Business

Lone Tree prepares to double in size, make room for more families


Lone Tree offers its residents a luxurious feel with higher-end homes and easy access to Interstate 25 and points south, including Highland Ranch and Parker.

“It’s an ideal location,” says Vanessa Hamm, 8z real estate agent. “Especially for commuters.”

And Lone Tree’s plans to effectively double in size by building up to 12,000 homes on 2,200 acres south of Centennial Airport will open the community to more residents.

RidgeGate, a mixed-use, planned community, is nearly developed on the west side of I-25 and work is now starting on the east side of the highway.

The project will provide a mix of housing options from row homes and compact apartments to eco-smart, single-family homes. RidgeGate’s neighborhoods will incorporate open space, parks, and trails with shopping, dining, and business districts.

“Plans to add more starter homes should make Lone Tree more affordable,” Hamm says.

What’s available?

Now, Lone Tree’s average home price is closing in on $1 million. At the upper end, houses sell for $2.9 million. And with few homes available, they stay on the market for five or fewer days, Hamm says.

“People put their houses on the market on Thursday,” Hamm says. “Most are gone within less than 24 hours. With the bidding wars, multiple people are putting offers in and the sellers are waiting until Monday to review. That increases the days they’re officially on the market.”

Some homes never officially hit the market in a popular neighborhood like Heritage Hills because they’re exchanged in private transactions.

Available properties range from $259,000 for small houses under 1,000 square feet to $500,000 to $600,000 for 1,500-square-foot townhomes to $2.9 million for houses over 7,000 square feet.

Lone Tree homes are big and average 4,000 square feet, Hamm says.

“During the pandemic people wanted more space and many think it takes 1,000 square feet per person to live comfortably,” she says.

Who’s moving in?

Most Lone Tree homebuyers are move-up buyers looking for more space for their families.

That’s one reason RidgeGate will add two elementary schools, a middle school, and a high school.

Lone Tree, which got its name when it was a community built around a rolling golf course, is home to Park Meadows Mall. The shopping hub includes stores like Blue Nile, Altar’d State, and LoveSac, plus popular restaurants like Cheesecake Factory and Yard House.

RidgeGate will bring even more dining and shopping opportunities.

“It’s going to be something to watch,” Hamm says. “It’s going to be big.”

The news and editorial staffs of The Denver Post had no role in this post’s preparation.

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Source:: The Denver Post – Business

      

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