The Coloradan 2020 Market Update
2020 started out with a BANG at The Coloradan and … well, you know, we had some bumps and bruises along the way, AND we had some amazing things happen. We can now officially say hindsight is 2020! Let’s look at what happened last year at The Coloradan.
There were 38 homes in The Coloradan that sold in 2020.
To recap what happened since the beginning of 2020 – Last January, the developer has one last home to sell… it was a penthouse and it closed in February. A few other developer homes closed in January along with several others sold by the first homeowners. In February and March, the sales started to pick up, several other first residences sold their homes and then late March COVID hit that changed the dynamics.
The developer had to stop the builder warranty fixes, but they picked right back up as the city opened up. They are and will be finishing those out through the beginning of 2021.
The Coloradan HOA
The HOA figured out how to best protect the homeowners in the building. They had to shut down common spaces including the pool and gym per city requirements and quickly figured out how to open them back up and let people use them while having them cleaned and follow the city and state guidelines. They did a fantastic job and were praised by the inspectors at one of their last “surprise” visits.
The Coloradan Community
The community programs/clubs navigated the process as well, knowing the community still needed the interaction and that is one of the reasons many people bought a home in this building. The community, whether it is was a club they joined or just the interaction of the people.
The 2020 Denver Market
Throughout the summer months, the downtown market really slowed down. Downtown tends to slow down every July through September, it was an election year and I didn’t expect anything to start happening again until December but there continued to be people moving in and out at a slow but steady pace.
The rest of the Denver real estate market was similar to what was happening all over the country. People decided they needed a little more room…an office, a back yard, a basement for a gym. The downsizing slowed way down, and the second homes market picked up.
I had a client who was thinking of selling all summer, I saw a window of opportunity at the end of October and he took the chance. We ended up with 2 offers. He sold #1820 for over $1000 a square foot and that was a record in the building for a non-penthouse home.
First Floor Commercial Space
Kaffe Landskap didn’t skip a beat, they fed the building (and the neighborhood) throughout the year, they even delivered to homeowners’ doorsteps!
Sweetgreen opened on June 11, 2020.
A-Line Boutique, took their business online when the city basically shut down and then opened back up, and then took it back online in the fall. They’ll be back soon!
Ghost Donkey started construction in December and plan to open in the spring of 2021.
The Coloradan Wrap Up
I sold 5 home of the 38 homes in the Coloradan in 2020 – the most of any individual agent except for one (we tied), and helped others lease their homes. If you have interest in the building or are a homeowner thinking of selling, message me and let’s talk.
If now isn’t exactly the right time, I am happy to keep in the loop of what is happening at The Coloradan and downtown and will be ready when you are, you can sign up for my newsletter (there is a link in the description) and or hit the subscribe button on YouTube for video updates.
And that’s a wrap for The Coloradan 2020 Market Update.
2021, we are ready for you!