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Condo Conversions Sweep Denver Market

DENVER-The multifamily market is the benefactor as single-family housing costs soar above many residents' purchase power. Last year, more than 1,500 rental units underwent transformations into condos, a vibrant market for area brokers.

By John Rebchook | Updated on March 16, 2001

DENVER-Almost 1,500 rental units had been converted into condominiums in the Denver area last year, as the price of homes skyrocketed to record levels. That’s the conclusion of a report by Doug Andrews and Jeff Hawks, the metro area’s top apartment salesmen last year. The two Grubb & Ellis brokers have sold more than a $400 million in apartments from Colorado Springs to Denver.

According to the brokers, the average price of a single-family home sold last year jumped to $253,176. In contrast, the average single-family home price in 1995 had been $125,500. That has made it economically feasible for developers to convert apartments into condos to fill buyers’ appetites for lower-priced alternatives to homes.

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