Colorado Real Estate News

Denver Market Trends

After months of appreciation, negotiations and bidding wars, modest numbers in June ruled the market.
The housing market ended May with 3,652 properties on the market, representing an increase of 448 properties from the previous month-end, which is seasonally on trend. Closed sales increased 3.75 percent from the previous month, moving supply and demand closer toward balance.

Attached and detached properties had a similar balance of supply and demand in May.
Both markets had the highest amount of standing inventory in the $500,000 to $749,999 price points. The biggest difference was the proportion of inventory. For attached properties, this price range made up 29.87 percent of the market. For detached properties, it made up 41.72 percent of the market. There are over four times more single-family detached properties between $500,000 and $749,999 than attached properties. 

Year-to-date, the market has seen 7.18 percent fewer homes closed than the previous year. 
Even with fewer units purchased, the market has transacted over $1 billion more in sales volume than YTD in 2021, indicating how prices have soared from last year. he close-price-to-list-price ratio of 105.33 percent, while down from the previous month, illustrates how competitive the overall market remains.

Luxury buyers saw their options increase in May.
Luxury inventory went up 5.86 percent from April and a significant 65.95 percent higher than the same month last year. Pending luxury sales were also up, along with closed sales and sales volume. More choices turned into more pending sales, up 22.20 percent month-over-month and up 27.37 percent year-to-date.

Detached homes sold for an average of 107.12 percent of list price, down slightly from April’s 108.39 percent.
Meanwhile, the condo and townhome Luxury Market is currently selling at 104.94 percent of list price. Still a competitive market, but less so than for single family residences. 

* Updated as of June 7, 2022. 

Colorado Real Estate News

Wildfire Recovery in Northern Colorado

It has been half a year since the Marshall Fire, the “most destructive fire in Colorado’s history”, tore through the communities of Louisville and Superior. The restoration efforts of the communities have since highlighted their inspiring resilience and support for one another.

Some hometown heroes emerged, such as Laura Thweatt, a track and field coach from Monarch High School who not only raised $30,000 but gathered shoes and clothes to help her students. Laura was quoted by 9News after winning the Bolder Boulder race saying, “It reminds us that yes, running is an individual sport. But it’s also a team sport. It’s also a community sport.”

We saw community leaders step up when they organized a recovery exposition in Superior which brought together builders, designers, financial resources, mental health professionals, mitigation specialists and town staff to connect them with families impacted by the Marshall Fire. In total, 30 vendors attended that were able to offer help and simplify such a difficult process.

Even our Kentwood Real Estate family was able to assist the community through individual agent commission contributions, the Rally Up Boulder Fire contributions and the Kentwood Cares Foundation. The Kentwood Cares Foundation was able to grant funds to 16 people for a total of $19,000, while the Rally Up Boulder Fire contributions climbed to $22,296 and the agent commission contributions reached $7,215.

Beyond our Colorado community, the nation rallied behind Superior and Louisville. It was reported on March 28 that more than $38 million had been donated to the Marshall Fire victims. The donations are being used for direct financial assistance, debris removal, rebuilding, mental health services and more.

Although many stand behind the fire victims, it is important to remember that the rebuilding process is a journey and will take time. You can track the recovery progress through the “Louisville Rebuilds” website and are still able to make donations through the Kentwood Cares Foundation here.

Colorado Real Estate News

Popular Retail In Denver

It can be tough to find quality shopping in big cities; there are so many different types of retail stores that are available on every block. Denver has a variety of places to shop depending on your preference. Check out these retail stores and shopping centers in the Denver area to find what you need.

The 16th Street Mall & Denver Pavilions
Denver’s 16th Street Mall is one of the most well-known and popular shopping malls. Its amenities stretch over a mile long for everyone to walk freely between shops, bars, restaurants, etc. Anything you want ranging from shoes to high-end clothing, you will be able to find here. It’s the perfect place if you want to enjoy the fresh air while also shopping for your favorite items!

