Archives for April 2012

Buyer’s Market No More?

Over the past month I’ve noticed a significant pick up in my business.  The buyer’s that I’m working with are all of a sudden realizing that it’s not the “buyer’s market” that it once was.  I’ve seen bidding wars, homes going over list price and offers coming in before the property has been on the market a full day.  This morning, the Denver Post had a great article about this new market we are finding ourselves in.  This quote sums it up well in my opinion, “New advice from the trenches on buying a home: Look early. Think fast. Hone your quick-draw skills with the checkbook.”  A buyer can no longer take their time and make low offers because the property will be gone.  Denver has the second shortest length of time a home is listed on the market before being sold within 33 days.  The nation’s medium number of days is 89.  However, the market turnaround is not universal; it is only for those properties listed under $500,000.  The homes over 500K are still seeing much competition and lower prices.

Ground Breaking, IMA Financial

Big News!  IMA Financial broke ground last week on the first building in the Union Station Redevelopment.  Several City Officials, including Mayor Hancock and Governor Hickenlooper were there for the ceremony.  This five-story, $35 million building, will be the headquarters for IMA Financial.  Located between 17th and 18th Streets on Wynkoop, this building will be right next to Union Station.  This is the first of many buildings that will reshape this part of town.

City vs. Suburbs

In an article from Daily Real Estate News, it shows that more Americans are trending to living in the city versus the suburbs.  The study was done by the US Census data and showed that there was more growth over the past year in the cities than in the suburbs.  This is the first time this has happened in over two decades.  In the past, Americans were flocking to the larger and more affordable homes in the suburbs, but now with gas prices rising and young adults waiting longer to get married and start families this trend is reversing.  To read the whole article, click here.

Opening Day!

Nothing makes me think more of spring than the start of the baseball season. Monday is the Colorado Rockies Home Opener at Coors Field and I’m proud to say that our Slifer, Smith & Frampton-Denver team will work a half day today to go cheer on the Rockies. With the close proximity to Coors Field, Riverfront Park is an ideal location for the athletes or the sports fanatics. It is easy to plan a day at the game or to stop by the field for a couple of innings. It’s only a 10 minute walk. Riverfront is so close that some of our residents can even see the grass on the field from their homes.  GO ROCKIES!

Glass House #610 Closed

Glass House #610 closed 3/30/12 for $510,000.  This incredible condo is located on the Southwest corner of the building and had unobstructed views of Commons Park and the mountains.  The buyer only needed one of the two parking spaces so we were able to sell the other parking to a Glass House homeowner for $35,000.   My seller was excited to net $545,000 on this transaction.  Congrats to both buyer and seller!

City House

After Glass House was such a huge success, the development team made up of East West Partners and Wood Partners, began working on a second building called City House.  The project is now considerably different than it was 2007, but like the real estate market, it has changed to fit the time.  City House is set to break ground this August and will be a 280 unit, five story, luxury apartment complex.  The site is a full block set between 18th and 19th Street and between Chestnut and the Consolidated Main Line (CML).  The building will connect to the 18th Street Pedestrian Bridge and be steps from the light rail plaza.  It will consist of one, two and three bedroom apartments and will be ready for move in September of 2013.  The community will include a fitness center, two-story club room, cafe, game room, two courtyards, a pool, outdoor fireplace and a roof top deck with year-round outdoor kitchen.  Stay tuned for more information!


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