Home prices in the metro Denver area have been increasing in value. According to the Denver Metro Association of Realtors (DMAR), the month of October proved profitable for residential properties in Denver, both for condos and single-family detached homes. The average price for these was $380,000 in October.
Denver area real estate investors who hope to purchase commercial real estate may want to look at the different options available to them. In fact, there are a lot of different kinds of commercial real estate that you might want to invest in depending on your interests, experience and what's available for purchase in the area you're focusing on.
If you own a condo, chances are that you are also a member of the association governing its use. With new condos popping up in the Denver area, prospective buyers may be interested in learning more about how associations come together and write the rules. Balancing the need to maintain property values while giving owners sovereignty within their homes is tricky, but it all starts with a well-written set of guidelines for both ownership and governance.
Over the past decade, Denver’s condominium construction has been very limited. The percentage of new condos has fallen well below that of most major US cities. A new Colorado bill passed this spring looks to jump-start the Colorado condo community, and spark construction of mid-priced condominiums. Over the past few years, new condos construction was primarily limited to higher-end properties. This law may open up the possibility of condominium ownership to a new group of more price-conscious buyers.
In May, Governor John Hickenlooper signed HB 1279. The legislation will make it more difficult for condominium owners to sue developers for construction defects.