Colorado Real Estate News

Pro Tips When Buying Luxury Homes in Colorado

Luxury homes in Colorado provide class through features like modern architecture and gorgeous floorplans, though the real luxury of the properties comes from the beautiful locations. However, before you begin your search for a Colorado dream home, here are a few tips you should take into consideration. 

Location. Location. Location. 
The variety of landscapes that Colorado offers provide an array of lifestyles when it comes to purchasing a luxury home, from properties with close proximity to shopping in the city, like Cherry Creek, to more secluded, mountain living in areas like Estes Park. Determine ahead of time what type of location you’re searching for and you are sure to find your perfect luxury home in whichever area you choose. 

Timing is everything. 
Since 2021, the price of Colorado homes has increased 8.5 percent on average and continues to grow each year. Purchasing early can support a higher quality investment and a higher potential profit should you choose to sell the property someday. Right now, there still remains a very high demand for properties in Colorado. Ski town areas are running out of space for new homebuyers, fueling the price increase (Singer, 2022), and recently, there has been pushback from locals in ski towns calling for lease caps and loan programs due to the price surges (Sisson, 2019). Continue to monitor real estate news and announcements to determine the best time for you to buy. 

Prepare. 
With any purchase of a home, it’s important to have all your ducks in a row and come prepared when meeting with your broker. Speaking with a mortgage lender ahead of time and getting pre-approved will expedite the homebuying process. Having a reputable home inspector on call will also ensure you aren’t faced with mounting surprises after moving in. Seek broker expertise to find hidden gems. With videos and virtual tours being a large part of real estate marketing, most properties can be found online. However, for various reasons, when considering purchasing a luxury home you will find plenty of options without online listings in Colorado. High-end brokers prioritizing luxury and client relationships are the best choice to find your dream home. 

If luxury living in Colorado has caught your eye and you are looking to purchase a home in the Centennial State, contact a Kentwood Real Estate broker today. 

Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market reflects a seasonal adjustment.

The data indicates the NOCO market area has shifted to a more even playing field between buyers and sellers. Compared to August 2021, inventory and days on market have gradually increased, and the market is beginning to see some price reductions.

Fort Collins detached homes sales volume decreased by 31.24%.

183 detached homes were sold in August 2022 compared to 240 in 2021, a 23.75% decrease in number of closings. Attached home sales were also significantly down from the previous year, from 79 in August 2021 to 66 this year.

Loveland detached home sales declined in August.

In Loveland’s detached market, residents saw 131 sales in August 2022 versus 171 in August 2021, a 23.39% decrease, yet the average sales price for a detached home climbed from $540,056 in 2021 to

$600,393 this year. Indicating that demand remains steady.

Boulder’s increase in sales volume year-over-year underscores resilience.

In the detached market, the total August sales volume went from $145,410,217 in 2021 to

$154,873,289 in 2022, an increase of 6.51%. However, the attached market saw a decrease in sales from 89 in August 2021 to 72 this month. Boulder is a destination and a lifestyle choice, with opportunity for both buyers and sellers.

Berthoud saw an increase in detached home prices.

Year over year in August there was a 35.66% decrease in closings. However, the average home price increased 5%, from $630,742 average price last year to $664,089 this year. Attached homes experienced an increase in total sales volume in August 2022.

Decreases year-over-year in Timnath detached homes sold.

Following a recent trend, Timnath’s detached market went from 30 homes sold in August 2021 to 13 in August 2022, a 56.67% decrease. In the attached market, Timnath experienced a decrease from 12 to 4 units sold in August. There is still opportunity for well-positioned Timnath sellers.

* Updated September 7, 2022.

Colorado Real Estate News

Denver Market Trends

August 2022 showed an end-of-summer calming for Denver Metro housing.

All major housing categories point to the market slowing down. Days in the MLS went up 120% since August last year and the closed-price-to-list-price ratio dropped below 100 percent for the first time since July 2020, to 99.41% of list. Still a strong showing for well-prices homes. The median sales price decreased 2.54% from July, which could simply be the mix of home price points that closed in August.

Year-to-date, Denver Metro median sales price is up 8.49%.

The average homeowner has gained $49,233.51 in equity this year. While new listings in MLS dropped by 15.50% year-over-year in August, keeping the imbalance between supply and demand alive in some areas and price points.

The Luxury Market is also evolving.

New active listings above $1,000,000 declined over the summer – down 18.77% this August over last for detached homes and 18.31% for attached residences.  Sales volume in August was $658,551,398, down 19.29% from July and 16.80% year-over-year. Sales volume year-to-date is $6,717,616,956, up 17.21% year-over-year, largely driven by the heated first half of 2022.

