If you have been looking to buy or sell a home, or just paying attention to the news, you are no doubt acutely aware of the strong seller’s market we’ve been experiencing throughout the Denver Metro lately. This environment has been driven by strong demand and very little supply (remember Economics 101?). With buyers seeking to take advantage of the extremely low-interest rates and move from apartments, condos, or other less desirable living situations that have been magnified by a year at home, coupled with very low inventory for those buyers to select from, home prices have escalated rapidly and sellers have been in the driver’s seat.
Many buyers have been frustrated with the process of finding a house they love, submitting an offer (usually well over the asking price with an agreement to limit or waive any right to ask for repairs after the inspection, and bringing additional money to closing should the appraisal come in below the contract price) only to get beat out by another buyer and try the same process again with the next house.
One option for those looking to buy a home without going through this sometimes heartbreaking process is to consider buying new construction. In the Denver Metro though, there are very few areas of land available for new construction communities unless you head to the outskirts: think east Aurora, Parker, Candelas… For many people, those areas just don’t fit the bill for location, community, and walkability.
Thankfully, for those buyers seeking a home in a hot location near popular Denver amenities such as Sloan’s
Lake park, restaurants, breweries, and easy access to downtown, there’s a new development coming to the darling city of Edgewater at 29th and Kendall. This development, named Edgewater Crossing, will add 56 new homes to this small town of only about 1,430 homes currently.
The developer, BLVDWAY Communities, expects the first homes to be ready for delivery as early as this November and they should be completed with the entire project by the end of 2022. While all the homes will be either attached townhouse style or paired duplex style homes, they will offer a number of different floorplans that will start around $480,000 for the smallest unit to about $670,000 for their largest model on a premium lot. (For reference, the recent average sales price for attached homes in Edgewater is about $507,000.) Unfortunately, the prices are not locked until a contract is signed, and with rising costs of building materials, there could be price adjustments prior to signing a contract.
There will be a mix of 2-story and 3-story units, all with at least a 1-car garage and most have at least a small yard and some of the 3-story units offer roof top decks. Buyers will get to choose their finishes from select packages. And the residents will enjoy the access to the centrally located pocket park.
Currently, they already have 3 of the 17 buildings reserved as well as an additional 24 potential buyers on the waitlist for the remaining homes 41 homes yet to be released. So while you might not have to go through the extreme sport of writing a compelling offer as you would with the existing home sales, interested buyers should contact their Realtor® soon to get more information and get on the waiting list.
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