First we hope you all had a wonderful Valentines Day!

A topic that often comes up asks what the next big Denver condo or Denver loft project might be.  The buzz around Glass House in Riverfront Park was huge when it launched several years ago.  Then SPIRE generated the current buzz as did the new Four Seasons and many other high rise Denver condo projects.

So when we get asked what's next all we can do is say... we don't know.  There rumor mill has been talking about a new project on the triangle in Riverfront Park located in front of the Glass House.  But remember all those great Denver condo resale deals that are available in the Glass House and Riverfront Park area... those are not doing anything to help the price comps that a developer might need to generate interest in building.  When recent per square foot prices on ONE Riverfront, the Park at ONE Riverfront and Glass House are lower (also a great time to buy.. call us to learn more) those estimates factor into what a lender thinks a new project would generate.

Now that triangle in front of Glass House is right on Little Raven and facing Commons Park so there is no doubt at some point it will be a great location for development... maybe just not this year or anytime soon.

The Union Station area offers a great opportunity for development as well... but not likely for some time.  The rumored City House (aka Glass House II) was last discussed as a more viable for rent project but that could always change.  As the transportation hub and office/retail spaces get developed it's very possible one of those buildings will have residential in a mixed use scenario.  But again.. nothing currently announced.

It's possible these larger projects will take more time to go from approval to blueprint to actual sales and existing projects such as SPIRE, ONE Lincoln, and the Four Seasons will remain the best options for those seeking brand new high rise Denver condo choices.  And of course resales in the many buildings are offering incredible deals as well. But there is one market where new developments are still popping up.... and it's not the high rise.

Areas like the Highlands, Lohi, and many other small downtown Denver neighborhoods are seeing a number of great and well priced new duplex or mid rise buildings.  The Highlands / LoHi area especially has continued to grow in demand and created a market for smaller developers to create some great modern options.  So if you want something brand new and are on the lookout for new projects this could be the area to watch.  To learn more about these and other developments please contact any of us at New Era Realty.

It's a great buyers market.. come learn why!

Since it's Valentines Day weekend (a little reminder to everyone out there.. don't forget and be in the doghouse) it seemed appropriate to talk about how easy it is to fall in love with Denver.

We have the great pleasure of working with many clients who are relocating to Denver as we assist them in finding their dream Denver loft or Denver condo residence.  It's easy to forget how great our city is, but as we speak with our clients they remind us of how truly fortunate we are to have such a great Downtown and how wonderful the Downtown Denver condo and loft lifestyle is.

Boasting over 300 days of sunshine Denver condo and loft residents enjoy beautiful days like today.  Which is great because Denver loft and Denver condo residents can enjoy walking to all three of our sports stadiums, hundreds of great restaurants, shops, and more.  In fact some of the best downtown high rise buildings have incredible walkability scores such as...

Four Seasons - 97 Walkers Paradise

SPIRE - 94 Walkers Paradise

Glass House - 89 Very Walkable

ONE Lincoln Park - 89 Very Walkable

Pinnacle - 85 Very Walkable

Watermark - 85 Very Walkable

Of course these walk scores are great for enjoying a healthy lifestyle, avoiding the aggravation of commuting, and the simple luxury of walking to dinner or a show.  But they are also linked to an increase in property value as reported in the article on Walkscore "New study shows one point of walkscore worth up to $3,000".  That is great for Denver condo and loft owners.

It's also something nice to think about as we look at how Denver is still enjoying such wonderful growth and development such as the new Union Station Neighborhood, the 16th street initiative, and the new Ambassador/14th street development.  It just might be that these locations will enjoy even greater benefit from their great walking location.

To learn more about any of these great Denver condo and loft residences please contact any of us at New Era Realty.

For those of our Denver condo and Denver loft clients who are experiencing their first winter in Denver... welcome to Colorado snow!

