What $1 million buys in Denver's "new luxury" market
In its monthly reports covering the 11-county area around Denver, the Metro Association of Realtors calls listings that sell for at least $1 million "luxury."
Yes, but: Brigette Modglin, who sits on the association's market trends committee, recently contested whether $1 million homes are in fact luxurious anymore, commenting on the February market report.
- "I remember when certain houses were $500,000 or $600,000 and they're going for almost $1 million," Modglin told the Denver Business Journal. "That type of home, in my mind, I would not consider luxury."
Why it matters: The appreciation rate is thrilling for sellers, but discouraging for buyers wading through low inventory and high prices — as the threat of rising interest rates looms.
Reality check: As housing prices rise, the definition of luxury is changing. While $1 million previously got buyers lots of space and high-end finishes, Modglin said these days that price tag gets you a property that looks more "like a starter home."
A new Zillow analysis found there are 481 U.S. cities with a standard home value of $1 million or more — 146 more than a year ago.
- There are seven $ 1 million-cities in the Denver metro area, three more than a year ago: Cherry Hills Village, Bow Mar, Columbine Valley, Greenwood Village, Foxfield, Genesee and Franktown.
- The typical home value across the Denver metro is $588,258.
- Other $1 million cities in Colorado include Aspen, Breckenridge, Edwards and Vail.
See what more than $1 million gets you:
Why we love it: Two levels of wraparound porches give a stunning first impression.
Neighborhood: Central Park
Realtor: Antoinette Wharton + Nicole Rufener — milehimodern
Specs: 5 beds, 4 baths, 4,772 square feet
Notable features: Mudroom with built-ins leads to a two-car garage complete with lift system and electric outlets. Laundry room features pull-out shelving system. Lutron touchpad with built-in speakers and an Ecobee thermostat.
Why we love it: This 1929 Craftsman-style three-story home was rebuilt in 2007.
- Neighborhood: Platt Park
- Realtor: Jeffrey Grob — Homie Colorado
- Specs: 5 bed, 4.5 baths, 4,848 square feet
- Notable features: Stainless steel kitchen appliances, granite counters, under-mounted sink, gas cooktop, double ovens and large pantry. Two ensuite bedrooms; primary suite offers 5-piece bath with upgraded finishings and a private balcony.
Why we love it: In the Prohibition era, this home's lower level was a secret distillery and speakeasy and now features a gas fireplace with a custom-built mantle and space to entertain.
And: The wood from the dance floor lives on as the bar top at the Green Russell in LoDo.
- Neighborhood: Berkeley
- Realtor: Jenny Apel — Compass
- Specs: 5 beds, 4 baths, 3,544 square feet
- Notable features: Mosaic flooring. Spacious living room is accented with 20-foot ceilings and hand-carved original Italian limestone wraps gas fireplace. Primary suite features exposed brick. Walk-out access to patio and backyard. 12,500-square-foot lot features unmatched Denver skyline views. Pergola-covered patio and fenced private yard.
Why we love it: The outdoor space — A patio provides shade and is complete with built-in grill, down lights and a ceiling fan as the warm Denver days turn to cool nights. Separate patio off primary suite is built to structurally support a hot tub and has a pergola with cafe light.
Realtor: Nick Crothers — Open Real Estate Inc.
Specs: 5 beds, 4 baths, 4,074 square feet
Notable features: Large, 12,000-sqaure-foot lot with two-car garage. Remodeled chef's kitchen, updated primary bath. Thermador Appliances throughout. Custom cabinets.
And for a million more...
Why we love it: A chef's dream kitchen unfolds with a large island, stainless-steel appliances and plenty of display and storage space with trendy floating shelves. Real organization is possible with a vast walk-in pantry, including built-in shelving and cabinetry. Entertainers delight in a stylish wet bar with wine fridge.
Neighborhood: Platt Park
Realtor: David Bell — milehimodern
Specs: 6 bed, 6 bath, 3,551 square feet
Notable features: 3-car garage, private home office, covered patio. Spacious walk-in closet and private balcony access in primary suite. Downstairs has fully finished basement with additional living space with a large recreational room. Versatile bedroom with closet offers flexibility for a home office or fitness space.
Why we love it: This 1.14-acre corner lot rests directly across from Marston Reservoir, giving its new owners unobstructed panoramic water and Front Range views, including of Mt. Evans. And the neighborhood has a 100-acre, private, recreational lake.
- Neighborhood: Bow Mar
- Realtor: Nicole Ridley and Kristiane Lucas — Corcoran, Perry & Co.
- Specs: 4 beds, 4 baths, 4,737 square feet
- Notable features: Entrance foyer, study, renovated kitchen opens to family room. Expansive views from most rooms. Bedroom with full bath and powder on main floor. Basement has two bedrooms and a bath; lots of storage space.
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