June 5, 2008

Contact: Erika Sauerwein, (303) 625-1069

Lowry Homes Outperfom Local, Metro Markets

Denver, CO - From 2000 through 2007, Lowry’s attached and single-family detached home appreciation outperformed local and metro markets, according to new research by The Genesis Group, an independent real estate research and consulting firm.

The Genesis Group analyzed initial and subsequent resale prices for detached and attached homes at Lowry during the eight-year period and compared the price appreciation to the City and County of Denver, the six-county metropolitan area, and numerous comparable Denver neighborhoods, including Cherry Creek, Congress Park, Hilltop, Montclair, Stapleton and Washington Park. Key research findings include:

• Single family detached homes at Lowry appreciated an average of 8 percent per year from 2000 to 2007, compared to an average of 3.5 percent per year in the City and County of Denver and an average appreciation of 7.2 percent per year in the comparable Denver neighborhoods. From 2004 to 2007, when market conditions tightened, Lowry detached homes appreciated an average of 6.6 percent per year, compared to an average of 3.5 percent in the City and County of Denver and 6.4 percent in the comparable neighborhoods.
• Attached homes at Lowry, including townhomes, lofts and condominiums, appreciated an average of 6.7 percent per year from 2000 to 2007, compared to an average appreciation of 3.4 percent per year for attached homes in the City and County of Denver, and an average appreciation of 4.6 percent per year in the comparable Denver neighborhoods. Lowry attached homes performed especially well in 2004 through 2007, when market conditions tightened, appreciating an average of 5.5 percent per year, compared to -0.3 percent in the City and County of Denver and an average of 2.1 percent per year in comparable neighborhoods.

Tom Markham, executive director for the Lowry Redevelopment Authority (LRA), said Lowry’s long-term performance could be attributed to a variety of factors, including location, design standards and quality of life.

“Quality and convenience are key factors people look at when buying a home, and Lowry has both,” Markham said. “We have a wide variety of homes, retail, schools and recreational amenities, and all these projects must meet high design standards. Additionally, our close proximity to downtown, Cherry Creek and Fitzsimons makes Lowry a desirable location."

The study comes just as the LRA is launching its final neighborhood, EastPark. More than 600 new homes are planned for the neighborhood located at Lowry Blvd. and Yosemite St. The neighborhood will include patio, townhomes, cottages, single-family and custom homes with price points ranging from the $100s to $1 million. EastPark homebuilders include Harvard Communities, Capital Pacific, McStain Neighborhoods, Standard Pacific and Colorado Community Land Trust.

Compared to other Lowry neighborhoods, EastPark has the best access to hundreds of acres of parks and recreational areas, and has the best views of downtown and the mountains with an elevation of 5,400 feet. Just south of EastPark is the new 250-acre CommonGround Golf Course owned by the Colorado Golf Association and Colorado Women’s Golf Association. World-renowned architect Tom Doak of Renaissance Golf Design is leading the current redesign effort, which includes a new 18-hole championship course, an enhanced practice facility and two short courses devoted to junior golf. The public golf course will open in spring 2009.

"EastPark is truly our grand finale,” Markham said. “We created special architectural design standards for the neighborhood, and it’s surrounded by recreation and open space, which is truly unique to Denver. This new research indicates that Lowry is not only a safe investment – it’s a smart one."

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About the Lowry Redevelopment Authority: The Lowry Redevelopment Authority (LRA) is a non-profit, quasi-public organization established by the Cities of Denver and Aurora to redevelop the former Lowry Air Force Base. The LRA serves as master planner and developer of most of 1,866-acre Lowry site with responsibility for zoning, infrastructure improvements and real estate sales. It will disband when redevelopment is complete. Located in east Denver, Lowry is the nationally recognized model for military base redevelopment. Lowry now consists of 3,500 homes and apartments, more than 140 businesses, 13 schools and a pedestrian-friendly retail center. For more information, visit www.lowry.org.