Denver County          -          Douglas County         -          Arapahoe County

Coming  soon                           Cherry Creek                  Coming soon

Todays Topic

By Larina

Luxury Homes - Are they starting to move?

Specializing in Luxury home sales is not an easy task. However being a buyer’s agent for today’s cash buyer is a dream. There are currently 1,172 Active homes on the market that are over $1,000,000. These are detached single family homes in the Denver metro area. Choices Choices and so many quality homes desperate for an owner. I say "cash buyers" because financing is the biggest challenge in the luxury home market as of right now. However I do see some glimmer of hope. Programs that we thought would never come back seem to be appearing. Such as the doctor loan, offered by Bank of America, allowing a doctor  with good credit to purchase a home without having to prove income, up to 95%. Until some more of these programs take effect, I don't believe we will see a huge increase in sales for these high end homes. At the same time,  we are starting to see some steady movement in the high end product.

In the last 90 days 112 homes sold over $1,000,000. During the same 90 day period last year, there were only 16 homes that sold. This shows that people are coming to the realization that we are at, or close, to the bottom.

Average days on the market in this segment, over the past 90 days, was 187. The average days on the market, for the same 90 day period last year, was 307. This is great news,  it is not all doom and gloom!!!!!  The average price per sq. ft. for these sold properties is $324 as opposed to $484 for last year (for the same 90 day period). What  this shows, is that sellers are reducing  their prices more this year. Have sellers realized what it takes to sell their home in today’s market? I think people are catching on. Now more than ever, it has become imperative that sellers know what is needed to sell their home. Not only is it imperative that  they have to have the correct information guiding them so that they can price their home correctly,  but it also has to have top notch marketing!!!   Prior to 2007 there were nearly 28,000 realtors state wide and now that number has decreased  to 21,000,  per the Colorado Association of Realtors. In times like these a realtor needs to be savvy enough to figure out how to make your home stand out above the other 1,172 homes on the market. When people ask me "how can you afford  to put that kind of money into a listing and do that level of marketing”? I tell them "we can't afford not to".