It's been wonderful hearing some great feedback from our clients during these cold winter months.  Many of them relocated from far away suburbs or other locations to their new Downtown Denver condo and Denver loft residences.  For some this is their first winter living downtown or in downtown neighborhoods like the Highlands.  And from what we are hearing... they couldn't be happier.

Why you might ask... it's because they are walking (yes, very bundled up, but walking) to get coffee in the morning and riding public transportation or walking to work.  They are walking for dinner in the evening or to meet friends for a glass of wine.  They are walking out their front door and never fighting traffic or snowy dangerous road conditions to catch a movie, see a show at the theater, or curl up in a downtown bookstore.

What is life like in a snow storm... let's take a look at a few of our clients favorite destinations.

Downtown Denver

Our clients at SPIRE, ONE Lincoln the Four Seasons, or any of the many new or historic Downtown Denver loft locations may have it the easiest.  With a 16th street mall shuttle, the many RTD light rail stations, tons of restaurants, shops, theaters, coffee houses, and pubs all within walking distance life living Downtown truly means leaving the car through the winter season.  Let's not forget that even when the snow gets to be the absolute worst the many hotels  with restaurants keep a policy of being open for their guests no matter what.

Highlands

Whether it's 32nd and Lowell or the many restaurants of LoHi the Highlands is a wonderful neighborhood to be snow bound.  The many corner restaurants with big glass windows allow neighborhood residents to warm up watching the snow fall enjoying a dinner or drinks at many great locations such as LoHi Steak Bar, Vita, Lola, Sushi Sasa, Bang, Coral Room, Highland Tap and Burger, Highland Garden, and many more.  The Highlands is a little more spread out than the dense downtown so an snowy nights the closest spot might be the best choice but even on days like today we see folks snow biking past our offices (yes, we are in LoHi because we love it too!)

Riverfront Park

And of course we would be remiss without mentioning one of the best neighborhoods to be living during a snow storm... the Riverfront Park neighborhood that bridges both Downtown Denver and LoHi.  With restaurants located in the heart of Riverfront Park's plaza (Zengo, McLoughlins), a wine store, and Ink coffee Riverfront Park residents don't have to leave their neighborhood.  Of course if they choose to bundle up and brave the elements it's just a short couple blocks to the start of Downtown Denver's 16th street mall or two pedestrian bridges to the great restaurants of LoHi.  And let's not forget the great sledding that takes place in Commons Park.  Our Glass House residents reported watching the snow filled fun from their glass walled residences.

Of course there are many, many other great spots in Downtown Denver to live car free during a blizzard but we just wanted to highlight a few where our clients have shared stories of being snowed in and loving it.

Learn more about the great Downtown Denver condo and downtown denver loft lifestyle (especially during blizzards) by calling New Era Realty today.  Enjoy the snow and we hope all of you have a cozy spot to enjoy the winter beauty.

Well our most recent post sharing the Wall Street Journal article "No McMansions for Millennials" generated a great deal of discussion.  The article focused on how Generation Y was seeking out more multi dwelling condominiums such as SPIRE, Glass House, or ONE Lincoln.  The draw of amenities and a great location in the Downtown cities across the country are driving this trend.

But it's not just Gen Y that loves living Downtown in Denver.  The draw of Downtown Denver condo and loft living appeals to everyone... from those moving in from the suburbs for a Downtown Denver live work lifestyle to empty nesters who are seeking a retirement home where they can be surrounded by the theater, sporting events, restaurants, and more.

So Gen Y, I think its fair to say you have a lot of company in loving Downtown Denver living.

The question that came up was trying to identify what amenities are the most important.  So we decided to add a poll to this blog post and let our Denver audience speak up.  Will it be the swimming pool for our hot summers and 100 degree days, the hot tub that pampers us during our winter snow storms and temperature drops (And after a long day of skiing), or perhaps the movie theater room where we can put the Superbowl up on the big screen and invite all our friends.

