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Denver's Real Estate Recovery Snapshot – 2009 and Today

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By : Calen Brennan    99 or more times read
In May of 2009, on “The Today Show”, real estate expert Barbara Corcoran named Denver as the number 1 American city on the verge of recovery from the drastic declines of the mid 2000s. She stated that Denver, above all other U.S. cities is “clearly on a rebound”. A year later, recovery is steady, but by no means as rampant as previous glowing reports have indicated, according to John Hickenlooper, Denver’s mayor and a Democratic gubernatorial candidate.

At the Colorado Real Estate & Economic Summit, on March 10, 2010, Hickenlooper expressed cautious optimism for Denver’s economic future, although he acknowledged that unemployment was still too high. “This is not a depression,” he said. However, he was clear about the fact that Denver has a long way to go. The success that Corcoran envisioned is neither as marked, nor as quick to come to fruition.

While Denver has received a large amount of positive press as one of the best places to live and work in the country, Hickenlooper stated that it does not deserve a high ranking, despite its recent improvement. The national Democratic Convention in 2008 did a lot to foster Denver’s image of America’s ideal city, but it does not reflect the actual situation. Denver is getting in good economic shape, but it is not the spectacular prodigy, able to leap the foreclosure crisis in a single bound.

Hickenlooper noted that there is a definite dichotomy between lower priced properties and higher priced properties on the Denver market. Properties that are at around $270,000 or below are in high demand – so much so that bidding wars are common. Foreclosures are snapped up within days, despite the extra work involved with buying this type of property. Lower priced properties are very much a seller’s market, unlike their higher-priced counterparts.

Anything much above $270,000 and the advantage switches. There are plenty of higher-priced homes available for a bargain in Denver. Many holders of resort properties and vacation homes are willing to make bargains, due to the glut on the market. This is the time to get deals on luxury property and vacation homes.

As Hickenlooper acknowledged, Denver’s job situation is something that precludes many from purchasing real estate. He stated that Denver residents need to feel secure in their jobs in order to buy homes. According to Hickenlooper, Denver’s real estate motto is “jobs, jobs, jobs” as opposed to “location, location, location”.
Explore for the latest Metro Denver homes on the market. Find the best of Wash Park, Denver real estate today!

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