Real Estate Market Trends in the Hale/Mayfair Denver Neighborhood

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What Spring Means for the Denver Commercial Real Estate Market


May 9, 2019

Spring has sprung in Denver, bringing with in the welcome sight of flowers blooming and overall warmer weather. Undoubtedly, winter in 2019 in Denver was especially rough, as events like the bomb cyclone and the record amounts of avalanches announced their presence loudly, making all residents in the area clamor for the next season to begin. Thankfully, spring is finally here, and that means you can expect a number of important differences in the Denver commercial real estate market to be on the lookout for. Here are a few of the things you should keep your eyes on with the onset of the new season.

Start of Peak Season
Undoubtedly, you’re probably aware of the fact that the winter months are a lull for all types of real estate, as both buyers and sellers tend to take a break from pursuing new deals, as the chilly weather can be a detractor for all people involved. This fact is also seen in the commercial real estate markets, as people are not seeking new places of business or properties to purchase with the intent of renting to other commercial entities.

Spring brings with it plenty of new opportunities for individuals and businesses seeking to find their next big deal. In the world of business, spring and summer tend to be better months for many types of businesses, including restaurants and retail operations. After the holiday season ends, these businesses tend to hit a slow point in the year, and the likelihood of a new business wanting to open or start a new commercial lease during this period is certainly lower than during a warmer period of the year. Use spring to your advantage and start seeking deals which will help to empower your bottomline. 

More Opportunities to Find Your Next Big Purchase
Like many people, the coldest time of the year is sure to leave you not wanting to heavily pursue a new real estate deal, as it can require going into places that are cold or generally not heated. And in order to get there, you will have to often drive through intense weather and other types of events which will make you want to simply stay in doors instead of braving the weather. Spring offers you a new opportunity to make your mark in the Denver commercial real estate market, as the warmer weather makes any new deal a much more plausible scenario for you to pursue.

If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today to begin the process of building your dream property development.
 
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Home Sales in Denver Metro Area Continue Surge


By Erika Bynon - May 1, 2019

While home sales across the United States appear to be entering a bit of a sputter, home sales in metro-Denver remain as hot as ever, continuing a sparkling six-year run of positive market growth that has seen annual home price appreciation top nearly 40 percent thus far in 2019. 

There are a variety of factors that have stabilized high sales trends, a bit of a surprise due to the fact that the greater Denver region has received almost twice as much snowfall this year as in 2018 —usually a harbinger for slow real estate movement. Price gains were a significant factor in market gains, yet the volume of sales and the shortened number of days Denver residential properties stay on on the market were also a factor. Higher mortgage rates and the limited inventory of homes for sale in the region are also believed to be contributing factors. 

What continues to make homes in the Denver metro region so popular with buyers? Many newly renovated Denver neighborhoods have begun to appeal to the upscale family set. Thanks to wider roads and  larger home lots with more square footage, homes across Denver have much to offer young families who are more interested in choosing a neighborhood that is ideal for raising a family. Many buyers are for single-child families whose new additions have required an upgrade and expansion of home space. 

Some younger professionals and new to the market developers who made well-timed purchases in the city’s older neighborhoods are offering larger four- and -five-bedroom homes in the Denver suburbs that have been remodeled. Investors, too, are actively selling to take advantage of the growing market, notably a large section of rehabilitated homes that were constructed as early as 1960 and have been restored to meet modern standards for efficiency and technological capability.

Remodelers and contractors have also taken advantage of rehabilitation of  smaller ranch-style homes, some with basements, some without. Many of these properties were purchased in various states of disrepair due to neglect or heavy wear as rentals throughout the 1990s and early 2000s. But a transformation of these neighborhoods is already well under under way. The blocks to the east of Peoria Street have attracted medical residents, interns, nurses and other healthcare workers who are enjoying reasonable entry-level home prices and the ability to commute to work —particularly in inclimate weather. 

Looking for a Denver-area realtor to help navigate the ever-changing Colorado residential real estate market? When you work with the friendly team here at Elevation Reality, you can align your sale or purchase with us with the confidence of knowing that our team prides itself in the ability to stay up to date on all the latest Denver real estate trends —and utilizes that knowledge to remain a critical asset for each of our clients. Contact us today to learn more. 
 
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Thinking about investing in the Denver commercial real estate market?


April 24, 2019

It’s obviously not just a matter of finding your dream property and then putting the necessary down payment on it. Unless you are absolutely flush with cash and have a total abundance of needed funds, you’ll want to properly prepare to have the necessary budget needed to comfortably complete the purchase process. If you’re in the market for a new piece of Denver’s hot commercial real estate market, here is how you should plan to budget for it. 

Purchase Costs 

Of course, one of the most important components of the commercial real estate buying process is to have the necessary funds to put down a down payment on the property. You’ll likely need much more than what is typically needed for a residential property, as a lender will want to feel comfortable knowing you are adequately invested in the purchase. Unlike with residential loans, lenders are much more picky about who they lend to, so you will want to have all of your ducks in order before you think about finalizing a deal.

