Many luxury consumers have purchased their dream home in the past 24 months and have also purchased second and third homes. They may be content to enjoy those homes for now, and step aside from trading real estate while they see how the economic transition shakes out. Luxury sellers will need to carefully present their homes as beautiful spaces and price them more aggressively than they would have in 2021. Time on market will increase. The luxury market waxes and wanes like any market, but not always in tangent with mid- and entry-level home markets. Luxury will always have a place, and luxury consumers love beautiful statement homes.
At Kentwood over the past two years we’ve seen an average of 20-25% of our sales be cash, month in and month out. These are buyers who have big jobs and saved, inherited wealth or traded equities for a real estate investment. We don’t anticipate this to dramatically change for two reasons: if price increases flatten or decline, buyers will want to “buy the dip” knowing that long term, real estate will remain a good investment; and as the equities markets correct, more people are cashing out and will want a place to invest that cash.
Luxury consumers’ demands have increased since the pandemic. They expect the highest service and immediate attention. Service providers in the luxury space who anticipate customers’ needs and address them proactively will create long-term relationships and loyalty.
Luxury is a large amount of sales volume, but it’s a smaller percentage of annual sales. While we anticipate the real estate markets to cease being such an insane buyer’s market, we don’t anticipate a pendulum swing over the next few months to be an extreme buyers’ market. We anticipate a shift to more balance, more time on market (one weekend was uncomfortably fast for buyers to make a decision) and more negotiating from both sides.
From Dierk Herbermann:
While there may be a shift in the luxury market in most other major metros, we are not seeing that impact in the Denver Metro region yet. Through May we have closed 33% more luxury listings (over $1 million) with an increase of price per square foot of 8.7% and sales prices at an average of 5.2% over the list price.
While it is too early to tell what true impact the increased mortgage rates will have on the luxury market looking at the first half of June where 104 new listings over $1.8 million have hit the market, over half of those listings are already under contract (66). We are starting to see some price reductions, but of the 75 luxury listings (over $1.8 million) that have closed since June 1, only 10 of those were at a price below the list price.
Colorado, and the Denver Metro market in particular, continue to experience an influx of companies from California, New York, and Europe looking for our educated and talented workforce, relatively affordability and lifestyle. As was the case during the 2007-8 recession, this will help to insulate the Denver Metro Area from the downward housing pressures that were experienced in most of the U.S. While there will be some decrease in demand and potential price corrections in certain areas, we feel that Colorado will continue to be a strong luxury market.
The Colorado housing market continues to be highly competitive testing buyers, and showing just how far people are willing to go to secure their dream homes. Proudly rooted in Colorado, our Kentwood brokers are experts in the Colorado market. As local experts, Kentwood Real Estate was featured in several news articles in the month of March, use the links below to read more!
The Colorado housing markets are showing no signs of slowing down, February demonstrated the importance of speed. Properties are frequently going over asking price and flying off the market.
Creativity, extensive knowledge and excellent negotiation skills are all components that will help buyers more toward their dreams of homeownership, so rely on your Colorado experts to help you navigate this market.
Kentwood Real Estate was featured in numerous news articles in the month of February, see the articles listed below.
Kentwood Commercial, part of Kentwood Real Estate and an exclusive Colorado affiliate of Berkshire Hathaway’s HomeServices of America, is proud to announce the arrival of Randy Swearingen and Jim Tyler as Senior Commercial Advisors to its Colorado team. The addition of Randy and Jim further expands Kentwood Commercial’s level of expertise, integrity, and reliability, solidifying its reputation as the commercial brokerage to trust in Colorado.
Combining forces, Randy and Jim bring 60+ years of Denver commercial real estate experience to the table and plan to leverage their expertise to focus on tenant representation in the office, flex, and industrial markets in the South Metro Denver area.
Randy, a local Denverite, has been entrenched in the Denver Commercial Market for over 34 years, representing a myriad of Fortune 500 clientele and completing in excess of $1 billion in sale and lease transactions. With over 20 years as a top producer at major commercial brokerage firms, Randy brings expertise to Kentwood Commercial that includes tenant and landlord representation, development, market and financial analysis, site selection, marketing strategies, lease and sale negotiations, and space programming.
Also growing up in the Denver area, Jim is a former partner at Tenant Strategy and has represented a myriad of clients, including both Fortune 1,000 and local Denver companies. With over 25 years of professional business expertise in many areas of real estate, including tenant representation, landlord representation, development, and construction, Jim joins Kentwood Commercial having completed over 425 corporate tenant representation assignments totaling approximately four million square feet of commercial office and flex space.
