March 27, 2020

How Did the Luxury Market Fare in Denver CO - February 2020

 

Luxury home on acreageA 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.

Short Sale homes for sale

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.   

 

 

March 24, 2020

Senior Shopping Hours around Denver CO

 

It was nice to hear stores around the Denver metro area felt our seniors needed time to shop and without the hoards of people of all ages to keep them safe and healthy.   Below you will find the store hours dedicated to seniors over the age of 60.    (One good thing about being over the age of 60!)

 

Dollar General

Dollar General has dedicated the first hour of each business day to senior shopping. Click here for locations and store hours.

King Soopers

King Soopers will reserve 7a – 8a on Mondays, Wednesdays and Fridays for senior customers. Click here for locations and store hours.

Safeway

Safeway is going to reserve store hours for seniors/at risk shoppers on Tuesdays and Thursdays 7am-9am. Click here for store locations and hours.

Target

Target stores nationwide will reserve the first hour of shopping each Wednesday at stores for seniors and other vulnerable guests. Click here for store locations and hours.

Walmart

Beginning March 24 Walmart locations will open for one hour on Tuesday mornings (6 a.m. for most locations) for seniors only. The pharmacy and vision center will also be open for that hour.

Whole Foods

Starting on Wednesday, March 18, all Whole Foods Market stores in the U.S. and Canada will service customers who are 60 and older one hour before opening to the general public, under the new adjusted hours posted on the store’s web page. (example: if a store’s new hours are 9am-8pm, customers who are 60+ can shop starting at 8am). Click here for locations and hours.

 

March 17, 2020

Denver Real Estate Market Update - February 2020

 

The Denver real estate market usually starts with a flurry either January or February, and this year again we were face with razor thin inventory.  Buyers were in multiple offer situations.  There still was a decrease in inventory this month, but February did see more snow than normal.   The days in MLS decreased from 45 to 39 days.  The sales increased 5.6% over last year's sales, and up over last month's sales also.   The number of homes that went under contract increased substantially from last month.  We are seeing in a 7-day period, more homes going pending than are coming on the market right now.

The following data is courtesy of Joan Cox - House to Home, Inc.

 

Denver saw a decrease in active listings, and we have .6% less new listings than we did this time in 2019.   The pending listings saw an increase (5.8%) over the same month 2019, and a sizable increase from January 2020.  Sold properties saw a significant increase from last year.   With 39 days in mls, this still indicates we are experiencing a Seller's market  (January 2019 we saw 39 days in mls)   Sellers should remember to list a home properly, as those over-priced homes will sit on the market.  (this includes land, attached properties, single family homes and up to the mega million dollar homes)  

 

See what homes are currently available - Active Homes for sale in Denver

 

Stats for the Month of February 2020

New Listings - 5,121 - down from 4,853 last month  (in 2019 it was 5,090) 

Pending Listings - 5,357 - down from 3,954 last month (in 2019 it was 5,063)

Sold Listings - 3,708 - up from 3,289 last month (in 2019 it was 3,511)

Days in MLS - 39 days - up from 45 days last month (in 2018 it was 39 days)

Average Sold Price - $488,180 - down from $476,845 last month (in 2019 it was $463,642)

Percent of Sold Price to List Price - 99.5%, same from 98.8%  last month

 

Buyers - Usually the spring buying season starts mid-January or early February and did not disappoint, and started with a fury.   Razor thin inventory had buyers again making crazy offers, and most saw multiple offers.   We are seeing homes in the lower price points going quickly.   Now that we have Covid-19 amongst us, doing business has changed.   You may see gloves in listings, don't touch the light switches or anything.   

 

Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition.  If you don't have showings, you won't see an offer!   If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.

 

 

Denver’s unemployment latest rate is 2.3% for December. Nice to see this rate so low compared to the national average of 3.5% in February 2020.   Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096.   Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million.   We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth.   Lockhead Martin announced they are hiring many more employees.   See who else is adding employees.    Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area.  I recently got a first time buyer into an affordable housing development at a lower price than found elsewhere in the City.  The builder was offering first-responders a fabulous deal!

