Denver and Boulder's 2023 Real Estate Triumphs: A Glimpse into Luxury LivingIn a year that witnessed a slowdown in the residential real estate market, 2023 proved to be extraordinary for luxury home
February 2024 Your Castle Real Estate Newsletter
Dated: February 5 2024
In a year that witnessed a slowdown in the residential real estate market, 2023 proved to be extraordinary for luxury home transactions in Denver and its surrounding areas. Despite the challenges posed by dwindling inventory and declining sales, some truly remarkable properties changed hands, leaving an indelible mark on our local real estate landscape. According to the Denver Metro Association of Realtors, here's a peek into the highest-priced home sales that took place in 2023.
At the pinnacle of the list is the opulent residence at 20 Cherry Hills Drive in Cherry Hills Village, boasting eight bedrooms and 14 bathrooms across 23,000 square feet, with a staggering sold price of $15 million. Meanwhile, the ranch property at 1334 S. Grapevine Road in Golden, complete with a 17,000-square-foot main residence, ranch buildings, and 163 acres of land, fetched an impressive $14.705 million. As we delve into the details of these luxury transactions, it becomes evident that Denver and Boulder's real estate market, though facing challenges, continues to attract high-end buyers seeking unparalleled living experiences.
These top-tier transactions underscore the enduring allure of our region, showcasing the diverse range of luxury properties that make Denver and Boulder highly coveted destinations for homebuyers with discerning tastes. From the modern farmhouse at 950 Gilbert St. in Boulder to the Nordic-inspired gem at 1085 5th St., each property tells a unique story of architectural excellence and luxurious living. As we reflect on the highest-priced home sales of 2023, we celebrate the resilience of our local real estate market and look forward to the continued evolution of our vibrant community. Check out the list below!
1. Address: 20 Cherry Hills Drive in Cherry Hills Village
Sold price: $15 million
Details: Located along the Cherry Hills Country Club, the 23,000-square-foot home has
eight bedrooms and 14 bathrooms.
Listing agents: Gina Lorenzen and Kara Couzens with Kentwood Real Estate
2. Address: 1334 S. Grapevine Road in Golden
Sold price: $14.705 million
Details: The ranch property includes the main 17,000-square-foot residence, plus other
Listing agents: Ronda Courtney with Re/Max Leaders, Brittany Morgan of The
Northrop Group at Compass and Rod Canterbury with Re/Max
3. Address: 1489 Sunset Blvd. in Boulder
Sold price: $13 million
Details: The home is 7,300 square feet and has six bedrooms and six bathrooms.
Listing agent: Marybeth Emerson with Slifer Smith & Frampton (now Emerson is with
4. (tied) Address: 2135 Knollwood Drive in Boulder
Sold price: $11 million
Details: The four-bedroom home has five bathrooms and 5,075 square feet.
Listing agent: Tim Goodacre with Milehimodern
4. (tied) Address: 2215 Linden Ave. in Boulder
Sold price: $11 million
Details: The 8,428-square-foot home has five bedrooms and eight bathrooms
Listing agent: Jay Hebb with Latitude40 Real Estate Group (now with The Agency)
6. Address: 541 Highland Ave. in Boulder
Sold price: $10.2 million
Details: The 7,463-square-foot home has six bedrooms and six bathrooms.
Listing agent: Kim Hullett
7. Address: 950 Gilbert St. in Boulder
Sold price: $9.81 million
Details: The modern farmhouse has five bedrooms and five bathrooms across 8,797
square feet of space.
Listing agents: Patrick Dolan and Kelly Atteridg with Re/Max of Boulder
8. Address: 1085 5th St. in Boulder
Sales price: $9.5 million
Details: Inspired by Nordic design, this home has four bedrooms, five bathrooms and
4,399 square feet of space.
Listing agent: Brian Delaney with Delaney Realty Group
9. Address: 450 Westwood Drive in Denver
Sales price: $9.25 million
Details: Located in Denver’s Country Club neighborhood, the 8,827-square-foot home
boasts six bedrooms and nine bathrooms.
Listing agents: The Helm Weaver Helm team with Compass
10. Address: 1701 E. Tufts Ave. in Cherry Hills Village
Sales price: $9.05 million
Details: The property comes with 2.5 acres, while the home itself has six bedrooms, 10
bathrooms and 11,000 square feet.
Listing agent: Amy Frankmore with Compass
(Info Source: Denver Business Journal & D.M.A.R.)
Shadow or No Shadow, Real Estate Shines Bright as Spring Approaches
An early spring isn’t just limited to the anticipation of warmer weather - as we’ve been predicting, a busy real estate season is beginning to bloom! Buyers have started to turn up to the market in droves, thanks to mortgage rates that have dropped a full percentage point since October. Due to this decline in rates, homebuyers with a $3,000 monthly budget have gained nearly $40,000 in purchasing power. That paired with a welcome increase in inventory is providing them more choices than they’ve had in a long time.
New listings increased almost 15% year-over-year to 3,280 and pending home sales increased 6.5% to 3,294. Although buyer activity has increased, many buyers still seem to be choosier than they have in years past. Prices are still at all-time highs and buyers want more bang for their buck, desiring move-in ready homes to help alleviate the sticker shock of current home prices. Median days in MLS has increased almost 6% to 36 days. Closed sales have declined by about 6.25%, although that shouldn’t be surprising as these homes likely went under contract in December which is our traditionally lowest inventory month of the year.
The Fed did not adjust interest rates this past month and likely won’t make an adjustment for a few more months. Many buyers are sitting on the fence in anticipation of the coming rate drops, which is increasing pent-up demand. When rates do start declining, we may see inventory tighten up, creating competitive scenarios once again. Our local real estate market feels like it continues to hover near balance, with delicate ebbs and flows of buyers or sellers having more favor based on our current most influential driver – the pesky and ever-changing interest rate!
Info for Sellers
Buyers' Budgets Bloom, Yet Hunger for Added Value!
With the onset of an early spring real estate season ahead, sellers have an opportunity to capitalize on current market dynamics. The significant drop in mortgage rates since October has fueled a surge in buyer interest, with buyers gaining substantial purchasing power as mentioned above. As these buyers are more discerning than those in years past, it’s still wise to put your best foot forward when listing your home.
Consider enhancing your property's curb appeal, addressing any necessary repairs, and showcasing its unique features. Additionally, as the median days on the market have increased, strategic pricing and effective marketing can help maintain buyer interest and expedite the selling process. It's crucial to stay informed about local market trends and consult with a knowledgeable real estate professional to make informed decisions that align with the current ebb and flow of buyer demands and market conditions.
Info for Buyers
As Borrowing Power Grows, Competition Flowers
With rates down, purchasing power is up and more rate drops are on the horizon. As borrowing power increases, buyers should be prepared for competition, especially for more desirable homes. We are already seeing new listings with multiple offers going under contract in a matter of days. If a home is priced correctly, is in good condition, and is in a desirable location, it’s unlikely that you’ll be its only suitor. Keeping a close eye on the market is also essential, as these potential rate declines bring increased demand that will lead to a subsequent tightening of inventory. Collaborating with a knowledgeable real estate professional can provide valuable insights and guidance, helping buyers navigate the delicate dance of Denver real estate!
(Info Source: D.M.A.R. (The Denver Metro Association of Realtors, YCRE Analysis)
*We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.