“I am thrilled to work with both Randy and the Kentwood Commercial team in my native Colorado,” said Jim Tyler, Senior Commercial Advisor at Kentwood Commercial. “Together, Randy and I will bring our combined experience to the table to assist tenants and create strategies around their occupancy to achieve the optimal outcome for the real estate needs of the market.”
“Being able to call Kentwood Commercial, and their new One DTC West office building, ground zero is a great fit for us, allowing us to enhance the quality of our tenant representation services with a brokerage firm that employs top-level individuals and produces support and marketing materials that are second to none,” added Randy Swearingen, Senior Commercial Advisor at Kentwood Commercial. “Both Jim and I are lifetime Denverites and rooted in the community. We have spent a great deal of our commercial real estate careers helping occupiers and tenants succeed, and we look forward to delivering an increased level of expertise as we continue our work with Kentwood Commercial.”
Kentwood is committed to working with only the finest agents. Many of our esteemed brokers serve on committees and Boards of Directors of real estate associations throughout the state, and all are active and respected in their communities. As an affiliate of Berkshire Hathaway’s HomeServices of America, Kentwood has access to the resources of leading real estate brands.
“We are proud to welcome Randy and Jim to the Kentwood Commercial team and look forward to the impact their extensive expertise will have on the Denver market,” said Gretchen Rosenberg, president and CEO of Kentwood Real Estate. “At Kentwood, we believe that the most productive agents are those that are “rooted in community” and know their communities inside and out. When we hire new brokers, we put our full trust in them that they will serve as consummate professionals: trustworthy, dedicated, and ethical, which Randy and Jim exemplify.”
Kentwood is a proud member of the Denver Metro Association of Commercial Realtors (DMCAR), Asian Real Estate Association of America (AREAA), the Colorado Association of Hispanic Real Estate Professionals (CAHREP), the National Association of Hispanic Real Estate Professionals (NAHREP®) Denver Chapter, the National Association of Gay & Lesbian Real Estate Professionals (NAGLREP) and the National Association of Real Estate Brokers (NAREB). Additionally, our brokers belong to such esteemed associations as the Denver Metro Association of REALTORS®, Fort Collins Board of REALTORS®, Boulder Area REALTORS® Association, Loveland-Berthoud Association of REALTORS®, South Metro Denver REALTORS® Association, and the Colorado Association of REALTORS®. To learn more about Kentwood Real Estate and available listings, visit www.Kentwood.com.
About Kentwood Commercial
Kentwood Commercial is a boutique commercial brokerage that combines the exceptional local brand and referral network of Kentwood with the national strength and financial support of Berkshire Hathaway. The company has the ability to nimbly handle the range of large institutional and smaller entrepreneurial clients with the highest level of skill, responsiveness, and experience in the industry.
Our brokers and management team are dedicated to superior customer service and unmatched expertise in all segments of the market. Locally-owned, with some of the most experienced brokers in the industry, Kentwood Commercial assists with every facet of each sale or lease. The Kentwood professionals know the real estate business inside and out, they are unmatched in knowledge of the commercial market in the Denver metro area. The offices of Kentwood Commercial are conveniently located in Downtown Denver, Cherry Creek North, and the Denver Tech Center. For more information, visit www.KentwoodCommercial.com.
While Denver had another historically low month of inventory, our Kentwood Real Estate brokers remained busy. Both Denverites and Denver transplants were looking to find homes that fit their new lifestyles, wanting more open and flexible space for that work-life balance.
Kentwood Real Estate was featured in various articles in December, covering a variety of topics including our spectacular listings, significant sales, and real estate advice we have to offer.
Among other things, significant listings, prestigious awards, and McGregor updates are featured in the November news recap. Check out the articles below that featured Kentwood Real Estate brokers, staff and listings!
As your trusted experts, remember to follow us on social media to receive real-time updates on all things Colorado Real Estate.
Kentwood Real Estate is pleased to announce the sale of homes that sold in October for over $2,000,000. The listings and sales had a total sales volume of over $43,000,000.
“Our passion is to inspire people to dream about the next steps in their life journey,” said Gretchen Rosenberg, president and CEO of Kentwood Real Estate. “Our belief is always rooted in the philosophy that we accomplish more together. This guiding principle, coupled with the exceptional real estate expertise of our brokers, has continued to position our brand as the preeminent source for luxury real estate in Colorado for four decades.”
