The Downtown Condo Market is Back!

In Condo Tracker, Market Trendsby Lori GreenlyLeave a Comment

The downtown condo market is back…inventory grows short while demand continues to rise!

This condo was on the market for 16 days, and this past Saturday was its day. With multiple offers, the owner received an offer he couldn’t refuse. The pricing strategy we used aligned with what the downtown market was showing us the past couple months as Denver’s condos set records, beating many over the past decade. Remember, this is the one market that sat silent last year during Covid, we knew that was simply a pause and the pent-up demand would catch up and the flood gates would open. They opened a bit sooner than we anticipated. But we welcomed it.

We know Denver, the economics, the education, the quality of life, the commitment of our city to develop great infrastructure to attract the best companies and because of all of this, we are surrounded by the incredible people of Denver while many more are making their way here from NY, San Francisco, Los Angeles, Chicago and now Dallas. We’ve personally met one new Dallas resident a week for the past 7 weeks! We had to start keeping track after the third week in a row.

Pricing condos in a city is very tricky. Sometimes it’s like pricing a custom home. As mentioned above, you really need to understand the economics of the city itself. It’s different than having a home in the suburbs, the downtown economics have to be taken into consideration. Condos can each be very unique inside, but also the type of building they are in and the neighborhood that building is in need to be taken into consideration. Did you know there are 21 neighborhoods in downtown Denver? Then there’s the HOA; when you live in a condo you are actually in business with people you live under the same roof as, and that HOA can affect your value, good and bad.

Besides pricing any home correctly, no matter how hot the market is, if it’s staged well, statistics show it will sell faster and at a 7-8% higher price.

One of the best compliments we could ever receive as a broker is from another broker, this compliment came on this property “…the marketing, the pictures, and the presentation of the loft was exceptional, and extremely professional, one of the best I’ve seen. Great job!…”

This client wanted to remain in the home and keep the majority of his furniture in it as well because his move is going to be out of state. We offer 3 levels of staging, we call them; fluff, fill in, and full staging. This one was a fluff and fill in! We moved just a few pieces of furniture out, moved some furniture in, moved a lot around from room to room, took down art, moved art around, simplified, added decor…. We are so grateful for having a client who is open and flexible with the process.

This condo is an example that proper pricing strategy and staging can bring the highest possible price in the quickest time. We are very happy for this client, he still can’t believe he got exactly what he asked for, and in multiple offers!

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