Competitive Denver Market Ideal for Sellers

165 Cory-MerrillDenver is one of the nation’s hottest markets. Low inventory paired with the high demand of this popular city mean homes are staying on the market for fewer and fewer days and going under contract faster than anywhere else in the country.

A year ago the average days on market was 43, now it has dropped to a record low of 23 average days on market. One of the three best markets for home sellers, Denver homes are going faster than homes in other highly competitive cities like San Francisco and Seattle.

Denver is one of the fastest growing cities in the nation. Colorado was the fastest growing state from July 2014 to July 2015, with a 1.9% increase. From July 2015 to July 2016, Colorado had a 1.7% increase, adding 91,726 people, according to the Denver Post.

The city’s remarkable popularity and rapid growth means a highly 269 LoHicompetitive housing market. The desirable market paired with low inventory means homes are going at record speeds…and often for above asking price. Approximately one quarter of Denver homes sold in January went for above asking price.

Low inventory, a competitive market, and record low mortgage rates mean one thing: this is the ideal market for those looking to sell or begin investing in new properties. In such a hot market, homes often go for over asking price and are sometimes under contract within just two weeks of listing!

If you’ve been thinking of selling or are just interested in seeing what your home could go for, reach out to your Madison Realtor®! We’re here to help you. Our expert Realtors® will be with you every step of the selling and buying process, rest assured you and your home are in good, capable hands.

Featured Neighborhood: Chaffee Park

(20 of 20) Chaffee ParkWith perfect proximity to almost anywhere in Denver, this North Denver neighborhood is ideal for families, business professionals, singles and everyone else looking to preserve the “cool” factor of Downtown Denver and the Highlands without the higher cost of living.

Spectacular views of the city, beautiful parks, and a welcoming neighborhood community make Chaffee Park a wonderful place to settle down and call home. Neighbors host regular events, encouraging friendship among the lively neighborhood that borders the Sunnyside neighborhood, with I-70 and I-25 easily accessible. Its proximity to the Highlands, Downtown Denver, and LoDo means endless options for popular restaurants, bars, coffee shops, retail and more.

The serene neighborhood is characterized by charming, older homes with large yards perfect for kids, gardening, and backyard parties on warm Denver days. A unique blend of historic Italian and Latino influences give Chaffee Park a vibrant and diverse culture.

This quiet, family-friendly neighborhood is loved by residents for its convenient location paired with a friendly, urban setting.

(18 of 20) Chaffee Park

Park Hill Redevelopment Slated for Summer 2017

Ben Maxwell has been dreaming of redeveloping the 2800 block of Fairfax Street for over 10 years. This Denver developer lived in Park Hill for over 11 years, and identified the two-acre block between 28th and 29th as a possible site for redevelopment long ago.

After developing a few rental properties in the neighborhood, Maxwell assumed someone would pick up the block he now owns. When no one came along to revamp the area, Maxwell decided to pursue his dream of bringing more housing, community, and business to the area.

Park Hill Commons, the mixed-use neighborhood Maxwell is planning, is slated to begin construction in summer of 2017 through Maxwell’s development firm, HM Capital Group.

Maxwell’s vision is to create an all-in-one neighborhood in Park Hill. The small neighborhood will surround the town square, with a park, restaurants, residential, and commercial property. Offices can be rented out by a number of small companies as shared workspaces, or a couple larger companies could rent out the entire space.

According to the current plans, Park Hill Commons will consist of 21 townhouse and 22 apartments, in addition to spaces for retail, restaurants, and offices. Maxwell estimates it will cost approximately $30 million to create the mixed-use complex on Fairfax Street.

Residential rentals in Park Hill Commons will range in size and price, from small micro-apartments to 1,400 and 2,000 square feet townhomes.

The vision for Park Hill Commons is to create a mixed-use neighborhood that fosters community, is pedestrian-friendly, and offers more options to the residents of Park Hill. Maxwell envisions restaurants overlooking the park where kids can play while parents dine, possibly a grocery store, and more in this all-in-one neighborhood.

