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DENVER-Don MacKenzie, managing partner of Grey Star Development, has an easy way of tracking the health of the upper end condo market. ”The condo sales market in this city follows NASDAQ,” McKenzie, who is developing the Swallow Hill Condominiums in the Uptown neighborhood east of the Central Business District, tells GlobeSt.com.

”If there is one indicator that you are looking at to determine if people want to buy, it would be how well their stock portfolios are doing,” he adds.

Swallow Hill at 1630 Clarkson St and 1631 Emerson St. is the largest single condo project underway in Uptown. It includes a seven-story and a five-story building with a total of 104 luxury condos, priced from $245,000 to $600,00. It is scheduled to be completed in the fall of 2002.

”Pre-sale activity has picked up in the last 30 to 45 days,” he tells GlobeSt.com. ”We had kind of a major lull six months prior to 45 days ago.”

The culprit? The collapsing NASDAQ, he says.

Both yuppies and empty nesters, the two main markets, feel more comfortable buying when their stock portfolios are firing on all cylinders, he says.

Surprisingly, the terrorist attacks of Sept. 11 didn’t halt sales, he tells GlobeSt.com. ”The stock market is up more than 20% since the week after the attacks,” MacKenzie says. “Actually, that created sort of the bottom of the stock market and allowed the recovery to begin.”

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