Denver’s Cherry Creek North is one of the most featured Central Denver neighborhoods. Its appeal comes from the upscale homes, amazing art galleries, shopping options, and scenic views. Love to support the local business owners? 70 percent of the retail in Cherry Creek North is local. When it comes to buying a home in Denver’s Cherry Creek as a move-up homebuyer, it’s possible to nab a house in the popular neighborhood just five miles from downtown Denver.
According to a piece by U.S. News & World Report, the neighborhood’s popularity means low housing inventory and robust prices. Most real estate experts expect homes to appreciate in value. Currently, six major construction projects are underway in Cherry Creek North that will add 236 new homes, 201 hotel rooms, and more than 110,000 square feet of office space, according to an article by the Colorado Real Estate Journal. The average price of homes is about $700,000. That’s still doable for most move-up buyers who have equity in their existing homes and are ready to “step up” to a nicer lifestyle.
Trying to make the leap to luxury home ownership? Reduce as many debts as possible, save up money, and boost your credit score. First, meet with a lender to find out how much money you can borrow toward a home. Then, find a savvy real estate agent who loves Cherry Creek North as much as you do. A good agent will also give you a free market analysis of your existing home that you need to sell.
Choosing an inexperienced real estate agent
U.S. News & World Report recommends hiring a savvy real estate agent to have a competitive edge in the Cherry Creek real estate market. Making a strong offer is an important first step to landing a home. A good agent helps you come in with a strong offer that’s oftentimes $5,000 to $10,000 above the listing price. If spending more than the asking price feels intimidating, consider checking other Central Denver neighborhoods for a comparison. The best way to prepare for a more expensive market is to get pre-approved for the highest amount possible. But if you aren’t in a position to expect salary increases and growing income, consider a Denver-area neighborhood that’s not as pricey. It’s possible to build equity living in a less expensive area and plan to move to Cherry Creek North later.
Considering a condominium
Are you a buyer intent on living in Cherry Creek North but can’t afford a million dollar estate? Consider buying a condo that’s more attainable. Some buyers often appreciate the lower mortgage payment. Other benefits include low maintenance and community amenities like fitness centers and swimming pools. Also, most condos are already completely updated with modern appliances, high-end luxury flooring, and other features. Buyers save money by owning a condo or home that’s already updated. But others look for older homes and projects that require time and hard work.
Living within walking distance to the fun
If you are the kind of person who loves to get out and socialize with others, Cherry Creek North is the ideal community. Cherry Creek’s Fillmore Plaza is home to Films on Fillmore, the Cherry Creek Arts Festival, the Cherry Creek North Ice Rink in the winter. The area also boasts a 16 block-area outdoor shopping area and dining district. Not originally from Denver? Enjoy taking relatives, friends, and guests out to the amazing restaurants, boutiques, art galleries, and spas.
Other amazing communities in Denver include Congress Park, downtown Denver, RiNo and Golden Triangle. At Lana Sells Denver, we work with repeat buyers interested in a step-up home or house for an active retirement. For more information on the perks of living in Cherry Creek North, please contact us.