Home Buying in Denver>Question Details

E S, Home Buyer in 80202

Thought on Denver's Spire?

Asked by E S, 80202 Sun Jul 8, 2012

Hey all,

I am considering buying near the city in Denver in the next 3-6 months or so. Does anyone have general thoughts on good or bad things about Denver's new Spire condos? They are very expensive but the rents seem to be higher in there as well. Other questions I would ask are:

How does Spire compare to other condo buildings in Denver?
Do condos generally go up or down in value once all new units in a building are sold?

Thank you for any insight.

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Answers

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Shift: Spire is great IF you need and take advantage of all it's amenities. Patt of why it is so high priced. As far as compared to others, certainly it's newer except for 2001 Lincoln and one other near Broadway; but they're not in the immediate same area.
Yes, once all units are sold, vlues will go up as long as it's well managed and financially sound.
Good luck! Contact me if I can help.
1 vote Thank Flag Link Sun Jul 8, 2012
Hey Shift,

Would love to answer any questions you have about Downtown Denver Real Estate. The Spire is one of the newest High-Rise Condo projects in Denver. The biggest question to ask yourself about moving downtown, is what type of lifestyle do you have and want to have.

As a resident in Riverfront Park, I can answer any questions you might have about living downtown and the different properties and neighborhoods that are here.

Jenny Usaj
720-883-5714
jenny@usajrealty.com
http://www.usajrealty.com
0 votes Thank Flag Link Sat Jul 14, 2012
Spire has one of the best "common areas" in downtown Denver. Awesome workout facility, great pool (located on the west side so you get sun past 3pm and it is open year around and heated with city steam), good computer work stations, and hang out spots. On top of that, the HOA is affordable compared to other complexes downtown. I believe it is still $0.31 per sqft and you get great space to use...where as One Lincoln has a more expensive HOA, much less to do and also much further away from everything downtown. Demographics are also MUCH different at SPIRE. Pinnacle, also different life style but a good building if you want more of the neighborhood feel vs. the city.

Price is also pretty affordable when comparing size and finishes to other condos downtown.

Happy to talk more with you. I'm very familiar with the downtown life, the downtown market, both for investment and owner occupied and have some people that own in the SPIRE if you would like to see how they like it.

I probably have a different perspective as most of the "older" agents below. I'm in my early 30's and I actually live the downtown lifestyle and have first hand knowledge.

Jeremy Coleman
Modern Real Estate
HomeVestors "We Buy Ugly Homes"
Investment Savvy, Lifestyle Driven
jeremycolemanRE@gmail.com
0 votes Thank Flag Link Wed Jul 11, 2012
Hello,

I have closed and funded over 20 residences in the Spire. They are always Fannie Approved and FHA/VA approved which opens the access to a much broader market. The HOA is a pleasure to work with from a financing perspective and the sales team is also very responsive which makes the closing go much smoother. Please let me know if you would like to see financing options on that project as I'm an expert in navigating through the idiosyncrasies of condo financing. Please call me at 303-910-7015
0 votes Thank Flag Link Mon Jul 9, 2012
kewl, contemporary, very sharp. Are you buying for yourself or an investment? If the later, keep in mind rents are high now because it is difficult to qualify for a loan. Be prepared for rents to come down ten to eighteen percent in the future as purchasing becomes less difficult. As for Condos, they can do well in segments of market, be sure to research Owner occupancy ratios (ultra important for keeping FHA status), Reserve funding (yes, Spire is new, but the community needs to be saving immediately for maintenance of elevators, a/c, roof, flatwork, fitness,etc.) Whereever you purchase, plan to stay put for four to seven years to recapture your investment.
0 votes Thank Flag Link Mon Jul 9, 2012
The Spire really is the only Downtown project currently on the market with residence that haven't been lived in other than Lincoln Park which is up by the Brown Place. I have sold units in the project and it really is a life style. Emphasis is put on walking and not having a car. There is an area for you to walk your dog as well.

Linclon Park does have a few more units left and east of Downtown the Pinnicale which is across from City Park has some units that have been rentals that are coming on the market. That really covers New High Rises in Denver. For re-sales there is the Glass House in Riverfront Park, and a row of High rises on Larimer street.

Condo prices go up and down depending upon the building and the views. Spire prices seem to be holding there own. If I can be of any help feel free to reach out to me!

Bill Pearson
ERA Herman Group
720-329-1470
0 votes Thank Flag Link Mon Jul 9, 2012
Spire offers a lifestyle, rather than just condo living. There are very few buildings like Spire in Denver metro area. Condos go up or down in value, depending on a lot of factors, just like the rest of the real estate market. Denver is experiencing a real estate boom right now, with low inventory, rising prices and new construction picking up the speed. Combine that with super low interest rates, and you can't go wrong with buying in Denver.

If you would like to keep updated on the available properties in Denver, that meet your criteria and get familiar with Denver real estate, please contact me at your convenience.

Marina Bay
Cherry Creek Properties
303-880-6167
0 votes Thank Flag Link Sun Jul 8, 2012
Shift,

Good answers all. If you are looking specifically for this area near Downtown Denver, the Spire will be your best shot. I would also suggest the Pinnacle if you are willing to go about 5-10 minutes East. It is right accross the styreet from the beautiful City Park. I also agree that the resale units may have more upgrades in the units without paying the upscale builder prices and taxes and sometimes having a long wait. We in the business now are seeing and expecting good appreciation in these quality developments. Good success with your decision.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
http://theRobertMcGuire.com
0 votes Thank Flag Link Sun Jul 8, 2012
You might also take a look at One Lincoln Park and The Pinnacle (City Park). Both offer options worth consideration. Let me know if I may refer a lender or assist you in any way.
0 votes Thank Flag Link Sun Jul 8, 2012
Hi Shift -- honestly, I think Squire is great, but they are way too expensive for what you can buy resale. By resale I mean a building with all the amenities that may be just a few years old. FYI, when you buy from a builder you pay the builder's price -- don't be fooled by "incentives." Just like a new car, they build what's advertised directly back into the purchase price. Also, new builds typically have higher taxes.

A resale condo in the same area will cost less and MUST be appraised by an independent appraiser at market value -- determined strictly by "comparable" sales in the last six months.

Either way, this IS 100% the time to buy ... the government has artificially held rates down for the past two years, and I'm certain after the election or first of the year, they will start to climb. Even .25% of a percentage can either save or cost you money hundreds each month.

I hope you've found this advice helpful. If you have any other questions, don't hesitate to contact me at 303-906-3150 or email jmontgomery@coloradomasters.com. My website is http://www.jmontgomery.com

Good luck!! Julie Montgomery, RE/MAX Masters, Inc. (Sunday, July 8 at 3:53 pm)
0 votes Thank Flag Link Sun Jul 8, 2012
Shift - it would be ideal to find an agent or two to interview, talk about your investment, how much you want for a payment, what is important to you, etc. I like Julie's comment, because she is right - there are many resale deals that are far better. Spire is brand new, and that can be great. But a resale community can have all sorts of advantages - long term owners who are really invested in the building/community/neighborhood. Better reserves. Get more square footage. Depending upon your finances, a resale unit with some dollars invested right away for a new this or that could be a much better value.
Flag Mon Jul 9, 2012
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