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Here’s a list of 10 frequently asked questions about Denver luxury real estate and their answers.
Answer: Metro Denver luxury real estate is unique because it offers a blend of urban and outdoor living, as well as quick access to world-class skiing. And let’s not forget the thriving local economy.
Answer: The cost of luxury real estate in Denver varies depending on the location, size, and amenities of the property. On average, luxury properties in Denver can range from $1 million to $10 million or more.
Answer: We believe every neighborhood is a great neighborhood in Denver, but Cherry Creek, Hilltop, Country Club, Wash Park, and Polo Club, Platte Park, Lowry, and Central Park are very active areas in Denver in 2023.
Answer: Luxury homes in Denver typically have amenities such as high-end appliances, spacious outdoor areas, home theaters, wine cellars, and smart home technology.
Answer: This one is easy! Please give us a call!
Answer: When buying luxury real estate in Denver, you should consider factors such as location, amenities, resale value, and the reputation of the builder or developer. There is a magnitude of factors to consider when purchasing a luxury home, and we can assist you in understanding all the variables.
Answer: The time it takes to sell a luxury home in Denver can vary depending on the market and the price point, but on average it can take anywhere from a few weeks to a few months. If the home is priced in line with the current market it will likely sell fairly rapidly, but if you want to maximize the sale price of a home, using a company with exceptional marketing will ensure you get top dollar for your home sale.
Answer: Common features of luxury condos in Denver include high-end finishes, balconies or terraces with city or mountain views, fitness centers, and 24/7 concierge services.
Answer: There may be tax benefits to owning luxury real estate in Denver such as property tax deductions and mortgage interest deductions. It’s best to consult with a tax professional for specific guidance.
Answer: Yes, foreign buyers can purchase luxury real estate in Denver. However, they may need to navigate additional legal and financial considerations. Contacting an attorney and tax advisor is your best bet.
How are rising mortgage interest rates likely to affect home sales in Denver for properties over $1 million, and how is the Denver housing market economy likely to trend over the next several months? According to US Bank [1], rising interest rates are likely to slow down the housing market in Denver at certain price points. Inflation has led to the Federal Reserve increasing interest rates, which reduces the purchasing power of borrowers and makes borrowing more expensive. This decrease in affordability can lead to fewer buyers in the market, which slows down home sales. Specifically, for properties over $1 million, it is possible that rising interest rates may lead to a decrease in demand, as potential buyers will have less purchasing power.
Looking forward, US News and USA Today [2], [3], provide different forecasts for the Denver housing market. While Denver is currently experiencing a seller’s market, meaning there are more active buyers than there are homes for sale, Zillow forecasts that Denver home values are expected to decline by 2.2% between Nov 2022 to Nov 2023, but the aggregate algorithm used by Zillow often does not control for nuances that exist in the more micro markets within the city. Additionally, the median sale price was down by 1.8% in February 2023 Y-O-Y, but the number of homes sold dropped 42.1%. Overall, the market is expected to slow down and become more favorable for buyers as prices drop and properties stay on the market longer. However, it’s important to note that home values vary depending on the neighborhood and other factors.
Therefore, it is likely that rising mortgage interest rates will have a negative impact on home sales in Denver for properties over $1 million. The overall housing market economy in Denver is expected to become more favorable for buyers over the next several months, with prices dropping and inventory increasing.