Getting your player ready...
Studies are showing that Gen-Y – the 20-to-30-year-olds that have come to age since the Millennium – have a liking for Denver now that ranks over any other move-to destination in the U.S. In particular they like the hip neighborhoods that’ve sprung up around downtown, with trendy dining and those walkable places to imbibe and dance.
But Realtors who show new homes in those hip areas say that it’s not the Millennials, but rather the ones who were cool to Creedence Clearwater Revival, or maybe even Frank Sinatra, that are paying the big-bucks to live close to those attractions. “At least half of those sales are going to empty nesters,” says Deviree Vallejo with Kentwood City Properties, an expert on builder product in Highlands-area neighborhoods like LoHi and Berkeley. She has two new townhome projects open that you can tour this weekend. “I see people moving here from Littleton, Ken-Caryl, Castle Rock, Evergreen…a lot from Evergreen.” Sure enough, Vallejo’s own in-laws have now made the move from their venerable home in Northglenn into downtown’s Riverfront area, walking distance from Coors Field. Vallejo says that the walkability of Highland areas like Berkeley is proving a cozy match for retiring baby boomers, who have been out in the suburbs since Reagan was president. “They have 4,000 square feet and they don’t know what to do with it anymore,” she adds. “They’re surprised that they can get by with much less. Everyone who has (made the move into Highlands) loves it.” When those re-sizing buyers get into Highlands, they find a tangible difference in price between LoHi, right across from downtown, and Berkeley’s Tennyson Street, two miles northwest. Tomorrow, Vallejo has townhome-type projects to see in each area, both offering 2-car garages and rooftop decks: Berkeley Park, just north of 44th on Tennyson, four of six remaining units from $479,000; and LoHi Place, at W. 35th and Tejon Street a few blocks north of W. 32nd’s Restaurant Row, from $725,000 to $850,000. “There’s nothing under $600 for new construction (in LoHi),” Vallejo says.“People don’t realize what Tennyson has,” she added, as we had coffee at Tenn Street Coffee & Books, a few steps from her Berkeley units; right across from Parisi and Firenze-a-Tavola. Between W. 38th near the old Elitch Garden site and 45th, there are a dozen cafés, plus galleries and bakeries – along with higher-density zoning that’s perfect for projects like hers, where rooftop decks have pretty-much unobstructed views of the mountains across lower-zoned streets nearby. The townhomes nearing completion have Euro-contemporary styling, with a master, plus second bedroom configured en-suite with private bath. Vallejo can also steer you to even less pricey options two miles south near Sloan’s Lake, where redevelopment of the old Saint Anthony’s Hospital site promises shopping, dining and other amenities to come. Prices there, she adds, start from around $399,000. But that may still be a reach for Millennial Generation buyers that want to walk the talk, but don’t have the down payment. “Either they end up going outside the core neighborhoods, or they settle for a one-bedroom when they wanted a two-bedroom, or they go to the Bank of Mom-and-Dad.”
@marksamuelson
