April luxury home sales soar

April saw spike in luxury home sales.

Former Broncos coach John Fox boasted the most expensive sale last month.

Best April on record for single-family, luxury home sales.

April

Luxury home sales soared in April, as this graph shows.
Source: Kentwood Real Estate.

Denver-area luxury home sales soared more than 35 percent in April, making last month the best April on record for homes that sold for $1 million or more in the Denver area.

There were 88 single-family homes that sold for an average price of $1.54 million, 35.4 percent more than the 65 luxury homes that sold in April 2015, according to an analysis of REcolorado data by Kentwood Real Estate. An earlier report by the Denver Metro Association of Realtors showed a similar trend for luxury sales in April.

John Fox, the former Denver Bronco’s coach sold the most expensive home in the metro area last month, public records indicate.

The 11,769-square-foot home with 6 bedrooms and 6 bathrooms sold for $3.95 million.

Fox, and his wife, Robin, sold it through a limited liability company that lists its address at the Chicago Bears headquarters in suburban Chicago. The Bears hired Fox after he left the Broncos. Records indicate he paid $3.04 million for the home in June 2014. Robin Militello signed the deed of trust on behalf of the LLC when they bought the home at 5710 E. Stanford Drive in 2014. Militello is the maiden name of Robin Fox. Fox was hired as the head coach for the Bears in January 2015.

april

Former Bronco’s coach John Fox sold this home last month for $3.95 million, records indicate.

Many of the luxury homebuyers apparently are coming from out-of-state, said Ann Durham, part of the Hantman Durham Group at Kentwood.

“I would say that 75 percent of the showing of our luxury listings are from out-of-town,” Durham said.

“People are moving here from both coasts and that is really driving demand,” she said.

While well-heeled buyers who own homes on either the West or the East Coast find Denver-area high-end homes, a relative bargain, that is not true if they are moving from another part of the country.

“Not everybody is coming from San Francisco and New York,” she said.
“When people from the Midwest move here, they suffers from serious sticker shock,” Durham said.

April

John Fox, former coach of the Broncos, scored with the most expensive home sale in April.

Out-of-state luxury buyers she has seen include physicians, attorney and business executives.

A lot of them are looking to buy in Cherry Hills, Greenwood Village, “and, of course, Denver Country Club.”

There is a limit, however, to demand for luxury homes even in this strong market.

April

A snapshot of the luxury single-family home market in the Denver area. Source: Kentwood Real Estate.

“We are seeing quite a bit of interest from homes up to $3 million, but when you get over $3 million, it really slows down,” Durham said.

However, she thinks overall luxury home sales will remain brisk through the summer.

“I think this strong activity will continue for the next few months,” she said.

One thing that has been a factor is the Presidential election.

“It has not come up yet,” Durham said.

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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