Denver Residents are Fleeing to Other States

Corporate Housing Solution | May 15, 2018

Redfin a website used by many to search MLS listings is reporting that searches for residents leaving Denver and Seattle markets are skyrocketing. The skyrocketing cost of living and housing market is becoming untenable for long-time residents.

“The Redfin report reveals that "of all Denverites using Redfin, 20 percent were searching for homes in another metro, up from 15 percent during the same time period a year earlier."

Residents of Seattle, also a city with skyrocketing home prices, also are looking at homes outside of that city.

"We see signs that Denver and Seattle, cities that once attracted those fleeing high home prices, are becoming unaffordable as well," said Taylor Marr, senior economist at Redfin, in a statement.” (Biz Journals)

 

It is becoming increasingly harder to find a decent price on a mid-sized house in Denver. Yet while many are fleeing the state, there are still people looking to move to Denver.

The findings suggest there simply will not be enough people moving to Denver to provide room for those that want to move there. While this indicates that people are selling their homes for a profit and moving elsewhere, it will not significantly put a dent on housing crunch.

The cities long-term solution will be dense housing, and urban condos.

“In Denver, it would take about 20 years to redevelop an area on the west side of the city currently occupied by the 62-acre Elitch Gardens amusement park and event parking lots that serve the Pepsi Center, the Downtown Aquarium, and the Children‘s Museum. The owners of the amusement park, Revesco Properties, first announced their interest in redeveloping the sites last spring. This week’s approval from Denver city leaders paves the way for the proposed redevelopment to move forward.

Although still in draft form, the new plan includes skyscrapers as tall as 59 stories with housing for as many as 15,000 residents. A revitalized South Platte riverfront is a key part of the proposal, with a focus on new public spaces, parks, and a mix of building sizes and land uses. The River Mile neighborhood wants to maximize its connections to already existing light rail stations, and the plan proposes parking maximums rather than parking minimums to encourage residents to use public transportation, biking, and walking.” (Curbed)

 

So 20 years of re-development hopes to provide a little relief but for those looking to get into the Denver market immediately should be looking at,

Furnished Rentals and Short-term Rentals until some of these properties become available.

 




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