Sources: Business Den, Greater Park Hill, HM Capital Group

Neighborhood Highlight – Platt Park

27 S. Pearl StreetCharming and vibrant, Platt Park is a quintessential Denver neighborhood. This desirable neighborhood has a plethora of coffee shops, bars, boutiques, and popular restaurants, with parks in and around the beautiful neighborhood.

Bounded by I-25, Broadway, Evans Avenue, and Mississippi Avenue, Platt Park is a neighborhood attracting people from all over Denver. It’s a neighborhood ideal for everyone, with a mixture of established residents, first-time home owners, new-to-Denverites, young professionals, renters, and a handful of students from nearby University of Denver.

The neighborhood centers around Old S. Pearl Street, a strip of restaurants, bars, shops, and boutiques that are a destination to Denver residents from all over the city. No perfect Denver neighborhood would be complete without a brewery, and Platt Park Brewing Company does beer-loving Denver proud. Grab a bite to eat from Park Burger, and enjoy a some brews and games, dogs welcome! Some of Denver’s popular sushi joints are on Pearl, along with Stella’s and Steam – two of Denver’s popular spots for coffee.

With Platt Park and Washington Park in the area, easy access to Downtown Denver, the plethora of restaurants, retail, and drinks on Old S. Pearl Street, and Broadway’s many popular spots just a few minutes away, the Platt Park neighborhood is a desirable neighborhood to call home.

23 S. Pearl Street 20 S. Pearl Street 

New in Denver

blue bearWe’ve always known Denver was an incredible place to live, and sometime in the last few years, the rest of the country seemed to figure it out too. Population has increased by over 10% since 2010, in a report from Denver Urbanism.

As Denver’s population and popularity grow, so must the city.

The last few years have been filled with exciting developments, as a great city becomes even greater. With numerous projects in the works right now, here is an update on the ever-developing Denver.

 

Lightrail Introduces New Lines

We wrote a little bit about some of the Lightrail’s additions a few months ago, and the expansions continue. These changes are actually very exciting, as one line goes all the way to DIA!

“FasTracks is RTD’s voter-approved transit expansion program — the largest in the nation — transforming transportation through the Denver metro area,” reads the RTD website.

Union Station to Denver International Airport is set to open in late April. January promises the Flatiron Flyer Bus Rapid Transit to Boulder, and summer is expected to extend the Lightrail to Westminster and then to Wheat Ridge in the fall. The Lightrail expansion will continue through next winter, on I-225 from Nine Mile Station to I-70. By 2016 the Lightrail’s mileage will have more than tripled.

 

New Apartment Projects: One Belleview Station, The Den

one belleview stationQuebec Street and Belleview Avenue is a hoppin’ area, with two new living-space projects, restaurants, and even an Orangetheory Fitness anticipated by the end of winter through fall of 2016

One Belleview Station is a 330,000 square-foot office building slated to be finished by fall 2016. The office is part of Belleview Station, “a 42-acre, master planned, mixed-use, TOD campus…strategically located with direct access to the Belleview Station light rail platform.” With over 2.2 million square feet of office space, 2,000 apartments and condo units, 250,000 square feet of retail, and more, Belleview Station is intended to create a space where employees live, work, and play.

The Den is a 325 unit apartment project, anticipated to be open by summer 2016.

 

 

New Outdoor Music Venue

We all know Red Rocks can’t be beat, but Ruby Hill Park is looking forward to adding more outdoor music venues to the vibrant Denver music scene. It also aims to be a companion park to the popular Wash Park.

“We were walking around Washington Park one day, talking to people about the city’s plans for Ruby Hill Park,” said Kent Sondgerath, Senior Landscape Architect and Project Manager for the Denver Parks and Recreation Department. “Probably about 85 percent of the people we talked to had never heard of Ruby Hill, and it’s only a couple of miles away from Wash Park.”

The park began with new picnic tables, playground equipment, and a new pavilion, but the project’s glorious finale is an urban mountain bike course and 7,500 seat amphitheater.

The big unveiling is scheduled for July 1, 2017. It will be launched with five free concerts in the summer and fall. The Levitt Pavilion Denver Executive Director, Chris Zacher, says they plan to bring in acts to raise some money for the park as well.

