All of us at New Era Realty work with our clients to find the absolute best value in Downtown Denver loft and condo properties

In the world of high rise downtown Denver condo living, a few buildings have been incredibly popular with clients for the amazing amenity offerings.  Swimming pools, fitness centers, and more are features that SPIRE Denver, the Glass House, ONE Lincoln Park, and the Four Seasons can all boast of in their offerings.

Of all these, perhaps SPIRE got the most press.

In 2011, SPIRE, a project all of us at New Era Realty monitored and studied from inception drawings through completion, set itself apart as not only a record selling high rise development project here in Denver but among projects nationwide.  As a new project SPIRE offered a variety of price points starting as low as $100’s.

While most of SPIRE’s initial low priced inventory has already been sold, a number of re-sales are beginning to appear on the market.  One such listing of ours had immediate demand.

The Private Residences at the Four Seasons is often a building compared to SPIRE, The Glass House, and ONE Lincoln Park for downtown Denver loft and condo shoppers.   The Four Seasons project stands out among all these projects with it’s incredible finish level, appliances, countertops, and of course luxury Four Seasons Amenities (room service or a spa anyone?).  But the investment in construction and design also contributed to a higher price point.

Well for the next 30 Four Seasons sales, that is all going to change.  Prices at the Private Residences at the Four Seasons Denver have been drastically reduced by even as much as 60%.

This months Denver Post Article “Seasons gives reason for lowered condo prices” gives an example of a one bedroom “originally priced between $789,000 and $895,000 is now selling for $364,900 to $411,900”.

The folks at the Four Seasons mean business.  This pricing puts their luxury downtown Denver Real estate offering more in line to compete with the other high rise towers in town.  It looks like the developer doesn’t plan to keep prices low for long.

Today is a great day to learn more about this project.  Contact anyone on the New Era Realty team to schedule a tour of the Four Seasons Denver or any of the great downtown Denver real estate opportunities.

There are a number of ways developers can make their real estate projects more attractive to buyers.

One of the first considerations is location.  Glass House was and continues to be a hot seller because of it’s amazing Riverfront Park location.  SPIRE decided the heart of Downtown and steps from the light rail station was a winner.  Many smaller developers are fighting to find well priced LoHi lots suited for development to take advantage of the growing restaurant scene here.

Living in Downtown Denver offers an incredible lifestyle and what is within a one mile radius is a major consideration for buyers.

Amenities are next on the list.  Downtown Denver high rise buildings are designed with swimming pools, fitness centers, movie theaters, lounge areas, spas and sporting rooms.  Again we can point to the Glass House, SPIRE, The Four Seasons, and ONE Lincoln Park as great examples of how developers appeal to buyers by creating these great amenity rich buildings.

Finishes are another way to set a building apart.  ONE Riverfront may not have a pool but it does have some of the best finishes of any building.  The Four Seasons brand is built on excellence in every detail.  For many buyers, these interior selections are high on the appeal in selecting a new Denver condo or Denver loft.

But after all these factors are designed and value engineered by a development team on a building there is one major consideration left to be made.

Developers focus on how to make it EASY for their residences to be purchased.   One way developers accomplish this is to create preferred lender relationships with financing institutions.  These preferred lenders do advanced appraisals on the entire building so they can qualify buyers quickly.

One way to open up the residences to an even broader audience of buyers is to have the building qualified for Federal Housing Administration (FHA) financing.  FHA financing can be a great way for the developer to sell to more buyers.  Otherwise only those who can pay cash or qualify for a conventional loan are prospective homeowners.  So Developers want more buyers.

But the Denver Post recently reported that several developers, including SPIRE and One Lincoln Park, had allowed their approval to lapse.   This can make it harder to sell units not just for the developer, but for existing homeowners as well.

Fortunately the article sparked Denver Developers to quickly move to remedy the situation.  To learn more about Downtown Denver real estate or approved FHA building opportunities please contact anyone on the New Era Team.

What is FHA… visit the HUD website here.

