Five Points home sells for record

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Five Points home sells for record $480 per square foot.

Five Points home sells for $446,000.

Five Points undergoing a Renaissance.

Five Points

This home in Five Points had more than 60 showings and 23 offers before selling for a record $480 per square foot.

If a home in Washington Park or Cherry Creek sold for $480 per square foot, it wouldn’t raise any eyebrows.

But in Five Points?

A 929-square-foot home in Five Points just sold for $446,000, which equates to $480 per square foot.

That is a record price per square foot for a home in Five Points, according to Bill Verdon, who listed and sold the home at 2546 Emerson St. with Andrew Gonzales, a fellow associate broker at Kentwood City Properties.

“We had 62 showing and 23 offers this weekend,” Verdon said on Monday morning.

The home sold for 11.5 percent more than the listing price of $400,000.

Records show that David A. Cook, a mortgage broker with Cherry Creek Mortgage, paid $325,000 in 2013 for the 2-bedroom, 1-bathroom home, which was built in 1922.

“It is around the corner from Rosenberg’s Bagel and Delicatessen, and a block off Welton Street, which is where everybody wants to live,” Verdon said.

In fact, Five Points is in the midst of a retail and restaurant Renaissance.

“An upscale wine and liquor store just opened at 28th and Welton to local fanfare,” Verdon said.

“The new Dunbar Kitchen and Tap House is known for its great happy hour and dog-friendly patio, which is accessed from the alley. And the Spangalang Brewery is quickly becoming a neighborhood favorite,” he added.

The sale, while a record, doesn’t mean that all homes in Five Points will suddenly command prices approaching $500 per square foot, he said.

“I think it depends on the size of the home,” Verdon said.

Five Points

A map of Five Points.

He said a number of larger homes are being built in the area in the $700,000 to $800,000 range, which are selling for about $350 per square foot.

Both Verdon and Gonzales have lived in Five Points for about the past 10 years, and have seen first-hand the resurgence of the neighborhood.

The appeal of Five Points has gained momentum in part to the nearby RiNo,.

“It’s really kind of an extension of RiNo,” Verdon said.

“I think Five Points is really attracting a lot more younger, hipster people who really like the atmosphere and all the new retail and restaurants,” he added

Another benefit? The area is served by light rail.

“The Jazz Festival is this Saturday and you are going to see a ton of people from the suburbs taking light rail to the 25th Street (and Welton) Station. You don’t have light rail in LoHi or Highlands Square.”

And the neighborhood is only going to get better, with the Denver Housing Authority selling some of the key parcels it owns to private developers.

Gonzales noted that Five Points, one of Denver’s oldest and most diverse neighborhoods, has a storied history.

The district was once known as the “Harlem of the West” because it was a frequent stop for jazz legends, including Billie Holiday, Louis Armstrong, and Miles Davis.

“The hub of Welton is the long closed Rosonian Hotel where many jazz greats played in the 40s and 50s,” Gonzales said.

“Residents are waiting patiently for a major transformation of this beautiful landmark, which may begin as early as next year,” he said.

“One only needs to drive around this neighborhood to see updated Victorians, mansions, and charming bungalows alongside new construction on nearly every block,” according to Gonzales.

He agrees with Verdon that light rail is a big plus for Five Points.

“With light rail access, it makes it easy to get anywhere in the city or suburbs with just a short walk to the station,” Gonzales said.

Interested in buying a home in Five Points? Please visit 8z Real Estate.

 Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.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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