Right now, Denver is experiencing rapids amount of growth and with it, development. Denver has seen places such as the Highlands, RiNo and LoDo pop up and flourish. While these neighborhoods are far from plateauing, Colorado real estate experts and economists predict that these five new neighborhoods will be the next big place to be.
Lowry - 80230
Lowry is grabbing the attention of not only locals, but property investors since houses are flying off the market for prices in the $700,000 range. The median house price is $729,402 and the newest Lowry development, Boulevard One, offers condos in the $500,000-$600,000 range, townhouses in the $700,000 range and single-family homes go for as high as $1.2 million to $1.4 million. Despite these exorbitant prices, the number of sales appears to be accelerating by nearly half, and there is no sign of this market slowing down.
The neighborhood is a popular spot for families due to the number of shops, restaurants, parks, and great schools nearby. Lowry is just a 15-20 minute drive from downtown yet it remains a quiet residential escape from the city bustle.
Athmar Park - 80223
A neighborhood maybe not as well known, but perfect for buyers looking for a mix of affordability and larger lots. Although house prices have seen a 37% increase over the past year, the median house price in this southwest neighborhood is $411,000. These houses with more affordable prices are one of the main reasons for the low average of 21 days on the market.
The Athmar neighborhood was originally built in the 1940s which explains the smaller, ranch style homes that need improvement. The most common occupants in this neighborhood are first-time home buyers because often times they can get a house under contract for under $400,000. Although this neighborhood doesn’t offer all the charm of some other popular Denver neighborhoods, it is home to several parks and rolling hills.
Developers have been obtaining permits for projects on West Alameda Ave, which points to the possibility of new shops and restaurants making this a more appealing neighborhood. Any investment in one of the English Tudors or ranch homes can be given a face-lift and turned for a profit.
Observatory Park - 80210
A neighborhood with a vast spread of homes from rough-edge student rentals around DU to million dollar mansions at Observatory park. This neighborhood has seen its fair share of scrapped homes that have turned into million dollar properties. Nonetheless, the median home price is $680,000 with an average of 31 days on the market and a 13.3% increase since last year.
This neighborhood is becoming more and more popular due to the increase of walkability with new restaurants and cafes. There has also been an increase in former residents from “wealthier” parts of Colorado in hopes of downsizing. Similar to Lowry, Observatory Park residents live in a bubble full of neighborhood charm with parks, such as its namesake Observatory Park, while being just minutes away from the city.
Hampden South (Southmoor park) - 80237
The homes in southeast Denver’s Hampden South and Southmoor Park have bigger lots with more square footage and tight knit communities. Located about 10 miles southeast of downtown, residents can easily access the Light Rail for a fast and easy ride into the city. Hampden South is also located next to the beautiful Cherry Creek State Park which features the Cherry Creek reservoir for paddle boarding, boating, and sailing in the summer. For these reasons and a few others, Hampden has been gaining popularity and residents.
Common home buyers in these neighborhoods are families being joined by a second or third child, making the open land and friendly atmosphere much more attractive. Investors are also prominent home buyers of the houses built in the 1960s and 1970s in order to fix them up and sell them for a premium price. At a median house price of $428,500, they have had a 40% increase in annual sale price since the past year, making it the zip code with the highest increase in price in the metro area.