Everyone has been talking about The Coloradan lately. If you have not heard, The Coloradan is new condominium project in the early stages of development. This will be one of the newest condo developments since the construction defects laws changed. The building will sit perched above Union Station in Denver and will have direct access to the train platform. This rail stop services Denver International Airport and the rest of the metro area. While the building is still under construction and only five stories are above ground, it is important to secure a unit sooner rather than later.
Details about the Building
It’s been exciting to see the project start to take form. With every new development, there will be minor alterations throughout the process so keep in mind, the information we have received from the developer is subject to change at any time. We do have some basic facts to help you decide if buying in The Coloradan is right for you.
HOA’s, Parking, and Extra expenses
All your utilities except electricity are included in the homeowners’ association dues. They are anticipated to be about 60 cents per square foot. There will be a required technology package that includes internet and cable. For those of you who live at The Spire in Denver, this will be very familiar to you. The price of the technology package is not known as of this writing, but it is mandatory. The internet will stay with you throughout the building so if you are working in the lobby, on the 18th floor or the community garden, your access to the internet will not be interrupted.
The parking at The Coloradan will be a little different than what anyone in Denver has seen in the past. This modern approach to parking will help maintain garage space and usability. The company ParkiFi will help administer and manage the high-tech parking program. There will be fees for parking (an estimated monthly market rate of $200), and bike and ski storage (this storage is an extra fee too). Guests and retail shoppers will park on P1 and P2, while owners will park on P2, 3 and part of 4.
Other expenses to keep in mind include window treatments, and a washer and dryer. These will all need to be purchased outside of the sales price. Upon buying a condo, owners will pay a transfer fee in the amount of a half of a percent of the sale price. This fee will go towards the use of Union Hall, a shared space that will host public art, exhibits and community programs. It can also be rented out by the homeowners. The details have not been finalized, but it should be a great use of space!
The Coloradan at Union Station will be a welcome addition to the neighborhood. The exterior of the building will be three shades of terracotta and will be a purple-like color. The window casings are black metal and the rooftop space will have nano doors that open up the club room providing indoor/outdoor space. There will be a homeowners’ library in the lobby. The concept is that first buyers will have an opportunity for their favorite books to be purchased and added to the library.
The retail space will not be offered to any type of chains and they will all be locally owned. The tenants have not been confirmed but there most likely will be a coffee shop, clothing boutique, restaurant and bike store/ski repair.
One of the first decisions you should make when purchasing a condo in The Coloradan is if you want an interior bedroom or a bedroom that is against the windows. There are three package options for the interior finishes: dark brown oak, honey and gray. These options are consistent throughout the entire building. Quartz off-white counter tops will be in every home and the bathrooms will be wet rooms where the bath is inside the shower room.
Some residences will have storage areas inside the home, while other units have storage cages assigned to them. Washers and dryers do not come with the condos.
Floors six and seven and all studio layouts will have Juliet balconies. The rest of the building will be a mix of patios and Juliet. Floors eight through 13 have stacking floor plans. Odd numbered units face Whole Foods, while the more expensive even numbered units face Union Station.
What is the Buying Process?
Buying in The Coloradan will be like buying in other new developments. The sales center will send out a survey to potential buyers gauging their interest level. This will secure you an appointment and a place in line to select a condominium. The sales team of Slifer Smith and Frampton – Denver have four approved lenders . This is not required and you can work with any lender if you’re getting financing. After the contract signing you have 5 days before your earnest money is nonrefundable.
Making sure you have a Realtor representing your interests as a new construction buyer is also important. The sales team are all licensed realtors, but they represent the developer’s interests. Having a buyer’s agent represent you is no cost. This can assure you are comfortable with the process and your questions answered every step of the way.
Why Pre-Construction can make you Money
Purchasing a pre-construction condominium early in the process can make a lot of financial sense. Having the ability to buy a condo before its completion is a great way to build instant equity. For example, as soon as 50% of a certain floor plan sells out, the base price of units can increase by a certain amount. At 75%, it bumps up again. When the development reaches completion, the market determines what the condos are worth.
With its proximity to Union Station, The Coloradan will most likely continue to increase in value for years to come. When the same developer completed The Glass House back in 2007, early pre-construction home-buyers realized a 70% return or more when they sold. Similar returns have been seen in The Spire. Purchasing pre-construction in the Coloradan is a great way to create a generous return on your investment.
For those of you thinking about making a purchase as an investor, the developer will only be allowing 15% of the pre-sales to go to non-owner occupants. The HOA will also be restricting rentals to a minimum of 30 day rentals. Nightly Air BnBs will not be possible in this building.
Pre-Construction Purchase Timeline
July 15th & 16th: Grand opening for the Sales Center. Everyone is encouraged to schedule an appointment so you can spend time looking at inventory specific to you.
July 18th – August 13th: Scheduled Appointments. This is where you will have the opportunity to see the finishes and choose the floor-plans.
August 15th: An email is sent to all people on the interest list detailing the selection process. Each client will receive an email “Survey” which will ask for specific information about your interest in the building. You will identify preferred floor plans, pricing, view and interior finish preferences. It is important to send this electronic survey back as quickly as possible because contract appointments will be determined by the date and time they are received.
August 16th – 22nd: Scheduling of Contract Signing Appointment.
August 23rd until 100% sell-out: Clients who wish to buy a home at the Coloradan will meet with the sales team and your agent to review and execute the Purchase and Sale Agreement. The earnest deposit is 3% with closing to occur when the building is delivered in the beginning of October 2018.