Median days in the MLS for August increased for both attached and detached homes.

Attached homes went under contract in 12 days, detached in 13 days. Still signifying a sellers’ market by the historical benchmark of 4-6 months inventory reflecting a market deemed evenly balanced between supply and demand. However, price reductions are more prevalent and days on market are creeping up. Perhaps indicating a balance between our historically unprecedented demand and available supply.

Months of inventory for attached and detached homes largely unmoved.

With 2.39 months of inventory for detached homes and 3.40 months for attached, it was still within the typical seller’s market range. However, compared to the intensity of the spring market, there is a trend toward more opportunity for buyers.

*Updated as of September 7, 2022.

Colorado Real Estate News

End-of-Summer Festivals

Summertime in Colorado is always a special time of year filled with various festivals, events and outdoor activities for everyone. With fall just around the corner, here we outline the “can’t miss” end-of-summer events for 2022.


The Telluride Jazz Fest, taking place from August 12-14 is known as “America’s Destination Jazz Festival.” The fusion of acclaimed jazz musicians and the beauty of the Telluride Town Park music venue makes this festival a once-in-a-lifetime experience. Throughout the festival, you can find pop-up shows in the town of Telluride while enjoying an array of shopping, great eats and beautiful views.


For spectators and bike enthusiasts alike, the Colorado Leadville 100 Bike Race, taking place on August 13 is a landmark event and the second-oldest of the sought-after 100-mile marathon bike races held in the United States. The race starts and finishes in Leadville, CO passing through 100 miles of extreme terrain throughout the Rocky Mountains. Spectators can enjoy the festival and award ceremony following the race in the quaint town of Leadville.


The third annual Vail Valley Brew ’Au, taking place on August 13 in one of Colorado’s premier destinations, features award-winning beer, ciders, seltzers, live music, food trucks, and of course, activities for children to ensure fun for the whole family.


A festival for peach lovers, the 23rd annual Lafayette Peach Fest on August 20 features delicious food and fun for everyone during this one-day event. With peaches from Colorado’s best orchards, food vendors, crafters, antique dealers and a balloon exhibition, you are sure to enjoy a relaxed Saturday afternoon in the Colorado sun.


The 15th-annual Handmade in Colorado Exposition takes place over three different weekends at three different venues. The first weekend, taking place in Estes Park from August 26-28 will feature unique art pieces with the talented artists that created them. You can also experience the breathtaking views, boutique shopping and live entertainment alongside one of Colorado’s leading festivals for artists.


The Colorado State Fair, hosted in Pueblo from August 26 to September 5, is one of Colorado’s largest summer events. The State Fair has family-friendly events for all age groups, ranging from Craft Brew competitions for the adults to funnel cakes and carnival rides for the kids. Be sure not to miss the exhilarating demolition derby and rodeo events, as they will be sure to pull in a crowd.


We hope the rest of your summer is filled with unforgettable memories with friends and family and you can experience some of these exceptional events put together for our Colorado community.

Colorado Real Estate News

Denver Market Trends

July 2022 showed a summer market that is receiving a “cool off,” but with current conditions, it’s still not enough to push Denver Metro’s current seller’s market to a buyer’s market.
Data confirmed that the Denver Metro area is no longer in a shifting market. Instead, it has shifted, and the real estate market is more balanced. Month-over-month, the market is down 3.33 percent but compared to last year, it is still up 11.04 percent, indicating that a more balanced market, combined with slightly decreasing interest rates, has helped create opportunity for those who previously felt burned out on the process.

One major primary indicator of a shifted market is the close-price-to-list-price ratio, which was down to 100.81 percent.
Buyers have become more specific about what they are looking for and frequently question if, and how much, below the asking price they can offer. Gone are the days when a seller can simply put a sign in the yard and expect their home to sell.


Month-end active listings increased 21.53 percent in July.

Pending and closed deals decreased and days in the MLS increased by exactly 30 percent. However, the market is still far from what many experts would consider a buyer’s market.


With mortgage rates that briefly went over six percent, the Luxury Market also felt the seasonal cooling in July.
New listings were down 22.13 percent, pending sales were down 18.16 percent, and closed homes were down 30.80 percent since June. There were 718 new luxury listings in July and 492 closings.


At the end of the month, there were 1,190 active homes for sale in the Denver Metro area over $1 million signifying that luxury inventory is up.
Compared to last year, inventory has increased 39.05 percent, with most of that in detached homes. Notably, the months of inventory increased in July to 2.37 months for detached luxury homes and 3.31 months for attached.


*Updated as of August 6, 2022.

Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market continues to respond to economic factors in July.
The data confirms that the Denver Metro area is no longer in a shifting market; it has indeed shifted. Compared to last July, inventory has gone up which is why we are seeing more price reductions.


