Golden Triangle Neighborhood Assoc.

REAL ESTATE NEWS

Feb 16, 2000

We love our neighborhood. We are minutes from downtown and Cherry Creek. We can walk to restaurants, hip art galleries, museums, the main library, the list goes on. Our neighborhood is quiet, albeit a few helicopters at night and early morning garbage trucks!

Traditionally, only a handful of residences, in existing buildings - the Metropolitan, Grand Cherokee, etc. - seem to come on the market at a time. At one point last year, not one residence was for sale. We love our neighborhood and you know what, others do to! The demand has been heavily outweighing the supply for quite some time now. New projects like Trovare are almost sold out and the Prado and Belvedere are selling like hot cakes. Others want to live here and not only for the great things our neighborhood has to offer but because of our price points.

For existing residential buildings, last year's average price per square foot was about $200. The projects currently under construction are averaging closer to $270 PSF. How are they able to pull this off? Well, since the current supply is usually so low, buyers want to put their dubs on a sure thing and these new projects can offer higher-end finishes, views, and grand out-door space to boot. It's fair to assume that this margin will narrow over time, but these averages are still way behind what LoDo, and soon the Platte Valley, can demand. We're beginning to see $350 PSF more and more.


My hunch: keep your hands close to your hat; I think we're about to experience qu