Alan Prendergast recently discovered that the bungalow in northwest Denver that he'd purchased for $79,000 in 1989 — and sold for double that amount ten years later — had been popped, remodeled (complete with putting green) and put on the market for $975,000. Which led him to ask: "Where the hell will Denver's young, first-time homebuyers go, looking for something that they might actually be able to afford?" Responds Randy:
I'll tell you where the young homebuyers are going to go....out of state. Or flat-ass broke. Or Greeley.
With renewal comes gentrification. I worry that Denver is haphazardly continuing with development and not implementing enough city planning. There are way too many stories of homeless removal and issues with affordable housing going on right now.
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Yvette liked the photos in Alan's post:
Seeing his circa 90's pictures bring back the memories of what once was! A great childhood before 80% of my family and friends were pushed out cause we can't afford 975k homes.
What do you think of Denver's real-estate market? Where should a first-time homebuyer go these days?