We aren't the only ones asking these questions.  Developers are constantly looking at ways to create more attractive buildings.  It's no coincidence that some of the most recently completed buildings such as the Glass House, SPIRE, ONE Lincoln, and the Four Seasons have multiple amenities to keep their residents happy... and it's why these buildings continue to be attractive for both primary homeowners and investors (renters like amenities too).

So here is the poll, and to learn more about any of these great buildings downtown or other Downtown Denver residences please contact any of us at New Era Realty.

Enjoy your Superbowl weekend!

Looks like Downtown Denver has more than one reason to be so popular.  A recent study reported in the Wall Street Journal took a close look at what Generation Y really wanted in their homes. Here is an excerpt from the article.

Gen Y housing preferences are the subject of at least two panels at this week’s convention. A key finding: They want to walk everywhere. Surveys show that 13% carpool to work, while 7% walk, said Melina Duggal, a principal with Orlando-based real estate adviser RCLCO. A whopping 88% want to be in an urban setting, but since cities themselves can be so expensive, places with shopping, dining and transit such as Bethesda and Arlington in the Washington suburbs will do just fine.

“One-third are willing to pay for the ability to walk,” Ms. Duggal said. “They don’t want to be in a cookie-cutter type of development. …The suburbs will need to evolve to be attractive to Gen Y.”

Outdoor space is important—but please, just a place to put the grill and have some friends over. Lawn-mowing not desired. Amenities such as fitness centers, game rooms and party rooms are important (“Is the room big enough to host a baby shower?” a millennial might think). “Outdoor fire pits,” suggested Tony Weremeichik of Canin Associates, an architecture firm in Orlando. “Consider designing outdoor spaces as if they were living rooms.”

Smaller rooms and fewer cavernous hallways to get everywhere, a bigger shower stall and skip the tub, he said. Oh, but don’t forget space in front of the television for the Wii, and space to eat meals while glued to the tube, because dinner parties and families gathered around the table are so last-Gen. And maybe a little nook in the laundry room for Rover’s bed?

In his presentation, KTGY Group residential designer David Senden showed slide after slide of dwellings that looked like a cross between a hotel lobby and the set of “Melrose Place.”

He christened the subset of the generation delaying marriage and family as “dawdlers.”

“A house in the suburbs is not for them,” Mr. Senden said. “At least not yet.”

Places to congregate are more important than a big apartment, he cautioned. He showed one layout of a studio apartment—350 square feet, as big as Mom and Dad’s Great Room. Common space has migrated to “club rooms,” he said, where Gen-Y residents can host meals and hang out before heading to a common movie-screening room or rooftop swimming pool that they share with the building’s other tenants.That sounds a lot like the great Downtown Denver condos and lofts we work with such as SPIRE, Glass House, ONE Lincoln, and of many of the new multi dwelling residences appearing in the highlands and LoHi.

It just makes sense.  These multi dwelling Downtown Denver residences offer the best of both worlds.  You get all the amenities (movie theater room, pool, sports lounge, and more) that those huge McMansions offer without the cost for all that square footage and the maintenance that goes along with it.  Plus we have repeatedly seen how important the ability to walk or bike to local restaurants, shops, and even the morning coffee can be for new homeowners.  Forget that extra bedroom that you use once a year for guests, these new high rise homes even offer guest suites that keep you visitors close... but not too close.

Learn more about why these new residences are so popular by scheduling a tour with New Era Realty today.

If you have been waiting to learn more about SPIRE this weekend could be a great opportunity to let New Era Realty take you on a tour.

For one day only SPIRE will be holding a one day sales event this Sunday.  We suggest you give us a call to check out SPIRE before Sunday so you can take advantage of this event with some homework already done.  Here are the prices they announced as part of the event.

