Denver, CO (PRWEB) December 03, 2012
The Real Estate Marketing Insider named Denver its Luxury Home Market of the Week, following news in the Denver Business Journal that Denver’s luxury home sales had almost doubled year-over-year.
Denver’s residential zones are filled with old Victorian and Tudor properties, built with money from the gold rush near the turn of the century. As a result, the luxury property inventory in Denver rivals that of many other big cities, despite the relative lack of penthouse living and complete lack of beachfront housing. But in October 2011, the luxury property market turned in a disappointing showing; only 37 homes sold for over $1 million, the DBJ’s threshold for a property to be named a “luxury home.”
This October has been completely different; there were 73 sales of million-dollar properties, nearly double the number from October of 2011. That number also beat out September 2012’s figure of 69 homes sold. There was a marginal decline in price - the median was $1.31 million in October, down about 3.9 percent from September - but the increase in sales points to an increase in demand, which should drive prices back up.
Denver has always been a great market for luxury housing, and an excellent starting point for real estate marketing agencies looking to specialize in luxury property. For starters, the inventory is there; the city and its suburbs are filled with sprawling Victorian estates dating back to the gold rush and Denver’s first urbanites. Secondly, the mountain market attracts buyers with deep pockets. Denver’s thriving finance, engineering, and architecture industries mean wealthy newcomers to the city are always in heavy supply. Many of Denver’s wealthy inhabitants choose the mountains to live close to winter resorts like Vail, Eagle and Copper Mountain, so there is a thriving luxury market for vacation rental by owners just outside the city limits.
Luxury markets have been hit hard by the housing crisis, because the mortgage required for investment is hard to acquire even in prime economic conditions. The rebounding sales figures, though, indicate that the market is healing; and Denver is primed to be a luxury market for years. REMI is proud to name Denver its Luxury Home Market of the Week, and recommends that realtors looking to get into luxury properties consider Denver as a starting point.
The Real Estate Marketing Insider named Denver its Luxury Home Market of the Week. REMI gave this award after Denver’s Business Journal announced that luxury home sales almost doubled from 2011 to 2012, with a median price well above the $1-million mark. Denver is a great market for luxury housing, and a good starting point for realtors looking to build a national luxury portfolio.
About the Real Estate Marketing Insider:
REMI is an online publication specializing in real estate trends, analysis, and breaking news. The journal is based in La Jolla, CA.