Sotheby’s International agent Casey Miller has lived in Wash Park with its Old South Gaylord dining district for 20 years — long enough, he said, to see a pattern among some homebuyers and sellers there.

“A ton of my business is a circular flow,” Miller said. “People start from Denver, then head south to suburbs like Greenwood Village as parents, and then they move back to Denver for the walkability. I’ve seen some buyers go through that whole cycle.”

Old South Gaylord

At 840 S. Gaylord Street he’ll show you a 1940s-era bungalow that he said is a perfect lure to get a buyer to complete the circle. It’s on a lushly landscaped — but low-maintenance — lot, located a block-and-a-half stroll from Max Gill & Grill and other Old South Gaylord haunts. And its single-level floor plan has been twice remodeled into wide-open spaces with a modern feel.

The home came on the market only three weeks ago, but Miller and his sellers have already sensed the jump in supply that the metro area is feeling now, and already cut the price by $100,000, to $1.7 million. That’s in spite of holding an open house that saw a very favorable reaction, he said.

The streets east of the mile-long park went through a sharp runup in prices during the pandemic.

“There were so many people wanting out of their situation and Wash Park was very hot at that time,” Miller said.

Scrape-and-build

What’s interesting now, he adds, is that although there are 45 homes for sale in that area, the scrape-and-build phenomenon is keeping the top end of the market cooking despite the large supply.

That starts with smaller bungalows that are getting $1.3 million to $1.5 million just for their “scrape value” — then morphing into new-built custom homes. Sizes of those can top 5,500 finished square feet.

Some of those attract that circular-flow buyer, already used to a big home but wanting out of the 2.5-acre site that came with it.

“I’ve sold several this year,” Miller said.

Custom-spec homes

Those are popular enough that some builders are doing custom-spec homes — fronting the money for the land and tear-down, and betting that a new home will sell while it’s still under construction.

That’s all something that can be avoided with this bungalow, with four bedrooms, three baths, in a main-floor-living plan with 2,963 square feet finished. Rather than pop the top, previous owners took advantage of a double lot to push out additions that include a large sunroom overlooking the streetscape, along with a new primary suite and an open family room that merges into a large outdoor living area with a mahogany deck.

Being a full block from restaurant row keeps the traffic and parking lighter, while still in close proximity to Max’s (Miller says he met his wife there when it was still Hemingway’s Key West Grill) and his other favorites like Perdida, Green Collective Eatery, and recently revamped Reivers.

With lots of people headed out of town this weekend, he’ll hold 840 S. Gaylord open the following Sunday, July 13.