Cherry Creek is an Immensely Popular Neighborhood in Denver, Colorado. A highly versatile area that combines some of the oldest homes in the region with new, modern homes.
It is known for its exquisite, urban tone and tree-lined streets with a backdrop of aesthetically-pleasing residences.
It is named after Cherry Creek, which is a tributary located on the South Platte River on the south side of the famous neighborhood. Whether you are an investor in real estate or seeking real estate within Denver, Cherry Creek offers many options.
The total population of Cherry Creek sits just above 7,000. It is estimated that there are approximately 4,300 households within the area. Of those, nearly 2,000 are family units. Individuals aged 5 and under make up about 3.71% of the population. Those from 5-17 make up about 6.34%. Individuals that are 18-24 years of age come in at about 4.99%. The age group of 25-34 makes up 14.55%. People that fall into the age bracket of 35-44 rank in at 14.36%. Those aged 45-54 make up 10.25% of the total population. Those that are 55-64 years old make up 18.66% of the population. Individuals that are 65 years old and older make up a total of 27.14% of the total population.
In terms of housing units, there are approximately 4,654. Of these, 55.08% are owner occupied. There are approximately 8.36% housing vacancies in the area. Of the homes in the neighborhood, about 1.53% were constructed prior to the year of 1940. Multi-family units make up about 56.36%. Residences that are located within a half of a mile of a designated park for recreational purposes comes in at 100%. Single-family units make up about 43.25% of all housing. Per 1,000 residents in the area, there are 4.14 park acres available. For public subsidized rental housing, there are about 334 units in and around the neighborhood. Residential density ranks in at 26.94 and the median appraised valuation of residences comes in at an average of $469,900.
Commercial Centers of Cherry Creek
In Cherry Creek, there are – to date – two main commercial centers. These are situated along the route of East First Avenue. The first commercial center is a high-end shopping mall that is aptly named Cherry Creek Shopping Center. Many of the locals refer to this as the “Cherry Creek Center”. This is located just 3.5 miles to the southeast of the downtown Denver area. It is on the banks of Cherry Creek.
This shopping mall contains in excess of 160 specialty-based boutiques as well as over 40 different stores that are considered to be exclusive to the region. It also contains a movie theater that contains a total of 8 screens, a play area designed for children, numerous dining establishments, and a seasonal farmer’s market. This is operated by the Taubman Centers.
The second commercial center is Cherry Creek North. This is situated from University Boulevard to Steele Street, along the roads of East First Avenue, Second Avenue, and Third Avenue. This commercial center spans an area of 16 of the city blocks within Cherry Creek. It contains both locally-owned businesses and those brands that are considered to be nationally recognizable. When visiting this commercial center, you will discover a variety of retailers, spas, salons, services, restaurants, and shops. Many individuals that are attracted to Cherry Creek gravitate towards the area because of these self-contained commercial centers. Not only do they have what they need in two easily accessible shopping centers, but these commercial centers offer many job opportunities for young to middle-aged adults.
Transportation and Parking
Cherry Creek is loaded with a large number of bus routes. There is street parking located in the Cherry Creek North area that is metered. In the Cherry Creek Mall, there are paid parking opportunities. This is also available in the area of University, 1st, and Steele. Additionally, there is a very large amount of B-cycle stations situated throughout the neighborhood. In the residential areas of Cherry Creek, there is a limited amount of parking spaces available. Whether you choose to walk, bike, bus, or drive, there are plenty of both transportation and parking availability in this upscale area associated with Denver, Colorado.
Renter and Buyer Availability
Cherry Creek in Denver is known for its immense number of luxury-based townhomes and exquisitely-designed duplexes that are constructed on very small lots. Most of the homes in the area are occupied by their owners. The area seems to be a highly attractive region for individuals that are considered to be “empty nesters”.
It is also enjoyed by older populations that enjoy having quick and easy access to stores, shops, restaurants, and other types of amenities that are offered by Cherry Creek. There is currently a very limited number of condos and homes that are designed for single-families; however, this is expected to increase within a short amount of time. The most affordable homes for sale are situated in the Cherry Creek Drive South region.
Construction is always occurring in Cherry Creek near Denver, Colorado. In recent years, there has been a large influx of high-rise condominiums made available within the region. The neighborhood has all high scores in being very walkable, having an optimal good transit system, being very bikeable, and highly attractive to individuals seeking employment and a highly versatile area to reside. Cherry Creek is considered to be one of the most gorgeous and highly affluent neighborhoods when it comes to Denver, Colorado. Real estate is high in demand in this Denver neighborhood. It does not matter if you are seeking to start a rental business, want to flip a home, want to purchase a home to reside in, or want to rent, there are many wonderful options in and around Cherry Creek.
By now, you know and understand that Cherry Creek is a premier destination when it comes to shopping; however, it is also both a regional and a national office center where numerous businesses – such as Janus Henderson – elect to place their company headquarters.
The already flourishing area will very shortly add an additional 95,000 square feet of space for retailers and an additional 200,000 square footage of space for office space.
If you are an investor that has a desire to reap financial rewards from Cherry Creek, you should consider investing in office and retail space in the area where companies may conduct their business. This will give you the opportunity to make money each month on the rent obtained from businesses.
Things to Do
If you market property in the Cherry Creek neighborhood, it is essential that you utilize all the things that are available to do in order to market your property. This is a widely popular neighborhood that has been thriving for many years. It is unique in that its commercial district is intertwined in the residential areas of the neighborhood. In addition to offering a multitude of shopping, dining, and specialty services, Cherry Creek also hosts a variety of special events, entertainment venues, and other activities throughout the year. The following outlines some of the many activities that may be enjoyed and/or pursued throughout the year:
- The Cherry Creek Arts Festival
- The Cherry Creek North Sidewalk Sale
- Art Feast
- Small Business Saturday
- Cherry Creek North Food & Wine
- Holidays in Cherry Creek North
- InSidewalk Sale
- Denver Restaurant Week
Brief Highlights of the Creek
Cherry Creek – located alongside of the neighborhood – is the reason why it has its name. In the height of the Gold Rush of Pikes Peak in the years of 1858 and 1859, the creek was immensely popular. This was because when people dug in and near the creek, gold was discovered. In addition to this, the creek has gained a high level of popularity because of the crayfish that it contains – which many locals consume. In addition to this, the creek contains a lot of different types of fish.
Examples include trout, yellow perch, and when the Cherry Creek Dam is opened a bit, other types of fish – such as rainbow trout, walleye, and northern pike may be discovered. Petrified wood is often found in the creek from upstream petrified forests, and many fossil bones from mammals has been found in and around the creek.
Get a Property Manager Today
Are you interested in purchasing real estate in Cherry Creek? Do you want to develop in the area? Are you in search of rental property in the luxurious Denver neighborhood? If so, you should obtain a property manager now. We here at Pioneer Property Management can help you discover housing to meet your needs.
We have serviced thousands of clients seeking property in Denver and all surrounding areas. If you are in search of a property manager for your real estate business, you are sure to discover that our services rank among the highest in the area.
Simply contact us today to learn more about the property management services that we offer our clients: 720-839-7482