Colorado Real Estate News

CEO Reflections

Written by Kentwood Real Estate President and CEO Gretchen Rosenberg

Rooted in Luxury

Top 4 Questions to ask your Luxury Broker

1. Experience Level

It takes a well-honed skill set to manage the purchase or sale of a luxury property. Whether that’s a significant residence or a Class A Building. Marketing, negotiations, and the unique needs of luxury clientele require an aesthetic sensibility that comes from experience and strong negotiating skills.

2. Company Backing / Resources

Does the brand your broker has chosen to affiliate with resonate with a luxury clientele? At Kentwood Real Estate we like to reinforce that we’re a luxury brand for all. Everyone, in every price range and area, receives luxury treatment. Our brand is recognized as consequential because we take good care of our clients and we’re affiliated with some of the top national and international luxury networks, like Luxury Portfolio International, Who’s Who in Luxury Real Estate, and Berkshire Hathaway’s HomeServices of America.

3. Discretion

If you’re a luxury client, unless you’re a celebrity wanting to leverage that for a sale, you likely want discretion. Brokers at companies like Kentwood understand that. We’ve worked with sports agents, attorneys representing high profile clientele, we’ve worked under NDA. We know how to get the job done and how to make it about YOU, the client, and not about our notoriety. Not every broker out there wants to be on Million Dollar Listing or touting their chops publicly. Many remain focused on doing the best job they can for their clients. Our brokers are rewarded for their discretion by the referrals of their clients, not by 15 minutes of fame.

4. Photography & Staging

High-end photography, professional staging, geo-marketing, video, drone photography. These are all tools in the tool kit of an experienced luxury broker. They have the “rolodex” of names of the best practitioners in their chosen affiliated fields to get visually stunning results. It’s not acceptable to take photos on a camera phone at any price point, but especially not in the luxury markets.

Coco Chanel famously said, “Luxury must be comfortable, otherwise it is not luxury.” Luxury is in the eye of the beholder and Kentwood brokers excel at treating all clientele as if they are high-end. 

Colorado Real Estate News

Buyers Are Finding More Space in the Luxury Home Market

A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some buyers are finding the space they need for these upgrades in the Colorado luxury market.

The Institute for Luxury Home Marketing (ILHM) explains:

“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.

For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”

This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:

“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”

For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low-interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:

“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.

Coupled with the low-interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”

Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs.

Bottom Line

If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market. Our Kentwood brokers are experts in the luxury market and are here to help you find the perfect home. 

Learn more at www.Kentwood.com

Colorado Real Estate News

Kentwood Real Estate Announces Sales Totaling Over $44 Million For August

Kentwood Real Estate is pleased to announce the residences that were sold by Kentwood Brokers in August priced over $2,000,000. The listings and sales had a total sales volume of over $44,000,000. 

“Our Brokers are passionate about real estate and inspiring people to take the next steps in their life journey,” said Gretchen Rosenberg, President and CEO of Kentwood Real Estate. “We’re rooted Colorado; in the belief that we accomplish more together. 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 August for Kentwood Real Estate are as follows: 

Kentwood Broker Associates Gina Lorenzen and Linda Hantman represented the seller of a five-bedroom, seven-bathroom, 7,818-square-foot home in Cherry Hills Village that sold for $4,695,000. Residing on two private acres near Cherry Hills Country Club, this magnificent residence is surrounded by lush grounds with a pond. The whitewashed brick exterior is accentuated by a slate roof and iron balconies. At the heart of the home is an open-plan great room with double-height beamed ceilings and professional-grade chef’s kitchen. The upper loft is flanked by four en suite bedrooms, including a private master suite with a sitting room, balcony, walk-in closet, and spa-like bath. The fifth en suite is found in the lower level along with the recreation room and wine cellar. This home highlights exceptional Colorado living. 

