Inside Real Estate by Brad Eich
Conifer and Evergreen have receded from the 8-12% appreciation seen in prior months to an increase year over year 2015-2016 of 5%. Golden is still off the charts and as “golden” as any spot in the inner city with another double digit gain of 11% Despite the elections and rising interest rates, the housing market in Denver-Metro seems to be holding strong. There is a lot of talk of a plateauing affect that may happen over next 5 years. Our local growth and infrastructure can only handle so much and wages are not keeping up with the cost of rents and home prices. Buyers looking for more affordable housing are moving to new markets. I have had several clients from the more expensive inner city looking to move to growing communities that still have upside opportunity like Centennial, Lakewood, Wheat Ridge, Evergreen, Conifer; and northern markets like Erie and southern markets of Palmer Lake/Colorado Springs showing outward expansion as well.
Just by driving around and visiting local stores and restaurants you can see the growth here in our mountain communities. If you are planning to have dinner in Golden on a weekend I would certainly make a reservation as it has the hip hop vibe of The Highlands. Two of the trendier newer spots in Golden are Abejas and Miners Saloon which I highly recommend. So with the growth, we get more traffic but we also get a vivacious community with more amenities and things to do, balancing the mountain life style with a little city living. What’s unique about the Conifer Evergreen and Golden areas is that although we have seen growth, we are still protected by open space and forested hills that provide the space and elbow room we all desire. With green mountains and wildlife around it still looks to me like it did 10 years ago. Topography growth protection I suppose.
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At my recent HOA annual Christmas get together I was asked where all the growth was coming from. His comment stemmed from his observation that he is not seeing any sprawling developments in our mountain communities. There are individual lots available and people are building but this is not the reason we are seeing the increase in population. As new families move to the foothills, they bring children or the prospect of children. I’m currently working with a young couple in selling their home in The West Highlands who have a one year old and one on the way. They are great people I welcome to Evergreen. I asked them why they were moving and they explained that the density where they live is overwhelming, that a 100+ unit apartment complex is going in just across the street from their home and that Denver is just not what it was 10 years ago. They have been in their home since 2008 and their 3 bed, 1 bath, 1000 square foot bungalow has doubled in value and has the potential to receive multiple offers over the weekend. We had started their home search in plans to find them a home before putting their city home on the market. Challenging to do in Evergreen and Conifer under $500,000 but we are now Under Contract on a 4 Bed, 3 bath, 2500 square foot home on1.5 acres with big sunny views. Now with a home sale contingency in place, we have a plan for them to make the move. Their soon to be home is owned and occupied by 1 person who will move out and 4 people to move in. Another similar scenario with a couple moving to California to be closer to grandchildren. Their home was purchased by a family four. In just these two scenarios combined, our population has increased by 5. As the baby boomers move out and the millennials move in, we will continue to see growth through renovations, new construction and family expansion. Now may be a good time to buy some of our valuable remaining buildable land. There are many lots available but they have been selling more readily to offset our lack of home inventory.
In other opportunities I had the recent pleasure to work with a prior client who lives in Conifer wanting to purchase a condo in downtown Denver to enjoy weekend getaways. Ate the time of this writing there are 33, 1 bedroom and some 2 bedroom condos available for under $350,000 in Central Denver. Some of the Downtown area HOA fees can be $250-$350 month and parking is not only included at an additional average of $175/month. I learned that a new law was passed making it illegal and at a fine of $1000/day in renting properties in Denver County out as Air B and B. This certainly will put downward pressure on non-owner occupied properties that were being rented short term to off-set owner costs. Perhaps there is an opportunity here for a Buyer wanting a condo in the soon to become bigger more expensive city of Denver.
Since 1976 I have always been thankful to live and breathe in our mountain air, yet be so close to the big city lights I see just down the way. The best to all in 2017. It’s going to be a great year!
Comparing Jan-Nov 2015 To Jan-Nov 2016
|Days On Market||63/46|
|Homes For Sale||144/137|