The Denver Pavilions is something to see when you are visiting and you definitely can’t miss it; the building has “DENVER” written in big letters at the top. As the #1 place to visit and shop, it holds a great number of stores and restaurants. It even has a newly remodeled movie theater with a bar and reclining seats. This mall can also be found within the 16th Street mall.

I Heart Denver
If you are someone that likes the little things to bring home, then this is the perfect store for you. Located along the 16th Street Mall, I Heart Denver is your typical gift shop. Not only does it sell Colorado t-shirts, sweatshirts, and other apparel, but it also contains unique items like artwork from local artists, jewelry, coffee mugs, games, keychains and other little trinkets and knick-knacks.

Cherry Creek Shopping Center
The Cherry Creek Shopping Center is similar to the 16th Street Mall with most of the same amenities, located just south of Denver in the Cherry Creek neighborhood. So the people that live in this area don’t have to travel to downtown Denver. This retail area includes many stylish boutiques and over 40 retail stores from Louis Vuitton to simple stores like Nordstrom. This area is family-friendly and any age can find what they are looking for. The Cherry Creek Shopping Center is also unique compared to other areas because it has indoor and outdoor stores.

South Broadway
Shopping on South Broadway is a unique experience. This is the perfect area if you want to explore something outside the norm. The shops that cover this area are predominantly antique and vintage shops.

The Ten Penny Store
If you are looking for cool, vintage clothing and accessories then the Ten Penny Store is definitely a place you will want to hit before leaving. Located at 250 N Broadway, you can find old-fashioned items dating back to the 1900s. This store is highly rated by other travelers that have passed through Denver. You won’t find a place like this anywhere else.

Whether you want a traditional, outdoor or unique shopping experience, Denver has it all. This list was compiled to make your shopping experience more enjoyable and easily accessible for anyone who is new to the city or someone who’s looking for a little help getting started.

Colorado Real Estate News

10 New Golf-Course-Adjacent Luxury Homes Set To Be Built at Castle Pines

The Village at Castle Pines is an exceptional residential community located in Douglas County; 30 miles away from downtown Denver. The gated neighborhood provides spectacular views of Pikes Peak, Mount Evans and the Rocky Mountains. Elk, turkey and other Colorado native wildlife roam the vicinity frequently. Additionally, the private luxury community contains world-class amenities from pickleball courts to 13 miles of outdoor trails. The Village is also home to the Country Club at Castle Pines, a course designed and brought to life by the renowned Jack Nicklaus.

Hidden alongside hole four of the golf course is a gem of undeveloped land. Louie Lee, a long-time agent in the Village at Castle Pines, was approached by developer, Scott Gratrix of Clearwater Capital Holdings, to tour the land. After years of negotiating the purchase of the property with the original landowner and the community’s master planner, Jack Vickers, the two came to an agreement. Gratrix purchased the land (10 residential lots plus one 4.1-acre zone) for $5 million earlier this year.

At first glance, Gratrix planned to build higher-density homes on the land, although seeing as how the pandemic shifted the residential real estate market, he has now elected to build fewer luxury homes on the lots.

This opportunity is quite niche in the Denver metro area because there are not many developable residential areas on golf courses. This is why Gratrix has been pursuing this business endeavor for the past three years, he referred to the land as a “unicorn today.”

Of Gratrix’s 10 new lots, six of them are adjacent to the fourth hole of the Castle Pines Golf Club while several other lots back up to open space.

Gratrix plans to start by establishing 10 homes on the lots. Pending final approval, he will begin initial construction in August. At the moment, he plans to hold onto the larger piece of land until after the 10 homes are finished.

With the special location of the homes within the community, this may be the final buildout of Castle Pines to ensure all residents have open space and personal privacy. The land will be subdivided into single-family residential lots.

Upon completion, each home will most likely be in the 5,500 to 7,000-square-foot range on half-acre to acre lots with an initial listing price of $3.9 million to $5 million. Homebuyers will also get to work closely with builders and developers to bring their custom homes to life.

