Real Estate Market Trends in University Park/Observatory Park, Denver

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Mistakes to Avoid Making When Purchasing Denver Commercial Real Estate


October 17, 2018

Investing in Denver commercial real estate is one of the most sound decisions you can make, as the mile high city’s booming economy provides plenty of opportunities for a high return on investment, especially within the commercial real estate space. However, investing in this highly valued asset is not necessarily an easy or surefire way to financial success, as there are plenty of wrong ways to go about the investment process. Here are some of the most common mistakes to avoid when investing in commercial real estate.

Not Fully Understanding the Market


It’s no secret that Denver’s real estate market has been hot in recent years, but this doesn’t necessarily mean it’s a sure thing when it comes to investing. Not all commercial real estate properties are created equal, as it is important to assess a variety of factors before spending your capital on a property. It’s important to look at the neighborhood and assess occupancy rates, demographics of the nearby population, rental rates of comparable properties, and competitive supply in the area. If your property is in an area that has a low occupancy with many competitive properties, it’s best to look to alternatives for making the smartest decision.

Focusing Solely on Returns


As with any investment, it can be easy to focus entirely on your return on investment as a top priority, and this is no different when it comes to commercial real estate properties. However, there are many other factors to consider when investing capital into a property. Factors such as appreciation, equity growth, and potential tax benefits are also important when deciding on which property to purchase. Outside of these factors, it’s also critical to take into account things such as maintenance costs and management fees, which can eat into your revenue.

Avoiding Intensive Questioning with Regards to the Property


It can be easy to look at an attractive property as a surefire route to investing success, but it is always important to question your assumptions as a check against making the wrong decision. If you are purchasing a property that will be made of mostly retail-based tenants but the retail sector in that neighborhood has seen store closures recently, it is a good idea to reconsider whether it’s the best decision. If you assume you will be able to easily rent out to long-term clients without any hassle, consult with comparable properties in the area to see what their average length of lease is in order to gauge what to expect for your property.

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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Current Commercial Real Estate Trends for Denver in 2018


October 10, 2018

The commercial real estate market in Denver continues to be a hot option for investors looking to maximize their return on investment. A thriving economy is a major factor in why Denver continues to be an attractive opportunity in the commercial sector, as there are a large percentage of young professionals willing to support the retail and hospitality sectors. If you’re considering making a move in the mile high city’s commercial real estate market, here are some key trends to be aware of in 2018.

Healthy Economy Boosts Real Estate Markets


While the overall US economy is doing well, the Denver economy is still seen as a strong local market to do business within. Fueled by solid fundamentals such as a steady population influx and stable job growth, the mile high city continues to be an attractive option for commercial real estate investors. Denver’s economy is supported by multiple industries as well as intangible and invaluable factors such as a high quality of life, as the Rocky Mountains provide a healthy boost for continued growth and expansion on the business front.

Although physical retail spaces remain a shaky part of the economy at large, this sector of the Denver economy remains mostly positive. There are plenty of multi-use, commercial retail construction projects on the horizon, and indicator that the city still has room to grow with regards to these types of projects. Additionally, according to CBRE, Denver’s industrial market is also poised for more growth in 2018, as solid market fundamentals and online demand provide fuel for continued expansion.

Continued Growth in the Mixed Use Property Sector


An important trend to be aware of in the Denver commercial real estate market is the continued prevalence of mixed use projects. These combine residential and commercial spaces within the same project, creating an authentic neighborhood experience while also allowing for high-rise residential projects to seamlessly provide a uniquely curated experience. 

Projects such as the Villas at Sloane’s Lake and the new south Broadway development near Mississippi ave are examples of what is possible when you combine commercial and residential real estate projects to create an attractive opportunity for tenants and investors. Expect to see similar projects sprout up around the city, as these popular developments provide a game-changer for those in the nearby vicinity. As RiNo has shown with its continued mixed-use developments, this particular type of real estate remains a formidable method to make a significant return on investment.

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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Top Features in University Hills Real Estate Buyers Are Seeking


October 3, 2018

No one can deny that it is a seller’s market when it comes to Denver and University Hills real estate, but that doesn’t mean your home will be in high demand once you list it. There are still things that buyers are looking for when they are looking for their dream home. Does your University Hills home have these coveted features?

Open Floor Plan

Open floor plans are one of the most popular features homebuyers are looking for in today’s real estate market. Not only do open floor plans make it easier for entertaining, but they also tend to let in more light. Older homes often have rooms blocked off with walls, so if you are considering updating your home before you list, knocking down walls might be something to think about.

Plenty of Storage

People love closets and storage space in homes, and the more yours has, the better. Often people are looking to buy a new home because they have grown out of their old home, so storage is crucial. Be sure your real estate agent plays up the amount of basement, attic, and closet space in your home to entice potential buyers.

