From writing letters to researching death records, realtors and buyers are taking steps to find more inventory.

DENVER – The Conoco in the Bonnie Brae district has been in the same location for almost 80 years and has been a successful family business since 1942.

"We're in a great location," said Ken Wilson, gas station and repair shop manager. "We love being here."

There are three words on the sign in front of the door: "Not For Sale". They show that the business wants to continue in the years to come.

Wilson released the news after rumors began to circulate that they were selling and loyal customers were concerned. That simple phrase now calms the regulars down and helps Wilson keep the deals out.

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"Usually someone just comes by on foot, gets their business card and just asks if we're interested," he said. "Usually I closed it right away."

Wilson and his family have owned the Conoco near Washington Park for three generations. In a real estate market like Denver's, valuable lots like his are being offered by eager buyers even if the owners have no intentions of selling it.

Wilson said he's gotten a few offers over the years, but they've stopped since the sign went up.

"We feel responsible to our families," he said. "I feel obliged to my father to continue this after his death. We feel responsible to the community here, to our neighbors."

Whether it's commercial or residential, buyers are trying to find properties before they hit the market or the owners even know they want to sell.

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"Realtors and buyers are writing letters to people in neighborhoods they want to live in to see if there is interest," said Jenny Usaj, a Denver real estate agent.

Usaj gets it. She has received two letters from interested buyers to see if she would be willing to sell her home or one of her rental apartments.

There's a reason buyers struggle to find what they want and when they want it.

"We closed with around 2,500 homes on sale last month," she said. "To give you the context, we would need 36,000 apartments to be a balanced market."

These numbers come from the Denver Metro Association of Realtors (DMAR), the largest local REALTOR® association in Colorado.

The inventory is so small that prospective homeowners are considering new builds as another option. Usaj said the Crescendo condos near West 52nd Avenue and Federal Boulevard will likely be sold before they are ready to move in.

"Honestly, I haven't seen this demand in the market in a long time, which puts a lot of pressure on brokers to find inventory when nothing is readily available," she said.

Usaj said the new build is a great alternative for homebuyers who appreciate not having to compete in a bidding war, forego inspection inspections, and spend cash to fill valuation gaps.

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Besides writing letters to entire neighborhoods, realtors and buyers are looking for other creative ways to find more inventory. Usaj said some are even researching death records for property sales.

A full service gas station in the middle of one of Denver's most desirable neighborhoods is here to stay.

"This place could be worth a lot at some point, but it would be a long time before we sell it," said Wilson.

Selling is currently not part of the Wilson family's plan. Your "Not For Sale" sign in front of the door tells the whole story.

"It's hard to give a price for a family business," he said.

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source https://seapointrealtors.com/2021/08/11/this-denver-gas-station-isnt-for-sale-but-keeps-getting-offers/

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