- 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.
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.
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.
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
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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