Investors flip housing markets, and home buyers are reeling
Source: Ben Casselman and Conor Dougherty of the New York Times
Competition from investors has made the already tough housing market even more difficult for first time home buyers. Anyone who has ever seen HGTV knows the appeal to flip homes has been glamorized and popularized, and now big time Wall Street investors have entered the game. Last year, investors bought one out of five starter homes in the U.S. This is pushing prices up rapidly in areas of future growth. Coupled with their ability to pay with cash and sit on homes until they are double in price, first time home buyers have an added competitor.
To hear more about where investors are honing in on homes, read the full article below.
Here’s How Much More Homes with a Garage Sell for in Denver
Source: Carley Milligan and the Denver Business Journal Staff
It probably comes as no surprise that homes in Denver with a garage are selling at a higher rate than those without; but just how much higher? A whopping ten percent! For an average home in Denver, that’s roughly $35K extra for a roof over your car. For cities like Chicago, it’s an even more sought after commodity, where the snow fall (and lack of sunshine to melt it away) makes it less inviting to be outside and a real challenge to scrape off your car.
Check out the full article below for more information on where in the U.S. a garage will get you the most return!
New Census data: See How Denver’s Population Growth Compares to Other Large Metros
Source: Rebecca Troyer of the Denver Business Journal
The Denver metro area saw another jump in population, by an estimated 1.53% from 2017 to 2018. This data probably does not raise any eyebrows of anyone commuting to work on I-25. Greeley, CO, came in at No. 7 for fastest growth of metro’s nationwide.
Dive into the full article below for a comparison of Denver’s growth and that of other U.S. metros!
The 25 Best Places to Buy a House in the Denver Area
Source: Denver Business Journal Staff
Denver metro’s median home price jumped above $500,000 last month, strengthening Denver’s already highly sought after market. For a new home buyer though, searching in the Denver area might seem like a daunting job. Luckily, the Denver Business Journal has teamed up with Niche to showcase some neighborhoods with affordable prices, good schools, and great safety scores. Here are their picks within Denver County and what’s currently available for sale:
- #24 – Skyland
- #23 – South Park Hill
- #12 – Wellshire
- #10 – Stapleton
- #6 – North Park Hill
Denver’s Cole, RiNo neighborhoods set for dramatic redevelopment
Source: Matt Mauro of Fox 31 Denver
New projects, like the in-progress Denver Rock Drill renovation, are reshaping the city’s Northeast corridor. RiNo residents Kerry and Jay, interviewed by Fox 31, are excited for the change, but don’t love the construction. Cole and RiNo locals who tough out the noise and debris of redevelopment will be rewarded with more green space and exciting new neighborhood restaurants and bars. Watch and read the full story below.
$4M Cheesman Park Mansion Tops Local Home Sales in March
Source: Libby Flood of the BusinessDen
Fetching the highest sales price in the Denver Metro area for March was an 8,775 square foot mansion at 860 N. Vine Street. The buyers were represented by our very own Rebecca Cooper! The home, fortified by beautiful red brick, features historic details dating back to the 1920’s. Read the full article to find out more about this stunning home.
The U.S. Housing Boom Is Coming to an End, Starting in Dallas
Source: Laura Kusisto of the Wall Street Journal
Our nation’s economy experienced one of the strongest six month periods in decades during Q2 and Q3 of the past year. Yet, the housing market grew increasingly stagnant. The nationwide slowdown is led by the the same cities that have had the strongest growth following the previous recession: Seattle, Denver, New York City, Boston and the Bay Area. Wall Street Journal reporter Laura Kusisto states this decline as “the longest slump in more than four years.” Kusisto dives into further data, graphics and stories of how market pressures have affected new people in the full article.
Denver’s Green Space is Becoming a Concrete Metropolis
Source: Bruce Finley of the Denver Post
A quick glance at this article’s title might merit a smug “duh” or “of course.” As a city grows, green space almost always disappears. However, based on research from The Denver Post, this is a critical issue for Denver residents. Based on aerial imaging and historical trends, Denver’s green space could drop to 30% of the total city by 2040. Only New York and a few “mega cities” exceed the rate at which Denver’s green space is being developed over. An arguably more important metric is the fact that Denver ranks last among major U.S. cities in park space as a percentage of total area. City planners and the Denver community as a whole are going to have to get creative to prevent these grey projections from becoming a concrete reality.
Dispelling the myth: Downtown Denver is not overbuilt
Source: Matt Vance of the Colorado Real Estate Journal
Standing on a downtown balcony, cranes are visible in every line of sight. But just how fast are we growing? 10,200 apartment units are in planning or under construction right now, which would grow the downtown apartment stock by a whopping 49 percent. Are we really growing that fast!?
The Colorado Real Estate Journal analyzed the jobs to apartment units ratio (how many new jobs are needed to fill one new apartment). With Denver’s jobs to apartment units ratio falling and more jobs entering the city, this means Denver’s population is shifting towards renters. The 10,200 new apartment units will may help Denver’s downtown keep up with the city’s influx of jobs.
“Every single neighborhood” will benefit from $45 million budget increase for Denver parks
Source: Andrew Kenney of the Denver Post
Whether it’s Denver’s ambitious Outdoor Downtown plan coming to life or simply repairs to the aging swing set at the park down the street from your home, big improvements are coming to Denver’s park system. The change comes in the form of over $45 million per year flowing into the parks department. The addition to the parks budget coincides with funding for nonprofits which provide mental health care, scholarships, and healthy food for children. It will all be paid for by an increase to the city’s sales tax of 0.66%, approved by 60% of Denver voters. Starting January 1st this parks budget boost will affect every neighborhood in the city.