Colorado Real Estate News

LeadingRE | REimagine Conference 2021

LeadingRE REimagine Conference
Stage in ballroom of Wynn Las Vegas for the REimagine Conference 2021.

The past week, Kentwood Real Estate was honored to participate in the prestigious Reimagine Conference hosted by LeadingRe at the Luxe Wynn Hotel in Las Vegas. And wow, what an incredible experience it was!  Kentwood’s Managing Broker at our Cherry Creek office, Brandon Brennick, and top-producing broker Lori Pace, participated in two amazing panels for diversity and competition, respectively.  FYI, Lori is a member of Kentwood’s Diversity, Equity, and Inclusion counsel.  Also, Jason Exley, Director of Relocation and Business Development, helped lead a panel on ‘Recalibrating Relocation in the COVID Era.’  So proud of our fantastic team and their participation in this great conference!

Jason Exley of Kentwood
Jason Exley (left).
Lori Pace Kentwood Real Estate
Lori Pace (right).

Brandon Brennick (center).

Panel held by Jason Exley of Kentwood Real Estate:

Relocation departments shifted to focus on lead business during COVID to top aggregators such as OpCity, Rocket Homes, HomeStory, etc., with traditional corporate relocations down. Coming out of COVID with inventory slim, one brokerage introduced a partnership with Ribbon, which converts a conventional buyer to an all-cash offer, buyers can compete and win. The virtual environment we were all thrown into during COVID has led to higher engagement among agents at Relocation trainings and weekly sales meetings.  Also, By creating a more enhanced experience and upfront conversation via video/conversation with relocating clients, we are experiencing higher conversion rates.

Panel held by Lori Pace of Kentwood Real Estate:

The vitality of a brokerage’s future success will be contingent on how well agents and brokerages can respond to the changing circumstances of the world that impact global relationships.  COVID -19 and social unrest due to the death of George Floyd turned the world upside down; meanwhile, real estate was declared an essential business.  

Today, we face a lack of tools, resources, and leaders to ensure past real estate policies, laws, and business practices are inclusive and multicultural in creating positive solutions.  While at the conference, it was the anniversary of the murder of George Floyd.  Buyers, sellers, brokers, owners, and agents representing neighborhoods, businesses, and organizations can no longer feel comfortable with the dehumanization and perceived threat of a black man in a community that has been neglected due to redlining.  

Redlining was used in our industry systematically to uphold racist philosophies and principles. LeadingRE recognized the need to do more than talk about inclusion but instead invest in inclusion by launching a Diversity Difference Experience program held in August.

Panel held by Brandon Brennick of Kentwood Real Estate:

Now, more than ever, relationships matter!  Clients are ready for eyeball time with their agents, and therefore, getting back in person with our clients is key. Competing against new competition requires being purpose-driven. Most agents are operating with a transactional model now; however, having a business plan that focuses on intention has proven to be a more successful and profitable route.

Most agents (70-80%) are buyer-centric, which contributes to the scarcity of inventory – the market is telling them they can’t get listings, but there are people out there ready to sell. They just don’t know how to do it. A more listing-centric strategy is key to more inventory. Approximately 14-23 million American will move in the next 1-5 years – 52% more than 2 hours away and 42% more than 4 hours away.

Why Should You Get to Know LeadingRE? 

Over two decades ago, 50 of the top brokerage firms in the United States launched a network now known as Leading Real Estate Companies of the World® (LeadingRE). Today, LeadingRe has over 550 firms and 150,000 sales associates, operating in 70 countries. LeadingRE’s mantra is “Making the Best Brokerages Better.”  LeadingRE accomplishes this by providing these top local brands with world-class business resources and national and global connections. 

They must know, then, that the above-named gentleman whenever he was at leisure (which was mostly all the year round) gave himself up to reading books of chivalry with such ardour and avidity that he almost entirely neglected the pursuit of his field-sports, and even the management of his property; and to such a pitch did his eagerness and infatuation go that he sold many an acre of tillageland to buy books of chivalry to read, and brought home as many of them as he could get.

