Luxury Real Estate News

 

Luxury News

 

 

  I wanted to give you a brief overview of the Luxury Home market both locally and nationally and touch on some up and coming areas here in Denver. Luxury home sales in the Denver Metro area remain segmented with some areas seeing a steady movement of inventory and others seeing a glut of inventory. One of the reasons for the glut of inventory is an over-supply of homes in the million plus category in some areas where the buyer population is not absorbing them as quickly as the builders had predicted. We are seeing some lender owned luxury homes in the Denver area but in the hotter areas they are being absorbed fairly quickly.

 

Hot Zip Codes

The hottest zip code in Denver appears to be 80121 which encompasses parts of Cherry Hills Village, Greenwood Village and Centennial. Home prices in the Denver area showed the greatest appreciation during the first quarter of 2007 in the 80121 zip code. This area has a wide range of price points from $6.2 million to around $150,000. Most of the movement in this area seems to be in the lower price points. Several other zip codes that faired well and saw increases in the median price and numbers of sales were: Denver 80212, Golden 80403, Denver 80215, Littleton 80125, Evergreen 80439 and Englewood 80111.  Boulder’s 80304 zip code claims one of the highest median home prices of around $600,000. and Denver’s 80209 zip code boasts a median price of over $455,000.

 

Up and Coming Areas

South Park Hill~Located within minutes of downtown and equally as close to the new Fitzsimons medical campus this beautiful old neighborhood is seeing lots of gentrification.  Its proximity to the new retail and development in Stapleton helps the home values. Average sale price: $456,000.

Sunnyside/Berkley/West Highland~Because the Highlands has seen such a housing and population boom the areas surrounding the Highlands are seeing lots of growth with cheaper home prices.. The proximity to downtown allows for easy commuting and a solid rental market. Average sale price: $305,011.

Mayfair/Montclair~Situated just north east of Cherry Creek this quiet older neighborhood has a huge range of home prices and is seeing lots of scrapes and renovations. It also houses a lot of doctors and nurses due to its proximity to several hospitals. The ranges of home prices are from the lower $200’s to over a million. Average sale price: $671,000.

Congress Park~This 17-by-nine block area just south of downtown is seeing lots of growth with condo conversions, renovations of historic mansions and overall growth. With lots of retail and restaurants moving in, as well as its proximity to several parks, this area is booming. Average sale price: $408,000.

 

Although these areas are all urban and part of the trendy movement toward city living, several neighborhoods in the suburbs of Denver are doing well in Littleton, Lakewood, Wheat Ridge, Golden, Centennial and parts of southeast Denver.

 

Luxury Home Trends

Serene Bathrooms– Bathrooms are becoming more of a destination with souped up saunas, LED lights and green elements throughout. Homeowners are looking to bring the spa feel home.

Outdoor Kitchens– Having multiple full size operating kitchens seems to be a trend especially adding additional kitchens to outdoor patios.

Smart Homes–  Homeowners are creating  smart homes with a seamless integration of technology, where people can control their entire home from their computer and ultimately monitor their home remotely.

Anything Green– Creating a sustainable environment is increasingly popular along with the use of any products that are green.

His and Her Rooms– Not only do homeowners want separate closets and bathrooms now but the Mrs. And Mr. must have his and her rooms such as a cigar room or yoga room.

 

Jumbo Loan Products

Loan amounts exceeding $417,000. are considered jumbo loans and despite the medias constant

 portrayal of the difficulty of obtaining financing, there are still plenty of banks offering jumbo products. If you are buying a primary residence be prepared to put between 10-20% down for a down payment and for second homes the down payment requirements are between 20-30%. Here is a snapshot of  some recent rates for Jumbo loans from Jocelyn Predovich at Limetree Lending Group, Jocelyn@limetreelending.com

 

4.55%- 1/1 ARM up to $750,000 loan amount

5% – 1/1 ARM up to $900,000 loan amount

5.25% – 3/1 ARM

5.5% – 5/1 ARM

5.875% – 7/1 ARM

7% – 30 Year Fixed

 

For loan amounts above $900,000. rates on ARMS are .5 percent higher. Jocelyn notes that buyers can sometimes avoid jumbo loans by having a first and second loan because interest rates on jumbo loans are 1-1.5% higher than on conforming loans. 

 

Please let me know if I can assist you with buying or selling an exceptional property!

 

 

Regards,

 

 

 

Courtney Nelson, GRI, ILHMS

Real Estate Broker

Keller Williams Executives Realty

200 West Plaza Dr. Ste. 200

Highlands Ranch, CO 80129

 

courtneyi@kw.com •  720-210-7377 • www.coloradosells.com