In the nine months since lawmakers passed a construction defect bill aimed at reviving Denver’s near-dead condominium market, there has been a slight increase in construction but not enough to declare the problem solved.
2017 saw a 7% increase in condos, however that number represents an increase of only 55 units! Compare that to the number of luxury apartments added to the market (12,000). As some of the larger development companies are waiting to let things shake out, many of these projects look to be a staple of what is to come in our growing city.
The Colorodan at 18th and Wewatta is nearly complete and sits just across the tracks from Union Station, where Amazon unveiled its Whole Foods super market. Inside the building, residences have access to a club lounge and pool deck, community garden, owners library and curated art collections throughout the building. 300 condo units are available for purchase ranging in price from the 200’s for lofts and 1.6 million for the penthouses. The Colorodan provides a peak into 21st century developments we can expect to see pop up, however many proposed projects look to disrupt the current condo and high-rise landscape in Denver.
Paradise Living is one of the disruptors. This 1,100,000 square foot twin tower looks to bring over 800 units starting at $320,000 and going up to the $700k range. Six Fifty 17 is proposed to be Denver’s largest sky scraper at over 90 stories tall. Greenwich Realty Capital, a Manhattan Developer, plans include 248 luxury condos, a boutique hotel and 22,000 square feet of retail space.
I, for one, am excited to see how these developments turn out. The trend towards buyers and tenants demanding to be close to the city only looks to continue as millennials take up more and more of the market. In addition, many look to condo’s to provide some relief in the single family housing market, as homes in the 500k-700k in Denver are extremely competitive. As Denver continues developing into a trendy, tech-friendly, high-earning city I expect the market for these condos to be strong for the foreseeable future- especially when you see condos listed now for 4.35 million!