Condo prices in Denver, especially in hotspots like Capitol Hill and the Golden Triangle, are down. For savvy buyers who’ve been waiting for the right moment, this could be it.
Lower prices aren’t a signal of a weak market; they’re a signal of timing. Because many buyers have hit pause in their home purchasing decisions, right now, there is less competition, which gives buyers more time to make the right decision for them. Buyers also have the power to negotiate on price and/or ask for concessions.
Denver’s downtown core isn’t going out of style, and demand for city living is expected to remain strong over the long haul.
While some listings are spending more days on the market, properties that are priced strategically and marketed well are still getting showings and offers. Scott Bernard, LIV Sotheby’s International Realty (LIV SIR) advisor, currently has three listings in the building at 800 N Pearl Street. This address sits in the heart of urban Denver, close to dining, parks, and public transit. Traditionally a high-demand area, it’s now seeing more price flexibility. And that’s a window of opportunity.
“Buyers are looking for convenience, move-in ready, and which set of amenities fits their lifestyle. What helps a condo listing stand out right now is stellar photography and video that captures the essence of living in that space, including the views. Using a real estate advisor who knows how to market a Denver condo for maximum exposure is vital in this new market,” says Bernard.
Condominium Perks
Many buyers overlook condos because of assessments, HOA fees, and various other factors, but those fees often cover the very headaches that make owning a single-family home more demanding. Assessments (condo fees) cover maintenance and upkeep of a condo building, while HOA fees tend to cover amenities.
The HOA covers landscaping (you can throw away your lawn mower and snow shovel), the gym (cancel that membership), and in some condo communities, tennis courts and a swimming pool. In certain cases, HOA fees can be cheaper than maintenance costs on a home.
Another highlight to owning a condo in Denver are the views. If you have a west facing condo, soaking up mountain views and sunsets will be a daily occurrence, while east-facing condos will enjoy sunrises and pink skies. These views are not the same from a street-level single family home.
Lindsay McBride, LIV SIR advisor, has an offering in the Four Seasons Private Residences at 1133 14th Street, Unit #2300 with unrivaled mountain views from Pikes Peak to Longs Peak, while the building offers 24-hour concierge service in the private residence lobby.
“While most HOA’s cover basic services like utilities, trash, building maintenance, and insurance, The Four Seasons Residences go far beyond—offering a level of luxury that makes the monthly dues feel like a true value-add for homeowners, such as 24-hour security, a private fitness center, and preferred pricing on dining, room service and spa experiences at the hotel,” says McBride. “An additional perk is the house car service, which makes it easy to live downtown without ever needing your own vehicle.”
McBride adds if you use the amenities and value convenience, the HOA fee essentially consolidates several lifestyle costs into one predictable monthly payment. “For many, this makes condo living not just manageable, but highly appealing.”
While owning a condo in a luxury hotel building isn’t for everyone, quiet luxury is attainable in Creekside at the Riverfront Park Condos. Here, Johnny DeBrito, LIV SIR advisor, represents 1440 Little Raven Street Unit #110, a street-level loft with a private patio and a highly coveted parking spot in LoDo.
“Part of what makes this listing such a great opportunity is the potential now and in the future. The River Mile will be developed on the land which is currently Elitch Gardens Theme and Water Park, bringing two entertainment districts to the area, which already has Ball Arena, Coors Field, and easy access to restaurants and nightlife along 16th Street and in LoDo,” says DeBrito.
Situated blocks from the restaurants and nightlife of Union Station and the lively atmosphere at Riverfront Park the location is highly desirable. Adds DeBrito, “This particular unit sits on a quiet street offering privacy in the city. I do believe this area will be the place to be in the coming years, so it offers the best of both worlds.”
The Life You Love
When choosing whether or not to purchase a condo, lifestyle should be a main consideration. There are many single-family homeowners who take pride in their property and don’t mind handling the maintenance and upkeep of a home with a yard. But, if that isn’t something you enjoy, the ease of a condo may be perfect.
For frequent travelers, the “lock-and-leave” convenience of a condo is hard to beat. While a single-family home offers space and privacy, a condo allows residents in the community to keep an eye out for each other, creating an additional layer of security and a sense of community.
Buyers are using smart tools to offset the costs of current mortgage rates, and lower prices on condos help to offset the mortgage costs. Along with budget, lifestyle plays a key role in the decision to move into a condo or a single-family home. When you stay the course and lock in on what’s important to you, you’ll have no problem finding a property that’s right for you.