A Luxury Home can be identified differently in cities across the country, but in Denver, my Luxury blog posts will report on detached single-family homes listed in the Denver metro area over $1 million. Some have mountain (snow-capped now) and/or city views, some back to a golf course or have water views all to compliment one's lifestyle. (however, we don't have much water) Some are updated with products from around the world, and some have expansive square footage or on acreage. Whatever a Buyer is looking for, most likely if you have over $1 million, you can find it in Denver or in the surrounding suburbs.
With the current Coronavirus, Colorado has a "Stay at Home" order, and many homeowners are not allowing showings at this time. Some are vacant, and will allow them, and I can check this out for you, if you find a home you are interested in.
Here is how the luxury market fared for the month of February 2020 -
Total sales - 108 homes ranging from $1,000,000 to $6,620,000 (last month was 86 homes)
Average Days on Market - 64 days (increased from 85 days last month)
Average price per SF (Total) - $295.35 (last month was $258.22)
These homes were built from 1905 to 2020
The highest-priced home sold was $6,620,000 in the Denver Metro and is in Cherry Hills Village. This stunning home was built in 2009, on pristine grounds of 2.39 acres with a 13-car garage. This home has 8 bedrooms, 13 bathrooms, and 19,864 total finished square feet. this home was on the market for only 178 days.
There were no short sales sold, and no bank foreclosures sold this month.
I was predicting an interesting year of sales with the election in November, but had no idea we would be facing this pandemic right now and affecting not only our real estate sales, but our entire economy. Sales were very strong and definitely seeing an early spring buying season. Hopefully after this virus passes, hope to see our market bounce back! With what the stock market was doing, those buyers paying cash may have thought twice about removing monies from investments.
Looking for a home on acreage and private? With mountain views? Or would you like to see what homes are for sale over $1,000,000? There is currently one bank-owned properties for sale in Castle Rock (Woodlands) for $1,099,000. There are no short sales listed.
Contact me for bank-owned properties for sale
Today, you will find 665 homes for sale in the Denver metro area listed over $1,000,000 up to $37,000,000. They have been on the market for an average of 112 days and these homes were built from 1885 to 2021.
This new listing listed for $37,000,000 is off I-70 after climbing into the mountains on 157 acres. This home was built in 1999 and called Bear Mountain Ranch. This home features 9 bedrooms, 10 bathrooms with a total finished 17,017 square feet and a 7-car garage. It also has two barns, an arena, workshop and caretaker quarters.
There are 232 homes currently under contract over $1,000,000 up to $6,650,000 with an average 75 days on market. These homes were built from 1885 to 2020.
Here is how 2018 compared to 2019
Total Sales 2018 - 1,625 2019 - 1,810
Days on Market 2018 - 86 days 2019 - 61 days
Average Price Sold 2018 - $1,295,000 2019 - 1,300,000
% Seller Saw to List 2018 - 97.72% 2019 - 97.65%
With the equity increases we have seen over the last several years, it is not unusual to see homes priced over $1,000,000 now all over the City. In October 2015 there were only 30 homes sold in Denver proper, this month there were 45 homes sold.
I have obtained my luxury marketing certification and has given me a multitude of new ideas. If you have seen a home in this post this intrigues you, give me a call - 720-231-6373.