An expansive 9,000 home community named Prosper, is in the planning stages of construction on over 5,100 acres of farmland. The project will cost an estimated $600 million and will add on to the 12,000 home Sterling Ranch and 10,000 home Green Valley Ranch East. In total, there are more than 31,000 home lots in the residential pipeline.
The communities will be built on the principle of walkability, connectivity and community.
According to one Eaton resident, “I don’t like it, but I don’t think there’s a lot I can do about it now. I don’t think anyone out here likes it – but money talks.”
Eaton is currently shielded from the noise, traffic, and urban density by tracts of open land. Most of the current residents moved to Eaton for that very reason – to get out of the city.
However, because of the economic stance of the past few years, the Denver housing market finds itself with record low home inventories, skyrocketing rents, rising housing prices, and Denver movers feeling the impact as well.
According to Brad Calvert, Metro Vision manager for the Denver Regional Council of Governments, “we’ve been in a major slowdown for the last five years, so it looks pretty good right now. There’s tons of pent-up demand.”
Demand has risen so much, that the average time on the market has fallen from 108 days in 2011 to 45 days just this past February.
Not only that, but the median home price has increased to $286,500, while the median value of a home nationwide is $178,500.