The New Year is off to a fast start! One of the great things about owning a Denver loft or condo is that you don’t get bogged down shoveling snow or doing home maintenance.  With all the extra time, take advantage of all the events Denver has coming up!  Start by enjoying The Mile High SnowFest Jan 25-28 where Denver celebrates winter sports and art. On February 4th Echo Mountain will host the SnowDash Extreme 5k . And don’t forget that all the local ski resorts are now open and expecting more snow! The 11th Annual Chocolate Affair in Olde Town Arvada is February 4th. For beer fanatics, Winter Brew Fest is Jan 27th at Mile High Station. The Pepsi Center is packed with events from Nuggets, Avalanche, and Mammoth games, Monster Jam and concerts that include Brad Paisley and Lady Antebellum. Red Rocks will host it’s first ever winter concert on the 27th of January with Icelantic’s Winter in the Rocks. Other concerts include Ryan Adams on the 3rd of February and Lenny Kravitz on the 10th at the Buell Theatre. The Ogden Theatre will host Mat Kearney on the 10th of February and T-Pain on the 24th. Widespread Panic and Korn will both perform at The Fillmore Auditorium in February. And in Boulder, The Boulder International Film Festival is Feb 16th – 19th at the Boulder Theater. Take advantage of the turnkey nature of your property and get out there to enjoy all that the Denver region has to offer!

We all know that we love our city.  Now it appears the rest of the nation is in on the secret of just how great Denver is.

The Fox Business Network is running a new segment called “Where to Invest Now” featuring Greg Rand, CEO of OwnAmerica, as housing market analyst making his picks of the best real estate markets in America for investors. In this episode Greg picked Denver, Colorado for more than one reason.

From an analytical standpoint it comes down to the fundamentals that make real estate developers and analysts incredibly happy.  People are moving to Denver.  Simply put, our city is an attractive place to live.  Not only do our residents like our city, they love it.   Transplants from New York to LA are choosing Denver as their home.

The median age in Denver is just 31, a fairly young age and an indication of the growth potential for the Denver real estate market as this base moves forward in life and in their home ownership goals.  Denver lofts and condos are one investment opportunity that fits in perfectly with this audience.  The video mentions the single family home as well and it’s hard not to imagine what Denver’s ongoing growth will mean for Downtown Denver neighborhoods such as LoHi (Lower Highlands), Washington Park, Ball Park and more.

While investors across the United States may think our real estate market is attractive the true winners would be those living right here in Denver.  For those who switch from renting to purchase it’s not just an investment opportunity, it’s an opportunity to find a dream home.

You know we love the downtown Denver loft and Denver condo lifestyle.   The same fundamentals that make owning a Denver condo or loft an attractive investment are the reasons it is also a wonderful way to live.  Walkable restaurants and bistros, sporting events, theater and the arts fill our downtown streets and neighborhoods.

Sure, we love the fact that Fox Business News is calling us a great place to invest.  What the story should focus on is the fact that Downtown Denver Real Estate offers an incredible place to live.  But maybe they do… when their research team asked folks if they like living in Denver, they said “No…I love it”.

The Downtown Denver condo and loft market saw a boom of new restaurants to meet our growing market.  In 2011 it would be hard to say any neighborhood saw a greater boom than LoHi where we reported on such great spots as Linger, Ale House at Amatos, Williams and Graham and more.

For many, the LoHi neighborhood is the new favorite for new home shoppers as its mix of affordable modern mid rise condos and townhomes or historic Denver lofts are within blocks of many of Denver’s new favorite dining and entertainment spots.

It looks like 2012 is when LoDo starts to fight back to become Denver’s favorite Downtown Condo and Home destination.

On the dining front LoDo is going through a growth spurt.  Recent rumors are that the favorite Squeaky Bean of LoHi will be opening across the street from Fogo de Chao in the historic Saddlery Building.  We reported earlier in 2011 that the Bean was seeking a new spot… it looks like they found it.

Recently Couhills created a new dining spot in LoDo’s southwest corner and not far away on Wazee Charlie Palmer of New York opened District Meats and began serving up fare.  Right next door in December we saw the opening of Palmer’s Wazee Wood Fired Pizza and The Kitchen Plans to open in the spring of this year.