Over two decades ago, 50 of the top brokerage firms in the United States launched a network now known as Leading Real Estate Companies of the World® (LeadingRE).Over two decades ago, 50 of the top brokerage firms in the United States launched a network now known as Leading Real Estate Companies of the World® (LeadingRE). Kentwood Real Estate is not only honored to be a part of LeadingRE but grateful to be featured at their Reimagine Conference this past week.

Check out some of the photos and videos from the conference on LeadingRE’s Facebook Page.

LeadingRE Conference

Kentwood’s Involvement with Charities and Local Businesses

Thought leadership is our passion at Kentwood; however, we go beyond the real estate industry by supporting local charities and businesses to build a stronger local community. In today’s challenging times, we must lift each other up, now, more than ever.  Kentwood agents and staff support over 170 local, national, and international non-profit organizations.  Rooted in the Colorado economy, we are delighted to support local businesses through numerous civic and community endeavors, participating in regional events, and sitting on dozens of committees and boards.

Colorado Real Estate News

DMAR Awards

Congratulations to our Kentwood Denver Metro Association of Realtors Honorees

At Kentwood Real Estate we thrive on excelling at our profession, at serving our clients and community and being at the top of our game. One of our local Realtor Associations, the Denver Metro Association, honors top producers each year at their annual Excellence Awards.

This year we had 108, over half of our Denver brokers, qualify in one of the award categories.

We celebrate everyone on this list for their outstanding 2020 production and encourage you to reach out to any Kentwood broker for unparalleled service. Find all Kentwood brokers here.

Diamond | $40 Million+, 100+ Sides:

Individuals

Dee Chirafisi

Amanda Fein

Gina Lorenzen

Partnership

Kevin Garrett & Matthew McNeill

Team

Denver’s Top Team: Wendy Glazer, Sana Wood, Jacci Geiger, Mary Jones

Neir Team: Stacy Neir, Alex Neir, Laura Bohan Fuller

Titanium | $30-$3.9 Million, 85-99 Sides:

Individuals

Jim Rhye

Dotson Skaggs

Josh Steck

Partnership

Sarah Clark & Kayla Schmitz

Pam Coakley & Elizabeth Sacerdoti

Doug Hutchins & Leslie Monaco

Team

Hotz Group: Loren (Larry) Hotz, Elizabeth Hotz, Meredith Hotz, Andrea Holeso

Kruse/Nussbaum Team: Steven Kruse, Sandra Kruse, Staci Burns, Jim Nussbaum

theMOVEgroup: Allison Smookler, Gregory Yoshida, Zach Gilbert, Ron Smookler

Platinum | $20-$29.9 Million, 70-84 Sides:

Individuals

Karen Brinckerhoff

Keith Combs

Heather Ehret-Faircloth

Linda Hantman

Ann Kerr

Edie Marks

Blake O’Shaughnessy

Annzo Phelps

Dawn Raymond

Bob Serotta

Partnership

Patty Anton & Greg Card

Tom Gross & Britt Armstrong

Brian Harris & Jamie Harris

Bob Kelly & Sean Kelly

Alan Larson & Todd Landgrave

Ann Lenane & Angela Beldy

Roy Lopez & Jonathan Lopez

Greg Margheim & Kelly Sophinos

Team

Dwell Colorado: Martha Potter-Goldstein, Amy Hulsey, Brian Rosen

Lee/Turner: Bob Lee, Andy Lee, Bill Turner

Gold | $15-$19.9 Million, 50-69 Sides:

Individuals

Andrea Bell

Jim Buckley

Darrell Hamilton

Brigette Modglin

Kim Norton

Christy Owen

Jill Schafer

Jim Traynor

Julie Winger

__________

Jill Schafer

Jim Traynor

Julie Winger

Partnership

Christopher Ansay & Jeff Perry

Berenice Bejarano & Brian Noel

Jenna Fulk & Elizabeth VanCamp

Gayle Glucksman & Tiffany Glucksman Appel

Sean Larkin & Debbie Larkin

Sheila Schlifkin & Mitchell Rothman

Silver | $10-$14.9 Million, 35-49 Sides:

