According to the Denver Metro Association of Realtors, “2015 was a record-smashing year for the residential market posting 55,509 homes sold for a total sales volume of $20.16 billion, up 14.5% from 2014.” The Denver Post proclaimed, “When it comes to metro Denver’s housing market, 2015 will go down as the year when home prices and rents blew the roof off.” Zillow ranked Denver the #1 Housing market for 2016, based on its 2015 performance. The hype is there, and the numbers don’t tell tales: in 2015, Denver metro area property values experienced an average of 14% increase over the last 12 months, largely due to the lack of inventory, increased population growth, and paucity of new housing starts.
In Bonnie Brae, Cory Merrill and Belcaro, the year finished strong with 15 total properties sold, and 6 of those in the over $1 million luxury price point. 2 out of those 6 were in Bonnie Brae, and the other 4 were in Cory Merrill. The highest priced property sold for $1,750,000 in Bonnie Brae. The lowest priced sale in December was for a 1700 square foot bungalow in Cory Merrill for $365,000. On average, properties in December sold for 91% of their list price. As of this writing, there are 23 properties on the market in Bonnie Brae, Cory Merrill and Belcaro, 12 over $1,000,000 and 11 under $1,000,000.
For many years now, Cory Merrill has been one of Denver’s preferred neighborhoods for scrapes. Its great location, top-rated elementary school, regular sized rectangular lots, alley access, and East/West front/back yard orientation have all made it a favorite for builders and developers to create new urban fabric due to a demand for larger homes in Denver proper. 2015 and 2016 are now seeing more lots in Bonnie Brae and Belcaro joining this phenomenon. Notable properties on Steele and Bonnie Brae Boulevard sold in 2015 only to find themselves leveled to be built anew. Brand new construction and creative pop-tops in 2016 will bring new homes and increase property values and architectural diversity in this Denver central neighborhood.
*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.