That nasty global financial crisis hit plenty of real estate developers hard, but many – like the Four Seasons Residences Denver – have recovered and high-quality hotel-branded residential projects continue to be in high demand.
Upon completion of construction in 2010, 50% of the 102 residences at the Four Seasons Residences Denver had gone into contract, but only 17 ended up closing due a mix of buyer jitters, pricing devaluations and problematic mortgage financing – not unlike similar stories we’ve heard from Miami to Dubai.
But after biting the bullet, restructuring the development’s debt and adjusting prices by as much as 50%, all remaining 85 residences in the Mile High City’s newest skyline fixture sold within the last twelve months.
In January 2012, buyers rushed in when one-bedrooms were reduced to $375,000 – one of the most affordable whole-ownership residences at any Four Seasons-branded property. The six remaining one bedrooms were the first to sell out, while the last home to close was a 4,828-square-foot estate home selling at $2.25 million – a 60% drop from the original price of $5.6 million.
In the heart of Denver’s Central Business District and within walking distance to the trendy LoDo neighborhood, Four Seasons Private Residences Denver has easy access to the shops and restaurants on Larimer Square, the 16th Street Mall as well as the Convention Center and Performing Arts Complex.
Alas, the downside of crossing that long-awaited sales finish line is that the website is no longer available, but not to fear! The project’s unique art house film to help promote the property can still be viewed on Vimeo at http://vimeo.com/22630968
In the meantime, none of the apartments are back on the market for sales, although some sneak peaks are available on the rental market, where two-bedroom condos are offered for $5,500 and $6,500 a month.