New Downtown Denver condos are selling at discounts and at the lowest rates in 50 years.
( Thanks to Brian Lehnerz, my good partner, and Darren Crotchett for helping with this article.)
The Denver Real Estate Housing Market has certainly created a new world of opportunity.
Interest rates are at record low levels not seen for some time. Developers left with excess inventory have dropped prices on their newly built downtown Denver lofts and condos. Resale prices throughout the Denver area offer some of the lowest price opportunities in years.
It’s been a buyers market… but that’s only for those actively looking. All those factors together have been creating a housing market simply too good to pass on… and that is not creating a limited inventory.
The Denver Post’s article recently titled “Inventory Dries Up Denver Housing Market Tightens” tells the story of how Denver’s hotter than normal market is moving fast creating a housing inventory with shorter days on market. This same article reports
“The number of homes listed for sale in Denver is down by about half since the frenzy surrounding the April 2010 deadline for a homebuyer tax credit”
“The inventory of homes available for sale in metro Denver in August was down 23 percent from August 2010, and down 5 percent from July, according to statistics compiled by independent real-estate analyst Gary Bauer.”
That is part of the reason our clients are asking us to keep watch for the best new real estate opportunities coming to market every day. Denver’s housing market, or the “compelling inventory” as it has been described has homes that are recently updated or in the most popular neighborhoods moving very quickly. Remember when Larry pointed out that not all neighborhoods are loosing value as reported in the Case-Shiller Report. It said all Denver prices were down about 3% of the same period last year. Neighborhoods like Bonnie Brae, Washington Park and Platte Park are actually appreciating in a Seller’s market.
Low cost entry to market has created a surge in homes getting fixed and improved upon and still being sold at prices lower than market rates from years ago. And as would be expected, the best of these in the most popular neighborhoods are in high demand.
For my clients, this real estate opportunity is exactly where New Era Realty shines. On behalf of our clients we monitor the market for new listings that match our clients objectives so they get in early on these wonderful opportunities.
Denver’s amazing lifestyle, 300+ days of sunshine, and incredible rocky mountain backyard isn’t a secret anymore. Neither is Denver’s strong and growing Real Estate Market.
To learn more about how New Era Realty can help in your real estate objectives or the compelling real estate neighborhoods that may interest you please contact us today by using the quick form below:
The inventory reduction is great news for the area’s agents. Is there any way to tell what effect foreclosures could have on the market if they spike suddenly as has been predicted?
Inventories are down where I am in Atlanta as well. We’ll see if that continues or if it will create an opportunity for the banks to move ahead with more foreclosures as it looks like they are doing from the latest numbers. I think foreclosure filings are up 14% over the previous quarter so this ‘extra’ supply of foreclosures might keep our floor moving a little lower…we’ll see…