The Avenues of Valuation Demarcation Concerning Cherry Creek Residential

For many of us experienced real estate brokers there was a time when Cherry Creek residential was literally split into two distinct neighborhoods, Cherry Creek North (north of 1stAvenue) and Cherry Creek East (south of 1stAvenue).

At present brokers and prospective buyers seem to use the term Cherry Creek to represent the area generally bounded by 6thAvenue on the North, Alameda Avenue on the South (from east of the Mall), University Boulevard on the West and Colorado Boulevard in the East.

While the housing styles are similar throughout the greater Cherry Creek neighborhood including duplexes, row houses and more recently condos and a few very pricy single family homes I have been curious from a broker’s perspective concerning demarcations within the neighborhood.

I decided to analyze the Cherry Creek Neighborhood from Steele Street on the West to Colorado Boulevard on the East, an area that is all residential. I decided to use various avenues as demarcations as based on experience residences north of 3rdAvenue (which has become a bypass for 1stAvenue) seems to always be more expensive and inventory south of 1stAvenue due to size and design is the lowest cost in the area. Thus I wished to validate my experience with statistics of what is on the market at present.

From 3rdAvenue to 6th Avenue -On market: 53 residences

-Avg Layout: 3BD/5BA

-Above Grade SF: 2,812 SF

Avg. Asking: $1,839,000 or $527.86 PSF

-Days on Market: 53

-Average Year of Construction: 2005

From 1stAvenue to 3rd Ave -On market: 47 residences

-Avg Layout: 3BD/4BA

-Above Grade SF: 2,404 SF

-Avg. Asking: $1,049,500 or $500.34 PSF

-Days on Market: 47

-Average Year of Construction: 2004

From 1stAvenue to Alameda Avenue -On market: 26 residences

-Avg Layout: 2BD/3BA

-Above Grade SF: 2,047 SF

-Avg. Asking: $877,450 or $459.10 PSF

-Days on Market: 76

-Average Year of Construction: 2006

Some will suggest the new construction north of 3rdAvenue is skewing the numbers upward and the condos south of 1stAvenue bring down prices. Thus I have also included the asking based on above grade Per Square Foot to provide a more accurate representation.

As one traverses north from Cherry Creek (the waterway) towards 6thAvenue there is a continual uptick in asking prices (and sales data).  North of 6thAvenue the urban fabric changes drastically to majority single-family houses of the Congress Park neighborhood, thus not included in the analysis.

Thus if considering buying or selling, the sweet spot east of Steele Street seems to be between 3rdand 6thAvenues.  Even more impressive purchase or sell just north of the Cherry Creek North Business Improvement District i.e. University to Steele, 3rdto 6thAvenues, just be aware older housing stock and longer days on market yet an impressive $600+ PSF:

From 3rdAvenue to 6thAvenue University Blvd to Steele St. -On market: 11 residences

-Avg Layout: 3BD/4BA

-Above Grade SF: 3,043 SF

Avg. Asking: $1,650,000 or $603.02 PSF

-Days on Market: 89

-Average Year of Construction: 1997

Happy House Hunting

 

 

 

 

 

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