Glendale
REAL ESTATE
Inside a Denver school turned apartment building
Data: RentCafe; Chart: Simran Parwani/AxiosThe next in-demand apartment could be inside an old Denver school.The big picture: Former schools accounted for 3% of U.S. apartment conversions in 2023, data shared with Axios shows.Former offices and hotels dominate the national conversion trend, comprising 28% and 36% of newly completed projects, according to a RentCafe analysis.Why it matters: As cities and developers seek to repurpose empty space into much-needed housing, a mix of building types are on the table.Zoom in: Denver led school-to-apartment conversions compared to other metros between 2019 and 2023, Rentcafe data shared with Axios show. Colorado ranks among the top states for these conversations.A few years ago, architect and developer Jim Hartman helped transform Fruitdale Elementary in Wheat Ridge into apartments — a portion of which are reserved for affordable housing.While turning cafeterias and gyms into homes is easier said than done, state and federal historic preservation tax credits can incentivize school flips.School buildings can also offer more of the natural light renters want, compared to offices, developers say.
Downtown Denver homes now cheaper than citywide median
A publication called Property Shark recently dove into a recent trend that's been noticed in several major metropolitans around the country – that 'downtown' home prices haven't seen the same massive jump as those farther away from the city's center in recent years. While that's not the case everywhere, residents in 17 of the country's 40 most-populated cities can now find a more affordable home by looking downtown, Denver included. This compares to just nine cities where that was the case in 2014. ...
Denver starter homes turning into forever homes
Data: Maxwell; Note: Analysis comes from 300+ U.S. lenders; Chart: Axios VisualsNew buyers aren't the only ones frustrated by the Mile High City's market. Existing homeowners stuck in close quarters are feeling the squeeze, too.Why it matters: Your starter home could become your forever home.Zoom in: Leah Foreman and her husband bought a three-bed two-bath Lakewood home in 2020. She's had a baby since then, and they're already outgrowing the house, she says.The living room is their home office by day, and they're constantly purging and donating to Ridwell.What they're saying: A bigger house isn't an option right now. "We...
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