The significant sales in the month of October for Kentwood Real Estate are as follows:
Kentwood Broker Associate Linda Hantman represented the seller of a six-bedroom, 11 bath, 11,922 square-foot home in Cherry Hills Village Neighborhood that sold for $4,600,000. Located on 2.5 private acres, this premier residence offers a gracious floor plan that includes vaulted ceilings, cathedral windows, and architectural details throughout the home. Two staircases lead to the upper level featuring a private master bedroom suite with a fireplace, sitting room, marble bath, his/her walk-in closets, and a balcony. This home highlights exceptional Colorado living with a finished basement that includes a wet bar, wine cellar, theater room, billiard room with fireplace, bedroom, and full bath. The spacious, professionally landscaped gardens and grounds are complete with a private outdoor pool with a deck, hot tub, and spa, and a pool house with bath, gas fireplace, built-in gas grill, pergola, and numerous patio seating areas ideal for year-round indoor and outdoor entertainment.
Kentwood Broker Associates Jon & Peggy Gordon represented the seller of a four-bedroom, four-bath, 7,040 square-foot home located in the lovely Hilltop Neighborhood that sold for $2,350,000. Kentwood Broker Associate Gina Lorenzen represented the buyer of this home. Situated in one of Hilltop’s best locations, this stunning custom home features a first floor with a grand open living and dining room with ten-foot ceilings, a dramatic limestone-surround fireplace, and custom built-ins and sets of french doors from the dining room leading to a large covered patio and beautiful backyard. Rounding out the main is a beautiful study and powder room. The second floor, with dramatic high ceilings, features a master suite, huge master bath, and large walk-in closet, along with two more bedrooms, each with its own bath. The basement is delicately finished and flowing with the rest of the home, making this residence an entertainer’s dream.
Kentwood Broker Associate Jill Schafer represented the seller of a four-bedroom, four-bath, 7,384 square-foot home in Cherry Hills Village which sold for $2,350,000. This spectacular, solitary 2 acre home in Cherrymoor features a peaceful pond and is located on a corner lot, adjacent to a bridle path that leads to only one neighbor. The overall floor plan features a large original kitchen that opens to a casual dining area or hearth room and floor to ceiling windows that host views of the pond. The expansive living room features a stunning wall of windows and sliders that lead to a balcony overlooking the backyard. The main floor master suite has a walk-in closet and a five-piece bath. Located upstairs are two expansive bedrooms and a bath, as well as a massive unfinished space where the owner can add-on. The walk-out lower level with a game room, a bedroom, bath, workshop, and a large amount of storage, makes this a breathtaking lot in one of Cherry Hills Village’s finest neighborhoods.
Kentwood Broker Associates Ann Kerr & Charlotte Connolly represented the seller of a five-bedroom, eight bath, 6,452 square-foot home in The Buell Mansion which sold for $2,344,000. This rare modern beauty is an elegant and stylish design that meets with warm and comfortable living spaces. With floor to ceiling windows, the entire home is bathed in light with contemporary architecture on a corner lot that hosts multiple patios and balconies, and thoughtful landscaping. The open concept main floor, designer kitchen, and formal dining with a temperature-controlled wine closet are just a few of the additional perks, along with a spacious master suite with his/her closets, steam shower, and a balcony overlooking the backyard. Finishing with a private and secluded guest suite, this home has been meticulously maintained with thought going into every design element.
Kentwood Broker Associate Jim Rhye represented the seller of a five-bedroom, six-bath, 4,607 square-foot home in North Country Club that sold for $2,320,000. This light, classic brick Georgian home sits majestically on Williams Parkway, one of Denver’s premier streets. In 2016, a major renovation was completed to this residence, making the home turn-key and ready to move in. Inside, there is a sparkling white kitchen with a large marble center island that opens to the family room, which hosts a fireplace and views of the landscaped outside. There are five bedrooms and six beautifully updated baths, plus a wood-paneled office. Majestic trees and a large parkway make for enjoyable short strolls to Cherry Creek.
Kentwood Broker Associate John Fitzpatrick represented both the buyer and the seller of a six-bedroom, six-bath, 8,960 square foot home in The Preserve that sold for $2,320,000. Located in the Estate Section of the Preserve on 1.9 manicured acres, this property contains a traditional floorplan featuring a main floor master suite, and a finished walkout basement with two more large bedrooms, and a recreation room with a wet bar and fireplace. Separate billiard or pool room and lower study are also featured in the floor plan. With full deck access, the backyard overlooks the heated and filtered pond and pool, and a fire pit and hot tub. Close to the Highline Canal Trail, residents enjoy all the amenities of the Preserve with a large pool, tennis courts, and party pavilion.
