New Construction Allows for Negotiation on Pre-Existing Homes
Castle Rock is booming with new condos, apartments, and single-family homes. The influx of new builds can cause headaches for many Castle Rock residents but allows for more negotiation for buyers looking at pre-existing inventory. It’s uncomplicated economics – the more inventory available, the more the buyer has the power.
Let’s put it this way, do you think you would pay more on a brand new 2-bedroom condo or one that was built in the 1990s and is sitting vacant on the market? The more new construction that goes up around the city, the easier it will be for potential homeowners to negotiate a fair price on pre-existing builds. If price and not the condition is your number one buying point, check out the inventory of pre-existing homes before you begin touring new builds.
New Condo Builds in Downtown
Much of that new construction exists in and around downtown Castle Rock, highlighted by the new mixed-space Riverwalk Castle Rock. The Riverwalk, which will feature condos, office space, and retail space, brings a taste of combination spaces that have been the norm in Denver down south to Castle Rock.
Staying in or near downtown allows homeowners to walk to great dining, shopping, and other services they’d typically have to drive to reach in other towns. Many still consider Castle Rock a ‘cow town,’ but new condos in the downtown area make Castle Rock more like Denver and other urban-centered spaces. The new downtown condo builds also match other Castle Rock real estate trends including properties with little to no maintenance, and proximity to the highway.
Now is the time to invest in downtown Castle Rock. Potential homebuyers should look at both newly constructed projects and projects on the horizon to find their best condo match for living in downtown Castle Rock.
Smaller / More Manageable Properties
Castle Rock has seen a booming population since the early 2000s, but the town’s new population is younger and busier than before. Young families, urban professionals, and others have flocked to Castle Rock for the old-town style of living, but there’s no question they want low-maintenance or maintenance-free properties. The new Castle Rock homebuyer has led to greater interest in properties with small yards or dedicated site management like in condo spaces. Most who choose apartment or condo living will pay a fee to their property management company to take care of yard work, shoveling snow, and more. Time is our most valuable asset which has pushed the newer homeowner to lower-maintenance properties.
Proximity to Walking Trails and Green Space
According to a 2019 U.S. News and World Report Douglas County, Colorado is the fittest in the nation. Castle Rock and Douglas County’s use of walking trails and green space contributes to that fitness with 87 miles of trail and more than 6,000 acres of open space in Castle Rock city limits and hundreds of acres more nearby.
More than ever, Castle Rock residents are moving close to outdoor amenities so they can walk out their front door into the natural beauty that surrounds the city. Several neighborhoods are close to green space and trails, but the most popular for outdoor amenities include Red Hawk nestled right next to East Plum Creek Open Space, Castle Highlands which borders the ever-popular Philip S Miller Park and Liberty Village perched on the sprawling Gateway Mesa Open Space. If you’re buying a home in Castle Rock, you’ll never be more than a few miles from great outdoor exploration, but some neighborhoods are closer than others.
Making the Move to Castle Rock
As Castle Rock’s population increases, the type of homebuyer continues to evolve. If you’re a real estate professional or a homeowner looking for Castle Rock property keep in mind that new builds are opening up more negotiation, downtown condos are becoming the place to live, homeowners want low maintenance or maintenance-free properties, and more homeowners are seeking homes near green space. With those trends in mind, you’ll be able to buy or sell with more power in Castle Rock.