For any questions or inquiries about homes at the Village at Castle Pines, contact one of our experienced Kentwood brokers at kentwood.com.

Colorado Real Estate News

Pride Month Events in Colorado are Returning In-Person this June

It’s Pride month in Colorado and many pre-pandemic events are returning to in-person attendance! Read more below to learn about the what, when and where of each event in Longmont, Boulder and Denver.

Longmont Pride Festival
Longmont’s favorite LGBTQ+ community event is coming back this June. Come out on Saturday, June 11, 2022, from 2:00 -6:00 p.m. The event will take place on Fourth Street between Main and Emery Street in Longmont. This event is a sober and tobacco-free experience for the whole family.

The event welcomes anyone and everyone who wants to enjoy a Saturday full of great activities, amazing community partners sharing information, and pride merchandise from Out Boulder County and other fantastic vendors. The afternoon includes jewelry from talented artists, photo booths, a dunk tank and other fun activities spread throughout the day!

Boulder Pride Festival
Boulder’s Pride Festival is returning on Sunday, June 12 at Boulder Central Park (Boulder Bandshell, 1212 Canyon Blvd. Boulder, CO 80302) from 11:30 a.m. – 6:00 p.m.

The day will be packed with activities, outstanding community partners sharing information, Out Boulder County pride merch and other great vendors! There will be an amazing and diverse set of performers, giveaways all over the park, jewelry from talented artists and many activities for all to take part in.

Reach out to Alexis Meacheam (she/her) at ameacheam@outboulder.org to volunteer at the Boulder Pride Fest 2022.

Tea Dance
On Thursday, June, 23 Denver’s Tea Dance is back! The Center tradition that has been around for years is returning in person with a special twist. This year they’re hosting a rooftop bash!

From 4:00 – 8:00 p.m. at The Center on Colfax – 1301 E Colfax Ave, will be a rooftop bash where The Center’s mixologist will keep the Coors products flowing throughout the evening and snacks will be provided to satiate your appetite.

Feel free to dress up, dress down or come as you are and enjoy the fun. Must be 21 and over to attend.

Denver PrideFest
PrideFest is back and fully in-person this June! The two-day festival takes place in Denver’s Civic Center Park and is the third-largest pride festival in the United States. Visitors from all over Colorado will be attending as The Center on Colfax puts on a show you won’t want to miss. There will be 250+ vendors, 3 stages for performers, a parade, Dyke March, Pride Rally and the Pride 5K. This festival is not only a celebration of pride and individuality it is also a fundraiser for The Center on Colfax, which provides services to the greater Denver and Colorado community.

All events take place on Saturday, June 25, 11:00 – 7 p.m. and Sunday, June 26, 10:00 – 6:00 p.m. at Civic Center Park. Learn more about event times and details at Denver Pride.

Denver Pride 5K
The Center on Colfax’s Denver Pride 5K is back and better than ever this year. Join the Denver community on Saturday, June, 25 at 9:30 a.m. on the West Steps of the State Capitol (200 E. Colfax Ave.).

Walk, jog, run, roll or skip in the Denver Pride 5K with the greater Denver community from the West Steps, up fourteenth street, around Cheesman Park and back to the State Capitol. All proceeds from the event benefit LGBTQIA+ programming at The Center on Colfax.

Pride Rally
This half-hour event takes place on the West Steps of The Capitol and is a platform for the LGBTQ+ community to voice their concerns and needs for state leaders to see. Join the rally on Sunday, June 26 from 12:30 – 1:00 p.m. saying “we’re here, we’re queer, we deserve to live without fear!”

For more information on other Pride month events and volunteer opportunities visit Out Boulder County for events in Boulder, Lafayette and Longmont and visit Denver Pride for event details and tickets to special events in the greater Denver area.

