November 2015 Market Update for Glasshouse Building

Of all the new listings that have become available in RiverFront Park, One particularly stands out. 1700 BASSETT STREET #106 has broken the Price Per Square foot Record of the Glasshouse.

At With a PPSF of $650, and priced at $875,000 it is one of the highest priced units in the entire history of the building. There are currently 3 listings under contract. With two new listings posted this November.

Typically units with mountain views are valued higher than units with downtown views. Parking spaces retain a value of $35,000-$50,000 depending on the floor they are located.

Sales activity was slower in October than recent months with only one closed Sale and three under contract. As of November 17th, there are only 15 units available, 10 of which are two bedrooms. Average PPSF of two bedrooms in current inventory is $524.
Average PPSF of one bedrooms in Glasshouse is $486

Units with mountains views on higher floors are the most desirable.
Although the first floor unit 106 is anomaly to this standard as it is on the first floor with neither mountain or city views and is priced the highest per square foot. It will be very interesting to see how long it stays on the market.
Demand for one bedrooms is higher than two bedrooms. They typically move off the market faster than two bedrooms, as the prices is dramatically lower. During these winter months Supply in my farm is staying constant yet lower then previous years.

I predict the community will continue to increase in value. I would most certainly consider buying at this time considering prices are on the rise as well as interest rates are expected to increase in 2016.

*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.

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