Luxury homes hot in Denver, Cherry Hills

Highlights:

  • Kentwood releases luxury home report.
  • June was a record month for luxury home sales.
  • DMAR report showed the same trend.
This home in Cherry Hills Village can be yours for $5.65 million.

This home in Cherry Hills Village can be yours for $5.65 million.

Luxury home sales in the Denver area sizzled in June, with a record number of homes priced at $1 million or more selling last month.

There were 122 single-family luxury home sales in June, a whopping 45.2 percent more than the 64 in June 2014, according to an analysis of REcolorado data by Kentwood Real Estate.

And the dollar volume of $170.5 million was up 25.1 percent from $136.36 million in June 2014.

A separate report by the Denver Metro Association of Realtors showed a similar trend.

In addition, The DMAR report showed the average price per square foot for a luxury home sales in June was $286, a 15.8 percent jump from $247 in June 2014.

Kentwood also tracked five sales of condos that sold for at least $1 million in June,  one more than the four that sold a year earlier. The closed condo dollar volume last month hit $6.93 million, a 9.7 percent increase from $6.32 million in June 2014.

In the first half of the year, buyers snapped up 439 single-family homes priced at $1 million or more, a 26.5 percent jump from the 347 in June 2014, according to Kentwood.

So far this year, 22 luxury condos have traded homes for $35.21 million, a 22.2 percent increase in transaction and up 10 percent as far as dollar volume.

Through June, the total dollar volume was $650.7 million, a 17.9 percent increase from $553.06 million during the same period last year.

While the overall market has less than a six-week supply of homes to sell, the luxury market is much more balanced between buyers and sellers.

At the end of June, there was a 5.25 month supply of luxury homes on the market, according to DMAR,

That is “considered a neutral market with neither buyers nor sellers having the advantage,” said Jill Schafer, a member of DMAR’s Market Trends Committee.

However, the sale pace slows for homes priced at $2 million or more.

“It will be a while before the scales tip toward sellers of homes in the higher end of the market with homes above $2 million,” according to Schafer. “The number of homes sold for $2 million and up at the end of June was the exact same as it was a year ago at this time — no fireworks there.”

Staci Neir likes the interior of the home she is listing in Cherry Hills Village.

Staci Neir likes the interior of the home she is listing in Cherry Hills Village.

Staci Neir, a broker with Kentwood City Properties, knows it could be some time before she and her husband, Alex Neir, sell a stunning home with almost 12,000 square feet of space on a 2.4-acre estate in Cherry Hills Village.

The home, with Frank Lloyd Wright-inspired prairie-style architecture at 19 Cherry Hill Park Drive, is priced at $5.65 million. It is the eighth most expensive home in Cherry Hills Village, according to COhomefinder.com. The most expensive home in Cherry Hills Village is priced at $14 million.

“We do think it is priced appropriately,” Stacy Neir said about the home with five bedrooms, nine bathrooms, two offices, and a nanny’s quarters.

“It is really a spectacular home with a lot of land on the nicest street in Cherry Hills Village,” she said.

The interior is equally spectacular, she said, with its cherry wood beams, natural stone, stained glass windows, and travertine flooring.

“What I like the most about it is the layout and the way it flows when you step inside,” Neir said.

However, she also knows that few homes sell in that price range, even in today’s hot market.

“If you look at homes that sell for over $4 million, it is probably three to five sales per year,” Neir said. Indeed, home sales in the Cherry Hills area lagged the overall luxury market last month. Kentwood reported that 21 luxury homes sold in Cherry Hills Village and Greenwood Village in June, a 22.2 percent drop from the 27 sales in those two communities in June 2014.

Neir and her husband are just getting ready to introduce the home to the brokerage community.

“You never know,” Neir said. “We could find just the right buyer who falls in love with it right away, or it could take a while for it to sell.”

The design of this home in Cherry Hills Village was inspired by Frank Lloyd  Wright. It sits on a 2.4-acre estate.

The design of this home in Cherry Hills Village was inspired by Frank Lloyd Wright. It sits on a 2.4-acre estate.

Interested in buying a luxury home in Cherry Hills Village? Please visit COhomefinder.com.

Interested in buying a luxury home in Denver? Please visit COhomefinder.com.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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