Denver Metro Area in the red 65,200 condo units
Here's the breakdown:
Historic Average
19% of all new home sales were condos, or 10,200 units per year
2015
3% of all new home sales were condos, or 938 units
2009-2015
To meet historic demand 71,400 units should have been built
6,200 were built
= 65,200 unit deficit
The deficit is likely higher because during that same period of time, the overall new home pie also shrank. So condos are 3% of an an already under supplied housing market.
Data by MetroStudy.
Co-Founder | HR & Career Consultant
8 年Unreal how difficult housing has become for those of us that enjoy the great Rocky Mountain state. Will this balance out with all of the new construction occurring around Denver?
Founder at EdTek Services | SaaS LMS for Small Business | LMS Support Services
8 年This in turn affects public transit decisions and other urban development as you miss the opportunity to increase density that is needed to support such decisions.
Principal, Board Member & Advisor I NACD Board Leadership Fellow I Aspen Institute Fellow I Chairman of the Board I Past: Global Practice Chair of Board and CEO Services I Commissioner I CEO & Interim CEO I MBA
8 年Nanci, Thank you for sharing. We are having the same problem in Colorado Springs now. At the same time after repeated attempts by business groups across the state, our legislature continues to fail to enact reasonable construction defects reform. This is only adding to the problem. A shortage of affordable housing will drive living costs higher, making the cost of doing business in our state more expensive, undermining our economic growth.
Operating Engineer IUOE 4 YouTube Content Creator
8 年Nanci Kerr Do you have the stats for apartments as well? I've been told that many of the units downtown currently under construction will be eventually, several years from now, turned into condos. It's how the developers can skirt the present laws via a loophole and not be held responsible for warranties after construction. I'd like to know if that's what you've heard as well? I'd personally like to own a place in the Union Station district.