April 5, 2017

Denver Rock Drill Project

Walking through the streets of RiNo (River North Arts District), you can’t help but be pulled into the past. Blocks of large brick buildings hint at Denver’s industrial heritage. Many developers are trying to keep the historic feel of the neighborhood, which is uncommon for the rest of Denver.

RiNo’s newest project is no different. The Historic Rock Drill project beginning in the first quarter of 2018 will be 700,000 square feet of space that will feature office, residential, retail and hotel space. According to a recent Denver Post article Trae Rigby, vice president of development for Saunders Construction stated, “In RiNo, people build it new and try to make it look old and historic. This really is. It’s authentic.”

The project is estimated to cost $250 Million and will settle in the Cole neighborhood near the Blake and 38th transit station spanning 2 city blocks. According to the project website the project will consist of:

  • 180 residential units
  • A 175-room hotel managed by Sage Hospitality
  • 150,000 square feet of office space
  • 65,000 square feet of retail space

The development will add 550,000 square feet of new construction to 150,000 square feet of existing buildings that will be restored and adapted to new uses. The site’s alleys, rail spurs, and other spaces between buildings will serve as passages, courtyards, drives, and other public places.”

Site History Denver Rock Drill Manufacturing began operations in 1910 creating the “Waugh” Drill. By 1920’s the plant employed over 600 employees and spanned over a city block. In 1927 Gardner Governor merged with Denver Rock Drilling creating Gardner Denver, joining one of the best-run manufacturers of rock drilling equipment for the mining industry with the dominant player in portable air compressors for the construction industry. In 1973 the company moved it’s headquarters to Dallas, TX.

With it's unique history, this new project is sure to have an impact on the north Denver neighborhoods. Have questions about the project? The partners are planning to host a public meeting in April to meet with the surrounding community. 

More

As always, don’t hesitate to call us with any of your Real Estate questions or needs. We are happy to help you along the journey no matter where you are in the process.

Dave Person
(720) 854-9501
David@ColoradoHomesConnection.com

March 29, 2017

Dining Out For Life 2017

Denver is rapidly becoming one of the nations food meccas. Over the past several years, unique and trendy restaurants have been popping up all over town fueling events like 5280 Restaurant Week. If you missed Restaurant Week, but want a good reason to go out and try a new hot spot. Don’t worry; we’ve got the next big event for you!

Project Angel Heart has capitalized on Denverites love of food. Project Angel Heart has been participating in Dining Out For Life for several years now. Project Angel Heart’s mission is to deliver nutritious meals to improve quality of life, at no cost, for those coping with life-threatening illness.

So what is Dining Out For Life? “More than 3,000 restaurants donate a portion of their proceeds from this one special day of dining to the licensed AIDS service agency in their city. More than $4 million dollars a year is raised to support the missions of 60 outstanding HIV/AIDS service organizations throughout North America. With the exception of the annual licensing fee of $1,150, all money raised in these cities stays locally.”

In Denver and Boulder over 250+ restaurants are participating in the National Dining Out For Life event on April 27th. During this nationwide one-day event, by dining out for breakfast, lunch or dinner 25% of your bill will be donated to Project Angel Heart. “In 2017, with support from many volunteers and donors, Project Angel Heart expects to deliver meals to more than 2,900 people in need.

Interested in getting involved? You can dine out at one of Denver and Boulder’s fine establishments on April 27th or you can register to become an Ambassador. An Ambassador will represent Project Angel Heart at one of the many restaurants participating. You will thank guests for participating, share about Project Angel Heart and their mission and take additional donations. If you are interested in being an Ambassador, learn more here.

See a list of the 250+ restaurants participating visit Dining Out For Life’s Website here or make a reservation with Open Table here. Don’t live in Denver and Boulder? Don’t worry, Dining Out For Life has participating programs all over the country! See the list here.

As always, if you want to know more about what is going on in Denver when it comes to your real estate needs, give us a call! We’re always here to chat.

Dave Person
(720) 854-9501
David@ColoradoHomesConnection.com

March 22, 2017

Gaylord Rockies Resort and Convention Center

By now you may have heard about the new Gaylord Rockies Resort and Convention Center that’s being developed in Aurora. If you haven’t, that’s okay! The center is slated to open late 2018. According to their website, “Gaylord Rockies will be the premier Colorado meeting and convention center hotel with sweeping views of the Rocky Mountain foothills.” The resort will sit on 85 acres of land just 10 minutes away from Denver International Airport. This will be Colorado’s largest Convention Center in the State. Let’s take a closer look.

The exhibition and meeting facilities will host over 485,000 square feet of flexible meeting, convention, outdoor, exhibit and pre-function space.

