Feb 18, 2022 - Real Estate

What $1 million buys in Denver's "new luxury" market

5476 Xanthia St. Photo: Kylie Fitts

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.

In Colorado:

  • 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:

5476 Xanthia St. — $1,400,000

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.

5476 Xanthia St. Photo: Kylie Fitts
5476 Xanthia St. Photo: Kylie Fitts
5476 Xanthia St, Denver, CO 80238
5476 Xanthia St. Photo: Kylie Fitts
5476 Xanthia St, Denver, CO 80238
5476 Xanthia St. Photo: Kylie Fitts
1401 S. Clarkson St. — $1,595,000

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.
1401 S. Clarkson
1401 S. Clarkson. Photo courtesy of Homie LLC
1401 S. Clarkson
1401 S. Clarkson. Photo courtesy of Homie LLC
1401 S. Clarkson. Photo courtesy of Homie LLC
1401 S. Clarkson. Photo courtesy of Homie LLC
4100 Knox Ct. — $1,625,000

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.
4100 Knox Court
4100 Knox Ct. Photo: Good Karma Photo
4100 Knox Court
4100 Knox Ct. Photo: Good Karma Photo
4100 Knox Court
4100 Knox Ct. Photo: Good Karma Photo
860 S. Jackson St. — $1,850,000

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.

Neighborhood: Belcaro

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.

860 S Jackson St, Denver, CO 80209
860 S Jackson St. Photo: Shawn Beltran
860 S Jackson St, Denver, CO 80209
860 S Jackson St. Photo: Shawn Beltran
860 S Jackson St. Photo: Shawn Beltran
860 S Jackson St. Photo: Shawn Beltran

And for a million more...

1771 S. Corona St. — $2,350,000

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.

1771 South Corona Street, Denver, CO
1771 S. Corona Street. Photo: Nate Polta/milehimodern
1771 South Corona Street, Denver, CO
1771 S. Corona Street. Photo: Nate Polta/milehimodern
1771 South Corona Street. Photo: Nate Polta/milehimodern
1771 S. Corona Street. Photo: Nate Polta/milehimodern
4770 Bow Mar Dr. — $2,750,000

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.
4770 Bow Mar Dr
4770 Bow Mar Dr. Photo courtesy of Corcoran, Perry & Co.
4770 Bow Mar Dr.
4770 Bow Mar Dr. Photo courtesy of Corcoran, Perry & Co.
4770 Bow Mar Dr. Photo courtesy of Corcoran, Perry & Co.
4770 Bow Mar Dr. Photo courtesy of Corcoran, Perry & Co.
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