May 8, 2009

For Immediate Release
Contact: Tim Carroll, phone: 303-625-1083, e-mail: tcarroll@pure-brand.com

Lowry Homes Top Local, Metro Markets
Despite tight housing market, Lowry boasts highest home appreciation average

Denver (May 8, 2009) –­ From 2000 through 2008, Lowry’s attached and single-family detached home appreciation outperformed local and metro markets, according to a new research study 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 nine-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.

“Lowry’s strong brand and proven record of home value is why we have been so successful,” said Tom Markham, executive director of the Lowry Redevelopment Authority. “Even in this tight market, people recognize the fact that Lowry is a successful, established neighborhood in a great location with the perfect mix of schools, culture, business and retail. We couldn’t be prouder of our home appreciation record.”

Key research findings in The Genesis Group study include:

Detached Homes

  • Single-family detached homes at Lowry appreciated an average of 7.2 percent per year from 2000 to 2008, compared to an average of 1.8 percent per year in the City and County of Denver and an average appreciation of 6 percent per year in the comparable Denver neighborhoods.
  • From 2004 to 2008, when market conditions tightened and then hit a low, Lowry’s detached homes appreciated an average of 5 percent per year, compared to an average of - 3.2 percent in the City and County of Denver and 4.5 percent in the comparable neighborhoods.

 

Attached Homes

  • Attached homes at Lowry, including townhomes, lofts and condominiums, appreciated an average of 5.4 percent per year from 2000 to 2008, compared to an average appreciation of 2.4 percent per year for attached homes in the City and County of Denver, and an average appreciation of 3.5 percent per year in the comparable Denver neighborhoods.
  • In 2004 through 2008, when market conditions tightened and hit a low, Lowry homes appreciated an average of 3.3 percent per year, compared to -1.3 percent in the City and County of Denver and an average of 1.1 percent per year in comparable neighborhoods.

 

Despite being more than 85 percent built out, Lowry has 12 homebuilders still active in area. More than 20 model homes are scattered throughout four Lowry neighborhoods –Northwest Neighborhood, West Neighborhood, Town Center District and EastPark. Lowry has something for every age and price range with single-family homes, upscale lofts, townhomes, luxury condominiums and patio homes, ranging from the $100s to the millions.

EastPark, Lowry’s newest neighborhood, has four model homes open. EastPark homes are walking distance to Lowry’s new public golf course, CommonGround. Opening May 23, CommonGround is owned by the Colorado Golf Association and the Colorado Women’s Golf Association. The 7,200-yard, par 71 course is the work of world-renowned architect Tom Doak and his Renaissance Golf Design group. The new facility also includes an enhanced practice facility and two short courses devoted to junior golf.

“I could not be more excited about the new golf course,” said Mark Betchy, the first Lowry resident to sign up for the CommonGround annual golf pass, valued at $2,000. “Lowry is so fortunate to have this quality of course practically at our doorsteps. This amenity will only increase Lowry’s value for businesses and homeowners.”

 

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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.