Top investment neighborhoods in Denver.
The revitalization process never seems to stop in Denver and new “neighborhoods to watch” emerge all the time. The key to any good real estate investment is to get in before the rest of the buyers decide this is where they want to “get in” as well… So since this has to be one of the most frequently asked questions by my clients, I decided to dedicate this blog to my opinion on top five Denver neighborhoods to watch for the next few years.
1. RiNo (River North Art District) is a small neighborhood located between Park Ave., I-25, 38th Ave. and Lawrence St. In my opinion this is the number one area to watch in all of Denver. Problem is, existing single-family dwellings are scarce in this neighborhood, but with industrial warehouses being converted to hip, pricey lofts by developers and restaurants/galleries/small businesses popping up left and right, any property you can get your hands on in this area is guaranteed to be a phenomenal investment. A light rail line connecting downtown to DIA is currently under construction, with RiNo Station on 38th & Blake scheduled to open in 2016.
2. Cole is an old, diverse Denver neighborhood bordering RiNo and is located between Martin Luther King Blvd., York St., I-70 and Downing St. Proximity to the East Line of RTD’s light rail, downtown and City Park has helped this area climb to the top of the hot-investment list within the last few years and the average prices per square foot on sold properties have nearly doubled since. The neighborhood is still a mixed bag, with plenty of rundown homes left and judging by the rate at which investors are purchasing everything they can get their hands on in this area, Cole isn’t about to cool off any time soon. My prediction for the highest future appreciation in Cole are a few north west blocks closest to the light rail station on 38th and Blake.
3. Strayer Shepards Park Hill is a small neighborhood pocket of post-war homes located between Colfax Ave., Monaco Pkwy., Martin Luther King Pkwy. and Quebec St. Its proximity to Stapleton and ridiculously low property taxes have recently put this quiet subdivision on the fast-appreciation and high-buyer-demand tracks. Inventory is currently low in Strayer Shepards, but if you are persistent and patient, it is possible to find a good deal (usually an estate sale or something in need of major updating) in this area.
4. North Villa Park/South Colfax is a great area to watch in North West Denver. Located along the West Colfax stretch between I-25 and Sheridan, the area has experienced a significant amount of revitalization lately with many more major projects scheduled in the near future. With the site of the old St. Anthony Hospital being redeveloped in the next 10 years, West Line light rail stations opening up this year, and proximity to one of Denver’s most popular lakes, I do not see this neighborhood jumping off the hot train any time soon. While I don’t predict property values here will rise as fast as some other neighborhoods on this list, if you are on a 10-year investment plan with your real estate purchase—you can’t go wrong with this area!
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