Property Search
Archive for June, 2011
Denver Real Estate Market Update
Compared to the rest of the nation, it’s pretty darn good to be a homeowner in Denver! While the national housing market continues to struggle, Denver shows signs of a recovery…albeit in fits and starts! Looking at the raw housing data from the month of May, most of the key data point to continued growth in the local housing industry. Are you looking for a home right now? I bet you have noticed the very limited inventory of available homes. Here’s why….
The available inventory of properties in the Denver area decreased almost 17 percent from the same time last year. That means there are nearly 3,000 fewer homes and condos on the market right now than there were in May 2010! The number of properties under contract increased 23 percent from the same time last year and that number doesn’t include the nearly 1,700 pending contracts waiting for bank-approval to close. Arguably, if we include the pending contracts, the number of properties under contract in May 2010 compared to May 2011 increased nearly 50 percent! On the flip-side, the number of sold properties decreased 14.5 percent from the same time last year, but remember that the May 2010 sales number was artificially inflated due to the home-buyer tax credit.
Additionally, there have been several recent reports that homes in Denver are selling faster than in any other major market, and our monthly housing supply was 5.2 months while the national monthly supply was 9.2. Lastly, did you know the average Denver homeowner realized 3.6 percent appreciation in the value of their home from 2010 to 2011. And from 2009 to 2011, the average home appreciated 6 percent! Not too shabby. The unrealistic days of seeing 10-20 percent year-over-year gains may be gone, but what we are seeing now is solid, sustainable growth…and as an owner/investor in real estate, that’s what you want!
The local economy appears to be humming along nicely, too. We have seen a recent influx of relocations to the Denver area in both the federal government and oil/gas sectors…and other industries are hiring as well. Colorado’s unemployment rate continues to fall as over 11,000 jobs were created here since the start of the year. For the “fits and starts” we mentioned above to go by the wayside, however, we need to see stronger, more consistent job growth.
The biggest driver for the recovery just might come down to home affordability. In other words, when a buyer considers renting, does it make more financial sense to rent or buy? With our vacancy rate in Denver at an all-time low of 1.8 percent (yes, that’s right…1.8 percent!), landlords are raising rental rates and potential tenants are competing for existing rental inventory and wondering if it just might make sense to buy instead of rent. Try out the Rent vs. Buy calculator below to see what makes sense for you!
As always, Red Door Properties is up-to-date on the latest real estate market information. Please don’t hesitate to contact me whenever you or someone you know is considering buying or selling a home!
1167 Logan Street, Unit 4, Denver, CO 80203
Welcome to The Doris!
This updated condominium in the heart of Capitol Hill offers hip, urban living in a completely remodeled space. In 2006, the Doris was renovated from top to bottom and offers the discerning buyer consistency from unit to unit. This particular sunny unit features stainless steel appliances, hardwood floors, wall to wall carpeting, exposed brick walls, a walk-in closet, laundry facilities in the unit, a reserved parking spot and a storage unit measuring approximately 200 square feet!
Kitchen and Dining Room
This spacious, functional kitchen opens to the dining area and the living room. The kitchen features new cabinets, stainless steel appliances, a brand new refrigerator, great storage and tile countertops. You’ll love the openness and find it perfect for entertaining your friends!
Master Bedroom
The Master Bedroom in this home features French doors that open to a second bedroom or study, wall to wall carpeting, spacious closet space and great natural light.
1167 Logan Unit 4 Overview
This home is ideally located steps from coffee shops, public transportation options, restaurants and parks. This is what urban living is supposed to be! Park your car in a deeded parking space and explore Denver on foot. The Doris also features a common garden area and balconies, cool fixtures and art accent the building’s character and architectural details. This is a great condo unit in a great building!
To learn more about this property, visit www.1167LoganStreet.com. Red Door Properties creates free personalized websites for each property listing. Contact Leigh today to list your property with Red Door Properties!
- MLS#: 1006624
- Style: Traditional
- Construction: Brick
- Year Built: 1915
- Bedrooms: Two
- Bathrooms: One
- Heat: Gas, Hot Water
- Cooling: Window Air Conditioner
- Sq Footage: 873
- Parking: Reserved, Off Street
- Laundry: In Unit
- Taxes: $914
- HOA: $255 per Month
- Storage: Dedicated Storage Space
- Earnest: $5,000
Photo Gallery
Check out more photos of this awesome Denver condo!
Learn more about Real Estate in the Capitol Hill Neighborhood
Two Women and A Truck – Want Fresh Flowers Delivered to Your Doorstep?
Are you looking for a way to brighten your home? Fresh-cut flowers will do the trick! Elizabeth and Jenni have the Blue Truck rolling in the the Cheesman Park, Hilltop, Crestmoor, Park Hill, Cherry Creek, Congress Park and Stapleton neighborhoods! Join Two Women and a Truck’s email list and get on their route for some awesome flowers delivered to your house! These women are sourcing their flowers from local Denver suppliers, filling up their truck and rolling down the streets of Denver!
Highland, Lower Highlands, Potter Highlands…What’s the difference?
There are so many northwest Denver neighborhood names (Highland, Highlands, East Highlands, West Highlands, Potter Highlands, Lower Highlands, Sunnyside, Berkeley, Sloan’s Lake and Jefferson Park), but which neighborhood names are “correct?”
Well, I guess the answer depends on how you define, “correct.” Often people casually refer to all of the areas of northwest Denver as “The Highlands” and then break the Highlands into sub-neighborhoods like Berkeley and Sunnyside.
City of Denver Neighborhood Map
The City of Denver, however, breaks northwest Denver up into the following 6 distinct neighborhoods: Highland (no “s”), Sunnyside, Berkeley, West Highland (again, no “s”), Sloan Lake and Jefferson Park. Potter Highlands (apparently the City is good with the “s” here) is often used interchangeably by locals with Lower Highlands (aka “LoHi”), but Potter Highlands is actually a Denver Historic District with distinct boundaries inside of the official Highland neighborhood. Surprisingly, according to the City’s map, Lower Highland doesn’t officially exist!
Potter Highlands Historic District
Red Door Properties provides neighborhood descriptions and pre-set housing searches for the non-official, casually defined neighborhoods of Berkeley, Sunnyside, Highland (the City’s official “West Highland”), LoHi or Lower Highland (the City’s official “Highland”) and Sloan’s Lake. These neighborhood boundaries and names may not be officially correct, but this is how most people refer to the areas.
Are you now more confused about the northwest Denver neighborhood names than you were before you read this blog?!?
Contact
Leigh Wilbanks
P. 303.884.9166
Subscribe now to Receive Updates!
Market Statistics
Sign Up for Updates on your Area
Blog Archives
- May 2013 (5)
- April 2013 (4)
- March 2013 (3)
- February 2013 (3)
- January 2013 (4)
- September 2012 (5)
- July 2012 (3)
- June 2012 (3)
- May 2012 (1)
- April 2012 (4)
- March 2012 (7)
- February 2012 (12)
- January 2012 (5)
- December 2011 (2)
- November 2011 (6)
- October 2011 (2)
- September 2011 (1)
- August 2011 (2)
- July 2011 (2)
- June 2011 (4)
- May 2011 (2)
- March 2011 (2)
- February 2011 (2)
- January 2011 (10)
- November 2010 (3)
