Denver, Colorado Luxury home sales up in July from year ago

Highlights:

• Luxury home market rises in July from July 2014.
• Increase in luxury market depends on how you define market.
• Historic horse property in Estes Park hits market.

The Denver-area luxury housing market picked up in July from July 2015.

Exactly how much the market for single-family homes priced at $1 million or more improved on a year-over-year basis depends on the market being analyzed, show two separate reports released last week.

An analysis of REcolorado data by Kentwood Real Estate shows that 97 luxury single-family homes sold last month, a 14.1 percent increase from the 85 in July 2014.

The Denver Metro Association of Realtors, by contrast, released a report that showed 102 luxury homes sold in July, a 4.08 percent increase from 98 homes in July 2015.

Why the difference?

The Kentwood report looks at sales in the “core” counties in the Denver area, and does not include Boulder.

The DMAR, report, by contrast, covers an 11-county area, including Boulder.

Both reports, however, showed almost an identical drop from the June, which is believed to be the best June on record for luxury home sales.

Kentwood showed a 20.5 percent drop in July from June, while DMAR put the month-to-month drop at 20.3 percent.

The most expensive home to sell last month was almost a 14-acre spread at 4001 E. Quincy Ave. The estate, the largest sale so far this year, is near the home of Peyton Manning, the quarterback of the Denver Broncos.

Both Kentwood and DMAR agree that the more expensive the home, the longer it takes to sell, which of course, is not unusual, as there are fewer people qualified to buy the most expensive homes in any market.

Indeed, for homes priced at $2 million or more, there is a 20.25 month supply of unsold homes, compared to 1.56 months of inventory for the overall market, according to DMAR.

Rollie Jordan, a broker with Kentwood Cherry Creek, knows that first hand.

She currently is listing seven properties at $2 million or more for a total of more than $25 million.

“This is a niche market,” that caters to the wealthy people moving to Denver and those moving up from other seven-figure homes, Jordan said.

“Every home I have is unique and eclectic,” she said.

Buyers in these lofty price ranges do not necessarily follow the typical buying season, she said.

“I think July slowed down because a lot of people were on vacation, Jordan said.

“A lot of families were in Europe. I think activity will pick up after Labor Day.”

Her most expensive listing is for the 15,140-square-foot “Eagle’s Nest” mansion on seven acres at 7 Eagle Pointe Lane in Castle Rock.

At one point, Eagle’s Nest was owned by Golden native Bill Phillips, the founder of EAS nutritional supplement company and author of the fitness book, Body for Life: 12 Weeks to Mental and Physical Strength.

Jordan also has luxury listings in Belmar, Denver, Evergreen, and White Deer Valley Ranch.

Her most recent listing is a horse property on about 30 acres at 1380 Devils Gulch Road in Estes Park. It is the most expensive home listed for sale in Estes Park, according to COhomefinder.com.

The property, listed at $5.95 million, includes a ranch home built in 1913 by Daniel Stearns of Stearns Rogers Engineering in Denver.

In 1999, it was sold to the Hefley family of Estes Park, that added a 3,000-square-foot timber-framed addition that includes a massive entry, a new kitchen, main floor master suite and a loft library. A 10-oot long stream traverses the property, Three parcels can be rezoned into 10-acres lots. The house sits 50 feet higher than most of the estate, providing views Estes Park, the Rocky Mountain National Park, including Longs Peak.

“This is one of the coolest properties I have ever listed,” Jordan said.

And despite its price tag, she already has received interest from prospective buyers.

“I’ve already shown it to two Texans,” Jordan said.

Interested in buying a luxury home? Please visit COhomefinder.com to learn what is available.

Interested in buying a home in Estes Park? Please visit COhomefinder.com.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com.DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.