Paved Paradise

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With the first of the construction related road closures, Cherry Creek North is beginning to look like a run-on sentence.  Parking is now the most coveted asset in this upscale neighborhood over the next three years, any residence with 2 dedicated parking spaces will enjoy appreciation.  A residence with 4 dedicated parking spots will see double or quadruple.  The restaurant Hillstone recently entered a 5 year lease on an apartment building that was torn down to create a parking lot, adjacent to the current lot behind the restaurant, going from 35 off-street spaces to 60, paying a pretty high pave penny.

Contrary to the bike hype from the city's chamber, the metro area is a city with a love/hate car affair.  Cherry Creek is not in the zip code of the light rail system,  public transit is not an option and there are only two locations to catch that cab.  To enjoy the touted shopping dining experience that Cherry Creek offers one must drive.   Finding parking is akin to being in the queue as a buyer for a home with multiple offers.  

Hope and prayer?  Not necessarily because JUST SOLD a three bedroom 3600 square foot townhome with not 2 but 4 parking spaces.  The contemporary townhome with an Italianate vibe is one of 4, next door to Hillstone.  The 3 story homes have attached garages with 2 spaces and 2 extra parking spaces in the enclosed private parking area.  Really?
Really!  The townhomes are zoned for office usage on the main level, approximately 900 square feet with a walk-off street front door.  The most recent sale was $244 per square foot, that includes the parking!  With these numbers it is hard to justify not leasing the extra parking to pay the mortgage!

For more information on the townhomes, or other real estate opportunities in Cherry Creek or other neighborhoods in the metro Denver area contact me.  

If you want to escape the asphalt jungle, I can help there too with 3 listings in the wooded and gated Castle Pines Village where the only contender for parking is a golf cart.

All of these areas, and listings are available to view on this website.

Judy Fahrenkrog
Kentwood City Properties
judy@kentwoodcity.com
303-820-2489 posted: August 1, 2013 - Judy's Denver - Blog
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