  • The Exhibit Hall is 175,000 square feet
  • Four ballrooms from 8,000 to 59,736 square feet
  • Up to 81 technologically advanced breakout and conference rooms
  •  20,000 square feet Aurora Patio
  • Five outdoor event spaces

There are a total of 1,500 guest rooms, 110 of which are suites, and each features high-speed wireless Internet access, two phones, in-room coffee service, in-room safe, irons and ironing boards. The resort also features 8 restaurants, a full service spa and salon, indoor/outdoor pool, lazy river and lap pool as well as on-site shopping and boutiques.

 

So, is this good or bad for the Denver Metro Area and its businesses?

The Good
Yes, it is! The Convention Center and Hotel already has already booked 180,000 room nights and it’s not even open yet.
According to an article from the Denver Post, “Eighty-eight percent of the room reservations were made by groups or businesses that had never booked in Colorado before.” That is incredible!

Additionally, “the Gaylord Rockies Resort and Convention Center is expected to create more than 10,000 construction jobs and 1,500 permanent jobs, attracting more than 450,000 net new visitors to the state each year.” This is good for both Denver and Aurora’s economy. So, what are the negatives to the build? 

The Bad
According to the same article from
The Denver Post, “… the $800 million project has faced strong opposition centered on the $81.4 million in incentives the commission awarded Aurora for the hotel under the Regional Tourism Act in May 2012 and even larger public subsidies from Aurora.” They are concerned the project will deter business from Downtown hotels and restaurants.

No matter if you are for or against the Convention Center, it’s being built and it will inevitably draw more travel and tourism to the State, which in the long run is good for our economy.

Read more information about the Convention Center here. 

As always, if you are thinking about planting roots in Colorado and want to buy, sell or invest in Real Estate, give us a call. We will be happy to talk you through your options.

Dave Person
Colorado Homes Connection
(720) 854-9501
David@ColoradoHomesConnection.com

March 15, 2017

The Local Food Campus - Westminster

Sustainability communities are becoming more and more popular these days. Businesses like The Source located in RiNo and Stanley Marketplace in Aurora are popping up everywhere. Each is focused on local businesses and locally sources products.  Well, now it’s Arvada and Westminster’s turn. Local Food Campus (LFC) is starting its campus at the Historic Shoenberg Farms located at 72nd and Sheridan.

According to their website, “Local Food Campus is an incredible new partnership created to bring about a strong and sustainable regional and local food hub.” The Campus will contain a local foods retail center, student-based educational facilities, processing, local foods company incubator/accelerator, greenhouses, commercial kitchen and event center.

 

Local Foods Retail Center
“The Local Foods Campus Retail Center will serve as a year-round indoor Farmers Market-style connection between the rural food producer and the urban food consumer. This Local Foods Campus Retail Center will provide over 900 separate local food products from over 200 local food companies - all within a well-lit, well-organized and professionally managed indoor shopping facility designed to make consistent access to local foods and healthy eating both convenient and affordable.” 

Student Based Educational Facilities
“Student-based educational facilities will train students in the growth, processing, management and culinary arts of all things local food. From high school students to graduate level education, the Local Foods Campus will create a hands on experience in state of the art facilities.”

Processing
“State of the Art facilities will meet the highest food quality demands. A refurbished processing facility will be the central hub to create, store, and distribute quality local foods for the Rocky Mountains. Through this facility, we will begin to satisfy the exponentially increasing demand for local food.”

Local Foods Company Incubator/Accelerator
“Bringing together the best and the brightest local foods entrepreneurs. The Campus provides an open environment for those working on the success of local food to share their thoughts, experiences, and successes with others in the industry, creating a stronger collective in the local food space.”

The LFC is basing their program on the success of others across the nation including in Boston, Massachusetts, Lebanon, Pennsylvania, Chicago, Illinois and Charlotte, South Carolina. Not only will the LFC be providing year around locally sourced food, but also they will be providing jobs and pouring money back into the local community.

So, when is LFC going to be up and running? Great question. Right now, the LFC is on hold. They are hoping to garner funds from the Urban Renewal Project the City of Westminster is putting together. It is unsure at this time if the City will dedicate funds to the LFC or not.

As always, if you have questions or want to explore your options in real estate, give us a call!

David Person
Colorado Homes Connection
(720) 854-9501
David@ColoradoHomesConnection.com
 

March 7, 2017

Denver Market Update

The Denver Real Estate Market feels a little like an episode of Groundhog Day. For the past several years, you’ve probably heard the same statements:

  • “We’re in a bubble!”
  • “The market is crazy. I can’t afford to buy right now”
  • "Prices are out of control"
  • “There isn’t any inventory."
  • “It can’t stay like this forever.”

Some of these statements are true and some are false. No, we aren’t in a bubble. We are a textbook case of supply and demand. Let’s break this down.

