Highland vibe electric, eclectic

Northwest Denver is no longer a hidden-gem.

Rather, it is like a polished jewel, sparkling with an eclectic mix of housing, ranging from Victorians, Denver Squares and new, often more energy efficient homes with two-car garages, finished basements, and sometimes killer views of Denver’s skyline or the mountains.

8Z Real Estate broker Ryan Carter believes housing in northwest Denver will provide to be both financially and emotionally rewarding.

That is the take of Ryan Carter, a broker with 8Z Real Estate.

On a recent morning, sipping a tea at Gallop Cafe at Zuni Street and West 32nd Avenue – 32nd Avenue serving as a main artery for an area that many call “Highland” to describe the entire corner of Denver, much like the Tech Center is used as shorthand for the entire southeast corridor – Carter mused on the appeal of northwest Denver to InsideRealEstateNews for the  first of what will be a recurring snapshot of a neighborhood seen through eyes of an 8Z Real Estate broker. (8z Real Estate is a sponsor of InsideRealEstateNews.)

Carter, a broker with RE/MAX Alliance for about five years before joining 8z a year ago, said that the “vibe” is changing.

California-dreaming in Denver

Unlike most neighborhoods, there is still a lot of spec - not sold - construction ongoing in NW Denver.

“The vibe for the entire Highland area is changing from what used to be a transitional area to one that is a very chic, young, urban destination,” Carter said. “It’s a very walkable neighborhood, which is close to downtown, but still has a neighborhood feel. I think more than any other neighborhood, northwest Denver, especially the LoHi area, is most like a San Francisco neighborhood. There are these little shops and eateries continuing to pop-up, whether it’s Root Down or the new restaurant planned in the Olinger’s site. Every corner has the possibility of becoming its own little destination.”

Indeed, he is finding that even people moving to Denver from out-of-state, who typically begin their search by surfing the Web, often are putting northwest Denver at the top of their list – and putting Highland on the map for house-hunters looking for a hip ‘hood, which is still reasonably priced relative to other trendy enclaves.

“I’m working with two buyers from San Diego right now,” said Carter, who spends about 60 percent of his time serving as a buyer-broker and a 40 percent of his time listing, which he thinks is an ideal ratio.

The 16th Street pedestrian bridge that spans I-25 links LoHi with LoDo/Riverfront.

“When you are in real estate school, they tell you it’s all about listings, listings, listings,” Carter said. “But I find that with buyers, I really get out on the street to see what is going on. Listings are great to have and I’m starting to get more, but they alone don’t give you as much context of what is happening when you are looking at a variety of homes with buyers.”

Affordability drives buyers north

Here is an example of a three-story duplex under construction, which will be a rare commodity when the new zoning code is in force.

Carter, using Cohomefinder.com data, found buyers paid more than $121 million for 409 homes during the past six months in Highland and surrounding neighborhoods. Sold prices ranged from $63,500 to $757,902. While many people simply describe the neighborhood as Highland, Carter divides it into three broad categories:

No. 1: The city designated Highland neighborhood, includes the increasingly popular LoHi, or Lower Highland moniker, west of I-25 and east of Federal Boulevard.

The Highland Square area of 32nd and Lowell provided the initial heart-beat that introduced many people to norhwest Denver.

No. 2: West Highland, west of Federal to Sheridan Boulevard, from West 29th Avenue to West 38th Avenue. It includes the Highland Square stretch at 32nd and Lowell Boulevard, which has evolved into a popular gathering spot for the entire metro area.

No. 3: Neighborhoods to the north, such as Berkeley, Regis, Sunnyside and Chaffee Park.

Take your pick, depending on your pocketbook size

First-time home buyers, for the most part, have been priced out of Highland/West Highland, Carter said. “There are some exceptions, but most of the time, the homes are just too expensive for first-time home buyers, so you are usually seeing the second and third move-up buyers.”

Home prices in Highland, however, have been averaging just under$270 per square foot, far below what prices in comparable properties downtown have commanded in the past. Yet, with the 16th Street pedestrian bridge spanning Interstate 25, LoDo is a short walk or bike ride from what is known as LoHi, or Lower Highland.

A lot of people, young buyers, especially, are finding Berkeley, Regis, Sunnyside and Chaffee Park as less expensive alternatives, and still an easy drive or bike ride from all of the attractions in what is perceived as the hipper Highland.

There have been growing pains, however, as some residents are dismayed by the proliferation of new townhomes, with hefty price -tags, north of $500,000. While speculative housing construction has virtually halted in most part of the metro area, when compared with historical activity, one seemingly can find new developments on the market on almost every block of Highland and West Highland.

Spec homes alive

Three-story homes such as this spec duplex will no longer be permitted when the new zoning codes take effect.

“It wouldn’t surprise me if there is more spec construction going on in these neighborhoods than in any other neighborhood in Denver,” Carter said. “Most of the protests seem to be coming from west of Federal, because in the LoHi area you already have such an eclectic mix of housing, so new, modern structures are not as jarring. I think a lot of the protests are going to subside. There really isn’t so much new construction that is is changing the character of the neighborhood. And I think as people realize that the new construction will ultimately improve the value of their neighborhood, they will be more at peace with the construction.”

Also, Denver’s new zoning code will basically stop in its tracks the construction of three-story townhomes with rooftop decks.

“I think the new zoning can be a double-edged sword,” Carter said. “While certainly it was time for the zoning to be overhauled, and you want to protect a character of the neighborhood, the demand for that kind of housing was organic. People wanted it. The demand will still be there, especially when the economy improves. But the supply may not be able to meet the demand, so those buyers who may have bought here, will look elsewhere, even outside of Denver.”

Competition good

Northwest is also a hotbed of another type of real estate activity – real estate brokerages themselves.

It is home to such companies as Nostalgic Homes, Live Urban Real Estate, One Realty, New Era Real Estate, Red Chair Realty Advisors, and soon, a Prudential Real Estate of the Rockies office, just to name a few.

And that is fine by Carter.

“I’m like most brokers, in that the vast majority of my transactions, I don’t represent both (the buyer and seller) sides,” Carter said. “So when I’m dealing with one of my so-called ‘competitors,’ I welcome it. A lot of us know each other and have a lot respect for each other. When I’m sitting across from another broker, I know both the buyer and seller are being served by a professional and that is good for all of us.”

If there is a neighborhood you would like to see featured, please contact John Rebchook at JRCHOOK@gmail.com.

Root Down is a popular new restaurant in the LoHi area.

Paquinis packs them in. Some of Ryan Carter's other fave eateries include Duo, Z Cuisine, Lola, Vita and Stella's.

Little Man Ice Cream hits the spot for many in LoHi.

The Lohi Market Place Plaza is a mixed-use development on the drawing board.

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