Condo Legislation Killed in Procedural Move

For those who were watching the progress on the new construction defect and Home Ownership Bills that were put before the State Judiciary Committee the outcome is easy to report.  Nothing will be happening.  According to the Denver Post article “Procedural move kills last of three Colorado construction-defects bills” the bill got squashed.   We aren’t here to debate whether this was the right bill or not to help encourage condo development.  Perhaps a better bill is yet to be written, one that can make both sides of this debate.  But what is disappointing is the news that whatever seems to be stalling the construction of new high rise projects from breaking ground may continue for months or years.

Benefit of New Projects

New Condo Projects are great!  They are great opportunities for buyers in a strong market, which is what we see in Denver right now.  For example when SPIRE and Glass House first came on the market buyers could put a one bedroom condo under contract for as low as $150K.

There are several factors that work to create such attractive pricing.  Often the Developer is motivated to get a certain number of units under contract (usually 30% of the building) so they price some of the lower floors and smaller residences more aggressively.

Plus, buyers are being asked to buy off of floor plans and renderings with a construction completion date that may be years down the road.  For that risk factor Buyers also often see a discount in pricing.  This is part of the reason the first to make that leap of faith in a project can often have a lower price offering.  Developers often raise prices as they move through the sales at certain benchmarks, such as the 30%, 50% or 70% milestones.

Why are developers motivated to reach these milestones?  It is because they often have certain requirements with their lenders and investors.  Hitting such requirements can often be buying opportunities our team helps to identify.

But all of this is academic if new condo developers don’t build a new high rise project.  Recent legislation was put on the books in an attempt to try and create a marketplace that encourages development.   Now we aren’t lawyers or legislators so while I am sure there are many pro and con points about the proposed Homeownership Opportunity Act SB 14-220 we discussed here, the end result was that it did not get passed.

And the topic for today is how will this affect the market over the next few years.

How will this affect the market

No one has a crystal ball to predict the future.  Supply and demand would probably predict that getting into a high rise building with amenities such as SPIRE, Glass House, or ONE Lincoln might get more competitive.  These units are already so popular, with swimming pools, fitness centers, movie theaters and more part of your home ownership benefit.  Prices have already been going up, days on market going down, and the Denver Urban team’s job never stops in staying current and up to date on inventory to help our clients get the best opportunities with new listings.

Denver is still growing, and that is the Demand side of the equation.  Without at supply side increase these units will likely stay among the most desirable and sought after.  This might also continue the fast paced development of mid rise, townhome, and single family home projects.

According to the Denver Post article quoted above

“Condos represent only 2 percent of the new housing mix in metro Denver, versus 20 percent in other areas. When California shifted from a litigation to an arbitration model of dispute resolution, it saw condo construction rebounded from similarly low levels, backers argued.”

Read more: Procedural move kills last of three Colorado construction-defects bills – The Denver Post https://www.denverpost.com/business/ci_25707252/procedural-move-kills-last-three-colorado-construction-defects#ixzz31iQVIZML
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2 percent is a drop in the bucket compared to the number of folks who are seeking the amenity rich lifestyle these Denver Urban buildings offer.  At some point market demand may create a large enough incentive to draw Developers back into the new construction process for a new high rise project.  Keep in mind that even once that decision is made it could be years before a project goes through design, approval, construction and sales.

Might be a good time to do a walk through of the existing inventory at the existing amazing high rises our great city has today.

Helpful Links

• Glass House Denver Listings
• SPIRE Denver Listings
• High Rise Condo Buildings
• All Buildings
• Trending Buildings

Get more information about existing Denver High Rise Inventory

The post New Condo Legislation Was Squashed and How it Might Affect the Market appeared first on Denver Urban Living.

The Glass House Pool Opens for Residents

Denver’s most popular building celebrates the first day of May every year with the annual pool opening. Residents in the building look forward to this day every year, although with today’s chilly weather it is most likely the main pool activities won’t kick in until things get gorgeous this weekend when temperatures are expected to hit 81 on Saturday and 86 on Sunday.

Sounds like perfect weather for a swim.

When we do our showings of the Glass House the 8th floor pool deck is one of the most captivating elements of this building, and just one of the reasons discussed in our article Union Station Driving Glass House to new Heights in Popularity. In fact the pool at Glass House is one of the elements clients are so excited to see, so we wanted to include in this post just a couple photos to show you how great the pool amenity is in this building. When this photo was taken they were still bringing up the pool lounge chairs and doing the finishing touches for swimmers.

Glass House may have the best pool of all the Denver High Rise buildings, but it certainly doesn’t have the only one. In a city with over 300 day sunshine and perfect summer weather for poolside relaxing a number of other buildings know how important this amenity is for residents to enjoy. Here is our “Get Ready for Summer” breakdown of Denver Condo buildings with a pool amenity.

But the definition of a pool can vary greatly for building to building.  Some buildings, like the Glass House, have what I commonly refer to as a “Real” Pool.  It’s big, it has swim lanes to do laps, and you aren’t crowded.  Other buildings, such as SPIRE, have smaller pools and aesthetic pools to allow residents to cool off or to add beauty to the space.  SPIRE focused instead on the hot tub spa feature and they offer residents two on their amenity level.  For those how prefer a true swimming pool a building like the Glass House might be more appealing.  For those who prefer a year round hot tub SPIRE might be a better choice.  Remember, if we are writing about the Glass House pool opening today that means it was closed.  It is not a year round amenity, but I think the residents there still believe it’s the best pool amenity in Denver.

