Forbes just released it’s annual ranking of the fastest growing cities in the country. This year Denver was up to #6 from #16 in 2013. Forbes takes into consideration population growth, job growth rates, unemployment rates, median salaries for college-educated workers and some other factors. Austin was number one followed by Raleigh, Phoenix, Dallas and Salt Lake City. Denver’s economy continues to strengthen in all areas. To read the whole story, click here.
The Union Station Neighborhood is starting to take shape. Cadence, the first apartment building, is now open with tenants happily enjoying the building. The North and South Wing buildings are getting very close and the retail on the first floor will be open in a few short months. Additionally, all of the retail was just announced in the Historic Union Station. As you probably know, the majority of the building is being converted into 112 unit hotel named the Crawford Hotel. Here is the list of tenants that will be open as of July 12th.
- Milkbox Ice Creamery –Serving Little Man Ice Cream
- Pigtrain Coffee – Serving Novo Coffee
- Cooper Lounge
- Terminal Bar – Serving 30 Colorado craft beers
- Bloom – Great florist out of Cherry Creek
- Eatmore Burgers and Brats
- Fresh Exchange
- Tattered Cover Book Store
- Snooze – My personal favorite breakfast restaurant
- The Kitchen Next Door
- Alex Seidel’s Mercantile Dining and Provision – Chef and owner of Fruition
- Stoic and Genuine Fish
In a recent Denver Post article, experts are expecting 2014 to be a more balanced market than 2013. Last year had an incredible “gold rush” mentality with low interest rates and even lower inventory levels. Buyer’s got very aggressive and in turn many sellers got lucky. According to statistic from Metrolist, “the number of transactions closed jumped 26.3 percent, and the median price of a home sold was up 10 percent.” This year the inventory level is even lower than it was in January of 2013 but experts believe the higher home prices and interest rates will keep a more level market with estimated growth of 6% or 7%. Foreclosures were down over 60% from 2013 which is a great sign in any market. This article has a lot of interesting information about the current market and expectations for 2014. Click here to read the article.
In a recent article by the Wall Street Journal, it states that the baby boomer generation is starting to flock back to a more urban lifestyle. “Hip urban neighborhoods are aging, as a growing chunk of adults in their 50s and 60s and older give up their longtime homes and head for trendy condos.” The baby boomers are tired of the big suburban homes and maintenance once the kids leave and are ready for a new adventure. In my experience, I’ve seen two main demographics in downtown Denver, the young professionals and the empty nesters. The prices of real estate are being driven up by this “gold rush” as the baby boomers typically have more money to put down on a residence than a young couple just starting out. This trend is only expected to continue as the boomers age. This is a fascinating article, click here to read it.
RESIDENCE SALES PRICE SF BEDS/BATHS SOLD DATE STATUS
Promenade Lofts #213 $275,000 949 1 BD / 1 BA 07/02/13 Individual
Glass House #1803 $555,000 1,234 2 BD / 2 BA 07/03/13 Individual
Park Place #515 $425,000 1,195 1 BD / 2 BA 07/03/13 Individual
Glass House #1005 $379,000 927 1 BD / 1 BA 07/05/13 Individual
ONE Riverfront #506 $700,000 1,288 2 BD / 2 BA 07/10/13 Individual
Riverfront Tower #302 $1,165,000 2,484 2 BD / 3 BA 07/19/13 Individual
Creekside Lofts #310 $292,000 843 1 BD / 1 BA 07/26/13 Individual
Riverfront Tower #503 $292,000 834 1 BD / 1 BA 07/30/13 Individual
RESIDENCE SALES PRICE SF BEDS/BATHS SOLD DATE STATUS
Delgany #307 $1,409,400 3,575 3 BD / 4 BA 6/14/13 Individual
Glass House #1922 $330,000 747 1 BD / 1 BA 6/17/13 Individual
Delgany #208 $420,000 1,118 2 BD / 2 BA 6/19/13 Individual
Glass House #910 $340,000 783 1 BD / 1 BA 6/20/13 Individual
ONE Riverfront #108 $435,000 1,153 1 BD / 2 BA 6/26/13 Individual
ONE Riverfront #602 $665,000 1,470 2 BD / 2 BA 6/26/13 Individual
ONE Riverfront #108 just sold for $435,000.
According to a Denver Post article yesterday, Denver had the highest share of homes selling in less than 7 days in April than any other major US city. A quarter of homes sold with in 7 days and the average was 32 days. The market is hot and it’s time to make a move. To read the whole article, click here.
The canopy for the heavy rail trains is coming along quickly. This week the final pieces of the arches for the canopy structure was installed. The commuter rail canopy is a focal point for the project. Additionally, the square piece of land in the bottom left is about to break ground. 1650 Wewatta is going to be a 21 story apartment building developed by Holland. It’s exciting to watch things change daily over there.
The Union Station development is moving along quickly. It’s amazing to watch it change daily. The most noticeable change right now is the commuter train hall canopy that is being constructed. The large white canopy will house the Amtrak trains, trains to DIA and trains to Broomfield. On the Wynkoop side of Union Staion, work is being done on the two pedestrian plazas. Crews are constructing the water feature, granite wall seat, tree trenches and light fixtures. In the underground bus station the escalators and elevators are going in along with the glass storefront that separates the pedestrian concourse and the bus loading area. To read a more in depth article about the updates, click here.