Luxury Home Sales Increase in Estes Park, Colorado

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Estes Park Realty closes sale of first million dollar property for area in 2010

After a flat 2009, we’re pleased to see the market return in the Estes Valley.

Gloomy news that July sales of existing homes dropped 25.5% year-over-year has overshadowed new statistics showing summer sales of million dollar plus homes significantly outperformed other price ranges.

“Estes Park Realty (EPR) has been involved in three of the four top dollar sales in Estes Park including the only property in Estes Park to sell for over one million dollars in 2010,” according to Robby Carson, owner/broker of Estes Park Realty. “After a flat 2009, we’re pleased to see the market return in the Estes Valley.”

Currently, 56 properties are on the market in Estes Park area listed for more than $750,000.

“Luxury homebuyers have been buying this summer,” said Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing (ILHM). “After waiting in the wings, many affluent buyers spent the summer shopping for value and snapping up trophy properties.”

Statistics would indicate that she’s right. According to The National Association of Realtors (NAR), for 2009 million-dollar and above home sales were just 1.2% of total sales or about 61,500 sales nationally. In July 2010, million dollar plus market share was up to 1.9%. While sales of homes in the $500,000 and above range rose dramatically in June, the million-dollar-plus market segment was the only price range in July showing positive growth compared to last year. “The mix of what is selling has shifted in favor of homes priced at $750,000 and above,” added Moore-Moore.

NAR’s report that July’s median sales price increased 0.7% year-over-year may be more a function of increasing sales of expensive properties relative to other price ranges than an indicator of across-the-board home price appreciation.

According to the ILHM National Luxury Market Report -- which does a weekly analysis of luxury homes for sale in more than 30 major markets -- after a dramatic rise in upper-tier inventory, which started in January of this year, the numbers of luxury homes for sale has declined about 5% since the beginning of July. Along with a decrease in inventory, there has been a decline in asking prices. Forty three percent of luxury homes currently on the market have had at least one reduction in asking price over the last 90 days. An additional 19% have been pulled off the market and subsequently relisted.

“The luxury market may not be in full recovery,” according to Lee Miller, CEO of MSGPR, a Texas based public relations firm. “I believe sellers who are more realistic about price have shifted the affluent into a buying mode. Estes Park Colorado is a great community for a second home or to retire.”

Rocky Mountain National Park and Roosevelt National Forest surround the village of Estes Park, Colorado with spectacular mountain scenery, abundant wildlife habitat, miles of hiking trails and scenic drives including Trail Ridge Road over the Continental Divide, the highest paved road in the U.S, and the Peak to Peak Scenic Byway. Located 70 miles from Denver’s International Airport and minutes from Loveland’s Regional Airport, Estes Park is an ideal getaway for the affluent to own homes.

Carson, owner of Estes Park Realty and Estes Park Luxury Homes, is an expert in the Luxury Home and Estate market. Although his company specializes in fine homes and estates in the Estes Park market, Estes Park Realty handles a wide variety of properties in all price ranges and employees one of the most advanced marketing programs in the industry that includes international television, print and web marketing programs.

Available luxury properties in Estes Park can be viewed at http://www.EstesParkLuxuryHomes.com. All listings in the Estes Park area may be viewed at http://www.EstesParkRealty.com

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Lee Miller