Sunday, January 29, 2023

Denver’s Capitol Hill Real Estate Sales Recover From Pandemic Recession

Interest in the Capitol Hill area declined in 2020 as businesses in downtown Denver shut down during the COVID-19 pandemic. But this year, buyers are back.

Ryan Sanchez, real estate agent for 8z, likened the lack of interest in Capitol Hill to the urban getaway that occurred on the East and West coasts during the pandemic.

“Why pay prices on Capitol Hill if you don’t have experience on Capitol Hill,” says Sanchez. “Everything close and convenient was closed.”

In 2020, buyers purchased 10 homes and 255 outbuildings in the neighborhood. According to him, 23 houses and 398 annexed houses were sold until October 22 this year. “When everything reopened, people became interested in Capitol Hill again.”

Ellie Carlson, managing broker for West + Main, calls Capitol Hill charming and says its unique architecture will always attract buyers.

“This is not a cookie cutter,” she says. “There are apartment buildings from two to five stories that have unique characteristics from building to home.”

Why move to Capitol Hill?

Carlson says the area attracts young professionals who want to live in a pedestrianized area near the city center.

Many buyers are first-time buyers who choose apartments or townhouses because they can’t afford to buy a home in other areas of Denver, Sanchez said.

Carlson says buyers often choose to keep their Capitol Hill condos and turn them into rental properties when they move into a larger home.

While the area primarily attracts people who want to live close to the city center, it also offers easy access to Cheeseman and Congress Parks, Lower Downtown and Cherry Creek.

What’s in stock?

Although there are several homes on Capitol Hill, most of the sales are in apartments.

Condominium prices range from small one-bedroom apartments at 700 square feet (200,000 to 300,000) to larger, $ 600,000 to $ 700,000, refurbished and modernized apartments, Carlson said.

Sanchez says the average condominium price is $ 365,000, but some condos are selling for $ 2.3 million. By comparison, the average price for a single-family home in a neighborhood is $ 962,000. Homes in this area are usually larger, with older homes around 2,600 square feet.

While homes typically stay on the market for about a month, apartments tend to sell quickly and often stay on the market for a week or less, Carlson said. “This is not much different from what is happening in the housing market in the Denver area.”

One of the most significant factors affecting condominium sales is the cost of homeowners association fees, Carlson said. These fees range from $ 100 to $ 500 per month. At a minimum, the fees cover garbage collection, snow removal, landscaping and the exterior of the building. Higher fees usually apply to units that offer shared areas such as pools or workout areas.

Who is moving?

Carlson says the Capitol Hill area typically attracts young single professionals who want to live an active and trendy lifestyle. “It attracts people who want to be able to walk to their destination or take the bus easily,” she says. “This is not an area to look at for a family of five.”

Sanchez says he also sees young newlyweds looking to stay in town by buying apartments. “This is definitely a younger demographic.”

Carlson agrees. “It’s a busy and busy place,” she says. “This is by no means a sleepy place.”

What’s next door?

Popular local restaurants include Benedict donuts, biscuits or eggs at Jelly’s Cap Hill or fried chicken and cocktails at Lou’s Food and Bar.

Purchase options include Argonaut Wine and Liquor or Wax Trax Records.

Residents of the neighborhood also have quick access to the 16th Street Mall for food or shopping.

Those with an interest in history or culture can visit the Molly Brown House, Colorado State Capitol, Denver Art Museum or Colorado Historic Center.

Nation World News Desk
Nation World News Desk
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