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
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