“MILLION DOLLAR +” HOMES IN METRO DENVER

Most people are curious about what luxury living looks like in their neck of the woods. How many millions would it take and what do you get for all those zeros? Let’s looks at some facts for Metro Denver over the last year:

• • Less than 2% of the homes sold over the last twelve months had a price tag of $1 million dollars or more. Exactly 1,092 homes brought a price of a million plus out of the 58,746 sold during that time frame. This is based on an analysis of all the homes reported sold by real estate agents through the metro Denver MLS system from November 2014 through October 2015.

• • If you are living in a million-dollar plus home, it is most likely a single-family property. There were only 84 homes in the million-dollar club that were of the multi-family variety.

• • The multi-family properties are almost exclusively focused in one of two areas: Downtown or Cherry Creek.

• • Single-family homes tend to be concentrated in a few areas.
    • • The corridor from Broadway to Colorado and Colfax to I-25 had 194 sales.
    • • Cherry Hills Village and Greenwood Village combined for a total of 162 sales.
    • • The section of Denver bounded by Colfax, Yosemite, Alameda and Colorado had 76 sales.
    • • If you are living in a million-dollar plus home a bit farther out, you are likely to be in either Castle Pines (68 sales) or the Evergreen/Conifer area (36 sales).
    • • All of these areas account for 55% of all of the sales with the rest scattered around the metro area in small pockets here and there.

• • The most expensive single family home sold over the last twelve months is in Cherry Hills Village, originally built in 1934. Listed originally at $14,000,000 in April 2014, it was reduced to $12,800,000 in June 2014. It closed on July 23, 2015 for an even $11,000,000. The new owner of this property is roaming around in a pastoral setting on almost 15 acres with small ponds and extensive horse facilities.

• • In contrast, the most expensive multi-family property was new and modern and in the heart of downtown Denver. It was a 2010 build in the Four Seasons. It is providing its new owner with almost 5,200 square feet of chic, modern living space with incredible mountain and city views. The property sold for $4,550,000 in April 2015 after being listed for $4,950,000 in July 2014. Note: The HOA fee runs about $4,700 per month.

Here’s to “Champagne Wishes and Caviar Dreams” – Robin Leach, Lifestyles of the Rich and Famous.