One thing is evident, the Denver condominium market is blazing hot. Inventory on resale condo residences has been moving quickly and the available amount of new Denver condo lofts is limited. One of the last large scale high rise residential towers, SPIRE, reported that they have sold 459 of the property’s 493 total residences as of this article “Downtown Denver Condo Tower Selling Again “.
That doesn’t leave a lot of new inventory, and with the current construction underway it may be quite some time before we see another major project.
How New Rental Development Affects For Sale Availability
It is amazing the difference a few years can make. Just a few years ago the cranes that dotted the Denver skyline were dedicated to the build and construction of new For Sale towers.
At that time SPIRE, Glass House, One Lincoln, the Four Seasons, and more were underway. Competition among sellers was strong as each building fought to attract buyers with developer incentives and pricing opportunities.
Today we still have a huge amount of cranes dotting the skyline, but they are focused on new apartment buildings. In just the Union Station and Riverfront Park area one can see the new developments for the new Manhattan Apartment phase, AMLI Riverfront, The Cascade Building, and the site that was originally going to be the new City House.
Condos with Amenities are in Especially High Demand
All of them… Apartments. For those seeking a brand new Denver condo or loft in a high rise with amenities such as swimming pools, fitness centers, media rooms, and more that means the wait could be a long, long time. Even if a developer were to announce a new project tomorrow the amount of time needed to build another high rise would likely be at least a year and most likely two.
That’s a long time away for today’s buyers to “hope” for a new building. For buyers, existing inventory is prized. If you are a Downtown Denve condo owner now could be a great time to find out what your residence might be worth.
Now is the Time to Find out What Your Denver Condo is Worth
Existing Denver condo owners, you are in a great position to list and sell your Downtown Condo as inventory continues to tighten and demand continues to increase. Days on market have been getting shorter, bids are coming in often tens of thousands above asking price, and offers are getting leaner in terms of contingencies.
Sellers, today is a great day to learn what your condo might be worth. To learn more about Downtown Denver condo values contact anyone on the New Era Realty team.