 

The Source Gets a Hotel

new_belgium_source_hotelIf you haven’t been to The Source, you’re missing out. This beautiful, open space houses numerous vendors, from coffee and beer to a butcher shop and Mexican cuisine. It has been under renovations for a bit, working towards the addition of a hotel.

The hotel has “unconventional rooms,” and will also house a yoga/exercise studio, pool, and the tasting room from a ground-floor New Belgium pilot brewery, The Woods.

“It’s going to be a pretty lively space,” says architect Stephen Dynia.

More than just a hotel, it will also house retail space for The Source, with the addition of new places to dine and even a tattoo parlor and men’s clothing store.

 

Living Above Whole Foods

Formerly known as 17W, Pivot Denver is a 579-unit apartment complex joining the LoDo area in spring of 2017. It is part of a new trend in Denver, featuring a mixed-use building with apartment complexes above the ground-level Whole Foods.

The project is bigger than Pivot, and by its full completion in 2018 will have three towers, all looking out over a spectacular city view with Union Station as the backdrop.

“What’s really going to set us apart is our amenity package,” says senior development director, Peter Petricca.

He describes three quarter-acres of outdoor space featuring a pool, deck, firepits, and deck. An indoor common space provides 20,000 square feet of common space with a demo kitchen, meeting rooms, and more.

“It’s going to be second to none in the market,” he says.

 

New Collective Workspace

Collaboration is key inshift_collaboration business, but it can be hard for people who freelance or work off-site. Shift Workspaces opened in 2012, a huge success. Creating space for collaboration and an inspiriting work environment, a new location is coming in May 2016 – Shift Bannock.

The new collaborative workspace actually has a little bit of everything – a gym with classes, coffee and beer, a kitchen, and mailboxes, not to mention the typical meeting rooms, internet, and events center.

SLOANS, New Urban Neighborhood

Previously the site of St. Anthony’s Hospital in West Colfax, the area is being redeveloped into SLOANS.

“SLOANS is a mainly residential, mixed-use development bringing new neighborhood serving retail to Denver’s West Colfax and South Sloan’s Lake neighborhoods,” the website explains.

Retail and residential will fill the mixed-use space, a trend growing in popularity, especially in Denver. Among the retail additions are a second location of the popular Alamo Drafthouse Cinemas, as well as Highland Tap and Burger. Little Man Ice Cream is joining the party, bringing the new production and tasting room to West Colfax and SLOANS.

Fostering Student Community at Auraria Campus

The Auraria campus in downtown Denver is home to three universities. It is almost entirly a commuter school, often making community hard to find. The universities opted to charge each student an additional $5 per semester on their tuition fees, using these funds and funds from the Auraria Fund to build the Tivoli Park and Quad.

“The Tivoli Park/Quad will be an engaging and pleasant place for students to relax, study, and socialize. It will have a number of excellent features, making it a true upgrade to students’ campus experience,” says the Auraria Higher Education Center.

A patio, quad, coffee shop, and more will inhabit the space, making it an ideal place for students to hangout, have conversations, study, and meet.

“What it brings to the campus is a much needed student gathering and activity space,” says Auraria Highter Education Center CEO, Barbara Weiske. “This is something we’ve never had before.”

The park and quad should be open to use mid to late fall of 2016.

 

The Rebirth of Union Station

Union Station got a facelift, and it has continued to impress with the incredible restaurants, hotel, ambiance, and beauty. It is a popular place to grab a drink, dinner, or experience Denver, and is an iconic “Denver view.”

One of the last stages of its remodel is a 19-story, 342-unit condominium tower. It will be the first, and only, for-sale housing in popular downtown. 4986594234_fe3a2b1dfd_o

It will be the first of its kind to also offer affordable housing, a “mandatory” requirement for commercial real estate that is often opted out of or bypassed by building managers.

“Downtown is for everybody,” said East West managing partner Chris Frampton.

The managers aspire to foster a diverse and welcoming community and are excited for the new Union Station condos. Mayor Hancock is equally thrilled for the condos, calling its affordable housing piece the project’s “golden nugget.”

The condos plan to also include a fitness room, garden, rooftop pool, club room, 19,000 square feet of ground-floor retail, and a 452-stall parking garage.