Real estate in Denver continues to exhibit growth
The Denver Development Services’ office reported an increase in the issuance of permits and site-development plans by comparison to last year, The Denver Post reported. Some take this as an indication of an upswing in home improvement projects and new construction. With renovations on the rise, this could be a positive sign for those looking at real estate in Denver, as the trend could be seen to show homeowners completing repairs to get their properties ready for the market.
In the first six months of 2012, Denver Development Services reported that building permits were up 13.5 percent over the same period in 2011. The news source explained that building permits are required for everything from the construction of new structures to more minor home improvements such as updating a home’s plumbing system. With this knowledge, data from the DDS can provide insight into smaller renovations and larger commercial developments.
In pure numbers, from January through June, Denver issued 26,712 permits, which was 3,185 more than the same period in 2011. Furthermore, the news source revealed that the number of permits issued actually exceeds the number of permits issued through June of 2007, which was a pre-recession year.
In addition to the rise in building permits, the last few months have seen increases in sales and pricing for the Denver housing market, with a decrease in the number of foreclosures.
Kristen White, director of sales and marketing at a Denver-based home building company, spoke to the Denver Post on the improving housing market, saying, “It’s on it’s way. I don’t know if we’ll be back to a pre-recession market, but to a more normal market within the next year.”
An article in the Denver Business Journal reported that in June, Denver’s luxury home market saw tremendous growth, with 63 homes and condos sold that were priced at over $1 million. This is 37 percent more than were sold in June 2011.
If jumping on the bandwagon, those looking for luxury real estate in Denver may find a good home in the Cherry Creek neighborhood, which is “populated by some of Denver’s most well-to-do citizens,” according to Denver.com. This centralized neighborhood provides its residents with almost anything they could need right at their doorstep, including supermarkets, cafes and gyms. The Cherry Creek Mall on University Avenue offers high-end shops including Coach, Tiffany & Co. and Louis Vuitton. Also, the Denver Country Club is located in Cherry Creek, and the Victorian-style gated communities make this neighborhood into “a balanced mix of old-school architecture and modern comforts.”