Observatory Park is one Denver’s premier neighborhoods for so many reasons, including its proximity to public transportation, DTC, Downtown, DU, and so many great schools (private or public).  The 7500 sq. ft. lots have beckoned the builders and as such the neighborhood has seen much redevelopment!  How is the neighborhood currently faring?  Well, let’s take a look.  All data reported is from the Denver MetroList.

 

Sold Properties:

11 homes closed Jan. 1, 2009 – Feb. 23-2009.  These homes ranged in price from $200,000 to $1,700,000.  In the last 6 months (Sept 1, 2008), 31 homes have sold after being on the market an average of 154 days.  The difference in selling price from the original list price was -6.78%.

 

Active Properties:

There are currently 88 properties on the market, ranging in price from $200,000 to $2,095,000.  The current average days on market for these 88 properties is 198.  The current list price is 4.4% less than their original list price.  Of these 88 properties, only 15 of them are less than $500,000.  36 of them are over $1,000,000, that is a 12 month supply considering the 3 sold in January however none in February, which leads me to believe that the top end in Observatory Park will be coming down.

 

If you’re thinking about Observatory Park, whether buying or selling, please give me a call.  See for yourself, 2450 S. Garfield St. is fantastic home priced properly at $425,900.

 

 

Written by Perry & Co. Real Estate Agent Brad Colburn