Combining the convenience of metropolitan living with small-town quality of life, Congress Park in the center of Denver offers its residents the best of both worlds. Its 15-minute commute to the city center makes it attractive to business professionals, while its plethora of affordable bungalows and Denver squares lures the homebuyers. Bungalows in Congress Park fall into the $300K to $700K price range, with an average listing price of $438K as of September 19, 2012. The average sale price in the neighborhood, however, is just over $400K for the June through August 2012 quarter, an important distinction to make when you’re looking to buy.
Home prices in Congress Park are consistently higher than the Denver average and comprise roughly a tenth of the total number of homes listed in the metropolitan area. Statistically speaking, you can expect to pay almost 70% more than the median Denver home price. While this is high, keep in mind that the roughly $400K average sale price in Congress Park is down from the previous year. Though it’ll cost more to get into this neighborhood, you can expect home values to stay high due to the desirability of the area.
Is a Congress Park Bungalow Right For You?
As in other areas of Denver, the exploding middle class of the early-to-mid 20th century helped fuel the bungalow building boom. The home style is in marked contrast to the brooding, overly ornate homes of the Victorian era. Bungalows are usually smaller, airier, lighter and naturalistic. Common characteristics include handcrafted wood interiors complete with charming built-ins such as nooks, shelves and sideboards. Open layouts promote movement and light, with no long, dark hallways to take up space. Porches are usually large, making a great location for outdoor furniture—almost serving as another room. One- to 1.5-story Congress Park bungalows commonly feature 3-4 bedrooms, perfect for single families.
In Denver as elsewhere, bungalows make great investment properties. A home might be ready to resell after a few finishing touches are added, or it might need major work, but either way, bungalows are attractive because they hold their value well. Quality craftsmanship, charming design features and the fact that they are located in virtually every Denver neighborhood all but guarantees a positive return on your money.
Whether you’re looking to buy for dwelling or investment, now is a great time to do it. Historically low interest rates around 3.5% don’t come around very often, plus it’s a buyer’s market. In Congress Park as well as other neighborhoods of Denver, you should expect an uptick in inventory as the autumn picks up, so there’ll be plenty of homes to choose from.