Urban Land: Denver affordable…compared to NYC

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Highlights:

  • Denver highlighted in Urban Land Institute Magazine.
  • Denver is a magnet for millennials, Urban Land reports.
  • Link to entire Urban Land article on Denver at the end of this article.

 

 This 6,887-square-foot home in the LoHi area just went on the market for $3.2 million. A similarly sized home in Manhattan is priced at $15 million. Urban Land says Denver is a mecca for millennials who want cheaper housing than in the Big Apple, but still crave urban charm.

This 6,887-square-foot home in the LoHi area just went on the market for $3.2 million. A similarly sized home in Manhattan is priced at $15 million. Urban Land says Denver is a mecca for millennials who want cheaper housing than in the Big Apple, but still crave urban charm.

By John Rebchook

Observers increasingly are beginning to worry that with record high home prices and apartment rents, the Denver metro area is becoming increasingly unaffordable.

Relative to places such as New York, however, Denver remains a bargain.

That was highlighted in a recent article titled Moving to Where the Price is Right, in Urban Land, the magazine published by the Urban Land Institute.

The 3,306-word article by Patrick J. Kiger honed in a number of Denver neighborhoods, especially Highland (which it incorrectly referred to as Highlands and developer Mickey Zeppelin’s TAXI development in RiNo).

The article also addressed that Denver is one of the top choice for millennials.

The article described why Mike Cross and his wife, Theresa Boyd, an attorney and financial specialist, respectively, traded Manhattan for a 2,300-square-foot, three bedroom, three-bathroom home in Highland. It cost them $464,000.

“That might get us a studio in Manhattan,” Cross told the magazine.

“The Highlands [sic] is the big upcoming hip area,” Cross said in the article.

“It’s like the Brooklyn of Denver. In one year, they went from 22 restaurants to 55, and there’s more stuff coming.”

The article noted that some 46.6 percent of Denver’s population is between 25 and 34, about twice of that of the New York metro area. The article quoted research showing the millennial population in Denver has increased by more than half since 2007.

“Denver is one of those growing talent-consumers. The city is enjoying an economic boom due in part to the burgeoning shale oil and gas industry, and it is home to a growing number of internet startups such as Craftsy, an online provider of arts and crafts classes,” according to the article.

Urban Land Magazine cast a national spotlight on the cutting edge TAXI project in RiNo by Mickey and Kyle Zeppelin.

Urban Land Magazine cast a national spotlight on the cutting edge TAXI project in RiNo by Mickey and Kyle Zeppelin.

Developer Mickey Zeppelin told the Urban Land magazine that attracting millennials was job No. 1 at TAXI, his mixed-use development that is a center stone and a catalyst for development in RiNo.

“I just wanted to create a feeling of freedom, which I think is a characteristic that millennials want,” Zeppelin said in the article.

“They’re not like previous generations who separated their lives into segments—one part of them making money, the other playing,” Zeppelin continued.

“There’s really that breaking down of the barriers, and we developed to fit that,” he said.

The article also notes that Denver has “plenty of urban texture” and highlighted FasTracks, the renovation of Union Station and that that millennial workers in Denver live four miles closer to their jobs than in older communities. Biking to work in Denver is 11 times the rate of the national average, the article points out.

There also is Denver’s vaunted lifestyle.

“You’ve got a balance of an urban and outdoor lifestyle in Denver,” David Schlichter, a Realtor with Keller Williams, told the magazine.

“Besides their jobs, people are really into rock climbing and skiing—and its world-class skiing.”

Read the entire ULI Magazine article: Moving to Where the Price is Right

Interested in buying a home in LoHi? Please visit COhomefinder.com.

Interested in buying a home in the Highland area? Please visit COhomefinder.com.

Interested in buying a home in RiNo? Please visit COhomefinder.com.

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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