Why is Denver, Colorado a city of the future? Because the city and the surrounding area have so much to offer in terms of lifestyle and monetary investment. The state attracts city and outdoor enthusiasts alike. The energy of the environment appeals to young professionals and families. So, if you are leaning towards investment opportunities in real estate in the Mile High City there are some things to consider.
All investors have different goals. Be it acquiring student rentals, or remodel and resell, or maybe possibly an Airbnb gem, the reasons for interest varies with each client. Some investors jump on the bandwagon seeking long term residential properties for rent, be for whatever reason the Denver market is hot!
Denver boasts major universities, top medical facilities, major league sports and of course skiing! These are perks not found in every state. It is rapidly growing in population and business opportunities. The Denver metro area expanding to accommodate new firms and companies are setting up new locations in Denver. With low tax rates and strong infrastructure, it is great environment for startups to thrive. Wrap all this up with progressive, innovative thinking and a healthy economy, and you get a low cost of living and a plethora of outdoor activities for workers. With companies relocating from California, Denver is the city to watch.
With so much real estate movement Denver, with shortage of inventory, has become a sellers’ market. Home searches take longer and there is stiff competition as buyers sometimes are thrown into bidding wars. Mortgage rates are low, a good incentive to buy now, and are expected to rise in the future months. Investment activity is definitely up.
Realtor.com information published on March 11, 2021 establishes 32 of 50 Largest Markets Above Recovery Benchmark and states that “Locally, a total of 32 markets have remained above the recovery benchmark, three more than the previous week. Eighteen markets now remain below the recovery pace, at least temporarily. The overall recovery index is showing the greatest recovery in Austin, Denver, Riverside, Portland, and Phoenix.” That news is relatively exciting as our Denver market recover has been so pronounced.
Investment made in Denver, City of The Future
I boasted calling Denver a city of the future so let me back up that statement. The Mile High City has adopted a Comprehensive Plan for 2040 which encompasses a 20 year plan reflected by thousands of people who have shared their hopes and vision and the government leaders of the city adopted these recommendations to guide future decisions over the course of the next 20 years. Six important elements of that plan Denverite’s shared are as follows:
- A city that’s equitable, affordable and inclusive.
- A Denver made up of strong and authentic neighborhoods…
- With well-connected, safe and accessible places that are easy to get to, no matter how we want to travel.
- A community that is economically diverse and vibrant…
- While being environmentally resilient in the face of climate change.
- And we want a healthy and active city with access to the types of amenities and experiences that make Denver uniquely Denver.
These are the six elements of the Comprehensive Plan 2040 vision, and they outline the long-term goals that will guide the city’s future.
This plan is full of positive vibes that will draw residents and business to the area. There is a bustling movement surrounding the city and you can feel the energy of the changes that are happening right now. It is a city on the verge of newness, upcoming projects of renewal and over 7,000 construction jobs formed as of March 4, 2021 with $1B in sales reported by CBS Local News. If that’s not exciting, I don’t know what is!
At Katchen Company our years of knowledge and experience with Commercial & Residential Real Estate in Denver are working for you!