Next we hope to see some revival of the previously vacated locations in Lodo.  Half of the old Dixon’s space is slated for the Lucky Pie Pizza & Tap House and that just leaves the old Organixx and 8 Rivers spots to claim.

The Downtown Denver lifestyle is about many things.  There is the great walkability to amenities.  There is the wonderful series of activities, sporting events, festivals and entertainment.

But perhaps one of the most talked about Denver loft and condo features is our cities great cuisine.  In that regard each neighborhood offers its own favorites.  What we are seeing in Lodo could be the next era of growth for this Downtown gem.

Let’s not forget that Lodo is adjacent to the new Union Station redevelopment with recent announcements of the new hotel project in the historic station.

What a great way to kick of the new year with great prospects for Lodo.  Congrats Denver, life here just keeps getting better.

To learn more about LoDo lofts and condos for sale or other Downtown Denver real estate development please contact any of us at New Era Realty today.

The Buzz in Real Estate to close out 2011 is all about Union Station.

First, the Union Station Alliance team won the chance to develop the historic Union Station as a hotel.

Now the buzz is about something many in LoDo and Riverfront Park have been begging for… a full scale grocery store.

This March groundbreaking  is planned for a new grocery store mixed use development project.  Design renderings for this new building have been posted at the website of The Mulhern Group show what the vision for this new project to be.

Project details include 55,000 square feet of retail planned for the new national chain grocery store.  The chain name isn’t posted on the site but the renderings clearly show King Sooper signage.  In addition to the retail space over 300 apartment residences are planned.

This is big news.

The open parcels of land that connect Riverfront Park and LoDo provide key resources for Denver condo and loft residents.  Many of these residents are our clients and one common wish list item has been a greater selection of grocery options.

A full product grocery store activates a key walkability resource for downtown Denver residents.  Denver is truly becoming a car optional city.  The Union Station, Riverfront Park, and LoDo neighborhoods may be the most walkable with their convenient location surrounding the new light rail station and shuttle buses.

In a few years these residents will be able to take the light rail to Denver International Airport to catch a plane.  It only makes sense that they should be able to buy their groceries without a car as well.

Fresh meats, seafood, vegetables and more within footsteps of your front door make downtown Denver living even more attractive.  Contact any of us at New Era Realty today to learn more about these great neighborhoods or other downtown Denver real estate opportunities.

A hotel, a market, office space… the options for the future of the Historic Union Station Alliance building in Downtown Denver are limitless.  For this reason RTD’s board wrestled to decide which development team to give the thumbs up to in this huge Downtown Denver Development Project.

By a vote of 9 to 5 last week RTD gave the Union Station Alliance team the winning nod to redevelop the Historic Denver Union Station into a Hotel.  All 14 members voted at that committee decision and today the board formal ratifies this decision.

You can read more about the RTD Decision in the Denver Business Journal Article “RTD Prefers Denver Union Station Hotel Proposal” or visit the Union Station Alliance Website for specifics.

For Real Estate Residential owners in the Downtown Denver Lodo and Downtown Denver Riverfront Park condo neighborhoods the hotel offers a potential influx of amenities that commonly surround a restaurant location.

The new Four Seasons downtown, as one example, gave local Denver high rise residents access to the Four Seasons amazing restaurants, bar, and spa.  Nearby neighbor SPIRE, with it’s own high rise amenities and ground floor restaurants and retail added to the Downtown Denver Theater District appeal.

The new historic Union Station Hotel brand is only one component of the total Union Station Neighborhood mix that plans to include its own mix of new restaurants, shops and office space.

The new construction in the Union Station Neighborhood will offer new opportunities in Real Estate as well.  New construction is often a favorite for clients looking to relocate to the Downtown Denver area.  Existing residential projects such as SPIRE, ONE Lincoln, and the Glass House have shown how high rise downtown living is in high demand.

