If you listen to some sources it is all doom and gloom on the real estate front. These generalization are mostly based on national statistics which being driven by markets far different than Denver’s. We are experiencing a very balanced real estate market in most sectors with sellers doing just fine as far as sales prices and days on market. A good case study in the steady market here in Denver is the SPIRE building in downtown.
Spire is a great addition to the downtown loft and condo offerings. While not selling out overnight like the Glass House did in the hay day, it is making sales at a pace fast enough to currently hold the title as the fastest selling high-rise condo building in the nation I have watched this building go from a stump in the ground that sat dormant for a couple of years, to a vibrant hub of residence. I really do believe that it is gaining momentum as the place to own in downtown. The question is why?
The answer is simple when you look at SPIRE’s competition. First, it has the best downtown location of any of the modern high-rise buildings in Denver. The basic tenant of real estate, “location, location, location”, is all that much more important for loft and condo dwellers. At the SPIRE, owners sit on top of Denver’s performing arts complex in the heart of the theater district. In addition to being able to catch a Broadway show at the drop of a hat, the SPIRE residence can also tap into everything that is going on at the convention center. Further, if they want to hit LoDo, it is a block and a ½ to the 16th street bus to get to everything downtown has to offer. All the major sports venues are with a 10-15 minute walk.
Outside of the huge location advantage, there are the world class amenities. The list is lengthy for SPIRE residence, $100K movie theater that you can use with friends for free, the pool, fire pit, grills, sports lounge w/pool table, hot tubs, zen garden, doggie park on the 6th floor (yes really), 24 hour concierge, and world class gym. Honestly, those are the ones off the top of my head and the whole package can only be experienced with a tour of the building. The location also offers some of the most breath taking mountain and city views of any building in downtown. Oh, and did I mention that you can have your groceries and dry cleaning delivered to your door step? Or that you don’t even need a car as with a swipe of a card, you can drive away in any number of hybrid vehicles available to SPIRE owners at $8/hour? The amenities keep getting better as amazing selection ground floor retail is about to open….you can hit the coffee shop or wine bar without taking off your bunny slippers. Spire even has its blog to keep residents and potential buyers up-to-date.
So, a big part of the reason the SPIRE is selling is that the location and the amenities are top notch. Further, there won’t be any building like it hitting the Denver skyline anytime soon (not for a good 5-7 years would be my guess). This will leave owners in a great position for when it is time to sell their property. The SPIRE will still be the newest, coolest building in which to live for years to come and premium pricing will follow. As of right now, buyers at the SPIRE have the ability to choose from many floor plans and at a wide range of price points. In the near future, assuming the pace of sales holds, only the units at luxury pricing due to the height and view will be available. I expect that the pace of sales will hold and that there will be a fair number of people who have to say, “I wish I had bought at the SPIRE when….”
If you would like to see for yourself, we would be happy to show you the remaining inventory as well as the amenities the SPIRE has to offer. Just shoot Brian and I a note below or at firstname.lastname@example.org and we will find a time to give you the SPIRE experience tour. We promise that you will enjoy the outing.