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COLORADO REAL ESTATE NEWS AND CONVERSATION

Our thoughts and ideas about real estate in Colorado. Check out our Colorado Blog.

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The luxury housing market in Denver recently experienced the best November on record. A recent analysis of homes price over $1 million dollar showed that there were nearly 100 Denver luxury priced homes that sold during the month. Compared to recent years, this was a huge increase in sales at this price point. Consider that in 2011 there were only about 25 homes that sold in the luxury price bracket, followed by around 50 in 2012 through 2015. The 2016 sales number represent an increase of 111% from last year. This is according to a report put out by Kentwood Real Estate, a leading Denver based real estate broker representing upper bracket home sellers.

It isn’t only the luxury homes segment that is experiencing tremendous growth, we have seen an increase in sales across all price brackets. According to REcolorado, there was a 13% increase in sales of single family homes compared to last year.

The increased demand in the luxury homes segment of the real estate market has resulted in brisk sales in many of the new condo developments across Denver. Developers have seen an increase in deposits put down to hold units. This has been especially clear in units priced at the $600k+ price point. It’s difficult to know how long this current surge will last, but local real estate agents are enjoying the boom market.

There are a number of leading real estate agents in Denver who specialize in the luxury housing market. A few of the top upper bracket agents include Meredith Hotz with The Kentwood Company. She works with the Hotz Group who has over $37m in annual home sales. Another excellent agent specializing in this segment of the market is the Bartic Group which is a part of Keller Williams and is led by Brendan Bartic. They are Keller Williams #1 ranked team in Denver.

If you are looking for a Denver agent, be sure to use the easy to search directory to find an agent who meets your needs. A luxury agent will offer higher quality marketing and service compared to your typical real estate agent in the Community. They tend to have a network of connections and are well positioned to sell a luxury home quickly and for the maximum sale price. Denverhomesteam.com is the leading resource for luxury home buyers and sellers in Colorado.

 

 

Westminster Colorado Homes

The Westminster suburn of Denver has home values that are around $320,000. In Westminster this will buy you a nice house that is around 2200 square feet. The Westminster MLS shows prices have increased by 11% from last year which is amazing. Home prices have increased around Denver but not by as much as Westminster. Prices are expected to continuing climing next year and we expect that homes will be even more expensive with increases of more than 4%. It’s amazing how things have changed in only a few years. It used to be in 2011 that you could buy a nice home in Westminster for less than $200,000.

Check out the chart below which details the steep rise in home prices in Westminster over the past six years. What a climb! Prices are becoming increasingly out of reach for first time buyers and if things continue, new homes buyers will only be able to afford a condo or town house and they won’t be able to buy a single family home.

 

westminster denver home prices

 

Prices in nearby Denver communities such as Superior are even higher, with current home prices hovering around $520,000 according to the Denver MLS. We have been talking to some of the local real estate agents who service clients in the area and they told me that when they meet with buyers for the first time they are often shocked at current home prices. It’s taken a lot of people by suprise.

Buyers who are hoping for lower prices might want to consider working with a real estate agent in Twin Lakes, Northglenn or Federal Heights where you can still buy a house for less than $300,000. For now anyway. Prices are expected to increase in these communities as well.

Those buyers who are looking for something in the luxury homes category will find plenty of options including multiple luxury estates priced at more than $2,000,000. One such property that is currently for sale is 2421 Ranch Reserve Rdg in Westminster. The price of this home is $3 million. The property has more than 11,000 finished square feet and is the ultimate in luxury living on the golf course.

There are a number of great real estate agents serving Westminster including The Bartic Group with Keller Williams. Pamela and John Subry with RE/MAX and Team Lassen with Metro Brokers. These are all very experienced real estate agents who can help buyers or sellers and they have members of their team available to work with everyone from a first time buyer to a luxury sellers. With years of experience, excellent marketing, five-star client reviews and a full support staff to ensure that nothing slips through the cracks, any of these Denver based real estate teams would be well suited to handle a clients needs.

Can you believe there are more than 300 licensed real estate agents working with clients in Westminster. Most of these agents only sell a few homes each year and the majority of the sales are completed by a handful of the top agents. In addition, many of the real estate transactions taking place in Westminster are handled by real estate agents who don’t have offices in the city, but are based on in nearby locations such as Denver.

