As I pen this a month after the presidential election and now heading into the final days of 2016 I’m happy to report the real estate market has survived, so far, any post election fall-out and in the end its been another amazing year for Platt Park. As always there are some expected results and a few things that surprised me–let’s take a look at some of the particulars in this 2016 Platt Park Market Review
In 2015 Bungalow values were fairly flat after a couple years of strong appreciation. Well after that breather things heated up again in 2016 with values jumping 8%. That means your Bungalow that was worth $450,000 last year is today worth $36,000 more—not bad at all. Couple things that surprised: In 2015 there were no Bungalows that sold above $600,000. This year there were six over that line. Also thought it very interesting that all but one of those six were located between Logan and Lincoln.
In light of that last nugget its time to lay to rest a long held perception, which is homes to the west of Logan (Logan to Lincoln), were less valuable than homes between Logan and Downing. No more. The average sales price of homes in both areas are now nearly identical. That change is no doubt due to the vast improvements to the Broadway corridor. Ten years ago Broadway was a tired looking road with few shops or restaurants of great interest to most of us. The further away one could live the better. That has become gradually less true and home values have strongly reflected the same.
One property type that has had a volatile price history has been duplexes. Not so long ago, in 2008 there were at any given time about 35 new construction duplexes on the market and in the first eight months of that year none sold. Those days are long gone and with it the volatility. Newer construction duplexes saw a jump in value also of 8% this year and the time it took to sell dropped from an average of 86 days in 2015 to only 22 days in 2016. Duplexes have become fairly hot commodities.
Overall Platt Park values increased over 3% in 2016. The number of sales remained steady over last year. There were three sales over $1,000,000 with the highest sale topping out at $1,200,000. West Wash Park only saw 4 sales in that rarified air last year—not that it’s a competition. Platt Park homes are worth close to double the average home price for Denver.
It has indeed been a great year to be a homeowner in Platt Park. We are blessed with a near perfect combination of charm, amenities and location making this just a special place to call home. It has been a pleasure to serve many of you and I look forward to being of service in the New Year.
See you around the neighborhood,
Tom & Denise Snyder