Kentwood Broker Associate Sana Wood represented the seller of a five-bedroom, five-bath, 4,940 square-foot home located in the beautiful Washington Park neighborhood that sold for $2,299,000. Kentwood Broker Associates Gayle Glucksman & Tiffany Glucksman Appel represented the buyer of this home. A stunning residence, this home offers unique features like an open floor plan, gourmet kitchen, and a large family room with an oversized folding door that leads to the back patio. The main floor hosts a study or office and a gorgeous private master suite with heated floors and a master bath, while the upstairs features two additional upstairs bedrooms with ensuite baths, as well as a laundry room. Included in the floor plan of this home is a finished basement with a wet bar area, an exercise room, and plenty of space for family and game room.
Kentwood Broker Associate Chuck Gargotto represented the seller of a five-bedroom, five-bath, 7,672 square-foot home located in Cherry Hills Village that sold for $2,200,000. Kentwood Broker Associate Josh Steck represented the buyer of this home. This beautiful Georgian style residence in Old Cherry Hills was built from the ground up, with the master bedroom and three additional bedrooms located upstairs, and a finished lower level and lovely outdoor patios below. This two-story home features a large living room and dining room, high ceilings in every room, an open chef’s kitchen, and a family room which both open to the pergola covered backyard patio and fire pit. The finished basement contains high ceilings, a recreation room, home theatre, exercise room, wine room, and the fifth bedroom and bath.
Kentwood Broker Associate Julie Winger represented the seller of a four-bedroom, four-bath, 5,389 square-foot home located in the Park Hill neighborhood that sold for $2,150,000. This custom home features amazing living space and light with groove beadboard ceilings, and an open floor plan that hosts a spectacular grand entryway with a two-story, sky-lit atrium. On the main floor, the kitchen comes equipped with every bell and whistle and leads to an incredible master bedroom suite. Three additional bedrooms are located upstairs, and exceptionally high-end finishes and exquisite details can be found throughout the entire home, such as gorgeous quarter sawn white oak floors, multiple antique and custom stained glass pieces, and transom windows on all bedroom doors. Outside hosts professionally landscaped outdoor spaces, including an in-ground, heated pool, and delightful lounging space with a spacious patio for dining and hanging out by the fire pit.
Kentwood Broker Associate Edie Marks represented both the buyer and the seller of a six-bedroom, seven-bath, 5,665 square-foot home in Cherry Hills Village that sold for $2,148,400. The brick English Tudor sits on over 2 acres of land and displays panoramic mountain views from Pikes Peak to Longs Peak. Hardwood floors, exquisite transitional cabinetry, and extensive built-ins make this home ideal for its new residents. The “Prairie Style” windows and doors not only bring the mountain panoramas in, they bathe every room in filtered light.
Kentwood Broker Associates Bobbi Lou Miller & Jennifer Dechtman represented the seller of a four-bedroom, six-bath, 5,710 square-foot home in Cherry Creek North that sold for $2,100,000. An art lover’s dream home, this contemporary residence hosts soaring ceilings and natural light. The singular master suite has a roomy master bath that includes warm floors and a television in the mirror, and a kitchenette to round it all out. The distinctive and spacious gourmet kitchen is equipped with five dishwashers, a Miele master chef oven, three U-line refrigerators, and custom cabinets with a hidden walk-in pantry. The adjoining and well-lit artist studio or exercise room catches the north light. An elevator to all levels makes every room accessible, and the separate outside entrance provides space for an ideal home office, nanny, or guest suite.
Kentwood Broker Associates Greg Margheim & Kelly Sophinos represented the seller of a five-bedroom, eight bath, 7,330 square-foot home in Polo Reserve Neighborhood that sold for $2,070,000. The idyllic gated community is among the best Colorado has to offer. This one-owner home has been meticulously maintained and is situated on a private cul-de-sac lot with mature landscaping, private patios, a fabulous pool, and a firepit designed for year-round entertainment. European inspired, this residence boasts five bedrooms and eight baths with a main floor office or library and a true cook’s kitchen with state of the art appliances that include a 300+ bottle wine closet as well as a full-size butler’s pantry. The upper level includes a library, four bedrooms with attached baths, a steam shower, his and her water closets, and a large walk-in closet. The fully finished walk-out basement hosts a large recreation room, bar, exercise room, steam shower, guest bedroom with bath, and plentiful storage. The oversized, side load, six-car garage with lift is the icing on the cake for this beautiful home.
Kentwood Real Estate also represented the buyers of one luxury homes that sold in October as follows:
Kentwood Broker Associate Elizabeth Sacerdoti represented the buyer of a home in The Buell Mansion that closed for $2,800,000.
The Stevie® Awards shine an international spotlight on women executives, entrepreneurs, employees and organizations run by women.