Kentwood Broker Associate Karen Brinckerhoff represented the seller of a five-bedroom, six-bathroom, 7,040-square-foot home in Littleton that sold for $3,800,000. The property has sweeping views through every window of the mountains, red rocks, meadows, wildlife, and city. The completely renovated interior, designed by the award-winning architect from RKD, Jack Snow, features a gourmet kitchen, luxurious master suite, and five-piece master bath with a steam shower. Positioned on 13.51 acres of pristine landscape that is enhanced by the mountain backdrop, this equestrian estate is equipped with a three-stall two-story barn with a tack room, equestrian riding arena, and fenced pasture. Truly a Colorado dream home in the perfect location close to everything.

Kentwood Broker Associate Gina Lorenzen represented the seller of a three-bedroom, four-bathroom, 6,521-square-foot home at Hilltop’s highest point on Cranmer Park that sold for $3,500,000. The iconic contemporary-designed, custom-built home on a rare, expansive 26,500 square-foot lot is one of the most significant residences in Denver. The original design was by award-winning New York architect, Michael Gabellini. The sleek and modern interiors feature an extensive open living area and study/library surrounded by expanses of glass, creating a bright, airy space with stunning views of the Front Range. Designed for sophisticated entertaining and comfortable living, the interior has soaring ceilings, four impressive fireplaces, and magnificent wall spaces to accommodate substantial artwork. An enviable location with unrivaled views – the home is a true modern masterpiece.

Estate in Cranmer Park sold for $3,500,000

Kentwood Broker Associates Tim Colleran and Whitney Harris represented the seller and Broker Associates Brandon Brennick and Anna Brady represented the buyer of a five-bedroom, seven-bathroom, 5,661-square-foot home in the heart of Belcaro in Denver that sold for $2,580,000. The stunning contemporary home features sleek and sophisticated finishes throughout the open concept floorplan, including a floor-to-ceiling marble double-sided fireplace between the dining and front sitting rooms. The luxurious master suite offers a fireplace, relaxing sitting area, a private balcony, and a spa-like bath. This is a true Belcaro gem.

Estate in Belcaro sold for $2,580,000

Kentwood Broker Associates Kelly Sophinos and Greg Margheim represented the seller of a six-bedroom, eight-bathroom, 8,682-square-foot home in Greenwood Village that sold for $2,575,000. The open beam architecture and European-designed custom two-story home is situated on almost one acre with gorgeous mountain views.

Estate in Greenwood Village sold for $2,575,000

Kentwood Broker Associates Patty Ryan Anton and Greg Card represented the seller of a four-bedroom, four-bathroom, 4,472-square-foot home in Washington Park that sold for $2,444,000. The Monterey style-home is surrounded by nature and is crisp and bright throughout. The main focus in this wide-open floor-plan is gazing out through wall-to-wall sliding glass doors to the massive patio overlooking Washington Park.

Estate in Washington Park sold for $2,444,000

Kentwood Broker Associate Christy Owen represented the seller and Kentwood Broker Associate Jim Rhye represented the buyer of a four-bedroom, five-bathroom 4,406-square-foot home in the Country Club neighborhood of Denver that sold for $2,375,000. The classic two-story, red-brick Georgian home, is sunny and open with a charming sunroom opening to an awning-covered terrace outside. The outdoor space features a large patio with wonderful indoor-outdoor living and entertaining elements.

Estate in Country Club neighborhood sold for $2,375,000

Kentwood Broker Associate Berenice Bejarano represented the seller of a five-bedroom, six-bath, 6,123-square-foot home in the historic Denver Country Club community of Denver that sold for $2,300,000. The skylights throughout the home create a light-filled interior. The open floor plan offers the perfect flow, and includes three fireplaces, charming finishes, an expansive master bedroom, and a walk-out basement with its own kitchenette and washroom, creating a private guest suite. The large backyard has a pool, built-in barbeque, and jacuzzi – offering exceptional outdoor living.