Fort Collins detached homes sale volume decreased by nearly 30 percent in July.
In comparison to 2021, that is a 28.41 percent decrease from $158,120,824 to $113,202,431 in July 2022. 168 detached homes were sold in July 2022 compared to 265 in 2021, a 36.60 decrease. Attached home sales were also significantly down from the previous year, from 90 in July 2021 to 55 this year, a 38.89 percent decrease overall with the sales volume decreasing 32.33 percent from $32,975,902 in 2021 to $22,314,726.


Berthoud experienced a significant increase in their detached homes price average.
At $739,843 in July 2022, versus $712,956 in June 2022, this was a 28.91 percent increase from July 2021 when it was $573,926. Attached homes, meanwhile, also experienced an increase in total sales volume from $1,792,000 in 2021 to $2,707,300 this month.


Meanwhile, Timnath saw another substantial decrease year-over-year in detached homes sold.
Following a month-to-month trend, Timnath’s detached market went from 32 homes sold in July 2021 to 14 homes in July 2022, a 56.25 percent decrease. In its attached market, however, Timnath experienced an increase at 5 versus 2 in July 2022, a 150.00 percent increase.


Boulder saw a substantial decrease in sales volume year-over-year, showing the changing market.
In the detached market, the total July sales volume went from $210,492,952 in July 2021 to $113,881,584 in July 2022, a
decrease of 45.90 percent. The condo and townhome attached market saw a decrease in sales of 33.71 percent from 89 in July 2021 to 59 this month.


Loveland saw an increase in detached average home sales.
In Loveland’s detached market, residents saw 124 sales in July 2022 versus 193 in June 2021, a 35.75 percent increase, with the average sales price for a detached home climbing from $533,186 to $659,536.

*Updated August 6, 2022.

Colorado Real Estate News

Fine Dining In Fort Collins

Picture this: you are searching for an upscale, sit-down restaurant in Northern Colorado, an area unfamiliar to you that you’ve wanted to explore. Casual places to eat lie on every block, and you’re looking for something a notch above. On top of finding a location, looking for fine dining restaurants can be difficult if you are unsure about the type of cuisine you’d like to enjoy as well. Lucky for you, we’ve compiled a list of fine dining restaurants based on each food category to aid you in your search.

STEAKHOUSES
The Still Whiskey Steaks Restaurant, located at 151 N College Ave., is one of the three Fort Collins steakhouses in the city. This restaurant not only has staff that goes above and beyond but also serves extravagant food including whiskey-marinated steaks and sustainably sourced burgers.

If you are looking for a steakhouse that serves high-end steaks and seafood, then Sonny Lubick Steakhouse is the place for you. This warm and homey restaurant located at 115 S College Ave. (Old Town Square) in Fort Collins is the perfect place for a date night or night out with friends. Along with the delicious food, a wide selection of tasty wines are also available.

AMERICAN EATERIES
If you are looking for high-class American dining then The Farmhouse at Jessup Farm is a great place to visit. Located at 1957 Jessup Drive, this rustic restaurant serves seasonal American food with house cocktails and local beers.

The Emporium: An American Brasserie, located in the Elizabeth Hotel, is another American-style cafe that is not to be missed! This is not your typical cafe; you can sit and dine in the restaurant or shop the unique and traditional wines in the wine shop and market.

The third American Eatery restaurant located on 135 W Oak St. in Fort Collins is Jay’s Bistro. This establishment has a swanky atmosphere with American-style food, cool art hanging on the walls and live jazz music.

ITALIAN
Located on 101 S College Ave. in Fort Collins, RARE Italian is a must-visit restaurant. This elegant Italian restaurant serves an amazing selection of wines and pasta. There is both inside and outside seating available as well.

SEAFOOD
Did you ever think you could find good seafood in Colorado? Well, you absolutely can! A popular seafood restaurant that is available in some parts of Colorado is Jax Fish House & Oyster Bar. Located at 123 N College Ave. in Fort Collins, this wonderful restaurant serves gourmet seafood dishes and homemade cocktails. This restaurant has a relaxed setting, letting you really enjoy the food and company.

These are just a select few of the more popular fine dining restaurants in Fort Collins. Whether you are more of a seafood lover or like classic American food, then Fort Collins has all the answers for you!

Colorado Real Estate News

Important Steps and Considerations Before Listing Your Home

Listing your home is a monumental moment in your family’s life and should be navigated with great care to avoid unnecessary stress and last-minute delays within the listing and selling process. Here, we outline 9 important steps and considerations for your family to make before listing your home.