Colorado Real Estate News

Parks in Northern Colorado to Visit This Spring

Spring has sprung and now is the perfect time to get outside and get a breath of fresh air. And what better place to refresh and reset than in a beautiful Colorado park. There’s never a shortage of options to choose from; there are over 50 parks in the NoCo area. Keep reading to find a park to spend your time, whether you’re looking for a dog, city or state park: 

City Parks: 

Fort Collins City Park

Fort Collins City Park is a great place to spend your days, sitting under a shady tree, reading a good book. There are perfect places to have a picnic, tennis courts and Sheldon Lake to walk around and enjoy the outdoors. 

Creekside Park

With a soothing creek rushing through the park, this is another idyllic place to enjoy a picnic or a good book. There is also a walking and bike path to connect you to different spots in Fort Collins. 

Dog Parks: 

Fossil Creek Dog Park

Located in the heart of Fort Collins, Fossil Creek Dog Park is a great place to spend your days with your furry friends. There are some benches and shady trees to enjoy watching your dog play with others. There is a separate fenced-off area for small dogs and shy dogs as well.

Twin Silo Dog Park

Another big dog park in Fort Collins where dogs are welcomed to be off of their leashes to run freely and play with other dogs. There is an area for small and shy dogs to hang out, too! There are plenty of water stations and poop bags available for anyone who needs them.

State Parks: 

Lory State Park

Lory State Park is a fantastic place to hike, fish, or just escape the hustle and bustle of everyday life. There are several trails to choose from, no matter what type of hiker you are. Be sure to bring a camera because this place has amazing views!

Boyd Lake State Park

With nice camping spots and walking trails around the lake, this is the perfect place to spend your weekends this spring. They have parks, swings and horseshoe pits to enjoy as well. Swimming, kayaking, and paddleboarding are highly recommended so make sure to bring your swimsuits! Boat rentals are available, as well.

There is not a shortage of places to spend your spring days in Northern Colorado. This spring has been a warm one, so make sure to get out there and enjoy the sunshine and amazing views that this state has to offer.

Colorado Real Estate News

Top 5 Renovation Trends for 2022

As working remotely has become more popular, a place where you live and work needs to be one that you love! Lots of homeowners and buyers have begun to upgrade their living environment, and if you’re looking to do the same, here are some of the top trending renovation ideas for this year.

1. Large Primary Bedrooms 

One of the most popular renovation trends has been the ever-growing size and popularity of the primary bedroom. Things that were once considered a luxury such as walk-in showers, double vanities, and touchless faucets, have become more of a necessity. Personal hygiene has become more important than ever and that is reflected in the growing demand for larger primary bedrooms fit for royalty. 

2. Colored Cabinets 

While white cabinets might always be the safe way to go when choosing the right color for your kitchen, more and more people are choosing to spice things up. Spending more time at home has led many to reflect on the personality of their indoor environments, and adding a pop of color to traditionally bland spaces has been a major growing trend this year. Some especially popular colors have been greens, soft yellows and brownish-pinks.

3. Black Design Accents 

Though you can never go wrong with white cabinets, one trend that has become very popular is the implementation of black accents in several areas of the home. It is famous for adding depth and an edgy feel to a minimalistic/contemporary design.

4. Creating an Office Space 

During the pandemic, everyone got a taste of what it was like to work from home. As a result, the demand for home office spaces has skyrocketed. Many have already begun to turn spare rooms or unused garage space into work areas for when they don’t need to come into the office. For the homeowner working from home, this renovation remains essential. 

5. Outdoor Transformation. 

After some time away from crowds, people have realized the value of beautiful outdoor spaces as a way to rest and relax. Many will spend more time on their deck or patio while looking for ways to upgrade their “getaway” space. As a result, outdoor furniture and decorations are a huge trend for the summer of 2022. 

As we begin to work outside of the office more and more, it is important that our homes, and now work environments, look their best. With these trending 2022 renovations, you can keep your home looking modern and up to date.   