The People: People are flocking to Denver by the thousands and we just don’t have enough homes to keep up. We are estimated to see an additional 56,000 people move into Denver this year alone. Why are people moving here? Weed? Sure, legalizing pot has made Colorado desirable to some. Technology has really been another big driver. Denver is investing into technology. We are seeing an increase in small business and start up’s akin to those in San Francisco’s Silicon Valley.

Interest Rates: Anyone who was alive in the 80’s knows that current interest rates around 4-5% are amazing! Compare this to 1982 where the average interest rate was 16.04%! Despite this, according to the Denver Metro Association of Realtors February 2017 Market Trends Report, interest rates are predicted to rise steadily throughout 2017. Even if the rates rise to over 5%, we are still historically much lower than we could be.

Inventory: Inventory has been a consistent problem in Denver for the past several years. It has contributed to the rising rental rates as well as rising home prices throughout the Metro Area. According to DMAR, in January 2017 we had 5.5% less homes available than January 2016.

Home Values: Home prices in January 2017 were up 8.35% over prices in January 2016. According to DMAR Expert Steve Danyliw, I’ve seen forecasted estimates on housing appreciation ranging from 4.5 percent to 10 percent.”

So, what does this mean for you? Does it sound bleak? Don’t let the stats get you down. Don’t! It’s not as bad as people make it sound. If you really want to invest in real estate this year, call us. We can help you discuss your options and come up with a plan. You just have to be creative a in your timing, approach and your offer.

Honestly, we are probably going to continue to see interest rates rise, home prices rise and low inventory until our market balances out. When that will be, we just don’t know yet. Until then, don’t wait invest now. You won’t be sorry when prices keep soaring at 5-10% gains.

To start the conversation about buying or selling your home, call us at (720) 854-9501 or email us at David@ColoradoHomesConnection.com.

Read the full DMAR report here. 

Feb. 15, 2017

Central 70 Project

If you’ve driven from DIA to downtown Denver on I-70 recently, you’ve probably noticed some of the bridges and roads are in need of a little TLC. Honestly, they’ve deserved some attention for sometime now, especially the 53-year-old viaduct between Brighton and Colorado Boulevards.

What is Denver planning on doing about it? You may have heard about the Central 70 Project. Finally, we have a solution. According to Central 70’s website, “The Central 70 project proposes to reconstruct a 10-mile stretch of I-70 East, add one new Express Lane in each direction, remove the aging 50-year old viaduct, lower the interstate between Brighton and Colorado boulevards, and place a four-acre cover over a portion of the lowered interstate.”

While the project has been discussed for 14 years, it was officially approved and announced on January 19th 2017. Why is this project important? The neighborhoods to the North of I-70 are cutoff from the rest of Denver with lack of easy access to Downtown and have not seen the economic growth the remainder of Denver has benefited from. The Central 70 project will essentially alleviate many of these concerns, as well as highlight the growth of the 1,200 businesses along the corridor and bring job opportunities to many Coloradans.

Once completed, “this space will feature a small amphitheater, a splash park, a sports field, play areas, and room for farmers markets and community events. The park must be built as part of the project and must include these elements.”

Neighborhoods like Globeville and Elyria Swansea are already seeing the impact of the project. Investors and home buyers are recognizing the opportunity to sweep up real estate for a reasonable price, knowing with the growing population in Denver and the Central 70 project, home values and land values are going to increase.

According to Realtor.com, in November of 2013 median home prices in Elyria Swansea were at $134,000. As of December 2016, the median home price was $232,000, over 70% increase in value in three years. Similarly, Globeville saw an increase from $134,000 to $238,000 in the same time period.

I’m sure you’re starting to wonder how much it’s going to cost? The Project is estimated to cost $1.17 billion. The primary funding sources include:

Colorado Bridge Enterprise: $850M
SB 09-228 Funds: $180M 
Denver Regional Council of Governments (DRCOG): $50M
City of Denver: $37M

In the long run this will be the State’s largest transportation project, with an estimated start date sometime in 2018. According to the Central 70 Project Snapshot,When completed, the Central 70 Project will reduce congestion, improve safety and better accommodate future growth along this vital transportation corridor.”

Have questions about the project, want to attend a meeting or want to receive project updates? Visit the Hot Topics page of the Central 70 website.

If you are interested in investing in one of these two neighborhoods, check out current for sale listings below. As always, you can contact me and I’ll be happy to talk with you about the financial opportunities of investing.

For Sale in Elyria Swansea

For Sale in Globeville

Aug. 21, 2015

Housing up, energy down: A big split in Denver-area price trends

 

Overall consumer prices in metro Denver and surrounding Front Range cities rose a modest 1.0 percent in the 12 months ending in June — but behind that number is a dramatic split in how much costs for specific goods and services jumped up or down.

