Back in 2005, I could see that the Brighton and Reunion areas were going to be growing at a rapid pace, even possibly the quickest in the Denver Metro Area. Brighton had a major technology center planned and Denver International Airport was growing every year. The entire area had major expansion plans. It was an exciting time. This was one of the major the reasons I moved into Reunion.
However, as we all know, in 2008 and 2009 the economy problems hit and the market tanked slowing progress to a near crawl throughout the entire metro area, including Brighton. New builds slowed to the slowest in years and the Prairie Center development in Brighton completely stopped expanding. It was a dismal few years.
Nevertheless Real Estate, just like other industries, goes in cycles and the recovery slowly began in 2011. You can imagine my excitement when the city of Brighton just announced its housing permit issuance over the past few years. According to the city of Brighton, the city issued 391 housing permits in 2012, up from 57 in 2011, 51 in 2010 and 37 in 2009. Of the 391 permits, 280 were for new apartments, which the city had not issued any permits for apartments in the previous 3 years.
The local authorities have a strong belief the local market is coming back from the Great Recession. They have been advising prospective companies that they expect this trend to continually improve in 2013 with a greater expectations in 2014. Brighton’s median value of owner-occupied homes is at $185,000 which makes this one of the most affordable areas in the Denver Metro area. Home values have increased an average of 12% in the past year. The city also announced that over 4,000 jobs have been added to the area in the last decade. An increased number of jobs lead to increased housing demands leading to a sure-fire recovering economy in the Brighton area.
Reunion has been able to capitalize on this also. All the local builders have begun building in the area again and we now are proud to announce that Lennar will be coming back as a new builder in Reunion this spring. Homes are selling quicker in Reunion also. Whereas only a year ago homes were selling at a median rate of 104 days on the market, that number is now 53 days with an average price of $240,000.
I feel the trend and the excitement coming back. It is nice to see all the new construction in the area – signs of recovery. I have always been and still am glad I am a resident of the Northeast Denver metro area and Reunion. If you would like more information about Reunion, Brighton or the new homes around these parts, please use the form below.