By David Bromberg
The State of the Neighborhood
I recently conducted my annual review of the neighborhood, block by block, on bicycle with pen, pad and camera at hand (I’m fortunate in that I get to see many of these homes from the inside too). My main goal is to chart the progress of development in Mayfair. A side benefit is I get to see the wide range of homes and businesses from 6th Avenue to Colfax, Eudora to Monaco.
I categorize the homes as original, under construction, “new homes”, pop-top or vacant lot (ready for redevelopment). “New homes” are defined as those that do not look like they are from the same era as the neighbors. For example, a home on 6th Avenue Parkway that was built in 1994 is probably “new” relative to its surroundings. I also analyze the activity from the county records (year of construction) but prefer to see the homes instead of sitting behind the computer. “Pop-tops” are original homes that have expanded vertically (this was more popular prior to the scrape-off phenomenon). Generally the addition is obvious and does not integrate aesthetically as well as a home that was designed to be a two-story. Unfortunately some new homes do not have façades that integrates well into its surroundings.
Most new homes are larger two-stories although there some examples of 1-story replacement homes. Generally, the Builder needs to build larger, more expensive, homes to make economic sense. Also, our needs and tastes have changed over the years and many homeowners want more space and the 21st century conveniences.
Neighborhood Activity
As expected, construction activity has slowed considerably from previous years. Currently there are only three homes under construction. In the past, I’d see closer to 12. There are six vacant lots, many with “For Sale” signs. The economy and capital markets have slowed activity considerably in 2009. Buyers are being more cautious and larger homes are harder to finance and are taking longer to sell.
The pattern of activity in Mayfair is strongly skewed from the south and east. Builders jumped 6th Avenue from Hilltop and Crestmoor into Mayfair where buildable sites were affordable and plentiful. Our eastern streets have also seen a lot of activity over the years. The northern edge of the neighborhood has not seen much activity because of, I believe, the high desirability (and hence higher price) of the homes from the 1920’s and 30’s as well as the proximity to Colfax. The central portion of our neighborhood has not seen much activity because it is not always desirable to be the first big, new home among older, smaller homes.
My experience from the seat of the bicycle leads to more questions than answers. When will the bulldozers be back? Will Mayfair turn into Hilltop or Cherry Creek where the original homes look out of place? Let me know if you have any questions you would like answered. Next year I will ride the blocks in the opposite direction – it’s great to get a different prospective.
By Peter Meer
As a lifetime Mayfair or Montclair resident, I’ve observed that the Mayfair neighborhood has always had a strong sales market. Several months ago, Denver was ranked the number one city in the country most likely to come out of this recession earlier than all the other major metro areas. However, it is not immune from the current economic down turn. While some areas have seen a softening in home values, I believe that housing values will rebound as they did after the 1986-1987 recession.
Getting Help
If you are in the market to sell your home, are concerned about home values, and personal circumstances allow, consider turning your home into a rental property. This strategy may well buy you that extra time you need and still pay the mortgage. There are about 250 property management companies, in addition to my firm, that can provide you with the expertise to undertake this path.
Do it Yourself
You can consider doing the property management yourself. If that is your choice, the best book on the market is “The Unofficial Guide to Managing Rental Property” by Melissa Prandi. She is a former national president of the National Association of Residential Property Managers, and I served on the national board with her.
Depending on space in future issues of the Mirror, I hope to provide some property management tips. If you do decide to buy Melissa’s guide (no, I don’t get any royalties for this endorsement), my tips will direct you to more complete information in her book.
Facing an estimated shortfall of $120M in the 2010 budget, the City invited residents to respond to an online survey to assess the impact of current economic conditions, as well as identify citizen priorities when addressing the gap. Nearly 3,400 citizens completed the online questionnaire, with the majority of them female (57%). The age range for the majority (84%) 30 to 60 years.
Response
In response to the opening and telling question, a significant 85% of respondents said they have changed their financial habits due to current economic conditions. Changed financial habits most often cited include:
Citizens were then asked “which would you prefer” to help determine priorities in two areas:
Finally, citizen choices for the top five areas to generate city savings (in parentheses) in 2010:
The city will use citizen responses to help us find savings now, and to shape next year’s budget.
Mark you calendars for Tuesday, Sept. 15 from 5:30 – 8:00 p.m. for Mayfair Neighbors’ Annual Wine Tasting. This year we are pleased to announce that we will be at the Solera Restaurant. Our host and chef for the evening is Goose Sorenson, nationally recognized for his culinary skills. Tom Noller, from Mayfair Liquors, will be supplying a very nice selection of wine from several of his top wine distributors. It should be a wonderful evening and one you will not want to miss, especially in the ambience of Solera’s charming patio, voted Best Patio in Denver by 5280 Magazine.
It promises to be a great time to mix and mingle with fellow Mayfair neighbors in a truly fun and relaxing atmosphere. With Goose’s tasty hors d’oeuvres and a great selection of wines from Mayfair Liquors and us good folks from the Mayfair neighborhood, it truly doesn’t get any better than that. Be sure to RSVP by Sept. 11 by calling 303-388-8429. The cost is only $25 per person or $45 per couple.
This is our one-and-only funding raising event this year, so plan to join us and support your local Neighborhood Association. Your support enables us to make events like the Easter Egg Hunt and the Municipal Band Concert in Mayfair Park possible, not to mention being the liaison with the City and County of Denver when it comes to issues that affect the quality of life in our “Hood.” This a great opportunity to show your support, meet some interesting people that share your love for our neighborhood, and have a GREAT evening on top of it.