Popular Denver Condo Buildings with a Pool

• Barclay Tower
• Beauvallon Condos
• Brooks Tower
• Four Seasons Residences
• Glass House
• Larimer Place
• ONE Lincoln
• Pinnacle
• Ritz Carlton Residences XXV
• SPIRE
• Taxi Lofts
• Windsor Condominiums

Or you can visit our lifestyle page with all listings that offer a pool.

Enjoy Denver and Happy Swimming!

Request a Tour of the Glass House and Available Listings

The post Glass House Pool is OPEN for residents for the 2014 Season appeared first on Denver Urban Living.

Living downtown, walking to restaurants, shops, sporting events, and theater from your front door, having great amenities such as swimming pools, fitness centers, theater rooms and more… for many this is the ultimate Denver lifestyle. Within the world of high rise condominiums there are a number of choices. There are different neighborhoods to choose from, different amenities for each building, and a different character or feel from historic and cool to modern and hip. So we decided to ask the question “If you could live in any Denver Urban high rise which one would you pick?”

Share your voice Denver or check out a list of Denver Buildings and price trends here!

The post What is your Favorite Denver High Rise appeared first on Denver Urban Living.

It’s a new year, and for many that means a chance for new beginnings.  I’m not sure how your 2012 was but I know more than a few people who were looking forward to putting 2012 in the past and giving 2013 a big welcoming embrace.

Of course, I tend to spend time with those who have an incredible attitude, and that makes life wonderful.

Life, as you well know, gives out it’s share of good and bad.  Relationships may end, life may throw a curve ball, and people decide they need change.  This historical advice given in these tough times has been “don’t make any big changes right away”.  I’m not sure I agree with this philosophy, at least not entirely.  I follow more of the theory Winson Churchill coined of “If you find yourself going through hell, keep going”.  I mean, if you aren’t happy with something in your life then you sure as heck should change it.

Yesterday’s New York Times article “Relocation Therapy” addressed this issue heads on looking at the benefit of changing your address as part of the recovery process.  The main focus of the article was on the end of a personal relationship and how where you live is entrenched with those memories and patterns.  Painful breakups, the death of a spouse, even the loss of a beloved pet, are all things that the article digs into.

It’s a very interesting theory, and one I tend to agree with.

After working with hundreds of clients who found their dream home in the Downtown Denver condo and Downtown Denver home area I can tell you that a large percentage were seeking, and found, a fresh start with their new homes.  Downtown locations such as Glass House, Riverfront Park, SPIRE and LoHi have provided wonderful fresh starts for those who wanted a change.

The Downtown lifestyle is perfect for a fresh start.  I know years ago when I was going through a particularly rough time that included the loss of a parent, end of a relationship, and more (quite the year) there was something therapeutic about moving into my new Urban loft.  It started with painting blank walls with colors I picked out and moved into selecting new furniture that reflected my personality and style.  The dining room table and the new set of pans was purchased with plans of connecting with friends for group dinners and filling my new home with fresh memories and laughter.  Living in a downtown high rise created an immediate sense of community and I met neighbors, created new friendships, and enjoyed walking out my front door with the city of Denver as my playground.  I tried new activities, explored my creative side, and did what would have been much more difficult to accomplish living in a suburb far from all that Downtown Denver has to offer.

I still love living downtown, and the many clients I have worked with share the same feedback.   Denver just keeps getting better every day and for its residents, that means a life full of options and ways to keep yourself growing and learning.

Of course the move to downtown can be for any reason  or life change.  Another big audience for downtown residences includes the growing empty nester and retirees audiences.  With more time on their hands, no kids in the house, and a drive to enjoy life the Downtown lifestyle called to them.  It is such a treat when I’m walking downtown and run into a previous client, out with a group of friends, as they share with me their plans for the night.  New restaurants, art exhibits, run clubs, and festivals are just a few steps away when you live downtown.

Whether you are looking to enrich your life or seeking a fresh start, the city of Denver is amazing for both.  I have to also say,  in agreement with the New York Times “Relocation Therapy” article, that sometimes a new chapter in life can benefit from a new address.

Here are a few recommendations of neighborhoods and buildings I love for their community…

• Riverfront Park is  an amazing community and neighborhood.  Nestled between LoDo and LoHi Riverfront Park puts the best of Denver within footsteps. Pedestrian bridges in both directions allow you to explore the city and some of the best restaurants including Linger, LoLa, Zengo, Sushi Sasa, The Kitchen, and more within a mile.  With Commons Park as your backyard there are plenty of outdoor running and activity spaces.  Plus the Riverfront Park master HOA maintains a security team of off duty police officers.  It’s nice to feel safe. 
• LoHi has been booming and the mix of great restaurants, pubs, and shops in this neighborhood make it a favorite.   The neighborhood offers a little something for everyone whether it’s a historic Denver Square home or a modern condominium or townhome.  It’s a neighborhood where it seems like everyone has a smile and a fond greeting for you.
• Glass House, SPIRE, and ONE Lincoln are three buildings that offer their own community within the building.  With pools, fitness centers, media rooms, and lounge areas these buildings offer a way to enjoy downtown and have great amenities without walking out the door.

The post New Home = New Start appeared first on Denver Urban Living.