SPECIAL RELEASE 1-DAY EVENT PRICING #1009 2BD/2.5BA 1,664 SQ.FT. // $485,000 #1101 2BD/2.5BA 1,639 SQ.FT. // $495,000 #1710 2BD/2BA 1,312 SQ.FT // $399,000 #2303 1BD/1BA + DEN 900 SQ.FT // $290,000 #2205 1BD/1BA 758 SQ.FT // $260,000

SPIRE has been the hottest real estate development in Denver, perhaps the country as discussed in this insider real estate article.  That's actually quite a bit to boast about.  With these sales numbers SPIRE leads the pack for a new development.. and with good reason.

All of us at New Era Realty have been representing buyers since the first days that SPIRE announced it's project.  We waded through pre sales floorplans and pricing, took clients on construction tours as soon as the building began previews, and have helped multiple clients find their new homes in the heart of Downtown Denver.

This one day sales event may be the perfect time to buy at SPIRE and we suggest doing a little research ahead of time to compare residences, views, and pricing opportunities.  SPIRE offers great homes and also great amenities.  SPIRE has two pools, two spas, a firepit, fitness center, club lounge, sports zone, movie theater room, 24 hour front desk, skyClub lounge and many other perks.  Of course, the location is one of the most attractive in Downtown and is probably another reason the project has done so well.

Call New Era Realty today and allow us to share with you all the details on this exciting project and compare it to the many other attractive downtown Denver condo and loft opportunities.

Cheers!

Our focus on the downtown Denver loft and condo market allows us to see the inventory on a weekly basis with our clients.  This allows us to “keep our fingers on the pulse” of what is happening in this niche market. So, what are the important trends as we look at what is currently available as far as lofts and condos in Denver?

First, broad generalizations as far as trending are of minimal value. I say this because the Denver loft and condo market so different based on price range.  At the very low end of the market, pricing remains stable and days on market remain low.  This is primarily driven by investors increasing the demand for these low priced units.  With vacancy rates at an all time low (some reports showing vacancy rates below 2% currently), investors are finding it easier than ever to purchase inexpensive lofts and condos that cash flow with less money down.  These vacancy rates are also pushing more renters into purchasing lofts and condos as their primary residences, rather than paying high rental rates or getting locked into long term leases.  These units are also more obtainable right now for lower income buyers due to the low interest rates.  All of these factors play into the simple economics of supply and demand, creating a stable market at the low end of the Denver loft and condo market.

So, what is happening as you move towards the upper end of the market?  The new SPIRE building is a great case study in this.  It is currently the fastest selling high-rise loft/condo building in the United States.  This success is great news for the Denver market, but a close analysis of their sales reflect the current state of affairs.  Their inexpensive 1 bedroom units have literally flown off the shelf, while their highest priced and “penthouse” units are selling at a slower rate.  Given the sales volume, you are not seeing discounting in this building, other than the occasional “developer special”, but the specials that you do see are on the upper end units. As the #1 selling firm that represents buyers interested in the SPIRE building, we know how to get good deals for our clients regardless of the price point, but we do find more flexibility at the upper end.  The buyers we work with that are looking at the higher priced lofts can still get some extremely premium properties.  The amenities, views and location are all second to none at the SPIRE.  Thus, those buyers in the market that simply want the best that Denver has to offer will continue to absorb the higher end units in the SPIRE.  When you move to other high end properties, you see more challenges for the sellers.  Here supply and demand are out of balance and the advantage clearly goes to the buyers. Some downtown lofts/condos have taken a 25% hit from their last sales price.  Location is a huge factor with regards to the level of depreciation the owners have taken.  Fringe locations that don’t offer very high “walkability” scores, have suffered the most. Upper end buyers can have it all (case in point the SPIRE), views, amenities and location.  Not long ago, this was not the case and our clients were having to pick and choose more as to what was most important to them, possibility having to sacrifice significantly in one area to get what they wanted in another.  This being said, the options of truly premium properties under the $500K mark are still somewhat limited.  Once our buyers move into the $500K+ lofts and condos, the selection improves and the discounting is more significant.

