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A loft in downtown Colorado Springs is on the market for $1.1 million, and if it goes for the full amount, it would be the most expensive condominium to sell downtown.
It may seem to be a sign that the cost of living in the city's core - already on the higher end for condos in Colorado Springs - is trending even higher.
But that, apparently, is not the case. Local real estate agents say the residence is the exception, not the norm, and that its price tag fits with what the place has to offer. The 2,600-square-foot penthouse in the historic Giddings Lofts building at 101 N. Tejon St. has a private rooftop, a wine room and a gourmet kitchen, as well as storage and access to garage space, something that not all have.
"That unit is not indicative to most lofts in downtown Colorado Springs," said Janelle Walston, broker and owner at the Walston Group.
Walston, dubbed the "Loft Lady" for her expertise in downtown loft living, said she originally sold the unit to a client who had it custom built in 2005.
"It's really unique and it's a special place," Walston said.
According to the Pikes Peak Association of Realtors, the median sales price for condos and townhouses in the area that includes downtown was just over $196,000 in September. That compares with a median selling price of $150,000 for condos and townhouses across El Paso County in September, according to the association.
Walston said the Giddings Lofts building, which is completely built out, has 25 lofts. Six recently built ones were listed at $220,000 to $285,000. Before that, she said, the average sales price of lofts in the building was about $500,000.
Kevin Patterson, listing agent for the $1.1 million loft, said while the price is uncommon for downtown Colorado Springs, it is not unusual for a loft in downtown Denver. A 2,700-square-foot condo on 14th Street in Denver is listed for close to $2.3 million, according to Realtor.com. Another unit, with 3,100 square feet is listed at almost $2.3 million.
Walston said there is demand for the smaller Giddings Lofts units, but the situation is different for the $1.1 million unit.
She expects the property to sell, but it will take some time. The loft has been on the market since the middle of September.
"There's not a lot of demand, but it's a pretty special space," Walston said. "It's not like we have a backlog of inventory. There's is no other loft like that."
While the high price of the lofts may limit some buyers, Patterson and Walston said the demographics of the people living in the units are not confined to one age group. Residents range from their 20s to people in their 50s and 60s.
Living in the downtown area resonates with people interested in a different lifestyle who want easy access to cultural centers, retail stores and restaurants.
Combine that with a residence that includes a private rooftop, views of the Front Range and high end finishes, and the $1.1 million loft may be attractive to someone who is more affluent and doesn't want the responsibility of managing a plot of land.
"This is for a discerning buyer," Patterson said.
Contact Stephen Hobbs: 636-0275