Authentic lofts at The Denver Dry are pictured at right just steps away from the Convention Center.
Downtown living continues to increase in popularity. Loft and condo values continue to pick up steam as both the local and national economy are strengthening. During the peak of the market in 2007 and 2008, finding a small 1 bedroom 1 bath true loft in the historic district of Lower Downtown was extremely difficult if not unheard of under $350,000. Buyers had to either be willing to purchase an authentic loft outside of the historic district or focus on a condominium, which typically sells for less than the historic product. During the recession years of 2009 – 2011, prices softened in the historic district and all over downtown but now, in 2013, they are creeping back up.
So where are potential buyers looking for affordability in lower downtown? I still think downtown Denver is affordable based on where prices were at the peak of the market and also compared to other large cities across the nation. In addition, I believe we have yet to see the full impact on values the renovation and transportation expansion in and around Union Station will have on our city. Check out my previous post regarding that topic. I do believe there is plenty of room for value growth both in the historic district and throughout downtown Denver.
Lately, I have had a lot of buyers focusing on the high-rise buildings between 15th and 18th along Larimer Street. One building of note is 1625 Larimer, the Barclay. This high rise was built in 1980 and today there are 1 bedroom / 1 bath units (anywhere from 731 square feet and up) selling in the $200,000 – $280,000 range. The price depends on view and finish level. Many residents have updated the original builder finish to some degree which garners them a stronger price.
Brooks Tower at 1020 15th Street is another building that continues to be a target for not only primary residences but also investors or those looking for a second home. You can purchase a 1 bedroom 1 bath in Brooks Tower under $200,000. If parking is not crucial and depending on the size you are looking for, you can get a small place for closer to $150,000!
For those looking for something new and more modern, the Spire at 891 14th Street continues to impress as they get closer and closer to selling out completely. Prices for remaining developer units at the Spire currently start over $300,000 depending on floor plan and view. It is still possible to pick up a resale on a lower floor under $300,000 pending availability.
Moving away from the condo market and back to the authentic loft, Denver Dry at 1555 California and Baldwin Lofts at 1617 California Street are two historic buildings that offer lofts under $300,000 within close proximity to the 16th Street mall and a direct shot to Union Station on the free mall shuttle. Not to mention, these buildings are just a few blocks away from the Convention Center and theater district.
As a word of caution, HOA dues in some of these buildings can be above average depending on the types of amenities they offer or how much maintenance the building may require. It’s a good idea to check that out before looking so you know what you are in for.
If you have questions about downtown Denver or any other metro-area neighborhoods, I would love to hear from you. Please use the contact form on this page to reach me immediately for any questions you may have about the Denver real estate market.