Happy new year! It’s the first Friday of the year and it’s time for what we now call “Focus on Central Park”, which is our regular post about real estate activity in Central Park. In these posts we’ll update you on the latest listings, under contract deals, sold homes, open houses, available for rent properties and more!
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On to the neighborhood real estate…
This week 3 new and coming soon resale listings hit the market in Central Park. That’s a very low volume of new homes, but that makes sense because we’re at one of what is traditionally the slowest times of the year in the real estate market, the holidays.
Of the coming soon and new listings, this one below caught my eye!
6347 N Emporia St: $715,000
This new David Weekley paired home listing by Kim Jarrett with Compass Denver is sharp! When you flip through the pictures you’ll see the stylish finishes and custom touches that the homeowners added like that beautiful fireplace surround. This one looks completely move in ready. With 4 bedrooms, a finished basement and over 2,800 finished sf we think this one will appeal to a lot of buyers. Plus, pickleball fans this home is a one block walk to an amazing hidden gem court you’ll love! When I’ve played there it’s never been crowded and it’s a really nice court. Floor plans can for this home can be found here. (If you’d like assistance seeing this new listing or anything else in the neighborhood my contact info is at the bottom of this post!)
Not seeing what you want in the resale market in Central Park? There are still a few brand new build homes available, many of which are fully built and ready for sale! Builders are motivated and you’ll notice many of these listings have buyer incentives of $25k – $30k! New homes also come with a home warranty that you don’t get in the resale market. You can see these available Central Park new builds here. We’d love to help if you need assistance negotiating with the builder and helping you through the new build process. It’s different than the resale process many buyers are used to.
There were just 2 homes that went under contract in Central Park in the last week. Again, this makes sense that it’s such a low volume because it was a holiday week. Not many buyers were out looking.
One thing to note on is that some homes going under contract at year end were listed in the summer. I point this out because it shows how homes in general are not selling as fast as they used to. If you haven’t been in the real estate market in a while it has cooled significantly since early 2022. Why? The rise in interest rates is the quick answer. In January 2022 the average mortgage rate was 3.22%. By October 2022 the average mortgage rate was 7.08%! Rates are still hovering in the 7% range now.
What does that change in interest rates mean for a buyer that’s putting down 20% and buying a $900,000 home in Central Park? The monthly increase in payment just for the loan, not including the other costs of ownership, is $1,707. That’s a 54% increase in the monthly cost of buying the home, not including the increases in insurance, taxes, and home maintenance which have all gone up in this elevated inflation environment over the past few years. Home prices haven’t fallen dramatically either, making affordability difficult.
The key for sellers is to make sure they price the home according to today’s market values, have it looking great to appeal to as many buyers as possible and have some patience as it is typically taking a little longer to sell.
There were 4 homes that closed in the past week. Of the 4, 3 of them were listed over the summer and sold at year end. (Why? See explanation above on interest rates and affordability!)
Total Active Central Park Listings
There are just 39 total resale active resale listings on the market in Central Park right now. That is really low available home inventory for a neighborhood with over 9,000 homes in it! This low inventory is a big part of why home prices have not been falling even with the affordability issues I described above. You can see all the active Central Park homes in the listing above.
Did you know that Focus Real Estate not only helps people buy and sell in the neighborhood, but we also manage rental properties in the area. This is helpful to our clients because we can often times help them find a home to rent and then when it’s time to buy we already have an established working relationship. The goal is to help people with their real estate needs in Central Park, whether they need to buy, sell, rent or just need help with property management.
The “Central Park Homes for Rent” link above will take you to a Zillow page showing you all of the available for rent homes in the area, not just ones listed for rent by us. Every landlord will provide renters with a different experience. Our goal is to only provide property management in this area so our team of 6 local residents can provide a high touch, personalized service.
We currently have 1 available rental property in the area and it’s the really fun townhome in Lowry featured below.
7700 E Academy Blvd #106: $2,595/mth
Available on 2/1/25, this fantastic 3-story, 2 bedroom, 2 bath corner-unit townhouse in the Promenade at Lowry features a deck-style balcony directly overlooking the Wings Over the Rockies Air & Space Museum and the Lowry Beer Garden! Golf fans, it’s also right around the corner from The Hangar Club, an awesome sports bar and indoor golf destination! Here is our listing of this property for more pictures and additional details. If you’re interested in seeing the rental we have listed above please text me, Joe Phillips, at (720) 299-1730 to set a showing.
That’s our first roundup on Central Park real estate for the new year! My contact info is below. If we can be of service in any way, please reach out. We’re around and happy to help as you plan your 2025 moves! If you’re thinking of making a spring move it’s not too early to start planning and strategizing now.
**Focus sells homes for a 2.0% – 2.5% listing commission. Neighborhood experts, flexible commissions**
Disclaimer: Our Friday real estate updates are meant to be a “roundup” type post where we discuss all for sale and for rent listings in Central Park, not just our own. It’s our way of making sure we follow the market closely and we share it with the Scoop readers because we know many of you like to track real estate in the area as well. Many of the listings in these posts are not our company’s listings and we wanted to mention that here to make sure it’s clear. Thanks for reading the Scoop!
