BOULDER--The Peloton condominium project in Boulder is seeing success that many developments haven't enjoyed over the past year, grossing almost $23.5 million in sales.
Of the 744 condos sold in Boulder over the past year, 70 of them were in the Peloton's 190-unit first phase, including 41 in 2010.
Cindy Gonzales, director of marketing for the Peloton, chalks up the project's success to price.
"We're not located downtown, but we have the right price point for people who want urban living," Gonzales said.
Prices range from $249,900 for a loft to $539,900 for a two-bedroom unit with a den.
Located on Arapahoe Avenue between 33rd and 38th streets, the Peloton is within walking distance of the 29th Street entertainment district and just minutes from the University of Colorado campus and Pearl Street. Tom and Bonnie Geier sold their 3,200-square-foot home in Boulder and moved into a two-bedroom unit at the Peloton about two years ago.
"We were looking for a different kind of environment than a home with a yard," Tom Geier said. "We're both retired, and we didn't need four bedrooms and four baths and an unfinished basement. We're both very active. My wife likes to run, and I like to bike, and we're close to the paths."
Gonzales said she expects the first phase to sell out by next spring, and then construction of another 190 units will begin.
Boulder's condo market has fared better over the past year than its single-family homes. In June, 24 condos sold in Boulder, a 20 percent increase from the same month a year ago, according to an analysis of Metrolist data by independent real-estate consultant Gary Bauer.
The average price for a condo in Boulder rose 7 percent to $249,245 in June from $232,884 in June 2009.
And while the number of single-family homes sold in June rose 10.5 percent to 21 last month, the average sales price dropped 35 percent to $556,637.
Still, there are several factors that set up the Boulder market for a quick recovery, Bauer said.
"Boulder was the first entity where they had controlled growth," he said. "They limited the number of new residents and major modifications. And Boulder is the place to be. If you want to be at the 'in' spot, it's Boulder."