Denver luxury home sales hit highest level in two years. This applies to homes that sell for over $1,000,000. Sixty-seven existing homes, including houses, condominiums and townhomes, sold in that price range last month — up 3 percent from 65 in June 2009 and up 22 percent from 55 this May. “It was the highest level for luxury sales since 89 properties changed hands in August 2008. Read the complete article in the Denver Business Journal.
• The most expensive $1 million-plus sale in June was a six-bedroom, five-bath Denver house that sold for $3.95 million. The home included 7,403 square feet.
• Denver had the most million-dollar sales, with 17, followed by Boulder (13), Castle Rock (7), Cherry Hills (6)and Greenwood Village (5).
• Average days on market for high-end homes dropped to 115 in June from 103 for the same month last year.
My analysis of the Denver luxury home market. The biggest factor is jumbo mortgages. It is possible to get a jumbo mortgage today, July 19th for under 5%. The rich aren’t stupid. They recognize this incredible environment and are taking advantage of it. By the way a non jumbo mortgage is 4.5% or lower. Think this is a good time to buy a house? The Denver luxury home market still favors buyers over sellers. In my market segments I want to work with sellers instead of buyers. It’s not that don’t know how to market the luxury home market, it’s just that my negotiating skills work out better on the buyers side.
To search for Denver luxury homes.
