and prices are up. The condo market is the absolute fastest moving market in the metro Denver area. Do you remember that “condo” was a dirty word only 2 short years ago? The market has definitely shifted, and condos are being snapped up faster than they can hit the market!
The Top 5 Reasons why condos are the investment to buy RIGHT NOW:
1. Retiring Empty-Nesters. There is not a more appealing lifestyle choice for empty-nesters, than the decision to downsize, simplify, and become FREE. After their kids leave the nest, they embrace their new lives, and know that simplifying is the true key to freedom. Why spend your days working on your home and a yard that is never quite done? Want to jet-set to Paris? Hike the Rockies? Road trip to Napa? A lock & leave condo is a MUST!
2. Second Home Owners. Seeking a tax haven? Seeking a vacation home? Seeking an income property? Condos can fulfill all of these needs for those buying second homes. Second homes can be snapped up with 20% down…and with interest rates floating around 4%, you would be crazy not to consider buying. Passive income IS the answer. Why ride the stock market up and down on an hourly basis? A second home (condo) can be the perfect mix of rental property and vacation home…you make money every month it’s rented. You can write off expenses. You don’t need to worry about cardiac arrest if things are erupting in Europe. A condo is a less stressful investment – period.
3. Luxury Home Owners Downsizing. I have brokered numerous luxury condo deals over the past year to Buyers wanting to find an incredible home, with less square footage. Today’s luxury Buyers are looking for QUALITY, not necessarily QUANTITY. They want a refined, luxurious space that they don’t have to worry about maintaining. They want high quality finishes, and the same lock & leave lifestyle as Retiring Empty-Nesters.
4. 1st Time Buyers. When young Buyers switch from being a renter to being a homeowner, they often feel stressed upon discovering how much maintenance a single family home requires. They are often surprised to find themselves mowing the lawn & pulling weeds on weekends, instead of actually enjoying life. The solution? A condo – especially for urban dwellers. Young Buyers can discover home ownership without being tied down to property maintenance. Why not let someone else deal with all of that work? Colorado was made to play!
5. Investors. If ever there was a time to snatch up condo deals, it is now! Many investors are snatching up condos for under $100,000, anticipating their values will jump at least 20% over the next few years. “Why,” you ask? Because they have been underpriced since 2008. If you can purchase a property for $100,000-$150,000, rent it out for between $800-1,500 a month, then sell it for a 20% gain in a few years, you should consider it. Investors are snatching up undervalued condos like crazy!
6. Young, Kidless Singles & Couples. You’re young. You’re fun. You’re local. You work. You play. You are Kidless. The Denver Condo lifestyle, in an urban setting supports everything you could want in this world. And it’s EASY. The house will come…with the kids. Just not quite yet! =)
HAVE MORE QUESTIONS? WANT TO TALK REAL ESTATE? CALL ME! Rachel Betz Real Estate 303-534-5000
Washington Park Income/Investment Property (3 units/Triplex) FOR SALE Denver, Colorado Craftsman Bungalow
393 S. Downing St. Denver, CO 80209 – $469,000 – Income Property in a 10+ Location
This classic Craftsman Bungalow is SOLD – 1 block from Washington Park. There could not be a better Denver location for an income property! The property has an artsy, Zen-like feel. It has had a lot of renovation done in recent years, but needs a little more TLC to get it in tip-top shape. Most recent improvements done were: a new water heater and hot water/radiant floor heating system.
This Wash Park home boasts almost 3,000 square feet, 5 bedrooms, 3 bathrooms, wood floors, original built-ins, a beautiful sunroom addition, 2 car garage, 3 full kitchens, stainless steel appliances, mountain views, fully fenced yard, rooftop deck, and so much more.
Want to live in Washington Park, but can’t afford a home like this of your own? This could be the perfect property for you. Why not let your tenants pay the majority of your mortgage? The previous owner rented the units out as short-term vacation rentals…definitely something to consider when analyzing your investment options.
Are you ready to see the property? Call us for a showing at: 303-534-5000 Rachel Betz Real Estate
Renovated Income Property – 2 blks to Lightrail & 2 blks to Sloans Lake – Saint Anthony Redevelopment Site
Top of the line duplex available in the gentrifying West Colfax neighborhood of Denver, Colorado. This is a turnkey rental property perfect for the 1st time or seasoned investor. Are you looking to own a home, but want to offset your expenses with a prime rental property? This beauty is THE ONE. It is a solid brick duplex, each unit having its own separate entrance. The owner has completed an incredible amount of renovation and updates over the past couple years – you won’t have to lift a finger! It is tenant-ready. The property boasts new windows, a newer roof, on demand tankless water heater, fully renovated bathrooms and a 2 car garage. The kitchens have also had “facelifts.” Best of all? Each unit comes with a full applicance package, including a washer and dryer in each unit. This property is 2.5 blocks south of Sloan’s Lake and the St. Anthony’s redevelopment site, and 2.5 blocks north of the Lightrail West Corridor stop at Perry St. If you can’t afford the Highlands, this is the place to buy! Location, Location, Location. This is the property for your seasoned and amateur investors.