 

 

Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away.  Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

 

March 7, 2020

How are Homes Selling in Larkspur CO - Market Update February 2020

 

The Town of Larkspur is located 40 miles south of Denver and West of I-25.   The town was incorporated in 1979 and today is known for the Renaissance Festival held every year in Larkspur and the Yogi Bear's Jellystone Campground.   Most homes in Larkspur are on lots of one acre or more and surrounded by trees.   You will see lots of wildlife - deer, mountain lions, bears (brown & black), fox, coyotes and lots of birds. 

 

The population of Larkspur is quite low, keeping "traffic" to a minimum.  Some in the neighborhood of Sage Port have half acres, and in Douglas Park, there are some up to 70 acres.  Homes are on the West side of Larkspur are nestled at the base of the foothills.    Most homes are on wooded lots and give homes the mountain feel.  You also will find some homes atop a hill with FABULOUS mountain views!

 

Going to the grocery store will require a trip to Castle Rock, and depending on where in the town you live, it could be 15 minutes.    There isn't much in the "town", but a gas station, post office, three restaurants, and of course two golf courses with restaurants.   Bear Dance Golf Course is closer to I-25, and Perry Park Golf Course is on the West side of town.

 

 

  

Here is what happened in February 2020 - 

9 properties sold ranging in price from $285,000 to $969,000

Days on Market were 53 average days

Sellers saw 98.68% to list price

Homes sold were built from 1980 to 2020

 

Looking for a home on acreage in the Denver Metro Area?     

 

HOMES FOR SALE IN LARKSPUR

 

 


 

The BEST PART about Larkspur is the view as you drop down into Perry Park.  It is lush, green and instantly gives you a sense of calm.   Driving down the road, and seeing the deer roam around, hear NO traffic, honking, etc, just the sounds of nature.    It is beautiful!

 

 

 

Looking to lower your stress level, live on some acreage and enjoy wildlife?  Call me.

720-231-6373

 

 

Feb. 27, 2020

How Did the Luxury Market Fare in Denver CO - January 2020

 

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.   

 

We are in the heart of winter, where the ground is covered (and frozen) and still have some beautiful listings for sale.  Thinking of the upcoming Summer and want a fabulous outdoor space to entertain?

 

 

Here is how the luxury market fared for the month of January 2020 -

Total sales - 86 homes ranging from $1,000,000 to $3,275,000 (last month was 129 homes)

Average Days on Market - 85 days (increased from 79 days last month)

Average price per SF (Total) - $258.22 (last month was $282.93)

These homes were built from 1900 to 2019

 

The highest-priced home sold was $3,275,000 in the Denver Metro and is in Rollings Hills in Golden.   This stunning home was built in 1988, on pristine grounds of 5.32 acres with a 4-car garage.   This home has 5 bedrooms, 5 bathrooms, and 11,092 total finished square feet.  this home was on the market for only 7 days. 

 

There was one short sale sold in Sedalia for $1,425,000, and no bank foreclosures sold this month.

This could be an interesting year for real estate at least in the last quarter due to the election.  Rates are expected to remain stable.

  

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.

Short Sale homes for sale

Contact me for bank-owned properties for sale

 


 

 

Today, you will find 549 homes for sale in the Denver metro area listed over $1,000,000 up to $19,999,000.   They have been on the market for an average of 127 days and these homes were built from 1885 to 2021.   Again, no short sales currently for sale, but 1 bank-owned property listed above.

 

There are 287 homes currently under contract over $1,000,000 up to $6,650,000 with an average 92 days on market.    These homes were built from 1886 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 56 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.   

 

 

Feb. 20, 2020

Inspections Buyers should do in Colorado

 

The buyer asks - We are coming from Wisconsin, and wondering what type of inspections we need to do in Colorado.  