The Right Number of Bedrooms

If your home has at least three bedrooms, you will appeal to the most number of buyers, according to real estate experts. Believe it or not, most buyers are not interested in homes with a huge amount of bedrooms; three seems to be the sweet spot for most people.

An Updated Kitchen

If you have an older home and an outdated kitchen, you might lose potential buyers. Buyers want the kitchen to be updated before they buy. Before you consider ripping out your entire kitchen, consider making smaller upgrades, such as new countertops and new appliances.

A Ranch Style

With a population that is aging, many homebuyers prefer one-floor living so they won’t have to deal with stairs as they enter old age.

At Least Two Bathrooms

Many older homes had just one bathroom, but new build trends are to have multiple bathrooms in homes—as many as three or four. This means most buyers are expecting to have at least two in any home they purchase. Having less could mean missing out on potential buyers.

An Outdoor Space

Buyers don’t just look at the inside space of a home when they are considering a purchase; they also look at the outdoor space. Even if your backyard is small, a sitting area can increase the appeal of your home.

Hardwood Floors

Design trends come and go, but hardwood floors stand the test of time and almost all buyers are looking for them. Hardwoods are beautiful and durable—and they can be refinished when they become worn.

Now that you know what buyers are looking for in a home, find out what they are not looking for in this article so you will know what to avoid: 12 Things Home Buyers Will Hate About Your House.
Are you ready to sell your home in University Hills? Contact Elevation Realty to be connected to a team of experienced real estate experts. We are ready to help you on your home buying or selling journey. Give us a call today!
 
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Tips for Ensuring Smooth Observatory Park Real Estate Transactions


September 26, 2018

Buying a home is a business transaction that is fraught with many emotions. You might have fallen in love with the home, but you still have to negotiate a price, set up an inspection, settle on timelines, and so forth. Having a good real estate agent on your side is crucial to help your Observatory Park real estate transaction go as smoothly as possible. 
Here are some other tips to keep in mind during the process.

Consider Your Offer Carefully

Many homebuyers want to go in with a “lowball” offer, but this doesn’t necessarily work in today’s competitive market. Plenty of homes in the Denver area end up with multiple offers, which can often drive the price above what the home is listed for. Here are some things to consider with your offer:
  • The price of comparable properties
  • The number of days the home has been on market
  • The proposed length of escrow before the closing date
  • Requests to the sellers to pay the closing costs
  • The results of the inspection and whether repairs are needed to the home before closing
  • Financing issues
Once you do find a house you like, it’s important to submit your offer quickly because competition for single-family homes is high. If you wait, someone else could swoop in and put the home under contract before you even have a chance.
Here are some additional tips from the professionals at Realtor.com on home buying in a competitive market: What Is a Seller’s Market? A Tough Road for Homebuyers.

Realize You Are in a Seller’s Market

When you present an offer in today’s market, there is a good chance there will be competing offers. It’s a good idea to submit your best offer right from the beginning. Be sure you have your financing in order so there is no reason for the seller’s to immediately reject your offer if they get one that is more solid. Keep in mind too that closing date, requests for closing costs, and other concessions can play a very powerful role in the seller’s decision to accept your offer over others.

Finalize the Real Estate Transaction

Once you are finally under contract for a home, it can be a huge relief. When you are working with a good real estate agent, he or she will help to keep you on task while you wait for the closing date because there is still plenty to do, much of which is time sensitive. You’ll need to finalize the details on the following:
  • Financing
  • Appraisal
  • Inspections
  • Property insurance
  • Title search
  • Closing procedures, including setting a closing date
Buying a home in today’s competitive real estate market can be a real challenge. There are a lot of factors to consider, deadlines that have to be met, and terms that have to be negotiated. Your buyer agent can help you stay on task and ensure you present a strong offer that results in an acceptance. 
Make sure your Observatory Park real estate transaction goes smoothly by having an experienced real estate agent by your side. Let Elevation Realty be your guide in managing those tasks. Contact us today.
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University Park Market Trends - 4th Quarter 2017


April 4, 2018

University Park is a favorite South Denver neighborhood that boasts beautiful homes and plenty of dining, drinking and shopping options. Even though this neighborhood is close to the University of Denver most of the homes in University Park are occupied by mature home owners, affluent people with families and professionals rather than student housing.  This neighborhood is home to its name sake’s park – University Park – which features an Observatory that serves as a visual landmark for the community.

Homes in this up-scale neighborhood spend longer on the market than the typical Denver home at 69 days average, but these homes are anything but typical. In the fourth quarter of 2017 twenty-two home were sold in University Hills at an average sale price of $1,146,548.

Dave Easton and The Elevation Group knows University Park. Contact Elevation Group at Your Castle Real Estate to help find your dream home.  
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