With more and more people choosing to call Denver Metro home, residential development has been a major player in the real estate market here in the Mile High City. In fact, earlier this year, Builder magazine named Denver as one of the top six markets for new residential construction in 2020. Although demand for homes has remained high, the pandemic has put a damper on the continual growth of the new construction market. However, existing new development projects have still seen success, specifically in the attached-home sector of the market.
Attached single-family homes offer a “best-of-both-worlds” scenario for consumers who are looking for less up-keep than would typically be required for a detached single-family home but more privacy than a condominium can offer. LIV Sotheby’s International Realty brokers, Liz Richards and Deviree Vallejo, of Denver Urban Properties, have seen townhomes and rowhomes retain their strength in the marketplace despite pandemic-related setbacks.
“Existing new construction, like townhomes, continues to be very strong in the marketplace,” explained Vallejo. “Condos present more challenges at the moment due to the many communal spaces that residents share on a daily basis.”
Newly built attached single-family homes, such as townhomes, have many of the same features that detached homes have, such as private entrances, garages, and outdoor spaces that reduces contact with neighbors. This separation provides homeowners with a sense of enhanced safety and privacy.
“People are looking for more autonomy,” said Richards. “With most people still practicing social distancing to varying degrees, consumers are seeing a lot of value in limited contact with people outside of their household.”
In addition to privacy, newly built townhomes often do not need any renovations or updates to be move-in ready. New construction is a great option for buyers who want to spend as little time and money possible getting a home ready to transition into. Brand-new homes typically embrace the popular open-concept floor-plan and feature the trendy finishes buyers are dreaming of. Through the eyes of a consumer, a home that needs minimal or no updates is much more attractive and less of a hassle.
“Busy people don’t want to spend money on a home that needs renovations. It takes too much time and financial commitment to update a home that needs construction to give it a proper master bathroom or expand the kitchen and living area,” commented Richards. “The turnkey aspect is why new construction is so appealing.”
As more homebuyers search for real estate with more space and less urban density, suburban communities outside of the downtown area have become very popular. Vallejo mentioned that the transition from the city towards the mountains is a natural progression as people seek a safe haven of their own. Denver Metro communities just west of the downtown scene, such as Edgewater and Wheat Ridge, are seeing more interest from both developers and consumers looking to make their next real estate move.
“This is the most I’ve ever sold outside of the city,” said Richards. “At all price points, new developments outside of Denver’s downtown area are doing really well.”
Whether you’re looking for a fresh start in a new home or a lock-and-leave property for the next chapter of your life, a brand-new townhome might be the right fit for you. Reach out to Liz Richards and Deviree Vallejo to learn more about their current offerings or visit their website, denverurbanproperties.com. For all of your real estate needs, call LIV Sotheby’s International Realty at 303.893.3200 or visit livsothebysrealty.com.