 


 

This is a GREAT question, of which many buyers ask!    In Colorado, there are NO required inspections needed, in fact, there is no requirement to DO an inspection.  HOWEVER, I would ALWAYS recommend a home inspection on every listing, no matter the age of the home, even new construction!     On new construction I usually like to remind a new homeowner to get this inspection done at 11 months, so to have the list ready for the builder at the one-year warranty walkthrough.

 

The inspector will check all the mechanicals (furnace, boiler or electric heat, water heater), kitchen appliances, visualize the structural integrity of the home, roof, plumbing and electrical (and the electric panel) and the exterior of the home.     There are additional inspections to consider - lead-based paint (if home is older than 1978), sewer inspection, radon testing, and mold testing if you see anything to alert you that mold could be present.   If there is a well, a perk & flow test should be done.  If there is a septic system - Tri-County needs to come out and inspect, and pump and sanitize the system.

 

In Colorado, buyers have the option to request items to be repaired or terminate the contract with no reason.    If the buyer asks for repairs, and seller does not want to do all of the requested repairs, buyer can terminate the contract, and receive their earnest money back.  The repairs will be required to be completed a few days prior to closing.   During the walkthrough, these items will be reviewed.

 

 

 

 

Posted in Buyer Tips, Inspection
Feb. 13, 2020

What Items Should be Done prior to Listing my Home?

 

 

Should I paint and replace the carpet or sell the home like it is?     Many Sellers ask these questions, and always recommend to get this done prior to listing.   These two items make such an impression when buyers walk in the door.     It gives the home a "face-lift", and smells good.

 

 

Some other items that would make great impressions for buyers -

  • old bathtubs - reglazing
  • bathtub re-caulking
  • outdated lighting in kitchen, baths, and hallways replaced
  • old wrought iron railings getting a new coat of paint
  • old appliances replaced

 

I have shown properties lately that I am not sure I would have put on the market looking the way it did.   The whole home needed paint, the wood trim throughout the entire home needed TLC, very worn carpet and the whole house was dirty and smelled dirty.

 

After all, buyers will "guesstimate" way too high for what it would truly cost to do minor updating.    In fact, by doing a few things to update your home, you could see many more dollars in return at closing.    I have seen bathtubs that should be replaced, but a company could come out and re-glaze the tub to make it look brand new.   Is the caulking around the tub dark or ugly?    Replacing old and outdated lighting in the bathroom, kitchen and hallways help also.

 

I have seen the "old wrought railings" from the 70's get spray painted a copper color and they look like they are from the new century!     Old appliances are wise to have replaced with new ones too.

 

 

Not all dollars spent on updating will be seen on the bottom line, but even though our market has done a small shift, homeowners would be much better off getting some of these items done BEFORE listing.    Most buyers I have worked with either want the home absolutely ready to move in, or they are looking for a fixer where they can do the repairs, but also want it for the best price. 

 

 

Feb. 7, 2020

Is the First Offer the BEST Offer?

There are a few ways to answer this question!

1.  Did you price the home at Fair Market Value?

2.  Was there enough on-line marketing to attract buyers?

3.  Was there enough time allowed for Buyers to view the property?

4.  Was property available for all showings?

 

In all my years of listing property, USUALLY, the best offer will be the first offer.    These are the Buyers that truly jumped in and want to buy the property.  When our market in the Denver metro area was in a HOT frenzied Seller's market, I would let my Sellers know Friday, Saturday and Sunday will be packed with buyers, don't turn down any showings and be prepared to be out of the house for three days.

 

I had some Sellers go to a parents' home, take a mini-vacation and go to the mountain, or just find somewhere to go for all the hours that showings were set.    It is difficult when you have kids (especially younger ones that need naps) and pets.   Showings definitely take some organization.   Also, for those working from home, maybe the office is a better option during the first few days.

