Denver Neighborhoods - Historic Capitol Hill

Capitol Hill was founded in bluster and hope. Richard Whitsitt believed that he had rightful ownership of the area in the early 1860s, but lost it. Henry Cordes Brown took advantage of Whitsitt’s undocumented claim by erecting a cabin at 12th and Sherman and using the Homestead Act to purchase 160 acres of land for just $200. Although Whitsitt threatened a duel, Brown unsheathed his carpenter’s hatchet in return. No blows were ever struck, and the land called “Brown’s Bluff” was established.

The north-south, east-west orientation of Capitol Hill streets broke the diagonal layout upon which Denver had been founded. But when city planners objected, Brown received formal approval of the territorial legislature for his plat in June 1869. The mold was thus broken, and most of Denver thereafter adopted Brown’s north-south, east-west orientation.

Brown’s Bluff was named for the capitol well before the Capitol building itself had been planned. In fact, Denver wasn't even the capitol city of Denver when Brown deeded the legislature his parcel of land: he hoped they might establish the governmental seat in this area, but so did nearly a dozen other developers in the state. All hoped to raise the value of his adjacent properties by having the Capitol built in their midst, but the territorial government dithered on making a decision, and by 1879 the gift struck Brown as unnecessary. However, when Brown sought to reclaim the donated parcel, the state successfully lobbied the US Supreme Court to block the effort. Brown‘s initial objective was finally achieved: the state broke ground on the new Capitol building, and Capitol Hill’s prominence was assured.

Although an early center of the elite, Capitol Hill has always been a place of diversity. Even in the era of millionaire mansions, service workers lived in the area nearby their affluent employers. Squatters took up residence on the nearby park lands and small farmers drew from the precious water in the City Ditch. And when the financial Panic of 1893 ruined fortunes, the middle class moved into the homes of the once-gloriously rich.

Today, Capitol Hill is well known for its lively urban ambience, mixed neighborhoods, organic super markets, coffee shops, art galleries and its unique historic districts. Millionaire’s Row, Wyman District, Poet’s Row, and Quality Hill are all contained within its boundaries. Community spirit is fostered by the strong leadership of Capitol Hill United Neighborhoods (CHUN) and its yearly People's Fair, and the area is now far less contentious than in its blustery beginnings.

Capitol Hill Real Estate Prices for January 2008
(data from August 1, 2007 to January 31, 2008)

19 detached single family homes were sold with a median list price of $458,500. On average homes took 157 days to sell and sold for a median price of $440,000. Median price is generally a better measure of sold price than average, which is skewed by a few high-priced homes at the top and bottom ends. Lowest sold price for detached single family homes was $177,500; highest sold price was $970,000. For condos and townhomes (attached family homes) the lowest sold price was $49,500 while the highest was $737,500. The median sold price was $158,647, and the average was $179,367.
 
The ratio of sold to list price was 92.43% for detached homes. The ratio of sold to original price was 85.70% which means that sellers are still listing homes at too high a price. The net sold (after seller concessions such as down payment or closing cost assistance, and the like) to original list price was 85.23%. To simplify, if a seller originally listed their home at $450,000, they realized $393.535 from the sale.
 
By the time the seller finally reached a marketable price after having listing it too high, the sold to list ratio improved to 92.43%, still not high, and the net sold to list price was 91.93%. Sellers are not getting what they’re hoping for in Capitol Hill.