Luxury condos selling fast, despite economy

DENVER – In this time when homes are selling very slowly, $800,000 condominiums are being snatched up in a building that's still being built downtown.

The Four Seasons Hotel and Residence is under construction at 14^th and Arapahoe. Only 16 floors of the 45-story building have been built so far, but already several of the units have been claimed.

"We started selling last year and we've already sold about half of the homes here, which is extraordinary," said Chris Norton with Four Seasons. "We still have about 20 months to go and we very much expect to be sold out by the time we finish."

The first 18 floors of the building will house Denver's first Four Seasons Hotel. The remaining 27 floors will provide one, two, three and four bedroom condominiums, ranging from 1,000 to 7,000 square feet. Norton says it is the Four Seasons' international reputation for posh rooms and customer service that have buyers lining up.

"There were a lot of people waiting for this; a lot of people who had experienced Four Seasons around the world," Norton said. "When they heard they had the opportunity to have it in Denver they jumped."

"It's really the case of something very different for the market," Norton continued. "Even though the (economic) environment wasn't fantastic, people recognized that this is not something they've had the chance to have here before."

Construction workers on the project say they're hoping to finish a floor a week. The hotel and residences are expected to be finished by spring 2010.

For more information about the Four Seasons Hotel and Residence, CLICK HERE.