What remains to be seen is how quickly developers choose to pursue new residential towers.  Our investment property clients are enjoying a strong rental market that may well discourage the start of any new residential tower projects and the strong appeal and pricing of SPIRE adds to the competitive landscape.

For our clients looking to acquire a new downtown Denver loft or condo the timing couldn’t be better.  Call any of us at New Era Realty to learn why.

There are a number of things we think about in relation to a home purchase.  Of course we all know the mantra of “Location, – Location – Location”.  It’s one of the reasons why the Downtown Denver Real Estate Market is so popular.

Location includes access to restaurants, shopping, transportation and amenities.  It has led to the measurement tool of Walkscore.com to help give home shoppers a tool to measure the value of a location.

The list goes on and on… but one that seems to grow in value every year would be a category called Technology.

With technology we aren’t just talking about having WiFi in you building.  It’s a big enough category to be a focus on the Urban Land Institute’s recent trends report entitled “What’s Next – Real Estate in the New Economy”.

The focus of technology can mean many things.  For many high rise buildings such as the SPIRE lofts, it can involve the infrastructure in the walls.  Some buildings have older cabling that restricts the flow of data.  Others might be wired with high speed fiber optic cable.  Once that just impacted how fast you could download  your itunes music.   In today’s world of technology better infrastructure determines the performance of your high definition broadcasts which might be from your local carrier or might be on demand from such services as Netflix or Apple TV.

Beyond entertainment technology is allowing for the optimization and measurement of your heating and cooling systems.  Remote management and monitoring can provide for significant utility savings.

More importantly, the actual heating, cooling and management systems themselves can have huge implications not only on a homeowners annual utility expenses.  Many clients are looking at how the technology of their home enables a sustainable living lifestyle.

SPIRE focused on steam generated heating.  Some developers are installing radiant floor heat, solar panels, even composting areas.   Technology in home and multi dwelling design translates into decisions over which sinks, water heaters, even toilets go into a new home.  Want to see an example (without knocking on a neighbors door), check out the bathrooms at Linger next time you stop in for a drink.

All of us at New Era Realty look at each element of a home buying decision to provide our clients with detailed information about every aspect available.  Technology is just one that we like to mention because many forget how important it can be.

To learn more about sustainable downtown Denver lofts and sustainable downtown Denver homes please contact anyone on our New Era Realty team.

And if you stop in at Linger feel free to stop in and visit us.  We are just down the street in LoHi.

One of the hottest selling high rise condominium projects in Denver AND in the United States is SPIRE.

SPIRE, located in the heart of the Denver Theater district has been a favorite destination for new home shoppers since the very beginning.  We remember well because we have been there every step of the way.

The New Era Realty team has been representing buyers (and now sellers) at SPIRE since the first reservation opportunities.  The New Era team watched the groundbreaking and reviewed hundreds of pre construction floor plans and documents.  We got our regular workouts walking the 42 floors of stairs in the “in construction” preview period.

Our favorite part was sharing our client’s celebration when they got their set of keys and entered their new Denver loft for the first time.

SPIRE still has some incredible inventory (including our own listings) that we share with clients every day… but one thing is very different from the pre construction days of last year.

Today the ground floor restaurants are in full swing.  There’s Snarfs for some incredible sandwiches,  Organic Pizza for some healthy and delicious ‘za, and Row 14 for amazing dining and cocktails.

Now there’s more!

Yesterday the new Crave Dessert Bar and Lounge opened at the SPIRE lofts to satisfy your sweet tooth.   That’s right… now SPIRE residents can burn off their calories in their huge fitness center, with a yoga class, in the swimming pools or spas and then go downstairs and celebrate their workout with a decadent dessert.

Life at SPIRE just keeps getting better and better.  Mixed use residential towers offer an impressive lifestyle amenity to their residents.   They offer ground floor convenience for fine dining and a spot to relax with friends and family.

With the temperature dropping it’s now wonder that convenience becomes so popular.  For SPIRE loft residents this even means certain building food delivery.  Life at SPIRE isn’t that far removed from luxury room services.

Congrats Crave Dessert Bar and Lounge and welcome!  The Downtown Denver condo and loft residents at SPIRE have already been singing your praises.

