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.