Highlights
Thank location, millennial buyers and affordability for making the 80233 ZIP one of the hottest U.S. real estate markets
When the first model homes in opened to the public, more than 15,000 people showed up for tours in a single day.
It was June 30, 1959, and the two- and three-bedroom brick homes ranged in price from $11,700 to $30,000. Within six days, , buyers had spent $1.375 million — the demand for homes so high that Jordon Perlmutter and ‘s Perl-Mack Enterprises could barely keep up.
“Dollar for dollar, America’s greatest home values,” .
Nearly 60 years later, the Adams County suburb is again gaining notice for the strength of its real estate market.
Real estate website last week named the ZIP code covering the original Northglenn neighborhoods — 80233 — one of the 20 hottest housing markets in the U.S. this year. Ranked No. 3 — behind the Fort Worth, Texas, suburb of Watauga and Pleasant Hill, Calif., located in the East Bay of the San Francisco Bay Area — Northglenn homes are selling in about 11 days, according to the report.
While , that’s still 20 days faster than Adams County, 29 days faster than the Denver metro area and 67 daysfaster than the U.S. median. The analysis also took into account how frequently active listings are being viewed by prospective buyers on Realtor.com.
Large millennial populations, a strong job market and the opportunity to purchase into otherwise expensive housing markets played a role in all of the top spots, Realtor.com said. The Colorado Springs ZIP code of 80916 ranked No. 4, with a median price of $178,000 and listings remaining active for about 17 days.
Affordability is a key selling point for Northglenn, said Laura Ruch, broker associate with Keller Williams Preferred and current board chairwoman of the Denver Metro Association of Realtors.
“Thatap one of the biggest reasons you’re seeing the hot market that you’re seeing — there really are a lot of available homes in that under-$300,000 market,” Ruch said. “If you look in 80233, the Northglenn-specific area, currently active homes, you only have three that are active above $300,000.”
In 80233, which also includes parts of Thornton, the median list price is $278,000, compared with $477,000 for the overall metro Denver area, according to Realtor.com. Millennials are the dominant homebuyer in the area, making up 36 percent of mortgages.
“You’re going to see oftentimes multiple offers,” Ruch said. “Even though we’ve seen the typical seasonal slowdown, it has not stopped the aggressive market.”
Much of Northglenn’s housing stock dates back to the 1960s — modest, brick, ranch-style homes that were part of ‘s original buildout of Northglenn, one of Colorado’s first master-planned communities. (Life magazine, at one point, named it “the most perfectly planned community in America.”)
That can mean lower list prices come with the need for new owners to update and remodel, Ruch said.
“The homes that were built here were really solidly built homes,” Northglenn city manager James Hayes said. “Buyers don’t realize it until they start looking in detail, but some of the typical residential lots are a lot larger than you’d normally see in a suburban environment. You get a nice brick ranch with a decent size lot and room to enjoy yourself.”
by, either, Hayes said. Particular focus has been given to efforts that create a family-friendly environment, bringing in new restaurants and businesses to infill locations such as at East 120th Avenue and Interstate 25, and adding new community events, including the in the spring and in the fall.
Just last week, Northglenn held a public open house about the into a mixed-use, public-private civic center, including new recreation facilities, a senior center and the The city will get rail service in 2018 with the , and has plans to build .
“We’re trying to refresh our brand and let people know that this is still a vibrant community,” Hayes said. “There are great people here, great family atmosphere, great housing, great opportunities to start businesses.”
With a population of 39,197, Northglenn’s median household income of $53,616 falls below the metro average of $69,205, according to census data.
Northglenn’s relatively central location between Denver and Boulder and housing stock with some “personality” were what sold Julian Mitchell, 31, on the city when he was house hunting a few years ago.
The owner of a liquor store in Thornton, Mitchell bought a three-bedroom, two-bath house in one of Northglenn’s older neighborhoods in October 2014, the houses in Northglenn at the time falling right into his price range of around $200,000.
“A big thing for me, I needed a finished basement. When I found this place, I was like, ‘Oh, this is perfect,’ ” Mitchell said. “It was close to work and it wasn’t giant cookie-cutter houses.”
Jonathan Perlmutter, the son of Perl-Mack developer Jordon Perlmutter, said while the family only holds a few properties in Northglenn today, his father would probably “have a smile on his face” to hear that Northglenn’s housing market was on the rise again.
at age 84.
“My dad really had a vision for how Northglenn would evolve, and I think itap coming around,” said Jonathan Perlmutter, a principal with Jordon Perlmutter & Co., the development firm his father created after disbanding Perl-Mack. “The north area is moving forward.”
When Northglenn originally opened, most homebuyers used VA or FHA financing. The annual income of residents fell inside the $6,000 to $9,000 range, according to historical accounts. The ɲ$6,691.
“It’s good-quality homes yet affordable today,” Jonathan Perlmutter said. “A lot of people are keeping the core of those homes and either popping the top or doing something that modernizes the home, yet keeps that classic brick-type feel.”
Updated Sept. 26 at 8:50 a.m.: This story has been updated to clarify the founders of Perl-Mack Enterprises.
