Even in this economy, communities built with a masonry ordinance in place fair better than those that don't. Here's proof - While home values are crashing throughout Denver and homeowners are finding themselves upside down, the homes built in Lowry are increasing in value. Lowry is in Aurora where they adopted a masonry ordinance in 2003.
Here's an excerpt from a Rocky Mountain News article about the Lowry development:
"Homes at Lowry have increased in value far more than the Denver area as a whole, and that includes Cherry Creek, Congress Park, Hilltop, Montclair and Washington Park, according to a report released Thursday by the Genesis Group.
The Lowry Redevelopment Authority hired Genesis, a housing research firm, to do an analysis as the authority is launching its final residential phase, the 600-home EastPark at Lowry Boulevard and Yosemite Street.
Genesis Group analyzed initial and subsequent resale prices for detached and attached homes at Lowry from 2000 to 2007 and found that homes on the former Air Force base appreciated at an average of 8 percent per year.
Last year, Lowry homes rose on average by 2.6 percent, while the overall metro area lost 0.5 percent in value, according to Mike Rinner of the Genesis Group.
read the entire article at http://www.rockymountainnews.com/news/2008/jun/05/lowry-homes-enjoy-top-price-gains/
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