Home Buying in 80204>Question Details

J, Home Buyer in Greenwood Village, CO

I'm looking to buy a home in Baker historic 80204, wondering if I will make a profit when I sell in 4-5 years

Asked by J, Greenwood Village, CO Thu Jan 24, 2008

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The most important question to ask is whether the overall Denver real estate market will recover in the next four to five years.

Baker is located in an "Urban Pioneer" neighborhood near downtown. Beautifully renovated properties are mixed with some homes that are eyesores. Crime rates are higher. And, prices now are soft. While downtown prices have continued to escalate even in our software market, less desirable neighborhoods have actually depreciated in value. That is the usual trend in Denver during a slow real estate market.

When I first got into real estate in 1978, the Baker neighborhood was going through a rejuvenation. But our real estate depression in the 1980s quashed that. By 1990, property values have declined significantly. If the overall real estate market does not recover in the next few years, neither will prices in Urban Pioneer neighborhoods.

In my opinion, the best investment in this market is in the best neighborhood. That is where I would suggest looking.
0 votes Thank Flag Link Mon Jun 2, 2008
Echoing the answers below, there are no guarantees in lifeand especially in Real Estate. What I can tell you is that Central Denver is still holding strong and certainly the charming older neighborhoods with unique turn of the century architecture is quite popular and there always seems to be a demand for this. Toss in the convenient location to I-25 and 6th Avenue, the retail area off of 6th & Broadway, the artsy area on Santa Fe and the fact that The Denver Center for International Studies is a premier school in the neighborhood, I think you have a pretty good recipe for potential profit.

I'm on the board for The Denver Center for International Studies http://(www.cisdenver.org) and always take every opportunity I can to educate people about the school. It is a grade 6-12 Denver Public Schools magnet for International Studies. We offer 5 languages and are looking to add Arabic as the 6th language in the near future. This school also offers its students opportunity for travel abroad during their time there and focuses on creating global citizens through learning about other cultures and volunteerism. DCIS has a 100% graduation rate and a 97% college placement rate. This school located at 6th & Fox is definitely doing positive things for the neighborhood! Wait until we finish our landscaping... it will be a mini UN right in the Baker Neighborhood!

Good luck!
0 votes Thank Flag Link Thu Jan 31, 2008
Yes-I would say go for it! Especially if you like the neighborhood! If you need to know exactly what the market has done there in the last five years contact me and I will provide that information to you! Baker/Byer has the most mid-class Queen Ann Victorians than any other historic neighborhood. Plus all the resturants, shopping, theatre, close proximity to Downtown, Wash Park and Cherry Creek. Go for it!!!
0 votes Thank Flag Link Wed Jan 30, 2008
Sorry, my crystal ball is at the cleaners. But I can tell you that the Baker district is one of the high demand, up and coming neighborhoods. New construction and real interest in revitalizing the area have helped support property values and in some instances outpace neighboring areas. If I liked the area, I do, I would suggest sticking to the old mantra of "buy the deal not the market" If you can find a cash flowing rental or comfortable primary residence in the area and are willing to make the investment in time and effort to make sure you are making a wise buy, I would say you could do a lot worse than Baker.

My families first home was in the neighborhood and my daughter was born there. And I am familiar with Denver’s Historic Districts.
Web Reference: http://www.homehawker.com
0 votes Thank Flag Link Thu Jan 24, 2008
Not to sound ridiculous but if I or anyone else knew that we would be in very high demand! I recommend taking anyone’s answer with a grain of salt if it is an unequivocal yes. As you probably know past performance is no guarantee for the future.

With all of that said fundamentally the Denver market appears to be in good order as compared to many other across the country. There are many leading indicators pointing to stronger appreciation rates here as compared to many other places. Every neighborhood is different and if you are seeing prices trend upward then you should at a minimum feel better then if they are going the other way.

In addition to an investment a home is a place to live and in my opinion it must meet that quality first and foremost.
0 votes Thank Flag Link Thu Jan 24, 2008
I have sold a few in the area, With the area growing and the "Downtown" area taking over, Lofts and remodels going on I feel like it is a good investment. You Should do OK. The longer you hold on to it the better, I would say a min of 5 years.
0 votes Thank Flag Link Thu Jan 24, 2008
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