Denver Summer Market Update – 2018

Denver Summer Market Update – 2018

It continues to be a seller’s market. Just when we thought the inventory numbers could not go lower, they have dropped another 13% for the month of June and 2% for the month of July compared to 2017. At the end of June there were only about 7,000 homes and condos on the market and at the end of July, there weren’t even 6,500. This again represents a new low for a city of 3 million people. We do not see this ending any time soon and so this bodes well if you are thinking about selling. I know what you are thinking; “but if we sell, what will we able to buy?”

We have three solutions for you:

1) Tell us the neighborhood or subdivision you would like to live in. We’ll canvas that neighborhood with phone calls and door knocking looking for homeowners willing to sell. We are successful with this approach more often than not.

2) There are lots of new developments being built all around the metro area. In fact, we have never seen a more diverse line of products than what is being offered right now. In addition, the sheer number of new construction projects is staggering. There are more choices here than you think so let’s talk about it.

Let’s say you are happy with your primary home but would consider investing in this hot real estate market. Take a look at just three of the opportunities we have outlined below.

1) Estes Park, Colorado. Everyone loves to visit Estes Park in the winter and summer. It has something to offer everyone. There is a brand-new development being built right on the lake and next to the Estes Park Resort. These are single family cabin style homes around 1,600 sq. ft. on the main and upper, 2 beds, 3 baths, main floor master and the finishes are very well done. A few of these have full views of the lake so if this is of interest you’ll want to get in on this early. Prices start at $620,000 and here is the best part: The Estes Park resort next door will book and manage your place for you if you want to use it as a vacation rental when you are not staying there.

2) Wash Park. As you know Wash Park has always historically been a good investment. Even during the downturn of “08-11” Wash Park did not lose value; it either held steady or slightly increased. There is a new condo building going up on S Pennsylvania. These are 1 and 2 bedroom units starting at $600,000 and going down to $350,000. The lower end units are 1 bedrooms, 1 bath roughly 500 to 700 sq. ft. They come with one reserved parking space, a 5X5 storage unit, quartz countertops, solid core doors, and designer tile. There is 10,000 sq.ft of retail space on the first floor of the building. The HOA is reasonable at $99 dollars a month. I believe these can rent for $2000 or more a month. Cash flowing about $500 a month. More money can even be made if you Airbnb this unit.

3) Again, Wash Park. There is a new single family and townhome style development being built at Asbury and Downing. These are 2, 3 and 4 bed units with 2.5 baths. They go from 1,500 sq.ft to 2300 sq.ft and they all have rooftop decks with views of the mountains (yes they are three-story units). Prices start at $580,000 and go to $900,000. Very well appointed with high-end finishes, two car garages, and a killer location. Rent to be determined here but again I am working with a few people that are making really good money renting out places using Airbnb.
If you would like to explore any of these opportunities, please reach out to us at the Colorado Dream House Team. We would be happy to schedule a showing for you or run some numbers. If you are thinking about selling your primary residence, please contact us and ask us how we can save you some money. You can reach us at 720-446-6325 or team@coloradodreamhouse.com

Thank you for attending our Luau and pig roast. We sincerely appreciate you, your trust and loyalty to the Colorado Dream House Team. It’s our pleasure to serve you.

Dan Polimino
Colorado Dream House Team

 

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