Supporting Small Businesses in Cherry Creek North

Here in Denver we are blessed to have some of the best shopping and overall retail options within the 8-state Rocky Mountain Region. Our Cherry Creek Mall is one of the top attractions in Denver and we excellent regional shopping centers throughout the metro area.

Yet @ShopSmall promoting Small Business Saturday after what is traditionally known as Black Friday in retail continues to gain momentum. I reside in Cherry Creek North and while national and international retailers continue to expand beyond the Cherry Creek Shopping Center, there are still many local independently owned and operated retailers in the district. Some of my favorites include:

Tam O’ Neill Fine Arts and Framing – looking for that Audubon print or the perfect bespoke frame for a cherished piece, look no further.

Artisen Center: Yes this is my go-to when I need uniquely Colorado oriented gifts. For housewarmings in the mountains I usually pick up one of their Colorado hand sewn and decorated pillows.

Andrisen Morton: For the well-dressed gentlemen, the shrine which I have shopped at since they were downtown and I still wear my private label tux throughout the holiday season. Tell John J I sent you.

Lawrence Covell: For the well-dressed couple looking for a little stylish edge throughout the year. Ask for Gary, a fixture on the fashion scene for two decades.

Oster Jewelers: Jeremy and Melissa will take care of you for fine jewelry to complicated watches. Truly items that will be passed down to the next generations.

Enstrom: Beyond the decadent toffee pay these guys a visit, bound to find a few stocking stuffers as well as host/hostess gifts.

Even if a national brand, usually owned and operated by a local franchisee:

European Wax: My wife says the staff is experienced and gentle.

UPS Store: Dave Hall and his staff make shipping gifts and packages absolutely seamless.

HMK: Love this store for unique gifts in all price points. Not to mention their warm sugar cookies offered while you browse are sinfully delicious.

All have a very enjoyable holiday weekend and hope to see you out there supporting your local businesses throughout the region.

Above Hermes Cherry Creek, a True Style Gem

If you have driven through the section of 1st Avenue and Fillmore Street you have passed this condo without even knowing it. Located about the Hermes Store, this is truly a one-of-a-kind unit not only in Denver but all of Colorado.

I had the luxury of viewing the unit when it was first developed. I was impressed with the design, the views and the abundance of indoor and outdoor entertaining spaces. As I advised a peer, the unit combines the design elements of TriBeCa in Manhattan, Lincoln Road in Miami and Wilshire Boulevard in LA.

Here is a link from a local news station concerning the unit:

http://www.thedenverchannel.com/news/local-news/extreme-homes-of-colorado-the-designer-condo-above-cherry-creek-herms-you-didnt-know-about

Is the Market Slowing or Is it the Season

Anyone who has traveled around Denver has probably noticed a few more For Sale signs and fewer Under Contract and Sold Signs. The view may be somewhat deceiving. Sales continue to be strong HOWEVER inventory of properties available has also increased, thus the perception of more homes on the market is actually the reality.

As a broker I try to look at statistics over time to assess the true activity in the market. Two statistics I like to follow are Price Decreases and Back on the Market. Price Decrease and its increase of units may indicate a market in which the original listing price is meeting resistance. I am seeing this in the upper-end of the market where it has not been uncommon to see 30% increases over sale prices from two years prior.

The Back on Market is for me more concerning. While issues do arise during inspection (and can usually be resolved with an Inspection Resolution the other reasons include financing and appraisals. Back on market can be troubling as when a unit re-enters the market the Days on Market and subsequent frustration of sellers and skeptical buyer will thus increase inventory.

In general Metro Denver does enter into seasonal slowness beginning in November and usually lasting through President’s Weekend in February. The winter is actually the perfect time to prepare a residence for sale in the Spring.

Thus am I worried? No. I believe we are in a seasonal shift and the underlying economy continues to strengthen. What will be interesting is when the Federal Reserve raises Interest Rates. Will buyers be motived to avoid an interest rate increase and/or will sellers lower prices to compensate for higher interest rates? Only time will tell.