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2007 Home Appreciation
By Larry Hotz, All Denver Real Estate
It doesn’t make sense. Does it?
Standard and Poors Case-Shiller Home Price Index just reported that Denver home prices declined 4.5% in 2007. But, another outfit, DataQuick Information Systems, out of La Jolla, California, says "Hold-On, not so fast". They claim prices appreciated as much 16.2% depending on the exact zip code.
DataQuick Information Systems sells home sale data for specific zip codes to clients. They claim to have changes in values from 2006 for all Denver zip codes. Pretty slick.
It is certainly true that "all real estate is local". In this case, it is very local. It it bolstered what I have been saying that home values in Denver’s better neighborhoods , southern suburbs and Boulder have done pretty well in 2007.
For example, zip code 80202 was the one with the highest home appreciation of 16.2% in 2007 according to data. That area is Lo-Do, also known as Lower Downtown, near Coors Field. It is full of new and resale condominiums and lofts and it is a very popular entertainment area. It is within walking distance of Pepsi Center, Denver Center for the Preforming Arts and great restaurants in the Central Business District.
The second highest rate of appreciation was 15.8% and occurred in the 80112 zip code. That is located in the affluent suburb, Greenwood Village. "The Preserve" custom home community is there along with many horse properties and Greenwood Hills. Cherry Hills Village data is obscured by the fact it’s zip code recently changed from 80110 to 80113.
A zip code in the popular suburb of Highlands Ranch was third in rate of appreciation. That code is 80126. Highlands Ranch experienced a drop in new homes in 2007 because many builders sold out of new homes. Only Backcountry has a significant amount of new homes and land available. Highlands Ranch was developed by Mission Viejo from southern California. Appreciation there in 2007 was 13.9%
Rounding out the top zip codes for home appreciation are:
#4 80016 in far southeastern Aurora. 12.8%.
#5 80439 in Evergreen, Colorado, a southwest suburb. 12.2%
#6 80303 in Boulder. 10.8%
#7 80305 in the foothills outside of Boulder. 8.6%
#8 80212 on the western edge of Denver near Wheat Ridge. 8.5%
#9 80237 in southeast Denver near the Denver Tech Center. 7.5%
#10 80127 in southwest, unincorporated Jefferson County 7.5%
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