Colorado Real Estate News

Best Fried Chicken Restaurants in Denver

On the hunt for a new restaurant to take your taste buds on a rollercoaster ride of enjoyment? Then look no further than the food that is as well-paired with waffles as it is with mashed potatoes and asparagus. In this blog, we are featuring arguably the best comfort food out there: fried chicken. Denver’s chefs offer a smorgasbord of fried chicken dishes, from creative to classic. Here are a few favorites in no particular order.

Lea Jane’s Hot Chicken 

Hot chicken is – well – pretty hot right now, but the chicken coming from Avanti F&B in Lower Highland (LoHi) sets itself apart from the competition. Chef Nick Graves has navigated the proper channels of research and development in Nashville where hot chicken is beloved by many. Chef Graves puts his own unique spin on Nashville hot chicken which he dishes out on deviled eggs, sandwiches, biscuits and even in a waffle cone with “angry” macaroni and cheese. For those who can’t handle the heat, don’t worry; there’s also traditional southern fried chicken. There’s also a plethora of mouthwatering sauces to choose from. Try the Comeback Sauce (similar to Louisiana Remoulade), the Alabama White BBQ Sauce and the Charred Onion Ranch. 

Steuben’s 

Steuben’s in Uptown provides a retro neighborhood ambiance sure to elevate your comfort food experience. Enjoy their fried chicken three ways every day: buttermilk-brined and on its own with mashed potatoes, a biscuit and chicken gravy on the side, on top of a Belgian waffle or Nashville hot with a bacon brown-sugar glaze served with texas toast, pickles, mashed potatoes and chicken gravy. Also check out their Tuesday special: a Nashville-style hot chicken breast on a brioche bun with green goddess coleslaw and house-made pickles. In a rush and want fried chicken takeout? Grab a six, nine, or 15-piece bucket of Steuben’s original or Nashville hot fried chicken with mashed potatoes, chicken gravy and scratch-made biscuits or texas toast. 

Welton Street Cafe 

This family-owned cafe in Five Points has been serving customers in the Mile High City for more than 20 years. They specialize in Southern-style cuisine with a Caribbean twist. Have a big appetite? Welton Street Cafe has you covered. Their fried chicken entree is a juicy half-bird, seasoned and expertly fried for minimal grease, served with two sides and cornbread or white bread. For the full southern experience, order it with fried okra, a sweet tea, and peach cobbler or sweet potato pie for dessert.       

The Post Chicken & Beer 

If you haven’t tried The Post’s chicken yet then this location is a must. The Post in Rosedale won Westword’s Best Fried Chicken for 2021. Chef Brett Smith has perfected his fried chicken recipe. His buttermilk-brined chicken is delicious, extra-crunchy and gluten-free, making it accessible to almost everyone. Best of all, you can order it up in a variety of dishes, from chicken chicharrones with pinto bean hummus, to deviled eggs topped with crispy chicken skins, to a widespread of salads and sandwiches. We recommend the Fried Chicken Ranch BLT with tomato jam and paprika ranch or their Chicken and Waffles with a pumpkin seed butter, chorizo country gravy, chile-cherry chutney and maple syrup. Wash it down with one of The Post’s in-house brews, such as the Howdy Western Pilsner or the El Corn Amber Lager, both of which have been awarded medals at Denver’s Great American Beer Festival. 

Osaka Ramen 

Osaka Ramen may be known for its mouth-watering ramen dishes, but you must try chef Osaka’s equally delicious Chicken Kara’age. His fried chicken comes as a small plate dish or a sandwich. This crispy chicken dish is a lightly battered, deep-fried citrus-shoyu marinated chicken served with spicy mayo. The same great chicken comes with ginger-sesame slaw and Japanese pickles in the Chicken Kara’age sandwich at OPEN, the sandwich shop inside American Bonded. Additionally, one dollar from each sandwich purchase goes to food-based local nonprofit, Project Angel Heart. Both Osaka Ramen and OPEN/American Bonded are in Denver’s River North Art District (RiNo). 