And the trend continues!  October sales figures showed positive gains in most areas as limited inventory and improved sales created opportunity for sellers.  On the other hand, buyers were left scratching their heads wondering where the supposed “buyer’s” market went.  Simply stated, buyers are having much greater difficulty finding suitable homes in 2011 as compared to 2010.  First-time buyers are being increasingly priced out of the market as they compete with investors vying for lower priced properties that are also apt rentals. These properties sell in days, not weeks and as the old saying goes, the early bird catches the worm!

Overall Metro area sales increased 12% compared to October 2010 with buyers snapping up 3,183 homes and condos in October 2011.  The number of properties under contract increased nearly 4% from the same time last year.  At the same time, the inventory of single family homes fell 30% and condos followed suit with inventory falling over 45%! The only negative and unsettling trend is the value of homes dropping 6% from last year for an average sales price of $269,503.  Of course we should all be glad we don’t live in Las Vegas where if you bought a house in 1996, it’s worth less today!

Why are values falling in Denver with such limited inventory and increased sales?  I see three factors that are driving down prices: 1) Lower priced (sub $200K) properties are dominating sales right now as first-time buyers, investors and renters who are paying inflated rents realize the financial benefits of owning inexpensive homes, 2) Motivated sellers with average properties that are stagnating on the market.  Once these sellers finally receive an offer, they agree to significantly reduced prices, and 3) Weak listing agents who aren’t educated about current market conditions and don’t fight for their sellers when negotiating offers.

There is no doubt we live in tumultuous times but fortunately our local Colorado real estate markets appear to be fairing better than the rest of the nation.  At our current national job growth it will take 52 months to return to the number of jobs we had in January 2008.   The good news for Colorado is that we have gained approximately 700 jobs over the past year while many states continue to lose them.  Foreclosures continue to dominate many local markets, however foreclosure sales in Colorado fell to a 42 month low and were down 28% compared to October 2010.   The key message here is that it is important to consider local economic conditions and take those into perspective whether you are homeowner, tenant, seller or buyer!

As always, we are up-to-date on the latest market happenings.  Please don’t hesitate to contact us whenever you or someone you know is considering buying or selling a Denver loft, condo, or home!

Two development groups, two proposals, and one pushed back deadline to decide.

The Regional Transportation Districts (RTP) Board last night held a meeting where they posed questions to the two competing groups in an effort to reach a decision on who’s proposal best serves the needs of Denver and the future life of Denver’s historic Union Station.

The board originally planned to reach a conclusion last night but rather than making a decision they allowed each of the competing development teams to make additional efforts to support their proposal.  After meeting behind closed doors the board announced that the decision would have to wait.. at least until December 6^th.

The two teams are the Union Station Alliance (USA) and the Union Station Neighborhood Company (USNC).

As summarized by the Denver Business Journal the two proposals are described as:

Union Station Alliance: Hotel with retail.

Union Station Neighborhood Company: Market with office space, restaurants and retail.

RTD’s staff, and an evaluation panel of government officials and real estate experts, has recommended USA’s $48 million plan for a hotel at the station, but USNC members argued that their proposal better preserves the historic nature of our iconic Denver landmark.

Both proposals can be linked to from the website and there is an online poll that has been set up on the Denver Business Journal’s website here.

Denver loft and condo and residents in Riverfront Park, LoDo, and other nearby neighborhoods are following (As we are) this pivotal decision.  The new Union Station area will be a wonderful mixed use neighborhood in the center of our city providing new restaurants, retail, and of course residential downtown Denver lofts and condos.

All of us at New Era Realty follow the urban developments of Union Station and the surrounding areas in our rapidly developing city.  These are great improvements for our city and we look forward to these new urban amenities for our Downtown Downtown Denver loft and condo clients and friends.

We look forward to learning more about who will win this proposal and lead the redevelopment of Denver’s historic Union Station.

To learn more about Denver real estate please contact any of us at New Era Realty.

The Denver Business Journal Poll has been turned off… but this one is active.
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