As the housing issues in Denver continue to be in the news, there are areas that are growing because of the lack of affordable homes. Smaller cities outside of Denver are part of this growth, but certain neighborhoods within the Denver area are also benefiting. Most of these up-and-coming hot spots are already major hubs, making them easy to attract people looking for a home they can afford.
Like this article from US News.com points out, because of its location, Denver still has room to expand. Writer Katie Hearsum describes five neighborhoods that might be worth looking into if you are moving to the Front Range area:
5 Up-and-Coming Neighborhoods in Denver to Look for a Home | US News Real Estate
An influx of residents and scarcity of housing inventory is forcing people to get creative when house hunting in Denver. As a result, many neighborhoods that once flew under buyers’ radars are gaining new attention, accommodating newcomers and those who’ve been priced out of the pricier areas. Savvy real estate investors are viewing these up-and-coming neighborhoods as golden opportunities to get in on the action without breaking the bank, and potential homebuyers should take note.
“Established neighborhoods continue to evolve, but for those who see themselves as early adopters of a cultural movement, it’s worth having a look at [up-and-coming neighborhoods],” advises Adam Moore, a real estate broker with Mile Hi Modern and LIV Sotheby’s International Realty. “Buyers shouldn’t be afraid to try something that isn’t necessarily the hot topic.”
Unlike other major metropolises such as New York City and Chicago, Denver still has a lot of room to grow within its city limits. Meanwhile, the ongoing expansion of the Regional Transportation District (RTD) bus and light rail system is sure to contribute to the development of popular residential areas, and the anticipated development of retail and commercial developments will also add value to the area’s real estate.
“Typically, planned retail will drive housing development,” says Deviree Vallejo, a real estate agent with Kentwood City Properties.
To weigh in on which neighborhoods will become the next hot spots for home buyers, we consulted with some of Denver’s top real estate agents as identified by OpenHouse Realty, an agent referral company (and a U.S. News partner). Here’s what they had to say.
“I don’t believe Sunnyside is anywhere near its peak,” says Jeff Plous, a real estate agent with ONE Realty. “If I were an investor I’d be looking at East Sunnyside because the zoning is good, it’s affordable and you can get to the Fox Street station easily.”
Sunnyside offers a mix of residential housing options that range from charming, historic bungalows and mid-century ranch homes to modern townhomes – most of which are more affordable than similar structures in nearby Berkeley and Highlands neighborhoods.
Cole. The Cole neighborhood is getting noticed because it shares a border with the River North Art District (RiNo), an area chock-full of trendy restaurants and shops, and with limited residential opportunities. To the north, outside of Cole, sits the Denver Coliseum and National Western Complex, which recently got approved for a massive overhaul to become a major events center which will likely increase traffic and visitors to the area. This neighborhood also offers proximity to downtown amenities and attractions as well as the expansive City Park, where plans for a revitalized golf course are getting underway.
“Cole is an emerging [neighborhood],” Vallejo says. “RiNo has so much commercial development that the land is so expensive, so people who want to live in that area are pushing into Cole, where the land is more affordable.”
The median price for a single-family home in Cole is around $350,000. Homebuyers will also see that there is a variety of reasonable priced row houses, attached single-family homes, in this area.
Mayfair. Another area anticipating a major revitalization is Mayfair, located within the larger neighborhood of Montclair. Mayfair will benefit from the nearby redevelopment of the former campus of the University of Colorado Health Sciences Center at 9th Avenue and Colorado Boulevard. The area will feature a number of parks, plazas, residential buildings, offices, shops, hotels and restaurants – all within walking distance of the Mayfair area. The project is expected to help significantly raise home values in the area upon completion in 2018.
Read about the other areas here: 5 Up-and-Coming Neighborhoods in Denver to Look for a Home | US News Real Estate
This video shows the highlights of another area in Denver that is coming on strong as far as promising neighborhoods in Denver to buy a home.
This tweet links to an article that maps the housing costs for Denver. It is a very helpful guide for anyone who is looking to rent a home.
5 Up-and-Coming Neighborhoods in Denver to Look for a Home https://t.co/P5VFmACARB
— Laura Rodriguez (@rdrgzlau) August 27, 2016
The downtown area is definitely the highest in cost. This is one of the main areas of concern because of the lack of homes for people with service-type jobs. There is a lot of discussion about the new affordable housing that Denver is planning to build, so it will be interesting to see how long this housing boom lasts.