denver skylineThe new “Rocky Mountain High” for downtown Denver is upscale, high-rise condos and lofts that decorate Denver’s skyline. From high-rises in LoDo, Riverfront, Uptown and Downtown, Denverites like their altitude when it comes to living the life of luxury in the Mile High City.

As popular developments like the Four Seasons Private Residences and the Spire buildings reach sell out status, the supply of new downtown Denver condos and lofts is vanishing into thin air. Recent market figures for Denver are showing a dip in condo sales by 12 percent, due to less than desirable new condo inventory levels that can’t keep up with strong buyer demand citywide.

“There’s an increase in demand for high-end amenity properties in downtown Denver,” said John Stegner, MBA, broker/owner at New Era Realty. “The downtown Denver condo and loft lifestyle is highly sought after because it’s much greener to live close to where you work. When you live downtown, you’re also within walking distance to some of the best cultural attractions and nightlife venues in the country.”

Downtown Denver Condo Demand Reaching New Heights

As Baby Boomers downsize from their single family suburban homes to maintenance-free condo living and 20- to 30-year old professionals opt for high-rise housing close to where the action is both professionally and socially, the downtown Denver scene is where Coloradoans want to live. These leading trends, as well as increases in rental rates nationally, should prompt developers to jump on building the next Denver high-rise condo building that appeals to both of these hot condo buyer demographics.

“Condo buyers are looking for luxurious accommodations combined with upscale amenities,” Stegner said. “Today’s high-rise condo owners expect first-class workout facilities, rooftop pool decks and concierge services at their fingertips without the added expense and maintenance responsibilities.”

The Race is On for New Downtown Developments

To meet Denver’s urban lifestyle demands, the downtown market is ready for developers to forge ahead on building the next new high-rise in the city. The big question is, “Who will break ground first and tap into the high demand for upscale, luxury living in Denver?”

One local developer, Colorado-based McWhinney, may be taking aim at hitting the downtown Denver condo sweet spot as the company recently released reports that it is partnering with Grand American, Inc. to redevelop the Historic Windsor Dairy Block in Denver’s LoDo neighborhood. Located between 18th/19th and Blake/Wazee Streets, McWhinney plans to revitalize this LoDo street block with a mixed-use development of nearly 325,000 square feet that will include office, retail and multi-family uses with private, on-site, underground parking. When completed, residents will be within walking distance to many of downtown’s vibrant attractions and amenities, including Coors Field and the newly renovated Union Station complex.

This might just be the start of Denver’s next high-rise success story. Stay tuned!

Beat the Wait by Staying on the Rocky Top of the Market

If you are like many Denver residents who are waiting to call a new downtown condo home, you don’t have a lot of options as of yet. But don’t be discouraged. We are optimistically hopeful that the next new Denver condo tower will be on the rise soon. In the meantime, the Denver condo and loft experts at New Era Realty will help you stay up-to-date on the latest high-rise developments across the Mile High City.

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