Estate in historic Denver Country Club community sold for $2,300,000Kentwood Broker Associates Roy Lopez and Jonathan Lopez represented the seller of a six-bedroom, six-bath, 6,740-square-foot home in Greenwood Village that sold for $2,100,000. The stunning remodeled home in The Preserve is a rare property with great outdoor living amenities. Situated at the end of a cul-de-sac and with gorgeous curb appeal, the new front-entry door opens up to a grand foyer with its soaring ceilings. The family room has an impressive stone wall fireplace, the stylish dining room is connected to the butler’s pantry and wine chiller, and there is an outdoor gourmet kitchen with a refrigerated beer tap, Kalamazoo grill, pizza oven and split smoker – perfect for fabulous dining experiences.

Estate in Greenwood Village sold for $2,100,000

Kentwood Broker Associates Bryan Uhl and Kris Uhl represented the seller of a four-bedroom, five-bathroom, 4,673-square-foot two-story brick home in the heart of Old Crestmoor in Denver that sold for $2,045,000. The beautiful home features formal living and dining rooms coupled with a wonderful flow for entertaining – amazing windows and natural light throughout. The chef’s kitchen boasts Quartzite and Silestone countertops and opens to a large family room with beautiful antique reclaimed pine flooring and an oversized granite hearth with wood burning fireplace. There is also a private master suite with French doors opening to a large deck overlooking the professionally landscaped park-like backyard.

Estate in the heart of Old Crestmoor in Denver  sold for $2,045,000

Kentwood Real Estate also represented the buyers of four luxury homes that sold in August as follows:

Kentwood Broker Associates Patty Ryan Anton and Greg Card represented the buyer of a home in Steamboat Springs that closed for $3,950,000.

Kentwood Broker Associate Amanda Fein represented the buyer of a home in Denver’s Lower Highlands that closed for $2,500,000.

Kentwood Broker Associates Thomas and Rosanne Dutzer represented the buyer of a home in Denver that closed for $2,300,000.

Kentwood Broker Associate Allison Craig represented the buyer of a home in Denver’s Cranmer Park neighborhood that closed for $2,025,000.

Notably, in 2019, Kentwood Real Estate represented four of the top 10 highest-priced home sales in metro Denver, more than any other brokerage in the top 10, according to REColorado data. To learn more about Kentwood Real Estate and our available listings, visit www.Kentwood.com.

Colorado Real Estate News

Denver home of late art collector, philanthropist Ginny Williams sells for $3.5M

Kentwood Real Estate broker, Gina Lorenzen, listed and sold this custom-built home located at Hilltop’s highest point on Cranmer Park. This home was designed by award-winning New York architect, Michael Gabellini.

Check out the article on Denver Business Journal to learn more about the history of this home, and Ginny Williams — the late art collector and philanthropist who previously owned it.

Click here to read the full article!

Colorado Real Estate News

Polo Club mansion listed for $8.95M

Listed by Sandy Weigand and Chuck Gargotto 1 Polo Club Lane has been listed at $8.95M. The owners spared no expense in entirely rebuilding and renovating this 5-bedroom, 7-bath residence to create a stunning transitional Beverly Hills style designer jewel. With inspiring indoor and outdoor spaces everywhere, clean modern lines blend harmoniously with tradition throughout the property.

Read more about this incredible property on the Denver Business Journal site by clicking here!

Colorado Real Estate News

Top Tips For Buying A Luxury Home

Homes in Denver, CO are considered as “luxury” if they’re valued over $1M+. While luxury applies to value alone, homes in this bracket all have in common a highly competitive buyers-market despite varying in every aspect from square footage, lot size, and location To navigate an often complicated home buying or selling process in the luxury home market, you will need a broker with negotiation experience and a deep understanding of your neighborhood’s trends.

If you are in the market for a luxury home, there are key areas you need to pay attention to throughout the search process.

Know where to search:

Most real estate is easily accessible through the MLS or a simple online search, but when it comes to luxury properties, many of the homes remain unlisted in order to protect the seller’s privacy. Well-connected and luxury-focused brokers can tap into their professional networks to identify potential buyers or sellers rather than relying on inbound-only interest.