 

Search the Denver MLS to Find Local Real Estate

The MLS system in Denver is a compilation of all of the homes for sale in the Denver area. The listings come from real estate offices all over the Denver including Metro Brokers, Coldwell Banker, Keller Williams, Sotheby’s and more. Contributions are made from the thousands of Denver area real estate agents who work for these local brokers. The MLS system is a huge database of homes for sale. The system also includes past sales history for all homes that have sold in the area. Realtors use this past sales information when preparing a market analysis or price opinion for a client prior to listing their house for sale.

How do I access the Denver MLS?

There are lost of ways to view listings on the MLS. Sites such as Realtor.com or Zillow offer a great search tool for viewing currently listed homes. The best way, however, is to contact a local real estate agent who can set you up on an automatic search so that you will be notified when new homes are listed that match your buying criteria. Think of home shopping as a competition. You are competing to find the perfect home along with hundreds or even thousands of other home buyers in the area. Everyone wants the perfect home and many are racing to new homes as soon as they’re listed for sale. If you wait too long to schedule a showing or don’t see a new listing within a few hours of it hitting the market, you’ll likely be too late for the best properties. Having a Denver Realtor partnering with you in this competition will allow you to view homes the day they are listed.

By partnering with a Denver agent, you can provide him or her with all of your buying criteria such as area, school district, number of bedrooms and bathrooms, size, lot size, amenities, etc. The agent enters this information into their system and you will then be notified immediately when a new home is listed that matches your criteria.

Should I use a Denver REALTOR?

You should absolutely use a realtor! Only realtors have access to the MLS system. It is a requirement of most local realtor boards that you are a member of the National Association of Realtors as well as the local Denver Association of Realtors in order to have access to the Denver MLS. If you are only a “real estate agent” you can still represent buyers and sellers, however, you won’t have access to the MLS. As you can imagine, it would be pretty difficult to be a competitive real estate agent without access to this valuable system.

Reprsenting home sellers in Denver, would also be nearly impossible if you aren’t a Realtor. Again, you wouldn’t have access to the MLS and therefore, you would be limited to marketing your clients house through other means such as yard signs, flyers, postcards, your local real estate agent network, personal website, etc. These are all great supplemental methods to sell a house, however, by far the most effective is listing their house on the MLS. Almost all buyers tell us that they begin their home search online and the most visited real estate websites include those with data feeds connected to the Denver MLS system.

Which Denver Realty Company Should I Use?

There are lots of great realty companies in Denver including Coldwell Banker, Keller Williams, Sotheby’s, RE/MAX, Metro Brokers, etc. Choosing the right real estate agent is more important than the realty company. Each real estate agent is essentially an independent contractor running his/her own busines under the broker. Choosing the right real estate agent will take time. Be sure to select the best agent by reviewing their sales history, experience, number of homes sold, realtor designation, reviews from past clients and more.

Bonnie Brae Real Estate Neighborhood

Bonnie Brae has some of the most unique and exciting buildings in Denver. The homes in Denver’s Bonnie Brae neighborhood are truly amazing. Current home prices range from a low of around $500,000 to $1,.7 million. This Denver neighborhood is served by more than 2000 Colorado Realtors.

The word Bonnie Brae, means “pleasant hill” in Gaelic. The area  was designed in 1923 by landscape architect S.R. DeBoer. His plan was to create a Scottish village within the city. DeBoer was  inspired by the area’s natural topography, he created a neighborhood of curvy streets that give the area lots of charm and created the ideal setting for its many elegant homes. Recently the area has been the target of custom builders who have torn down smaller houses which have been replaced with large, upper bracket homes.

Throughout the 1930s and ’40s, many homes continued to spring up in Bonnie Brae, including some rare specimens of the Art Moderne architectural style. These streamlined homes are instantly recognizable thanks to their curved corners, panels of glass block and horizontal bands of highly polished materials such as aluminum, stainless steel, opaque colored glass and glazed terra cotta. Glimpses of the International style of modern architecture can also be found in Bonnie Brae with its asymmetrical composition, smooth continuous wall surfaces and lack of any applied decoration.

The Bonnie Brae business district, centered in the 700 block of South University, is home to numerous restaurants, shopping and conveniences.  You will be close to Washington Park and Cherry Creek and you will have easy access to Downtown Denver. This neighborhood really is the heart of the city.

Denver Tech Center: 8 mi (13 min.)
Downtown Denver: 8 mi (15 min.)
Cherry Creek North: 2 mi (5 min.)

The community is served by Cory Elementary School, Hill Middle School, Merrill Middle School, Georege Washington High School and South High School.