Stapleton Denver Real Estate: The New Migration Patterns

 

The redevelopment of the former Stapleton International Airport has disrupted the real estate migrations patterns in Denver. In fact, more than 90 percent of home buyers in the redevelopment of Stapleton International Airport are from the more established and older neighborhoods in Denver.

Some reasons given by those transferring to the Stapleton area is as simple as wanting a bigger closet space. The usual migration pattern is of families leaving the cities to settle in the suburbs for more space. All of the builders in the Stapleton redevelopment project tout the spaciousness of the homes compared to other Denver neighborhoods, particularly older neighborhoods Washington Park and Park Hill.

The population shift to Stapleton is likely to accelerate in the next few years as about 12,000 homes are expected to be completed by 2016. The Stapleton redevelopment is now called the largest urban revival project in the United States. The Stapleton redevelopment project gives buyers who wanted to live in Denver the option to buy a new house with more livable space. The option that might otherwise be available for buyers looking for more living space is living in the suburbs. However, a problem with the suburbs is the escalating fuel costs that will drive up a typical family's budget on transportation expenses.

An alternative for city housing is the Denver neighborhood of Washington Park. This older neighborhood are dominated by bungalows, typically remodeled in the mid-1980s to early 1990s. Here, a number of families added second-floor bedrooms and finished-off attics to their bungalows to add more room. However, old city rules once restricted home heights to prevent the blockage of light in neighboring yards. Consequently, most of the homes in this neighborhood have awkward floor plans and strange roof pitches, all in the name of creating more space. The problem is that today's buyers are not willing to tolerate them all in the name of adding square footage to a home.

Selling price for homes across Denver, particularly in Wash Park and Park Hill, has held steady for the past few years. In fact, some sellers in those two neighborhoods collected nearly their entire asking price, according to a real estate market research firm. However, the party may not last partly due to the housing bubble in the United States. People wanting sell their bungalows in older Denver neighborhoods, especially those priced between $500,000 and $700,000, may need to start adjusting downward as the Stapleton area continues to grow. Bungalows in older neighborhoods have fallen out of favor with buyers and are selling only at steep discounts, by as much as $150,000 from original asking price.

Homebuilders in Stapleton have been finding it easier to sell their inventory against the older competition. The typical single-family homes for sale in Stapleton range in size from 2,448 square feet to 3,214 square feet and in price from $427,900 to $495,900. These homes are a collection of light and airy houses with expansive great halls built by Greenwood Village-based Infinity Home. Some buyers have touted the greatly increased living space in Stapleton, with kitchen islands bigger than some kitchens in Washington Park.