Know the neighborhood:

If you’re investing in a luxury property, you’re likely purchasing your dream home – no bargains or compromises. Understanding each neighborhood and their trends is arguably the most important aspect of living in your dream home as well as ensuring the longevity of your investment. While the home may be perfect, it’s especially important to be aware of future development or changes that might affect your lifestyle.

Know your priorities:

From amenities like bowling alleys and tennis courts to sprawling vistas and top-of-the-line finishes, knowing your priorities and what you deem as luxurious will be immensely helpful in finding the perfect estate. As is true with homes in any market, luxury homes may not have each and every feature you desire. It’s important to develop lists of must-have and desirable-but-not-necessary features, so your Kentwood broker can schedule tours of homes that fit your vision and reduce the time you spend searching. While the home might seem perfect, be sure it’s perfect for you and your family.

Pricing:

Pricing is the most important aspect to selling a luxury home. An experienced broker will solicit a consensus home value from their colleagues, luxury experts, and past and recent market data. While the seller might want to sell their home for more, it’s important to consider the broker’s value because they’re experts for a reason: They know how price homes for sales. If a seller decides to list their home too high, there is a very real risk of ultimately chasing the market meaning potential buyers will wait-out each drop in price to see how low you’ll end up going to sell.

If you’re in the market for a new luxury home, learn process of buying high-end real estate, study each neighborhood, know exactly what you need in a home, and sign the right broker. Kentwood Real Estate has represented the most discerning clientele in Colorado and our brokers are an elite team of Realtors whose exceptional service, local expertise and deep community roots create a market advantage for clients. If you’re ready to start your journey to buying your next luxury property, contact a Kentwood broker today!

Colorado Real Estate News

Real Estate Market Trends

Record-home Sales in July in Metro Denver

Homebuyers in metro Denver were not slowed by the pandemic in July as June’s record number of pending sales converted to an all-time high in the number of closings in any month on record.

Average Single-family Home Price Catapulted to Over $600,000

While record-home sales was predicted, no one could have predicted the significant jump in prices. Pent-up demand from the COVID-19 home-showing shutdown and the continued lack of choices forced homebuyers to bid against each other. Many sellers collected multiple offers at or above asking price. That competition catapulted the average single-family home price to $601,863, which is 7.7% higher than June and 10% percent higher than July 2019. The median closed price was also a record high for any month at $460,140.

One of the Strongest Months for Single-family Luxury Home Market

In the luxury housing market, there were two different perspectives depending on if you had single-family or condo homes.

The single-family Luxury Market, homes priced $1 million+, had one of its strongest months in almost every statistical category. Compared to last year, there was a 53% increase in new listings, pending transactions jumped 105% from 195 to 399, the amount of closed deals in July increased 61% and both the median and average days in MLS decreased from the previous year.

The lack of housing inventory puts the advantage in the sellers’ hands in all price ranges except for condos priced above $1 million. Even though the number of closed sales of luxury condos was up 50% month over month, it is still the softest segment of the market and homebuyers have the upper hand in negotiating.

While the luxury condo market had a relatively strong month compared to that of the previous year, it is clear that the demand for condos was not nearly as strong in July. People have spent more time in their homes than they are accustomed and there is a growing trend of wanting more space.

*Written August 7, 2020. Updates may be available after this date.

Colorado Real Estate News

Questions to Ask Yourself before Buying a Vacation Home

Vacation Home | Beach HouseDid you fall in love with your last vacation destination and know that you absolutely must buy a home there so that you can recreate those magical experiences. You are not alone. According to the National Association of Realtors (NAR), vacation home sales catapulted to an estimated 1.13 million last year, the highest amount since the NAR started its vacation home survey in 2003. Vacation home sales were up 57.4 percent from 717,000 in 2013.

Purchasing your own piece of paradise is an exciting opportunity, but there are many important factors to consider before taking the plunge and buying a vacation home. Following are a few questions you should ask yourself before buying a vacation home.