The U.S Bureau of Labor Statistics today issued its latest consumer price index (CPI) report for the Denver, Boulder and Greeley area, comparing price changes from the first half of 2014 to the first half of this year.

The CPI — a yardstick of inflation — tracks changes in the price of a typical basket of consumer goods and services, from housing to haircuts.

It shows the cost of shelter — rent and mortgage payments — in the region rose 5.5 percent over the 12-month span. It was the biggest single factor behind the overall 1.0 percent price gain.

Also, food prices rose 1.5 percent locally, with costs for food at restaurants up 2.9 percent and prices for food consumed at home up 0.9 percent.

But at the same time, the cost of energy to Front Range consumers fell 21.7 percent over the same period. Of that category, gasoline went down 32.4 percent, mostly happening early this year. It was the biggest year-over-year drop in motor fuel prices in the region since 2009, BLS said.

Also, utility natural gas prices dropped 10.8 percent over the one-year period, and utility electrical service dipped 1.8 percent.

With food and energy excluded, prices in the Denver-Boulder-Greeley region rose 3.2 percent from mid-2014 to mid-2015.

The overall year-over-year CPI gain in the latest report was much smaller than the 2.7 percent increase reported between late 2013 and late 2014 for the region. It's also smaller than the gains reported for the area over the last couple of years.

The urban Denver area's CPI for the first half of 2015 stood at 238.086. This means that a market basket of goods and services that cost $100 in the 1982-84 base period cost $238.09 in the first half of 2015.

Posted in Trends
Aug. 13, 2015

MARKET UPDATE

Market Update 8.13.15

 

Denver Realtors have been begging for an increase in inventory for the past 12 months and July was just what the doctor ordered. New listings surged 5% over the previous month and 13% year-over-year which naturally helped ease the average and median prices. And just when you thought our days on market (DOM) couldn't get any lower... boom! The DOM for Detached Single Family Homes dropped an additional 15.5% from the previous month to 22. On the Condo side (aka Attached Single Family), the DOM inched down to 17- one day less than the previous month. 

 

Digging into the sizzling July stats. As our market replenished itself with 7,494 new listings, 5,484 homes were placed under contract and 5,484 homes Sold and Closed. We closed out the month with 7,470 Active Listings - representing a 21% increase over the previous month, but that was still 10% less than what we had available in July 2014. As we look at the month-over-month Detached Single Family Home market, we saw a modest 6% increase in New Listings while the Average and Median Sold Prices decreased ever-so-slightly by 1.38% to $412,996 and 2.78% to $350,000 respectively. The Condo market (aka Attached Single Family) showed the supply of New Listings increase 2.48% over the previous month while the Average Sold Price dipped 1.98% to $254,513 and the Median price remained relatively unchanged at $215,000. For the entire residential market, which includes Attached and Detached properties, Under Contracts decreased by 5.82%; Sold Listings decreased 9.67% and total Sales Volume dropped to $2 billion from the previous month. Finally, a quick summary of the year-to-date Residential market stats show new listings at 42,555; DOM at 30; Average Price at $363,016 and a record-smashing $11.45 billion in Sales Volume.  

 

Anthony Rael, Chairman of the DMAR Market Trends Committee

 

DMAR Market Trends, August 2015

 

2015 Copyright All rights reserved to Denver Metro Association of REALTORS 

Aug. 6, 2015

WARNING- Your Rent is increasing!!

Denver rents up 8.3 percent, more than three times national average!

 

Rents in the Denver metro area are continuing their unbridled climb and are up 8.3 percent from last year, more than triple the national average, according to data released Thursday by Apartment List.

The Denver Rental Price Monitor produced by the San Francisco-based real estate research firm shows that two-bedroom apartments in metro Denver are renting for $1,320 per month on average, an increase of 8.3 percent from May of 2014.

Nationally, average rents for a two-bedroom were up 2.7 percent from a year ago.

In Denver proper, one-bedroom units averaged at 1,030 per month — an increase of 1.1 percent from April — and two-bedroom rents of $1,420 were nearly 40 percent above the national average.

The priciest metro-area city outside Denver is Broomfield, where one-bedrooms are averaging at $1,330 per month and two-bedrooms are averaging at $1,660.

With net migration hovering in the 45,000 to 50,000 range for this year, the rising rents should continue through at least the end of the year, said Gary Horvath, an independent economist based in Broomfield.

"I don't see anything that's going to slow it down," he said, noting strong job gains and economic growth in both Colorado and the nation.

(Article courtesy of Denver Business Journal) 

Interest Rates are still low, Stop throwing your money away and paying for someone else's mortgage. Now is a great time to buy and or team is here to HELP! 

Click here to start your Home Search Today! 

 

Posted in Real Estate
Aug. 3, 2015

7 Benefits of Using an Agent

Posted in Real Estate