Saturday, December 17, 2011
Monday, December 12, 2011
Stapleton Real Estate Market Report: December 2011
Stapleton Development
News
Forest City recently spoke with the Colorado Real Estate
Journal about upcoming development in Stapleton in 2012. A senior vice president with Forest City Stapleton
expressed his hopes to attract major employers by offering premiere office
space in Stapleton. The commercial real
estate firm Grubb & Ellis has been hired to market and sell several large
parcels of land throughout the Stapleton area.
According to the article in the Colorado Real Estate Journal, the
marketing effort will start in 2012 with several parcels of land for office,
medical, mixed-use, flex, and light industrial buildings being offered.
According to Grubb and Ellis, they “have seen quite a bit of
activity” for the land. They went on to
say that they have 13.5 acres under contract for office and flex space to be
developed. The article continued to explain
that there has been quite a bit of interest from out of state businesses, so
hopefully that means more job opportunities in Stapleton.
Given there is over 300 acres available for office space
alone, there is a tremendous opportunity for a large multinational company to
build a presence in the Denver area. Below
is a list of some of the development opportunities that are listed on Forest
City’s website StapletonDenver.com.
o
Centerfield
Campus
§
127-acres “straddling” Central Park Boulevard
along the south side of I-70 for medical, flex, R&D, and retail buildings. Prices are listed at $5-$14 per square foot.
o
Central
Park Station
§
33-acres at Central Park Boulevard and East 36th
Avenue. Bordering the future light rail
stop and the FBI building is a parcel for office, mixed-use, and medical
space. Land is being offered for $12-$25
per square foot.
o
I-70
Central Park Interchange
§
78-acres at the “northeast corner of the I-70
Central Park Boulevard interchange.”
Land is being developed as office, R&D, medical, and retail
space. Land is listed at $7 to $14 per
square foot.
o
East 29th
Avenue Town Center
§
Adjacent to the infamous 29th Avenue
Town Center in Stapleton is a 7.14 acre parcel at the “southeast corner of
Syracuse Street and Martin Luther King Jr. Boulevard.” Forest City is offering office, mixed-use,
and medical space. According to the
article, Forest City could develop an office building in 15-months on the
parcel. Prices are being quoted at $8 to
$12 per square foot—probably for the land, the article did not specify.
Click here
to read the full article and to visit the Forest City Stapleton website, which
has periodic updates on future development in Stapleton.
Stapleton Home Sales
According to Metrolist MLS, there were 20 homes and condos
sold in Stapleton in November 2011. In
November 2010, there were 29 home and condo sales, which is a considerable drop
year-over-year. Although, the preceding
months of August to October 2011 saw an increase in sales compared to August to
October of 2010. Below is a table with
data gathered from Metrolist MLS with some key indicators that real estate
professionals monitor.
November Home & Condo Sales Compared to Last Year
|
||
2010
|
2011
|
|
# of Home & Condo Sales
|
29
|
20
|
Avg. Days On Market
|
123
|
93
|
Avg. Price Per Sq. Ft.
|
$191
|
$198
|
*Data gathered from Metrolist
MLS.
|
||
 |
| Central Park West |
The good news is that homes and condos sold 30 days faster
on average and $7 per square foot higher in November 2011 than 2010, which is
finally good news for sellers. In my
opinion, there is one red flag from the data, and that is there were 9 less
sales in November 2011 compared to 2010.
In my estimation, the positives outweigh the negatives, as the $7 per
square foot on a 2,000 square foot house equates to $14,000 in additional revenue
on a sale. Regardless, the Stapleton
community will continue to grow with more development to take place in 2012.
Sources:
- Metrolist MLS
- Forest City Stapleton: http://www.stapletondenver.com/business-opportunities/dev-updates/stapleton-takes-it-next-level-office-development
Monday, November 28, 2011
Thursday, November 17, 2011
Wednesday, November 9, 2011
Thursday, November 3, 2011
Stapleton Denver Real Estate Market Report For October 2011
 |
| Federal Reserve |
The Federal Reserve signaled to Wall Street and the housing market on November 3, 2011 that they are considering buying additional mortgage backed securities to aid the sluggish housing market. The Federal Reserve and Chairman Ben Bernanke understand that housing has led the way out of previous recessions and must be supported. A normal real estate market, which seems like an oxymoron, helps create jobs and enhances additional spending in the broader economy. So, we can expect additional aid from the Federal Reserve should the economy continue to stumble.
