Getting your player ready...
With home inventories running on empty around Denver, it’s no surprise that homes at The Landmark — the iconic tower of luxury condominiums in Greenwood Village an elevator ride from eight popular restaurants and a lounge-style theater – are disappearing like canapés at a cocktail party. It’s been five months since sales re-opened, but last week East West Partners roared past the halfway mark of homes remaining available at The Landmark East – over 70 sold – and are planning their first price increase on certain available residences for a week from today.
That gives you this weekend and the coming week to see The Landmark’s six models before the pricing takes an inevitable move closer to what buyers are paying for like-properties in Cherry Creek and Lower Downtown. “Our initial release pricing has already achieved a 12 percent increase in purchase prices since coming back on the market,” says Brad Arnold, Vice President of Sales & Marketing for East West Partners. Sales have primarily gone to buyers coming out of Greenwood Village and Cherry Hills, with South Denver as a whole being the broader market – many who’ve been waiting years to get into single-level living with newer features; but also to people working in the Denver Tech Center, Meridian and other fast-growing office campuses, looking for a ‘new urban’ lifestyle with walkable attractions and shorter commutes to work. All of them want a low-maintenance lifestyle – and like the array of concierge-type services Landmark delivers. “We’re selling to people who don’t want to be downtown or in Cherry Creek but have been shopping comparable projects in both locations, and they’re telling us that on a cost-per-square-foot basis, we’re offering a tremendous value,” Arnold adds. The Landmark’s first tower and the project’s retinue of restaurants and attractions came on the market just before the 2008 downturn brought real estate in Colorado to a halt. East West took over the project’s remaining inventory along with the commercial attractions – spritzed up the existing floor plans and brought in Davis Partnership Architects, creators of many of East West’s other urban projects around Denver, to design three never-before-seen plans. Now Arnold and Karen Klein will show a choice selection of homes that can deliver soon, including a $1.8 million 3-bedroom-plus-den penthouse with stunning views across the city to its mountain backdrop. Prices start in the $570s – but the lower priced homes are disappearing at the fastest rate, and the entry level price is climbing rapidly. Arnold and Klein will also give you an up-close-and-personal look at The Landmark’s pool, of elegant community areas for entertaining, and its services – carefully reviewed and updated by East West. And you’ll see how very accessible these homes are to The Landmark’s classy theaters and the dining downstairs at Ted’s, Pizza Republica, Hapa Sushi, Yanni’s, Jing, Slattery’s and other places. With all of those plusses, Arnold offers two notes of caution: The models are drawing crowds on the weekend, and buyers are well advised to call Arnold and Klein ahead to arrange a private showing. And when The Landmark’s remaining units have sold, he adds, don’t expect anything like this to be offered in Greenwood Village again. “These prices are well below the building’s replacement cost,” Arnold says. “You’re not making a safe bet if you imagine some other developer will do anything like this at this price, in this location, in the near or distant future.”DenverPostHomes.com