So, what is the moral of the story in the Denver loft and condo market currently?  If you own and are looking to sell a lower end loft or condo, now would be a good time as vacancy rates and lower interest rates will help you obtain a good sales price and do so with lower days on market.  If you are a buyer at the low end, looking at the buyer vs. rent equation, it may very well make sense to explore a purchase.  At the upper end, sellers be ready to take a bit of a hit if now is the time for you to sell your loft or condo.  This can be mitigated if your own in a premium location as inventory levels are not that high and people with wealth often recognize the value in getting the best for their money.  If you are looking to purchase a loft or condo at the upper end, there are more options even if still somewhat limited.  You won’t necessarily be picking up your loft or condo in a fire sale, but you will most likely be setting yourself up to see a good return on your investment as the market recovers.  Case in point again with the SPIRE building, as the upper end inventory is absorbed, the selection options will decrease and the developer will likely be in a position to increase pricing over the coming months.

If you would like us to take a look at your positioning as a loft or condo seller, just let us know and we would be happy to provide a market analysis specific to your property.  If you are looking to buy, we would be happy to show you the best options available.  We would love to put our experience to use for you!

John Stegner & Brian Lehnerz
Broker/Owners
New Era Realty
(303)-522-7746
agents@mynewera.com

Well we have certainly been busy with SPIRE this year as many of our clients are their current homeowners.. and it seems we were on to something.

This article in Inside Real Estate News talks about just how hot the SPIRE property has been not only in Denver, but across the entire United States.  In today's real estate market this kind of popularity means they are on to something... the right product, the right price, and from the looks of it the most attractive high rise building in the Downtown Denver Marketplace.  Here is an excerpt from the article..

The Spire has survived “more ups and downs than Rocky Balboa,” Chris Crosby commented during a two-hour tour of the 41-story condominium tower just before Christmas. And like the storybook boxer, the Spire is not down for the count, but it is the reigning condo champion as far as closings, not only in Denver, but possibly in the nation.

The Spire changed Denver's skyline as this photograph shows.

“The Spire is a downtown Denver success story,” said Brian Phetteplace, Manager of Retail and Residential Development for the Downtown Denver Partnership.

8 months of closings

From last April 19 – the day its lenders allowed it to start closing contracts – until the end of last year, 201 units have closed at the Spire, representing more than $60 million in sales. The sale price per square foot ranged from the high $200s to about $500. In addition, all 10,000 square feet of the ground-floor retail space has been leased in the LEED-certified building at 14th and Champa streets.

That is 328 percent more than all of the new home closings that took place during the time period at four of other condo buildings in Denver – One Lincoln, Pinnacle, Wynkoop Residences and Four Seasons – according to a study by Mark Co. Research. Closings at the Spire also have dwarfed the resale condo closings in One Lincoln, Glass House and Pinnacle during that period, according to the analysis.

“There’s a lot of ways to slice-and-dice real estate sales, but whether you look at the last six months or all of 2010, we were getting north of 75 percent of the local market, depending on how you measure it,” said Crosby, of Nichols Partnership, the developer of the 493-unit building.

North of 75 percent of the market is quite a statement.  It means that SPIRE is worth checking out if you are looking for a Downtown Denver condo or loft.  All of us at New Era Realty are well versed in SPIRE and have been working with buyers since the first pre-sales.  So yes, we do have our own knowledge of the best of everything SPIRE... the best floor plans, the best views, and which residences are the best value.

Contact any of us at New Era Realty today to take a tour of SPIRE or to discuss which SPIRE (or any other downtown Denver loft) might be the best match for your real estate and downtown lifestyle goals.

Congrats to the SPIRE team... and thank you to all our SPIRE homeowners who should love this bit of news.

One of the things that people living downtown love is their food.  The downtown Denver loft and condo lifestyle offers hundreds of restaurants with some of the top ranked ones located downtown, in LoHi, the Highlands, Wash Park and across all our great neighborhoods.  One of the best things about living downtown is how many great choices Denver residents have within footsteps of their own front door.