Interest
rates have been bouncing around historic lows for several weeks now. Low mortgage rates provide home buyers with tremendous
pricing power that most generations will never see. With today’s rates in the high threes to mid-fours,
pales in comparison to the whopping 14.96% that my parents paid in the summer
of ‘82 for their humble bungalow in rural Ohio.
To put it in perspective, today's mortgage at approximately 4.5% for a $300,000 home would
cost you approximately $1,975/month; whereas, a $300,000 home with a mortgage at 6.5% would
cost approximately $2,351/month. The two
additional points on your interest rate increases mortgage payments an extra
$376 per month, but what is more jaw dropping is that you pay an estimated
$150,000 more over the 30-year mortgage.
Compared to 2010, there was one less home sale in Stapleton and the average price per square foot in October 2011 was $186/sf, compared to October 2010 which rested at $191/sf. So home sales in October 2011 dipped slightly on a price per square foot basis, but the previous two months home sales volume was up on a year-over-year basis.
Type
|
Address
|
Baths
|
Beds
|
SF
|
PSF
|
Builder
|
Model
|
Sale
Date |
Sale
Price |
Condo
|
10532
E 29TH Dr
|
3
|
3
|
1,463
|
$128
|
NEW
TOWN
|
DAHLIA
|
10/21/11
|
$187,000
|
Condo
|
2937 CENTRAL PARK Blvd
|
3
|
2
|
1,438
|
$170
|
McStain
|
Clarkson
|
10/5/11
|
$245,000
|
Condo
|
8719
E 25TH Ave
|
3
|
2
|
1,438
|
$175
|
McStain
|
10/12/11
|
$252,000
|
|
Condo
|
2935 WILLOW St
|
3
|
3
|
2,197
|
$148
|
John
Laing
|
Paired
Homes
|
10/14/11
|
$325,000
|
Average
PPSF Condo
|
$155
|
||||||||
Res
|
2236 UINTA St
|
4
|
4
|
1,467
|
$235
|
Wonderland
|
Eaton
|
10/5/11
|
$345,000
|
Res
|
7738
E 25TH Ave
|
3
|
4
|
1,695
|
$211
|
Wonderland
|
10/25/11
|
$357,500
|
|
Res
|
3428 AKRON Ct
|
3
|
3
|
1,670
|
$215
|
KB
HOMES
|
MARTHA
STEWART
|
10/3/11
|
$359,000
|
Res
|
2928 FLORENCE St
|
4
|
3
|
1,631
|
$223
|
KB
HOMES
|
ALCOTT
|
10/17/11
|
$364,000
|
Res
|
7890
E 26TH Ave
|
4
|
4
|
1,788
|
$221
|
New
Town
|
Fillmore
|
10/19/11
|
$395,000
|
Res
|
8741
E 29TH Ave
|
4
|
4
|
2,660
|
$153
|
10/14/11
|
$405,959
|
||
Res
|
3455
N BEELER Ct
|
3
|
3
|
1,942
|
$211
|
10/21/11
|
$409,500
|
||
Res
|
2716 GENEVA St
|
3
|
4
|
2,439
|
$181
|
MCSTAIN
|
10/28/11
|
$442,500
|
|
Res
|
8174
E 28TH Ave
|
4
|
3
|
2,691
|
$167
|
PARKWOOD
|
OXFORD
|
10/22/11
|
$450,000
|
Res
|
2950 EMPORIA Ct
|
4
|
4
|
2,160
|
$208
|
NEW
TOWN
|
MONROE
|
10/21/11
|
$450,000
|
Res
|
8421
E 21st Ave
|
3
|
4
|
2,392
|
$190
|
Parkwood
|
Chesapeake
4
|
10/18/11
|
$454,427
|
Res
|
2656 GENEVA St
|
5
|
5
|
2,851
|
$177
|
McStain
|
Willow
|
10/28/11
|
$505,000
|
Res
|
9030
E 29TH Ave
|
4
|
4
|
2,856
|
$186
|
Parkwood
|
Oxford
|
10/26/11
|
$532,000
|
Res
|
2674 DAYTON St
|
4
|
4
|
3,288
|
$165
|
Parkwood
|
Veranda
|
10/13/11
|
$542,000
|
Res
|
9052
E 35TH Ave
|
4
|
5
|
2,944
|
$187
|
Parkwood
|
Oxford
4
|
10/19/11
|
$551,000
|
Res
|
7907
E 24TH Ave
|
8
|
5
|
4,471
|
$216
|
NUWEST
|
Parade
of Homes
|
10/17/11
|
$966,800
|
Average
PPSF Single Family Home
|
$197
|
||||||||
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