It’s safe to say that Denver has an abundance of quality fried chicken locations. From classic southern-style chicken to a chef’s creative spin on an already delicious entree. Treat yourself to a comforting meal at any of these delectable locations that are sure to provide your tastebuds with a memorable experience.      

Colorado Real Estate News

Northern Colorado Market Trends

While inventory is on the rise in Northern Colorado, so are prices.

With consecutive months of increased prices and interest rates, a buyer’s monthly mortgage has likely increased as well.

Fort Collins detached homes were selling for a median price of $707,461, up from last month’s $676,008.

Fort Collins detached homes, on average, sell after 33 days on the market compared to 29 days last year. There were 169 detached homes sold this April, down from 191 last year, meaning sales volume was down 11.52 percent. Attached homes in Fort Collins saw a similar story, with attached homes at 74 sales in April 2022 versus 102 in 2021. Sales volume saw a decrease of 13.16 percent, from $35,384,395 to $30,729,309.

Average days on market decreased year-over-year for detached and attached homes in Berthoud.

On par with previous months, Berthoud’s detached market experienced a 17.07 percent decrease from 82 days in 2021 to 68 days in 2022, and its attached housing market saw less of a dramatic decrease but still experienced a decrease as well.

Meanwhile, Timnath’s detached homes experienced only 17 sales versus 26 in April 2021. 

Like last month, this was almost a 35 percent decrease. In its attached market, Timnath saw more sales than this time last year at six versus three in 2021.  Altogether, Timnath had 23 total sales for the month, versus 18 last month.

Boulder saw a large decrease in days on the market in detached and attached homes.

In the detached market, days on the market went from 60 in April 2021 to 39 in April this year. The attached market was similar with days on the market dropping from 57 to 29.

Loveland saw a drop in detached sales due likely to seasonality but continues to show its desirability.

In Loveland’s detached market, residents saw 122 sales in April 2022 versus 172 in April 2021. However, the average sales price for a detached home rose from$478,587 to $621,626. Meanwhile, their attached market saw a 19.46 percent increase, similar to last month, from $348,071 to $415,813 in April 2022.

*Written May 8, 2022. Updates may be available after this date.

Colorado Real Estate News

Denver Market Trends

While inventory is on the rise, so are prices.

The average price of a single-family detached home in Denver Metro is $825,073, which represents a 3.93 percent increase from April. With consecutive months of increased prices and the recent uptick in interest rates, a buyer’s monthly mortgage has increased as well. The average close-price-to-list-price ratio in April for the detached market was 107.29 percent. The close-price-to-list-price ratio shows that a month ago buyers were still bidding prices up an average of 7% above list price.

Sales velocity, closed sales versus month-end active inventory, is evidence that demand remains high.

Because of this, statistics like average sales price are affected. The most significant factor influencing the supply and demand this month is interest rates. Many homeowners refinanced over the past two years due to low-interest rates at the time. Now rates are hovering around five percent, providing those homeowners minimal financial incentive to move. Moving has become more influenced by a lifestyle or employment change.

Increased interest rates are impacting inventory.

While Metro Denver still has relatively low inventory, it’s no longer historically so.  There were 610 fewer properties on the market last year compared to today. The market usually sees an 8.59 percent increase in month-over-month inventory this time of year. This month, it saw a 44.26 percent increase. Providing hope to buyers.

In the Luxury Market, inventory is also on the rise.

There was a 57.65 percent increase in new listings from this time last year. However, as a result of inflation, more homes will cross the threshold into the Luxury Market simply due to list price or more likely due to bidding wars that can end 20 percent or more over the asking price.

In part due to seasonality, new listings for detached homes rose 26.62 percent from last month. 

This is a 63.73 percent jump from last year for new listings. Pending sales rose 27.15 percent to 562 properties and 599 closed homes, a 17.91 percent increase from last month. 

*Written May 6, 2022. Updates may be available after this date.