Outside of the obvious expenses that will accompany purchasing the property, you will want to have enough money to prepare for any additional costs which may be associated with the building. This can include money for environmental and structural assessments which may need to be done. You will also need to have money set aside for the appraisal, as well as the cost of completing a title search.

Closing Costs and Contingencies

In addition to the purchase price, you will want to have money set aside to complete closing costs, such as the realty commission cost, taxes associated with the purchase, and any legal fees associated with the transaction. Additionally, you will want about ten to fifteen percent of the purchase price set aside for any unexpected contingency expenses. You certainly don’t want to be short-handed in the event of an unexpected expense. 

Renovations and Repairs

Finally, before you close the deal and begin to reap the massive benefits of owning commercial real estate in the mile high city, you will want to also have enough money set aside for potential repairs and renovations. Prior to closing the deal, you will want to have a thorough inspection completed by a trusted contractor in order to get a solid idea of what kind of repair and renovation costs you may be facing. If you think your new building will require a lot of TLC, be sure to build that into the purchase price.

If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today to begin the process of building your dream property development.
 
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Obstacles to Finding Your Dream Commercial Real Estate Property in Denver


April 17, 2019

Searching for the perfect commercial real estate property in Denver can be a tough task to fulfill, as you will be needing to find property that will be fulfill all of your specific qualifications. It’s not just a matter of going out and buying the first available property that you find which appears to be a decent deal. You need to do your due diligence and find out everything possible in order to make an accurate determination if a property is worth its weight in gold. There are a few obstacles which can present themselves, factors which are important to be aware of before you dive head first into the Denver commercial real estate game.

A Property Owner is Hiding Something From You

Let’s be honest: not every property is going to be as it seems. What may appear to be a perfect property on the surface may have plenty of skeletons in its closet, factors which can turn a possible dream piece of commercial real estate into a complete nightmare. For instance, a building may appear to be a very desirable piece of property to buy, but the property owner could be hiding the fact that the foundation is cracking and there are serious structural issues which will require extensive and expensive repairs. This could turn your ideal property into a situation where you regret having bought the asset to begin with, as it becomes more of a burden than its worth.

Economic Uncertainty Causing Market Hesitation

If you’re looking to enter the Denver commercial real estate market with confidence, a major stumbling block can be an economic downturn hitting right before or after you are about to close a significant real estate deal. The way in which the national and global economy operates can play a serious role in terms of how valuable your property is and whether you are able to gain value in your asset as times goes on. 

Obviously, you don’t want to purchase a piece of property right before a market downturn occurs, as you might be underwater with your investment for a bit before the market rebounds. It’s important to do enough research about current market trends in your region in order to get a solid understanding of what is on the horizon, as the last you want to have happen to you is to be blindsided and be picking up the pieces for an extended period of time. 

If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today to begin the process of building your dream property development.
 
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How Mixed-Use Real Estate can be the Perfect Option for Your Next Big Denver Commercial Development Project


April 10, 2019

When it comes to Denver commercial real estate, one of the most popular developments seen in the space is a mixed-use development. These are projects where you will have a shopping center in the same complex as a high-end residential condo high-rise. This unique trend is now becoming much more commonplace all over the country, as individuals begin to place a larger value on becoming connected to the community they live in. An apartment that lacks retail and restaurant options will begin to look less appealing as more mixed-use projects become a reality. Here’s why you can expect to see this trend continue into the foreseeable future.

Squeezing the Most Out of Your Asset

If you’re looking to develop a profitable commercial real estate development, you want to think about ways in which you can generate revenue outside of simply collecting the rent. One way of fostering this is to develop a mixed-use project, one which encourages tenants and residents to conduct large amounts of economic activity within your development project. Giving people a reason to stay within the confines of their mixed-use development is a great way to maximize your investment.

A mixed-use development can offer property owners a continuous stream of revenue, collected through property fees as well as increasing rents. The more popular a project becomes, the more attractive it will look to potential tenants, allowing you to charge a premium to become a part of the project. Wouldn’t you want to become the envy of every possible retail and restaurateur of the city?

Fulfills the Expectation of Convenience

One of the biggest reasons why mixed-use developments have risen in popularity is due to the fact that they satisfy the consumer expectation of convenience. The rise of online shopping has made it harder for traditional retail operations to compete with big box stores. However, an attractive mixed-used development can provide a reason for people to begin to flock back to traditional retail operations. 

We are now a world that is driven by instant gratification and being able to have practically every product and service provided to us on demand. This reality can make it difficult to motivate customers to leave their house to seek out a traditional retail experience. However, if the retail shops are within a short walk of one’s doorstep, it makes it much more likely that a person will engage in this form of commerce.

If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today to begin the process of building your dream property development.
 
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