Demand for housing in downtown Denver is extremely high, and it doesn’t seem to be decreasing anytime soon. With a burgeoning economy and flourishing cultural scene, Denver attracts residents who want to be in on the action. Districts like Lower Downtown (LoDo), River North (RiNo) and Capitol Hill offer easy access to some of the city’s hottest restaurants, abundant green spaces and the light rail, Denver’s growing network of tramways. But with historically low inventory and record-breaking demand, these conveniences come with a hefty price tag.
Although there are some single-family homes and townhomes still available, the condominium market offers a slightly more affordable and less competitive option for those looking to own a home in downtown Denver. “The condo market is a tad slower than the residential market in Denver right now,” Nate Postlethwait with LIV Sotheby’s International Realty explains. “There are absolutely great investment opportunities with downtown condos with less mania because there is more inventory.”
Not only do condos provide great views and urban walkability, but they also provide community amenities and a low-maintenance lifestyle that many people moving to Denver find desirable. Curious to know how you can get the best price on a condo in the heart of the Mile High City? We asked some of the top real estate agents in Denver as identified by OpenHouse, an agent referral company (and a U.S. News partner), to share their tips.
[See: The 20 Best Places to Live in the U.S.]
Consider upcoming neighborhoods. Downtown Denver is perhaps best known for areas like historic LoDo and Golden Triangle, home to the Denver Art Museum. Properties in these areas are priced at a premium, so buyers would do better to look for condos in neighborhoods like RiNo, Five Points and Curtis Park that are off the beaten path. These areas are not only home to some of the cities hippest dining and nightlife venues, but also less expensive housing options.
“Curtis Park continues to have increased value year-over-year and is starting to connect to RiNo and Five Points with great walkability,” Postlethwait says. “Sunnyside is a hot area where you can still get something under $500,000, and Berkeley has more demand than ever before.”
Also, with such a wide variety of neighborhoods, buyers can find condos that are ultra-modern, retro-chic or rustic-industrial — whatever fits their taste.
Choose an agent with condo connections. To get a good deal on any property, it’s important to hire a real estate agent who is knowledgeable about the neighborhood and specific property type. A realtor who has done business at a variety of downtown condo buildings is likely to have insider knowledge about available units before they come to market and will already have the scoop on what the current residents are like, who the property manager is and how the homeowners association board functions.
Some agents will actively seek out pre-listed and pre-foreclosure properties that are available for purchase before they even go on the market in order to beat out any competition and avoid a bidding war. Deviree Vallejo with Kentwood City Properties, whose office is in the heart of downtown Denver, affirms, “After our weekly sales meeting we go tour all our new listings where our agents see all the properties coming available before they hit the market. Sometimes we’ll write an offer before the place even goes to market.”
[See: The 20 Most Desirable Places to Live in the U.S.]
Keep an eye out for new construction. Vallejo advises condo hunters to look for new developments around town, of which there are many. Making offers on units that are still under construction is often the best way to get a deal on a brand new build.
“Typically the prices of these projects go up after the developer has sold a certain number, so there can be quite a difference in price between the first units sold and the last sold,” Vallejo says. “Getting in at the first round of pricing is the way to go for buyers. Also, prices have been appreciating so much during the time that the homes are being built that buyers close with a nice amount of equity built into their home.”
Carefully review HOA terms. The biggest difference between purchasing a single-family home and a condominium is the HOA aspect. HOAs can have a wide range of terms and prices that vary according to a building’s age, size, amenities and members. These terms are typically not flexible or negotiable, so it’s vital to review the HOA contract as early and thoroughly as possible, which may even require the assistance of a legal professional.
“HOAs are complicated and can be concerning depending on how financially stable it is,” explains Aaron Lebovic, an agent with Keller Williams. “You have to read the fine print and understand what you’re getting yourself into.”
[See: The 20 Best Places to Live in the U.S. for Quality of Life.]
Vallejo notes that it’s important to not only look at the HOA documents as early in the contract process as possible, but to also investigate upcoming building projects. “Pay careful attention to the meeting minutes and financials to make sure that there are no upcoming special assessments and that the HOA is financially sound,” she warns.
Postlethwait concurs. “HOA is the top factor with condos. Make sure you get the HOA docs as quickly as possible and make sure you calculate the HOA in your payments when getting your lending approved.”
More from U.S. News
The 20 Best Affordable Places to Live in the U.S.
The Best Apps for House Hunting
9 Alternative Building Materials to Consider for Your Home
How to Get the Best Price on a Downtown Denver Condo originally appeared on usnews.com