Home repairs
From stained ceilings to broken windows or even cracks in your floorboards, it’s time to fix these nagging issues and get ahead of the game. Not only will repairing these damages increase the value of your home, but it will also ensure no delays in the potential sale following the necessary visit from a home inspector.

Declutter, declutter … and declutter some more
It is imperative that your home looks livable to potential buyers. Decluttering can be difficult since there are so many core memories tucked away in those books, toys, photographs, decor and documents but remember getting started is the hardest part. If you are unable to throw away or shred some items, it may work for your family to get storage tubs to at least get clutter out of the way.

Clean!
Although this may sound obvious, roll up your sleeves and get to cleaning. By cleaning, we don’t mean your average sweeping or dusting; we are talking about those little-used closets and other nooks and crannies that are usually overlooked. We recommend starting from the top down from ceiling light fixtures to floor vents and leaving no corner untouched. Oh, and don’t forget how much of a difference clean windows can make to the appearance of your home!

Simple and neutral decor
During your decluttering and cleaning phases, try to ponder what, if any, flashy or attention-drawing decor you can remove from your home. Although this decor may sit close to your heart, it is best to leave your home as simple and neutral as possible to allow the buyer to imagine their own potential dream home.

Curb appeal
Without fail, the outside of your home makes the initial impression. For someone to be interested in the interior of your home, they must first be impressed with the exterior. With the addition of a neatly-kept yard and a pleasing garden, you will be sure to woo many prospective buyers.

Upgrades
Another consideration to make is upgrades throughout your home. Whether it be fencing, hardware, tech, lighting, appliances or even paint, sometimes seemingly unimportant upgrades can significantly increase the value of the potential sale.

Bathrooms
For some people, the bathroom can be a make-it or break-it aspect of the home. Putting extra care and cleanliness into the bathrooms can not only elevate the value of the sale but also become a selling point when touring potential buyers.

Refine top selling points
Refining and understanding the selling points or value proposition of your home, whether it be the location, the property or the house itself, and making that value abundantly clear through the listing process will help ensure a successful sale from both parties’ perspectives.

Market considerations
Last but certainly not least, it is crucial to take in external considerations such as your local real estate market. This will allow you to gauge how long it may take to sell and choose a price point for your home that gets you the best possible return on your investment.

Colorado Real Estate News

A LOOK INSIDE A U.S. LUXURY FIRM: COLORADO’S KENTWOOD REAL ESTATE

A Look Inside a U.S. Luxury Firm: Colorado’s Kentwood Real Estate
Graphic credit: RISMedia

From Gretchen Rosenberg:

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.

*Originally published by RISMedia July 12, 2022

Colorado Real Estate News

Denver Market Trends

June 2022 demonstrated how sellers and buyers continue to adjust to the economic factors at hand.
As month-end active inventory continues to increase, the Denver Metro hit a new record for the average price of attached properties at $504,193 and $810,415 in detached properties. At the end of June 2021, Denver Metro ended with 3,122 properties, 2,137 detached homes and 985 attached on the market. DMAR reported it has now almost doubled that amount over the year, with a total of 6,057 properties, 4,684 detached homes and 1,373 attached, currently sitting on the market.

Buyers are feeling the woes of the economy.
Many first-time homebuyers who were initially pre-approved towards the beginning of the year with a specific interest rate decided to wait to buy until it wasn’t as competitive. But, when they restarted their search in May, they found that it was with an increased interest rate.

A summertime increase in inventory is part of the normal seasonality of the real estate market.
However, with the 65.85 percent increase in inventory compared to the previous month, Denver Metro should expect more balance as prices appear to be stabilizing. This was reflected in months-of-inventory, which is now at 1.19, the first time it has been above one in months since June 2020, but well below the 4-6 months-of-inventory of a truly balanced market.

The Luxury Market homes also saw an adjustment as the Denver Metro hit the midway 2022 point.
While all other pricing segments saw double-digit increases in new listings, there were more new listings in June for the Luxury Market but only a 6.82 percent increase. The impact on the shifting market can be seen most clearly by looking at the pending sales numbers. The number of pending sales of detached homes dropped 21.87 percent month-over-month.

Attached home pending sales were down 42.86 percent from May but closed sales increased 11.11 percent month over month.
While some prices are adjusting, the overall demand is still historically low, resulting in a more gradual change. The amount buyers paid over the listing price for detached homes also dropped from 107.11 percent in May to 103.85 percent in June and from 104.39 percent in May to 102.65 percent for the attached Luxury Market. Altogether, the amount buyers paid over the listing price dropped from 106.85 percent in May to 103.71 percent in June. That means, on average, they still paid above the list price and more per square foot. The attached home has the highest above asking price of all of the market segments.

*Updated as of July 13, 2022