DENVER’S OLDER PREMIER NEIGHBORHOODS ARE LIKE MONEY IN THE BANK WHEN REMODELED

Electrical upgrades are tops on list of homeowners’ demands

DENVER, CO — Savvy homeowners are boosting their most appreciable asset, their residential real estate, to higher values by upgrading their most functional rooms: the kitchens and bathrooms. Especially in a slower real estate market, homeowners in these desirable neighborhoods prefer to stay put at their current address and improve its condition vs. risking selling their existing home at deflated prices and incurring a new mortgage at inflated interest rates.

“We’re experiencing a healthy increase in calls for upgrades and remodels,” says Gary Stone, owner of Allstar Electrical Services serving Denver and the Front Range. Oftentimes, says Stone, the remodels start of necessity with replacement of the electrical service panel, the heart of the electrical service center of the home. “The electrical needs in a home these days are extraordinary. Technology is one of the drivers for that electrical demand. It all adds up to convenience and time savings, particularly when the electrical service is modern and reliable.”

Two of Denver’s most coveted neighborhoods, Cherry Creek North and Congress Park, have historically climbed in value. Both experienced exponential appreciation—22% and 18% respectively—in the first half of 2005. Both neighborhoods share the commonality that the older, less electrically savvy homes are challenged when it comes to accommodating the needs of today’s families. It is not uncommon for owners to have several phone lines, multiple computers, endless kitchen appliances plus other electronics (even in the bathroom). A simple electrical upgrade such as adding more power outlets and replacing wiring makes not only a safer home but increases the value and likeability of the home tremendously.

Plus an updated electrical system creates a more comfortable living environment. Additions of power outlets decrease the need for extension cords and bundles of cords that create a safety hazard as well as are unattractive and a nuisance. In today’s world, the two-socket power outlet found in most homes isn’t enough to do the job when we have:

Bathrooms

  • Hair Dryer
  • Flat Iron
  • Curling Iron
  • Electric Hair Rollers
  • Electric Shaver
  • Radio
  • Electric Toothbrush

Kitchen

  • Electric Mixer
  • Oven
  • Regrigerator
  • Blender
  • Toaster
  • Ice Maker
  • Wine Storage
  • Coffee Maker
  • Coffee Grinder
  • Cappuccino Maker
  • Electric Stove
  • Microwave

Home Office

  • Computer
  • Scanner
  • Printer
  • Fax
  • Copier
  • Cell Phone Charger
  • Desk Lamp
  • TV
  • Sound System

While the aesthetic appeal of the homes in these charming neighborhoods is already proven, upgrading the electrical guts of the home strengthens its appreciation value as well as added safety and comfort.

Numbers say it all

The metro Denver real estate market may be slower than it’s been in prior years, making this a buyer’s market rather than a seller’s, yet the worth of a home continues to rise:

  • In 2005, homes appreciated by 3%
  • The average price per square foot increased by 6.2%
  • Cherry Creek North had an appreciation rate of 22%
  • Congress Park had an appreciation rate of 18%
  • Homes in the $600,000-$699,000 price point had the highest appreciation rate at 7%
  • Homes between $300,000-$399,000 saw an appreciation of 4.6%
  • Homes between $200,000-$299,000 appreciated 2.1%
  • In 2006, Metro Denver’s population increased 1.6%
  • In 2006 there were 50,244 home sales
  • Total value of properties sold in 2006 was $14.5 billion
  • The median home price in Metro Denver is approximately $252,000
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