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Globeville Home Prices Have Skyrocketed Amid Increasing Gentrification

Gentrification is transforming the Globeville real estate scene.
This home at 4855 Milwaukee Street has more than quintupled in value since 2000.
This home at 4855 Milwaukee Street has more than quintupled in value since 2000. Google Maps
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The March market trends report from the Denver Metro Association of Realtors documented a new record price for a detached home in the metro area: just over $739,000.

While homes in the Globeville neighborhood of north Denver are more affordable than in many other parts of the city, that is changing fast. The sale prices of modest homes in the neighborhood Globeville have doubled, tripled, quadrupled and even quintupled in recent years.

Globeville's proximity to the burgeoning RiNo Art District is one reason for its growing appeal, as well as that of Elyria-Swansea, the neighborhood just to the east that also falls within the 80216 zip code. But the roots of the area's transition run deep.

"How Gentrification Has Changed the Globeville Neighborhood," published in July 2020 as part of a series that also looked at Five Points, Cole and Whittier, drew from the Child Opportunity Index 2.0, a mammoth database hosted by Brandeis University. The project examined the 100 largest metro areas in the United States, including Denver, at a granular level, neighborhood by neighborhood, to reveal the sort of inequality experienced by many young people, including children of color.

Brandeis researchers pulled together data on Globeville from the U.S. Census Bureau's American Community Surveys pegged to the years 2010 and 2015, though they actually cover wider periods: 2008-2012 and 2013-2017. The resulting statistics hinted at increasing gentrification in the diverse neighborhood by way of a significant jump in the number of children identified as "non-Hispanic white," as well as declines in "not non-Hispanic white," "some other race or two or more races" and "Hispanic or Latino." Meanwhile, household income rose, as did the percentage of individuals in high-skill jobs, the overall employment rate and the number of residents with health-insurance coverage. Also increasing were the number of individuals with either high school or college degrees, as well as early childhood education enrollment and high-quality early education centers.

Recent home-sale figures show the gentrification process continuing. At Westword's request, Jim Smith of Golden Real Estate, a longtime observer of the Denver home-sale scene, took a close look at market activity within the 80216 zip code. His research shows that as of January 31, the median sales price for a home in the area stood at $399,000 — a relative bargain by current Denver standards. However, that number represented a 21.6 percent increase over the previous month, and a hefty 47.74 percent leap from two years earlier.

But that's nothing compared to the skyrocketing prices of five properties sold in the Globeville area in late 2021 and early 2022. Their Zillow listings include a previous sale history that demonstrates how quickly costs have climbed. Here are the details, complete with information about each home, previous sale prices and links to pages corresponding to each property:

4855 Milwaukee Street (photo above)
Two bedrooms
One bathroom
671 square feet

Price history:
October 23, 2000: Sold for $65,000
November 19, 2001: Sold for $110,000
June 1, 2016: Sold for $220,000
January 13, 2022: Sold for $361,323
The home at 4840 Clayton Street.
Google Maps
4840 Clayton Street
Two bedrooms
Two bathrooms
755 square feet

Price history:
December 8, 2015: $150,000
December 30, 2021: $631,000
The home at 4455 Pennsylvania Street.
Google Maps
4455 Pennsylvania Street
Two bedrooms
One bathroom
1,162 square feet

Price history:
October 4, 2012: $114,000
January 28, 2022: $470,000
The home at 4768 Vine Street.
Google Maps
4768 Vine Street
Four bedrooms
Two bathrooms
1,636 square feet

Price history:
September 20, 2004: $196,000
April 23, 2015: $170,000
December 13, 2021: $545,000
The development that includes 225 East 51st Avenue.
Google Maps
225 East 51st Avenue
Four bedrooms
Two bathrooms
2,142 square feet

Price history:
May 23, 2012: $118,800
December 14, 2020: $255,000
November 18, 2021: $490,000
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