What kind of travel are you committing to?

It’s time to go on vacation, so you drive two hours to the airport for a three-hour flight, pick up a rental car, and then drive two more hours to your dream cabin in the woods. Really?

Now think about hopping in the car and driving only three or four hours to your dream cabin in the woods. The enticement of owning a vacation home is that you will actually go on vacation…easily and often. The location, ease of access, and how often you plan on using it are paramount components in this endeavor. If it’s too far away, then you might not use it as much as you originally thought you would.

How are you going to use the vacation home?

Is it going to be a yearly summer spot for extended family or a romantic weekend getaway? Will you need three bedrooms or is 500 square feet enough space?

Research the four seasons. Will it be too hot to go golfing in July? Do you want to participate in the local, yearly half-marathon? Having a clear idea of what you want, who’s going to use the home, and the purpose of it will be extremely helpful in the overall process.

You should also hire a local real estate agent to learn all the ins and outs of a particular area. Sure, you know how great it is in the summer, but did you know that every winter they shut down the roads due to flooding? What about the naked bicycle club organization that meets once a month next door?

Or how about the new sewer plant that’s being built down the road? Real estate agents are invaluable, and your local expert will share insights and interesting facts about the neighborhoods.

To rent or not to rent?

Many owners are open to renting their vacation home when possible. If this is appealing to you, do your homework.

First, contact a property management company. Find out the rental amounts, and the rules and regulations for a particular area. Is there a peak season? Will you need to give up some of your vacation time so that you can make some money when rents are hot?

Some associations and resort communities don’t allow rentals, so do thorough research. If you’re not going to rent it, who is going to keep an eye on it?

Property management companies are excellent sources of information and offer different services including lawn care, monthly checkups, etc. You’ll want to make sure someone is looking in on your house because sometimes roofs leak, water tanks crack, etc.

How are you going to finance it?

Make sure you fully understand the financial implications of owning a second home. Consult with your Certified Public Accountant and your financial planner. There are different tax rules that apply depending on the breakdown between personal and rental use. Keep in mind that there will be maintenance costs for upkeep and repairs on the home. Create a budget and be prepared for the expenses.

Taking time to research the necessary elements in buying a vacation home is smart and will go a long way in protecting your investment. This is your investment in creating experiences and unforgettable memories for you and your loved ones for years to come. Now, isn’t it time for a vacation?

Colorado Real Estate News

Kentwood Real Estate and the Denver Business Journal Present “Home of the Day”

Home of the DAy 1Starting today, the Denver Business Journal will announce a different Kentwood property as “Home of the Day” for everyday this month. Each home gets two chances to top their list. This is your opportunity to get an inside look at some of Denver’s most luxurious properties! Today’s featured property is 1805 East Cedar Ave.

Colorado Real Estate News

Luxury Market Recap from Kentwood Real Estate Shows a Total of 550 Million Dollar Listings in Metro Denver

7EaglePointeLane-1
7 Eagle Point Lane in Castle Rock, Listed at $7,900,000 by Rollie Jordan

Kentwood Real Estate has released our January 2015 Luxury Market Recap for residential and condominium properties in metro Denver.  In January, there were 550 million dollar residential and condominium properties in the region, with Kentwood Real Estate enjoying a 17 percent market share with 95 active million dollar listings.

Closed sales for single-family luxury homes decreased 13.8 percent in January 2015 compared to January last year.  Average days on the market increased 7.2 percent to 104, while the average sold priced decreased 13.5 percent to $1,383,183.  The highest sold price was $2,135,000, with total sales volume $45,645,041.  There are a total of 501 active listings, with 90 under contract.

Luxury condominium sales in January averaged 165 days on the market compared to 91 in January last year.  The highest sold price was $1,230,000 while the average sales price decreased 53.8 percent to $1,140,000.  Total sales volume for luxury condos was $2,280,000.  There are 49 active listings and seven under contract.