DENVER — Luxury apartment buildings are booming in Denver, but not in the same way they did a decade ago.
There’s been a huge influx of luxury properties in Denver in the last 10 years, said Mark Barden, president of Real Estate Solutions of Colorado.
Barden, who lives in the upscale Denver suburb of Denver Park, said he has seen apartment towers and condo developments in his neighborhood and even on his own property.
“I’ve seen some incredible development that I think is a very rare phenomenon,” Barden said.
This is the fourth-largest city in Colorado, with an estimated population of about 12 million.
Denver Park is a diverse mix of ethnicities, with many ethnic groups living in the suburbs.
In addition to its many ethnicities — Spanish-speaking, Mexican-American, African American and Japanese — Denver Park also has a large Latino population, according to the city.
The average income of a single family living in Denver Park is $70,000, according the Denver Office of Community Development, with a median household income of $56,000.
And the average rent for a one-bedroom apartment is $1,900, according RentBusters.com.
For a typical family of four, rent in Denver is $2,350, according Airbnb, a rental marketplace.
There are more than 2,400 luxury apartments in Colorado.
The average price of a luxury apartment in Denver park is $3,000 a month, according Real Estate Consulting.
That’s up nearly 25 percent from last year, when the average price was $1.25 million, according data compiled by Real Estate Services of Colorado, a brokerage.
Some of the most popular luxury apartments are on the north side of downtown Denver.
A lot of these are luxury properties that are designed to look very good, said John Vennakopoulou, vice president of real estate and lifestyle for REI, a chain of outdoor stores.
People are going, ‘I’m so rich and I want to live in luxury apartments.’ “
It’s a big issue in our city.
People are going, ‘I’m so rich and I want to live in luxury apartments.’
This year, more than 1,000 luxury apartment buildings were built in the Denver area, according TOKYO.
More than two-thirds of the condos in the area are located on the west side of the city, according REI.
That means the condo towers that surround the parks are designed for the highest end of the market, said Vennackopoulous.
Many of the luxury apartments come from the likes of Chinese, Italian and African nations, said Barden.
Most of the people who live in these condos are living off the grid, said Kevin Lattimore, owner of Lattish Apartments.
They don’t have to drive to a downtown area to live, because they have the apartment to themselves, Lattillis said.
Lattillias condo tower is located on a corner lot next to the Aurora Convention Center.
Lattimore said that if you have any kind of special needs, like allergies, they can take you there.
He also wants to build a condo tower next to his restaurant, which has about 10 apartments.”
We’ve built these condos on these lots and they’re the nicest condos in Denver,” he said.
But some of the older residents are against the condo development, like former mayor Wayne Taylor, who has said the condos will be more expensive than in other areas.
Taylor was not at REI when we visited the area last month.
He said that the development of luxury condos in a residential area in downtown Denver is a mistake.
We have a lot of other areas of the country that are really going to benefit from this type of development,” Taylor said.
“We’re seeing that trend going away, so the question becomes: How do we get people to come downtown and live in condos?” he added.