 

We do have new rules in place that do not allow marketing of a home more than just a business day prior to entering into the MLS.   This was mandated by the National Association of REALTORS, as many listing agents abused this "coming soon" situation.   When the listing agent has the ability to bring their own buyer, THAT may not be the best offer.    It works better when the PUBLIC gets to see the home, and overlapping showings put some pressure on Buyers that love your home, and create urgency.

 

If you have thought about selling in the near future, contact me and we can discuss how this process works, and provide a net sheet to show you how much your home has increased in value!

 

 

Posted in Seller Tips
Feb. 5, 2020

When can the Coming Soon Sign go Up?

 

 

Seller -  We are almost ready to put our home on the market, can you go ahead and put the sign in the yard and start a list of who wants to see our home?


 

It is exciting you are getting close to being ready for the market!    I know you have worked hard since December de-cluttering, painting and had the floors refinished.     I appreciate the Sellers who do all you are doing, and take pride in how your home will show, and so will the buyers!  

 

The Colorado Real Estate Commission and our Local MLS have rules that prohibit us to put a sign out or start advertising before one business day prior to you going into MLS.     In fact, the Real Estate Commission had a position about "coming soon" signs a couple years ago, as it became a huge problem in Denver.   Many agents were putting signs out, and showing their own buyers, and some listings never became available to the regular public.  This is not in the best interest of the Seller when multiple offers are normal.  Even letting other agents know at our Friday morning marketing sessions, if the home is not in the MLS within one business day, we are not allowed to talk about a new coming soon listing!

 

By having your listing on the MLS and available to all the buyers that could be interested in your home, you will most likely get many showings in the first few days and choose between offers.   Proceeding this way, I can ensure you will get the highest and best offer for your home, which translates to the best bottom line for YOU! 

 

 

Posted in New Listings
Jan. 30, 2020

Town of Parker CO - Market Update December 2019

 

You will find this quaint town Southeast of Denver proper, and about 20 miles or 30 minutes.  It is easy to catch the light rail at Lincoln, if you work downtown, or somewhere along the line.    There are about 64,000 residents in the Town of Parker, and Main street is a fun place to dine or enjoy the retail outlets.

 

 

If you are looking to buy a home in Parker, there is quite a variety of price points.   You can buy a condo or a multi-acre ranch outside the city limits, yet just a few minutes into town.    Here is what happened in the market this past month.

 

Sales for December 2019

146 homes sold ranging from $335,000 to $3,200,000 (up from 141 sold last month)

Average days on market - 54 days (up from 45 last month)

Average sales price was $492,450

Sellers saw 99.08% to list price

These homes were built from 1963 to new builds (2019)

 

The highest sale was in Colorado Golf Club, and sold for $3,200,000.  This home is on 1.85 acres, is a custom new build, has 5 bedrooms, 7 bathrooms, and a 4-car garage.    The home has 6,411 total square feet and was on the market for a total of 139 days.

 

The last quarter sales in the Metro area as well as in Parker was a bit slower than past years, as we have seen days on market slowly creep up.    As we start the New Year, the homes priced below $500K are going like hotcakes!

 

Looking for a home in Parker CO?    Check out this link for the current active listings - 

HOMES FOR SALE IN PARKER CO

 

There are no short sales currently for sale, but ONE foreclosure in Spring Creek Ranch for $1,040,000, was built in 2006 on 3.17 acres.   This home has 5 bedrooms, 6 bathrooms and a 4-car garage with 7,587 total square feet.  

  

 

Are you looking for a home on acreage?  The best price I found today is a home in Deer Creek Farms on 1.7 acres listed for only $560,000!

  

Want to know what a home looks like for $12,900,000?    This home was built in 2001, has 11 bedrooms, 24 bathrooms and a TWENTY-NINE car garage!   There are 45,212 total square feet including out-buildings on 35 acres. 

 

 

 

If you would like to know more about the Town of Parker, please give me a call.  720-231-6373