Quote:
Originally Posted by TakeFive
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Interesting chart. By coincidence, I did some compares this weekend with properties I or a friend of mine bought in Denver since 1989 and the consumer price index (using this calculator
https://www.usinflationcalculator.com/). This gives you some idea how Denver went from "very affordable" to not so affordable. Here's some of those:
1. West Wash. Park Bungalow - 1989 - $90,000
2019 CPI Adjusted Price: $185,478.39
Estimated Actual Value of same property (2019): $700,000
2. Pearl Street Condo 8th and Pearl - 1993 - $78,000
2019 CPI Adjusted Price: $160,747.94
Estimated Actual Value of Same Property (2019): $400,000
3. Congress Park Bungalow (1996) - $195,000
2019 CPI Adjusted Price: $401,869.84
Estimated Actual Value of Same Property (2019): $750,000
Be interesting to do these numbers as a ratio of median income, but clearly prior to the current boom Denver was much more affordable! A young professional starting out in 1990 had tons of affordable choices. And those were in neighborhoods that even then were very desirable. Uptown was significantly cheaper, (high crime, neighborhood in decline) and LoHi was amazingly cheaper (houses below $50K, if memory serves). I remember the initial marketing around Highlands as it started to gentrify, with realtors claiming it was the "next" Wash Park. I was like: HAHAHAHAHAHAHHAHA. Right! Oops. I should have listened.
For Aurora condos, it was like happy hour - buy one, get one free. I came real close to pulling the trigger on one for around $30K, but passed. doh!
If i only knew then what I know now, I wouldn't be working

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