Interested buyers can now take a peek at what the finished product inside Denver’s largest condo project in 15 years will look like.
Sales representative Cathy Rossano, right, shows a two-bedroom model unit to prospective buyers Grant and Mary Ellis in the Sales Gallery for the Upton Residences in Denver on July 17, 2024. This unit is 891 sq ft.
Sales representative Cathy Rossano tours through the model of the living room in a two-bedroom unit in the Sales Gallery for the Upton Residences in Denver on July 17, 2024. Marketing staff have put actual photos in the windows that will show exactly what the view will look like out of the window in the real unit. The Upton Residences in downtown Denver is on track to deliver 461 condos next summer and marks the city’s largest condo project since the Spire came online with 496 units in 2009.
A year ago in June, there were 6,070 listings on the market in metro Denver, and this June there were 10,214, a 68.2% increase, according to the Denver Metro Association of Realtors. Looking at just attached housing, the townhomes and condos that the Upton will compete against, the supply has risen 81.7% and sales are down 31% over the past year.of any part of the metro area. If there is a supply shortage, it hasn’t shown up in the numbers.
“In Canada, we have pre-sales up to five years out. Denver buyers like to buy closer to completion,” said Stephanie Babineau, vice president of marketing and sales at Amacon during a tour.But in its 55 years, Amacon has built thousands of condos, a housing staple in Canada’s largest cities. Depressed condo construction has opened a window of opportunity in Denver, which marks the company’s first residential foray outside of Canada, the company has argued.
The development will have about 500 parking spaces, more than one per unit, and about 12,000 square feet of ground-floor retail, including a restaurant and a coffee shop. Although $400,000 plus may seem a lot for a 530-square-foot foot home, the median price of a condo/townhome that sold in June in metro Denver was $410,000 according to the Denver Metro Association of Realtors.Upton has drawn the attention of first-time buyers, especially younger professionals looking to own rather than rent an apartment in the 80202 ZIP code, where 70% of housing units are rentals.
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