All Denver Real Estate Blog

All Denver Real Estate Blog*** 1-877-378-8213***

Larry Hotz, Kentwood Real Estate, Greenwood Village, Colorado

  • Home
  • MLS Search
  • Relocation
    • Neighborhood Finder
    • Relocation Package
    • Relocation Articles
    • Relocation Map
    • Denver Suburbs
    • Corporate Relocation
    • Denver Weather
    • Denver Relocation Realtors You Can Trust
  • Luxury Real Estate
    • New Luxury Listings
    • Luxury Homes Blog Articles
    • Cherry Hills Village
    • Greenwood Village
    • Castle Pines Village
    • BackCountry
    • Heritage Hills
    • Luxury Gated Communities
  • Blog
    • Latest Blog Articles
    • Real Estate News
    • New Denver Homes
    • Realtor Stories
    • Denver Relocation
    • Home Loans
    • Kentwood Company
    • Downtown Denver
    • Stapleton
    • Evergreen, Colorado
    • South Suburbs
    • Boulder, Colorado
    • Highlands Ranch
    • West Suburbs
    • Louisville
    • North Suburbs
    • Aurora
  • Buying
    • Home Mortgage Rates
    • Buyer Broker Advantages
    • First Time Homebuyers
    • Denver Metro Schools
    • Denver Crime
    • Interactive Denver Crime Map
    • Denver Churches
    • Denver Synagogues
  • Selling
    • Free Home Valuation
    • Kentwood Company
    • Kentwood Advertising
    • Agent Criteria
    • Listing Services
    • Seller Tips
    • Out-State Referral
  • Our TV Shows
  • About Us
    • The Hotz Group REALTORS®
    • Meet Larry Hotz
    • Luxury Homes Realtor Elizabeth Hotz
    • Trust Meredith Hotz
    • Dotson Skaggs, Castle Rock
    • Martin Team, Littleton
    • Robert McGuire, Downtown
    • Boulder, Louisville Realtor
    • Tom Cryer, Denver Relo
    • Meet Steven Kruse
You are here: Home / Denver Real Estate News / Luxury Denver Home Market

Luxury Denver Home Market

July 14, 2010 By Lon Welsh, Your Castle Real Estate Leave a Comment

Denver Luxury home sales market

Luxury home sales increased in second quarter along with prices.

Like the rest of the market we study, luxury home prices appear to have stabilized and actually improved somewhat in the second quarter of this year. In fact, sales these homes priced above $460,000 increased 13%. Some Realtors attribute this increase to Denver relocation buyers as well as “move-up” buyers.

Why does $460,000 define luxury home sales?

Denver luxury home for sale

Cherry Hills consists mainly of luxury homes for sale but few are distressed sales.

It’s the top 10% of all home sales in the metro Denver area. Of course, we could have picked the top 5% of home sales that are those above $600,000. Or, some might choose to define it as the top 1% of all home sales that were those above $1.125m in Denver suburbs like Cherry Hills, Colorado.

There have been many comments in the national press about how more and more luxury home sales are distressed. Short sales and foreclosures are rising nationally among “the  rich”. That doesn’t seem to be the case in the Denver metro market.

The number of REO (bank owned foreclosures) sales peaked in the first quarter of 2009, and has declined since then. The number of short sales has been climbing steadily since their debut in third quarter of 2008.   For the first time, there were more luxury home short sales than foreclosure sales in the second quarter 2010. If you look at the number of distress sales including both short sales and foreclosures relative to the total number of total sales, you see that the distress ratio is pretty consistently between 10 – 15% of the market.

Prices for luxury homes fell from $250 per square foot (2008) to $230 per square foot during most of 2009.  However, they did recently increase by 3% in the second quarter 2010. The big question is “Does that signal a bottom or just the effects of tax credits that have expired. We will have to wait at least one more quarter to answer that.

While “regular” sales of luxury homes are around $239 per square foot, distressed sales sell at about a 20% discount.  Bank foreclosure homes sold for $196 per square foot on the average and short sales sold for $201 per square foot.

No votes yet.
Please wait...

Filed Under: Denver Real Estate News Tagged With: Cherry Hills Colorado, Denver luxury homes, Denver luxury real estate, Denver realtors, denver relocation, Foreclosures, Real Estate market, short sales

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Easy Homes Search

Our New Phone Search App

We just made an app that’s easier to use! Lighter. Totally private and secure. We don’t sell your data!
Littleton Colorado and Ken Cary

Search Our Website

Denver Resources

  • Neighborhood Finder
  • Denver City Neighborhoods
  • Suburbs For Relocation
  • Home Buyers Relocation Package
  • Best Denver Schools
  • Dream Home Finder
  • Denver New Homes

Featured Properties

15265 W. LaSalle in Lakewood

15265 W LaSalle Avenue, Lakewood, Co in Solterra

Price: $1,190,00 Bedrooms: 5 Baths: 4 Sq. Ft: 4,196 Finished Year Built: 2014 Stunning … [Read More...]

Pine Creek living room

10071 Clovercrest Drive, Colorado Springs, Co 80920

Price: $850,000 Bedrooms: 3 Baths: 3 Sq. Ft: 3,432 total Year Built: 2001  Property … [Read More...]

960 Pennsylvania Street, Unit 4, Denver CO 80203

Price: $599,000 Bedrooms: 2 Baths: 3 Sq. Ft: 1,432 finished Year Built: 1977 960 Pennsylvania … [Read More...]

2443 S Bannock St Denver, CO

Price: $575,000 Bedrooms: 3 Baths: 1 Sq. Ft: 1,236 Year Built: 1925 2443 S Bannock St … [Read More...]

Happy Clients


Chris and Kira's Move From Texas

  More Video Testimonials

Copyright 2000-2022 by Loren Hotz Owner of All Denver Real Estate. All Rights Reserved. Loren (Larry) is a Broker Associate of The Hotz Group at Kentwood Real Estate. Some articles on this real estate blog were written by Brokers employed by various brokerages including Kentwood Real Estate as identified. Market statistics for the City and Denver Suburbs were provided by the Denver MLS search company, ReColorado.