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For almost a year, the Get Home Denver Team has been advising our investor clients to get into the game.  While the rest of the country has been experiencing the massive devaluation of real estate, the Denver Market has (In my opinion) neared bottom, and has stabalized substantially over the past 12 months.

In fact, pockets of the Denver area are no longer dropping in value, but actually holding value, or even seeing slight appreciation.

For the past year, our favorite investment play has been the Fitzsimons Redevelopment area. The redevelopment is a 578 acre project that creates a common workplace for both Private Bioscience companies and the clinical endeavors of the University of Colorado Health Sciences Center, and the Denver Children’s Hospital.  Once complete the area will be home to:

• University of Colorado Denver, Anschutz Medical Campus
• University of Colorado Hospital
• The Children’s Hospital
• Colorado Science and Technology Park at Fitzsimons
• US Veterans Health Administration Hospital
• Colorado State Veterans Nursing Home
• Commercial trade and services establishments, along with some limited scale multi-family residential development.

The on-site employment currently is approximately 16,000 and is projected to be over 43,000 by the time the development is complete.

In 10 years it is anticipated the economic contribution of the project will be

• $3.3 billion in annual operating expenditures
• More than 3,200 undergraduate and graduate students at the UC Denver facility, not including medical residents and fellows. (Hint: These folks will all need somewhere to live!)
• 23,100 jobs based on-site, supporting another 28,100 elsewhere in the Denver Metro Area.
• Nearly $2.1 billion in employee income annually!

I could go on, but you can see this is a big deal!

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Now, why we think this area is ripe for real estate investment.

1.  Location, Location, Location. The location is not only walking distance from the Fitzsimons project, it is also adjacent to the hugely successful Stapleton Airport Redevelopment area.  Stapleton has been one of the largest and most successful infill development projects in the country.  This strength rubs off on the surrounding area, and makes people want to be a part of this community.  If they can’t afford the Stapleton community they look to the surrounding area, which this is a part of.

Here are some fact about the Stapleton area.  The fact that Stapleton held ground, while the Denver Market in general dropped over 15% during the same time period, speaks to it’s strength.

• In 2006, 215 Properties were sold
  • Average Sales Price = $430,000
  • Avg. Price per Sq. Ft. = $214/ft
• In 2008, 285 Properties were sold
  • Average Sales Price = $432,000
  • Avg. Price per Sq. Ft. = $211/ft

2.  Price Point. The price point of these homes is less than $100,000!  In combination with the rental rates, there is huge cash flow potential!  These are post WWII homes that are a perfect match for the entry level homebuyer, (always a strong exit strategy,) as well as, those looking to rent a home.

3.  Rental Desireability. Homes in this area rent for between $700-$1100 per month.  Rental Rate is influenced by number of bedrooms and baths, as well as, basements, garages and conditions.

It is my opinion the already brisk rental market, will only get hotter as the demand for housing is pushed by more Med Students, Hospital Workers, and those with a desire to be near the amenities at Stapleton.

4. Appreciation Potential. The appreciation play here is phenomenal!  The price of these homes has been hammered over the past 2-3 years as a large number of foreclosures have effected this entry level neighborhood.  Homes that sold for $130k-$175k a couple of years ago, are being sold for $50k-$80 today.  We sold a number of places early in 2008 for $50k, and today, it takes closer to $65k-$70 for the same property!  This area has shown appreciation in 2008, and we think will continue to do so.  Here is a look at some of the numbers.

• In 2006, 517 homes were sold
  • Average Sales Price = $119,000
  • Average Price per Sq. Ft. = $117/ft
• In 2008, 743 homes were sold
  • Average Sales Price = $81,000
  • Average Price per Sq. Ft. = $79/ft

Conclusion

My team and I believe the Fitzsimons area to be the #1 investment play for residential real estate in the Denver Area.  Our opinion is that this is NOT a Fix n Flip investment, but rather a buy and hold, income producing play.

Please feel free to contact us for more information, access to our Hot Investment Home database, or if you would like to access any of our other Real Estate Investor tools.

On a 75 degree day at the end of October, my mind started to wander about the wonderful weather we have in Denver.  I often get questioned about the climate of the area.  In Denver, we have it pretty darn good!

• I’ve golfed every month of the year.  Not every year, but many times
• Last year I shoveled my driveway 6 times.  That was more than the previous couple of years combined.  Most snow showers in Denver drop only a few inches, and it will melt off within a day or two!
• The Average precipitation for the Denver area is less than 12 inches per year
• The climate is very dry, and not as harsh as the humidity filled mid-west, and east coast.

The Rocky Mountains, and world class skiing are less that 2 hours away.  The mountains act as a barrier for the weather fronts.  Most storms hit the mountains, drop their snow, bounce over the Denver area, and pummel the mid-west!

I’ve posted a few great photos of the Mountains in the winter.  It is truly one of the most beautiful sights in the world!  Take a look by clicking the “Denver Photos link” at the top of this page!

If you haven’t already, you may want to subscribe via RSS or Email to make sure you don’t miss any of the great photos in the future!

Colorado maintained its slot as the 3rd leading state for it’s ability to sustain high-tech industry. According to Milken Institute’s 2008 State Technology and Science Index, Colorado maintained it’s spot at number 3 in the country.  Massachusetts and Maryland ranked 1 & 2, while California dropped to number 4.

The index utilizes 77 indicators categorized into 5 components:

• Tech Strength in research and development
• Entrepreneurial Activity
• Education
• Concentration of Scientists and Engineers
• Prominence of the Tech Sector in the overall community

Colorado ranked in the Top 5 states in ALL 5 categories!

The strength of Colorado in the Tech Sector has helped diversify our economy from an Energy only powerhouse.  This diversity will help the State avoid the wild ups and downs in the housing market that have been prevelant over the past 40 years.

Just another reason that the Denver area is a great Real Estate Investment!

photo credit: zanimo

Here is the new Colorado Stamp. It is set for release on June 14th 2008 along with 9 other States.

Colorado’s stamp was designed by artist Tom Engeman of Bethany Beach, Del.

Denver Postmaster Alan Catlin said in a statement

“Our flag stamp reflects the spirit, independence and beauty of Colorado…We think our flag stamp will be one of the most popular.”

I tend to agree. And, it will be the only stamp I use for the foreseeable future. I like it!

What do you think?

Westlands Park, in Greenwood Village Colorado, is a fabulous community asset. 

Set against the back drop of the Rocky Mountains the park features a HUGE play area for the kids, and on any given day, you will find many families enjoying a wonderful day outdoors!

There is a large open space with a backstop for baseball, and plenty of park for soccer, or most any other activity. 

There are also trails with a fitness circuit, a pond, picnic areas, restrooms, and even an inline hockey rink! 

To get to Westlands park take I-25 to Orchard Rd.  Go West to Quebec St., turn Right and go a couple blocks to the Entrance to the park on your left.

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