Kentwood Real Estate is proud to announce that Amy Herrington, Director of Agent and Staff Services at Kentwood Real Estate, was recently awarded a prestigious 2020 Bronze Stevie® Award in the “Female Employee of the Year Business Category,” which recognizes the achievements of non-executive female employees.
One of the world’s premier business awards, The Stevie® Awards were founded in 2002 to honor and generate public recognition of the achievements and positive contributions of organizations and working professionals worldwide.
A Kentwood veteran of 22 years, Amy Herrington’s accolade comes as no surprise to everyone who has the pleasure to work with her. Building on her career as a real estate assistant when joining Kentwood, Amy moved up the ranks to become the brokerage’s chief liaison between the company and individual brokers. Amy’s position continuously ensures brokers are educated and supported by the brokerage’s resources and programs, like updating individual marketing strategies, maintaining compliance, program implementations, and more.
Through the years, Amy’s relentless dedication to both broker and customer service has been critical to the success of Kentwood and is one reason the company has a record longevity rate for brokers that averages over 17 years at the company. A brokerage of 240 top-producing brokers, Amy has a dynamic and challenging role, yet always finds time to ensure she and Kentwood positively impact the local community to help neighbors in need.
Amy is credited with starting Kentwood’s annual “Adopt-a-Family” program. The now 21-year old program is a beloved Kentwood institution, where Amy leads partnerships with nonprofits and local government services to identify families in need of support through the holiday season. Last year alone, Kentwood donated 96 gifts, meals, and Christmas trees to single mothers and 36 families through the “Be the Gift” organization. This year Amy furthered the company’s alliance with HomeAid Colorado to assist the homeless in Colorado and helped administer food deliveries to COVID front-line workers.
“Amy’s success as a Kentwood employee is absolutely a testament to her personal character, and we are thrilled to learn that she has earned a Stevie® Award,” said Gretchen Rosenberg, President and CEO of Kentwood Real Estate. “Her significant and impactful contributions to aiding our clients, as well as those in need, guides Kentwood’s deep roots in the community and belief that “we accomplish more together.” Our clients and community know they can count on Kentwood staff, thanks in large part to Amy, for advice and support that drive tangible results for their personal businesses and beyond.”
In 2020, more than 1,500 nominations from organizations and individuals around the world were submitted for consideration in various categories, and more than 180 business professionals working in seven specialized judging committees determined the Gold, Silver, and Bronze Stevie Award winners. The 2020 Stevie® Awards ceremony will take place virtually on December 9th at 2:00 pm MST. To learn more about Kentwood Real Estate and Amy Herrington, visit www.Kentwood.com.
In its commitment to addressing homeownership disparity in Colorado and the real estate industry, Kentwood Real Estate has formulated a Diversity, Equity and Inclusion (DEI) Council. The council is actively identifying and executing on initiatives to help underserved communities and to educate the brokers and staff through education, community activation and engagement, and by influencing policies.
“Diversity, equity and inclusion within our brokerage and our neighborhoods has always been a top priority to our leadership team,” said Gretchen Rosenberg, president and CEO of Kentwood Real Estate. “The DEI (Diversity, Equity and Inclusion) Council is a place to create conversations in safe open dialogue. We want to unite the company, learning about our differences, and highlighting how this makes us stronger. We want to create a regular cadence of internal communication about opportunities for engagement in the community at large and in National Association of Realtors® affinity organizations.”
Education is at the heart of the program. The DEI Council is planning an all-company panel on a range of topics tied to diversity, equity and inclusion. Furthermore, every broker in the company, plus a guest of their choosing, will be encouraged to attend at least one function per year with affinity or community groups. The ‘plus-one’ program will encourage brokers to tap into their sphere of influence to both expand education in the community and facilitate a level of comfort for people stepping into new situations.
On more granular levels, the DEI Council is examining all touchpoints within the company to find ways to ensure the brokerage is addressing diversity, equity and inclusion at every level – from translating homebuyer and seller books into Spanish, to confirming the equal housing guidelines are optimally represented on all marketing material.
Kentwood Real Estate is a proud member of the Asian Real Estate Association of America (AREAA), the Colorado Association of Hispanic Real Estate Professionals (CAHREP), the National Association of Hispanic Real Estate Professionals (NAHREP®) Denver Chapter, the National Association of Gay & Lesbian Real Estate Professionals (NAGLREP) and the National Association of Real Estate Brokers (NAREB). Kentwood Real Estate is passionate about and committed to advocating for diversity, equity and inclusion in the housing industry and beyond. To learn more about Kentwood Real Estate and available listings, visitwww.Kentwood.com.