America’s Independence Day festivities mark the conclusion of the first two quarters of 2016 – so what have we seen in Riverfront Park thus far this year? As of June 30th 42 residences in Riverfront Park have closed. In comparison to 2015, we are slightly behind the pace, but not by much. Last year at this time the neighborhood had supported 49 sales. Below are two tables showing home sales during the first six months of year:
The Glass House will always account for the majority of transactions in a given years as it is by far the largest residential building in the neighborhood accounting for just over one-third of the individually owned units in Riverfront Park. Furthermore, it’s one of the largest (and most desirable) residential condominium buildings in Denver.
Before we take a look at the current market, here’s an individual recap of the units sold in Riverfront in June:
As of this writing there are 41 residences currently active. The luxury market, residences priced higher than $1M, is holding stable in that there has not been much price fluctuation. Conversely, of the 29 residences currently priced below $1M, price reductions have become increasing pervasive. 17 units have seen price reductions during their time on the market, in some instances more than 10% of the original list price.
We’re all familiar with the rapidly appreciating real estate market but the breadth of price decreases is indicative of a growing concern in consumer sentiment regarding the current state of home prices. Consumers are beginning to push back not necessarily by making low-ball offers but rather steering their home search elsewhere. Eager sellers are beginning to lower prices to lure buyers back to their units.
For up-to-the-minute information on current inventory be sure to visit our active listings page by clicking here.
Should you have questions about the real estate market, feel free to call us or send us an e-mail. Whether you’re in search of your next home or starting the process of selling your current residence, we have the tools and expertise to assist. Call us for more information.
Mile Hi Modern
LIV | Sotheby’s International Realty
255 Clayton Street, Unit 100
Denver, CO 80206
Recent Sales Information
See Recent Sales Information for the Past Year in any Riverfront Park Building.
- Creekside Flats and Lofts
- Flour Mill Lofts
- Glass House
- Monarch Mills
- ONE Riverfront
- Park at ONE Riverfront
- Park Place Lofts
- Riverfront Tower
- Art House
- The Delgany
- The Townhomes
- Waterside Lofts