Some interesting predictions for 2008

[tfox]

Originally Posted by steveco.

Actually the condo market in Denver is fairing well as opposed to some other cities. People are still buying them which is why they are still being built. If a builder or a developer cannot repay loans simply by putting up a building. Usually they need the dollars that they recieve from purchases from that condo building to repay the loan.

Yes, downtown condos are still pretty popular, but this is mainly because there are so few condos on the resale market downtown, particularly in any price range someone could actually afford. That's why the glass house sold out in a matter of days once they started selling them, (although technically the glass house wasn't downtown, it was close enough).

I'd be a little concerned for ultra-high-end stuff under construction like the Teatro Four Seasons under construction at 14th and Lawrence, simply because the price range is so high there -- I'm not sure how many ultra high-end units we can support. The Spire, under construction at 14th and Champa (or thereabouts, I forget exactly) -- looks to be more like the glass house and that will sell pretty quick, I'd predict, given that most of their units are in the 200-400 range.

There probably is a saturation point for downtown Denver, but since there were so few condos in the Central Business District to start with, the pent up demand so far seems to be more than the drop-off you'd see with the bad economy.

[jazzlover]

Originally Posted by tfox

Yes, downtown condos are still pretty popular, but this is mainly because there are so few condos on the resale market downtown, particularly in any price range someone could actually afford. That's why the glass house sold out in a matter of days once they started selling them, (although technically the glass house wasn't downtown, it was close enough).

I'd be a little concerned for ultra-high-end stuff under construction like the Teatro Four Seasons under construction at 14th and Lawrence, simply because the price range is so high there -- I'm not sure how many ultra high-end units we can support. The Spire, under construction at 14th and Champa (or thereabouts, I forget exactly) -- looks to be more like the glass house and that will sell pretty quick, I'd predict, given that most of their units are in the 200-400 range.

There probably is a saturation point for downtown Denver, but since there were so few condos in the Central Business District to start with, the pent up demand so far seems to be more than the drop-off you'd see with the bad economy.

Actually, the interest in downtown may be, in part, due TO the worsening economy/energy situation, not because of it. I know of couple of suburbanites who got out of suburbia and bought places in LoDo. Even though they paid more for the same square footage, they eliminated lengthy daily commutes to their downtown workplaces. I think you will see a lot more of that as fuel costs spiral and people figure out they can't afford daily 50 mile round-trip commutes at $4, 5$ or $8 a gallon, or to afford to heat a 4,000 sq. ft. monstrosity out in the 'burbs. They times, they's a'changin'--some people are just figuring that out faster than others.

As to the drivel being expounded by the real estate lackeys that we are near a bottom to this mess--well, the real pain hasn't even started yet. When it does (and I predict that somewhere in this quarter or next), even they will be forced to concede that the real estate world sucks--and probably will for quite awhile. If I were in their shoes, I'd be making some alternative career plans right now. Same for the construction people--party's about over.

[multitrak]

Originally Posted by tfox

Yes, downtown condos are still pretty popular, but this is mainly because there are so few condos on the resale market downtown, particularly in any price range someone could actually afford

do you know if any of the newer units are wired for fiber? would seem to make sense from a selling point. cogent wired quite a few office buildings d/t for fiber direct to the desktop.

[formercalifornian]

Originally Posted by jazzlover

Actually, the interest in downtown may be, in part, due TO the worsening economy/energy situation, not because of it. I know of couple of suburbanites who got out of suburbia and bought places in LoDo. Even though they paid more for the same square footage, they eliminated lengthy daily commutes to their downtown workplaces. I think you will see a lot more of that as fuel costs spiral and people figure out they can't afford daily 50 mile round-trip commutes at $4, 5$ or $8 a gallon, or to afford to heat a 4,000 sq. ft. monstrosity out in the 'burbs. They times, they's a'changin'--some people are just figuring that out faster than others.

Lessening our dependence on the car is exactly why we're looking to move closer in toward the DTC. Plus, the commute is killing our time together as a family, and we'd very much like that time back before the kids are off to college and it's too late.

[tfox]

Originally Posted by multitrak

do you know if any of the newer units are wired for fiber? would seem to make sense from a selling point. cogent wired quite a few office buildings d/t for fiber direct to the desktop.

Sorry, don't have personal experience; but it would certainly make sense to have something like that. Most of these places downtown are marketing to the young and cyber-conscious.