Kentwood reports rise in luxury home sales | Inside Real Estate News

Luisa Staerkal

Highlights:

• Kentwood reports $40.8 million in luxury home sales in January.
• Activity strongest in Denver neighborhoods.
• Inventory shortage continues.

The luxury home market in the Denver area got off to a brisk start in 2013, according to a report released today by Kentwood Real Estate.

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The report, based on Metrolist data, shows that 28 homes priced at $1 million or more closed in January, a 12 percent increase from the 25 in January 2012.

The dollar volume for luxury homes last month rose 13.8 percent to $40.83 million from $35.87 million in January 2012.

The report covers the ?core? area of the metro area of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson counties.

The most expensive home to sell last month traded hands for $4.1 million, a 60 percent jump from the top price of $2.56 million a year earlier.

Records show that home in Cheesman Park has more than 7,000 square feet of space, six bedrooms and seven bathrooms.

The inner-city neighborhoods like Cheesman are seeing much of the high-end action, said Luisa Staerkel, the broker-manager for the Kentwood-DTC office.

?I checked not too long ago and there were something like 34 pending and sold homes the in-town neighborhoods since the beginning of the year,? she said.

?It?s areas like Cheesman Park, Country Club, Observatory Park, Washington Park, Hilltop and Cherry Creek that are seeing a lot of activity.?

She said it is hard to put a finger on why demand is so high for seven-figure homes.

?Who knows? I think a lot of people are starting to look to get back into the buying ranks and making changes,? Staerkel said. ?Some people are interested in downsizing, if you will. Just because they are downsizing in square footage, doesn?t necessarily they are downsizing in price, though.?

She said more buyers are being drawn to living in and near downtown than the big homes and big yards in suburban enclaves such as Cherry Hills Villages, Greenwood Village and Castle Pines Village.

?There seems to be more interest in living in-town than in villages,? she said.

However, as with the overall market, there is a shortage of high-end homes.

?The inventory is very low,? she said. ?We could use more homes to choose from.?

Kentwood reported of the 463 luxury single-family homes on the market, 83, or 17.9 percent of them, are under contract.

There are 33 condominiums priced at least $1 million on the market, and six of them, or 18.9 percent, are under contract.

?January was very strong for luxury home sales,? Staerkel said. ?I think it is going to be a good market going forward. We are very well positioned, especially if we get some more inventory.?

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

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Source: http://insiderealestatenews.com/2013/02/kentwood-reports-13-8-jump-in-luxury-home-sales/

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