But it's not just about eating out.  Many of our clients and neighbors are some of the best cooks we know.  Whether they are throwing a dinner party or just making a regular evening dinner those who love to cook take their grocery choices seriously.  So when many of our clients move into downtown they ask us where to go go grocery shopping.  We thought we might share a few favorites.

Many of our clients swear by a few names you might recognize.  Marczyks Fine Foods and Tony's Market are two that are commonly named as downtown Denver favorites.  Of course if you live in the heart of Downtown you might even be within walking or 16th street shuttle distance of Cooks Fresh Market, a location we know many of our SPIRE residents take advantage of.

Then of course you start the list of neighborhood markets such as Whole Foods (Capitol Hill and Cherry Creek locations), Vitamin Cottage (CPV), Sunflower Market (Highlands) and a number of Safeway and King Sooper locations around town.

But what about a big grocery store in the heart of Downtown?  That rumor has been circulating for years and the most discussed and likely location would be within the new Union Station Neighborhood or even Riverfront Park.  With all that density and growth the economics of supporting a grocery store in this area and the undeveloped land leave a number of opportunities.  Who knows, you might even be looking at condos above a grocery store in the future which could make your commute for dinner ingredients incredibly easy.

How often would you cook if you had an entire grocery store of fresh ingredients just downstairs.  How nice would it be to be able to relax at home for an hour or so and then pick what you wanted... from fish to steak to who knows what.

Well, it just might be the next phase in Denver.  Of course don't hold  your breath because it will likely be some distance out but as you consider what neighborhood you would like to live in consider proximity to the new Union Station location... it could open a whole new set of options for your cooking plans.

And as long as we are going down the path of exploring this possibility... let's hear from you as to what grocery store you would most like to see downtown.  It's your turn to be heard so share your voice.  Anything is possible.  In fact, one of the most popular grocery stores is a below grade Whole Foods.  How often do you look out the window of a grocery store anyway?  An entire real estate development could be on top of most any grocery store... and Union Station transportation network might just help avoid the parking crisis.

To learn more about the great Downtown Denver loft and condo lifestyle or Downtown Denver condo and loft residences please contact us at New Era Realty.

Highlands Denver real estate has been really hopping in the new year.  Already one of our most popular neighborhoods has seen activity and it seems that both new condos and historic homes are equally popular.  We thought we might share with our blog readers and clients what makes this neighborhood such a popular location.

Location

First of all, few locations in Denver offer such great proximity to almost everything.  Situated just past the Riverfront Park neighborhood and connected to downtown by multiple pedestrian bridges residents can commute easily into downtown, either by bike, car of foot.  With the new Union Station Neighborhood offering access into downtown one only needs to travel to this side of the city and all the transit routes open up including the great Cherry Creek bike trails.  For those traveling farther for work or fun the Highlands is also at a central point for easy access to I-25 and I-70 to carry you anywhere in Denver you need to go.

Of course the best thing about the Highlands location is that you don't need to go anywhere.  With great restaurants, shops, and the historic Highlands Square and Lohi businesses everything can be just down the street, be it a cup of coffee or a night out on the town.

Dining

Since we mentioned dining, we should share that the Highlands neighborhood is one of the most established and fastest growing areas for those fans of great food, drink and entertainment.  Lohi has been booming in growth and features nearly every cuisine one could hope for.  The main Highlands area (32nd and Lowell area) has long been a favorite for eclectic and creative dining.  Today, it's a challenge to decide which of these two Highlands locations offers the best dining options as new restaurants are opening their doors regularly to serve this exceptional community.

Real Estate Options

And of course... one great thing about the Highlands is that it caters to everyone.  With multi dwelling and new modern condos and lofts going in throughout the neighborhood and classic historic homes and bungalows our clients have a the choice of old and new design options.  It's truly a one of a kind neighborhood for Denver and pricing opportunities are incredible.

Learn more about the Highlands today by calling New Era Realty.  We even moved our office to Lohi and offer bike tours (when it gets warmer) to check out this terrific neighborhood.