As we edge closer to the end of school and the start of summer, we’re excited for what’s in store for the neighborhood the next few months – and the summer real estate market here in Central Park. Pools opening, summer jobs, long sunset walks in the evenings, and more!
As for the local real estate market? Good question! Let’s dive in.
You probably heard that mortgage interest rates are on the upswing. The average 30-year mortgage interest rate is around 5.3% according to Fannie Mac as of the date of this post. This is up significantly from even just a few months ago. The Federal Reserve has indicated more rate hikes are ahead, which means your typical mortgage is likely going to be more expensive than it has been in quite some time.
Climbing rates are certainly a headwind for both buyers and sellers, but the good news is we’re already seeing a shift back to a more buyer-seller “neutral” market here in Central Park and elsewhere in Denver. By that I mean not so long ago sellers had quite a bit more leverage than buyers. Buyers – dealing with historically low “for sale” inventory – were stuck in bidding wars hoping their offers came out on top.
But now? Buyers might soon have more negotiating leverage, and taking an even longer view, we might be moving back toward a more stable, typical market where home prices increase at a pace closer to inflation and buyers have more leverage generally. Regardless, we’ll have to see how the summer unfolds!
With all that said, what else is going on in Central Park these days?
One thing that’s going on is our team has been busy meeting with local business owners – and it certainly seems business is picking up here locally.
Rebecca Fawcett on our team visited Sky Bar on opening day and chatted with Skye Barker Maa on Facebook Live. I love the vintage air travel theme of this new bar on the third floor of Stanley Marketplace – what a cool and unique experience!
Rebecca also recently stopped by the new veterinary hospital – with her puppy Charlotte. Be sure to check out Rebecca’s Facebook Live video chatting about Founders Green Animal Hospital.
Lisa Palladino and Joe Phillips stopped by Redline Athletics to check out the new facility. You can check out Lisa and Joe’s video tour and learn more in this Scoop post: Redline Athletics Denver East Opens near Central Park!
We stopped by the locally-owned Chick fil A on Quebec a few weeks ago and met with owner Jason and other team members to chat about their new drive thru lane, as well as their new employee incentive (100% free college). You can check out our video here.
Joe also recently stopped by Primal Performance and met with owner Harry to learn more. You can check out Joe’s and Harry’s tour of the new Primal Performance facility on Facebook Live.
Last but not least, check out our latest Inside Scoop post if you’d like more local business and restaurant news:
3371 Valentia Street – $995,000
Let’s check some boxes real quick:
Located in the highly sought-after Central Park West neighborhood – check.
One block from Sprouts and Central Park – check.
Beautiful backyard oasis – check.
You get the point. Listed for $995,000, this gorgeous 4 bed, 3.5 bath house features a dedicated office, open floor plan, finished basement and fabulous backyard. The backyard oasis flagstone patio, raised garden beds, artisan metal partitions and awesome pergola/trellis that drops down to a beverage rail, is made for cooling off during summer hang outs!
This beautiful home is listed by Ashley Faller of Focus Real Estate.
There are currently 30 active resale listings in Central Park.
This week we saw 19 new, non-builder listings in the neighborhood.
Right now there are 11 homes that are pending (meaning they are under contract, but have not yet closed).
And we also saw 19 homes close.
Disclaimer: Our Friday real estate updates are meant to be a “roundup” type post where we discuss all 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!