Individuals

Susan Axelrad-Giery

Michel Brossmer

Allison Craig

Susan DiLiberti

John Fitzpatrick

Chuck Gargotto

Sara Glaze

Stock Jonekos

Robyn Landry

Aimee Twarogowski

__________

Stephanie Lepard

Libby Levinson

Parker Loveless

Nancy Nielsen

Carolyn O’Donnell

Diane Sorensen

Luisa Staerkel

Jaryd Takushi

Sandy Weigand

Partnership

Tom Cryer & Dee Cryer

Thomas Dutzer & Rosanne Dutzer

Andrew Maguire & Justin Moser

Ed McWilliams & Ann McWilliams

Bronze | $4-$9.9 Million, 20-34 Sides:

Individuals

Laura Amann

Christy Andrisen

Kris Berton

Soley Maria 

Brandon Brennick

Keri Duffy

Bryan Facendini

Jinnohn Gilmore

Faun Hauptman

John Hayden

Megan Heagle

Brent Jones

Kris Kerr

Rob Kishbaugh

__________

Wendy Lee

Karl Lueders

Joyce Mahn

Elise Marks

Lori Pace

Tricia Potucek

Joyce Romanello

Scott Scholbe

J. Garland Thurman

Steve Travers

Pat Wall

Nancy Walters

Anastasia Williamson

Steve Wood

Partnership

Tom Colleran & Whitney Harris

Julie Egan & Sallie Grewe

Jon Gordon & Peggy Gordon

Bobbi Lou Miller & Jennifer Dechtman

Bryan Uhl & Kris Uhl

Bill Verdon & Andrew Gonzales

Colorado Real Estate News

The Colorado Luxury Real Estate Market is Thriving in 2021

Written by Gretchen Rosenberg, President and CEO of Kentwood Real Estate

In Colorado’s overheated real estate markets, one notable sector that has benefitted from our current frenzied climate is the luxury sector. Two years ago, homes over $1 million were plentiful and sellers often had to reduce their price to get an offer. Our supply shortage was primarily in the mid-to-low-tier price ranges. At the time, we generally saw 4-6 months of inventory on the high end, providing buyers time to make their decision.

As people today are focusing on a revised set of housing needs, many are turning to the upscale housing sector for the space and features that will fit a new lifestyle. In a recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) said:

“In a snapshot of 2020, despite the devasting effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.”

Our Colorado lifestyle has provided those seeking Denver real estate and Fort Collins real estate with a new opportunity to work from home and a growing interest in having extra space for things like virtual school, working out, and a designer kitchen to cook more meals at home. The desire to own a home that can meet these needs continues to increase. Additionally, record-low mortgage rates are creating opportunities for homebuyers to stretch their legs into higher price points or even expand their real estate portfolios. The ILHM report continues to say:

Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021; even with the introduction of vaccines, the pandemic is far from over.

For those who have moved to the suburbs and beyond, moving back to the city full time is unlikely while the work from home trend remains. Many of these affluent homeowners are now making their secondary properties their primary residences for the foreseeable future.”

If you’re interested in buying a home this year, it’s helpful to understand that our Colorado luxury home market is finding buyer interest nearly as intently as our mid-tier market is. Be prepared to put your best foot forward when making an offer. Sellers should look to maximize their pricing by placing effort on the prepping and staging of the residence prior to putting it on the open market.

Javier Vivas, Director of Economic Research at realtor.comnotes:

“Interestingly, markets, where new supply is improving the fastest, tend to be higher priced than those that have yet to see improvement, suggesting sellers are more active in the more expensive markets.”

Good to Know

With rates still bouncing along the bottom, it’s good to know that you can buy more by leveraging your purchase. If you’re hoping to buy the luxury home of your dreams, this could be the year you achieve that goal. 

At Kentwood Real Estate we’re especially equipped to handle the purchase and sale of any luxury residence along the Front Range. We stand ready to help guide you through the complexities of our current real estate markets. Search for your next home at Kentwood.com and let us know how we can help!

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.