Millennials Snap Up Luxury Condos in Boulder
BOULDER – Peloton West, a collection of reimagined luxury condominiums in the heart of Boulder, recently completed a $5 million renovation and released their remaining residences — creating tremendous demand among younger buyers hoping to enter the notoriously difficult Boulder housing market. Thanks to a variety of factors, including a preferred low-down payment program, an ideal location featuring Boulder’s only rooftop pool deck and 3-story residence clubhouse, Peloton has sold 50 percent of its inventory — or 99 homes — with a fourth of these sales going to the “millennial” buyer.
“There has been a cultural shift away from Pearl Street with the technology sector moving into new emerging neighborhoods of Boulder, and the desire from younger buyers to begin building equity and create long term value,” said Tripp DuBois, sr. vice president of sales. “We are in the new urban nexus of Boulder—offering homes that are walkable to work, entertainment and dining including hot new concepts like Dry Storage from the Basta team which will debut on-site later this year, making Peloton the ideal location.”
The developer, CityView, transitioned Peloton’s remaining apartment residences into condominiums last year, investing more than $4 million in upgrades with designer luxury appointments and $1 million in common area and amenity upgrades, resulting in strong demand from existing tenants and new buyers for these homes.
Located off 33rd and 34th and Arapahoe in the heart of Boulder, Peloton West offers a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 711 to 1,825 square feet with oversized windows, plenty of natural light and ample patio space — many boasting impeccable mountain views of Boulder’s famous Flatirons.
Due to tight regulations and ordinances, it can be very difficult to get a new project underway in Boulder, which causes constraints on the market supply of new homes for sale. According to ReMax of Boulder, the average single-family home price in Boulder is now more than $1.2 million, making it increasingly difficult for first time home buyers to qualify for mortgage loans and fund higher down payment requirements. Peloton West is proving a strong value proposition for those looking to embark on buying their first home through more attractive price points and a low-down payment program.
Peloton West has an attainable starting price of $420K and priced up to $1.3 million. A significant number of previous apartment renters made the decision to transition to home ownership upon completion of the renovation and demand has been high with the recent launch of new financing options from Bank of America and Elevations Credit Union offering 3 percent, 5 percent and 10 percent down 30-year fixed loans. Currently there are 96 remaining residences available.
“We are also seeing increased demand, not only from previous apartment tenants, but from local downsizers, and out of state buyers looking for a home-base in Boulder and the desire for a lock-and-leave-lifestyle a condominium affords,” said DuBois.
Images courtesy of VOCA PR