Market Conditions in 80113>Question Details

Scott, Home Buyer in Denver, CO

how is the market in cherry hills village?

Asked by Scott, Denver, CO Sat Sep 27, 2008

What percentage up or down are we vs. Q4 2007? I was a buyer last November and am thinking of selling. Thanks!

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Amy Gilson’s answer
Not so good actually. 25% fewer homes have sold this year (to date) than last year in Cherry Hills Village. The decrease in year over year sales is significantly higher - the higher the price of the home. In 2007, 93 homes sold in CHV (down from 106 in 2006), 22 of which sold for over $3,000,000. This year, only 7 properties have sold over $3,000,000. 6 of those were between $3 and $4m and 1 was priced at $15,000,000 and sold for $13,950,000 (18 acre view property overlooking Kent Denver (1 of last remaining subdividable parcels in CHV with pano mtn views)). Of the 35 homes currently listed at or above $4,000,000 in CHV, NONE have sold this year. There are currently 128 homes listed in CHV. 7 of those homes have been listed since 2006, and 22 since 2007. Inventory is increasing as builders are bringing on spec homes that were begun a year or two ago. The upper end of the market is especially saturated and not much is moving. If your home is below or just above $1,000,000 then you have a much better chance of selling quickly. Acreage properties with older homes are being the hit the hardest with CHV per acre prices dropping from over $1,000,000/acre to under $800,000 an acre and even less for those properties in less desireable locations. Those few buyers in the market with cash (since large loans have become all but impossible to get) are negotiating significant price reductions. I think we will continue to see prices decline until the stock and credit markets rebound.

If you don't have to sell, I would wait it out - at least until next Spring. Best of luck in any event.

Amy Gilson
Huntington Properties LLC
http://www.AmyGilson.com
1 vote Thank Flag Link Fri Oct 10, 2008
You can also find the most recent market stats here for Cherry Hills Village real estate http://activerain.com/blogsview/712346/Cherry-Hills-Village-Luxury
1 vote Thank Flag Link Sat Sep 27, 2008
Cherry Hills Village is doing well. Homes are selling. Here are some stats for you.
Homes sold From Sept. 2007 to current 85. Homes sold Q4 2007 - 17. Homes sold last 3 months (Jul - Sept 08) - 25. Q$ 2007 - Average price per square foot - $437/sf (range from $203/sf to $817/sf). Last 3 months - average $465/sf (range from $244/sf to $1518/sf). Q4 07 - Average Days on Market (DOM) - 121 (range from 0 to 390), last 3 months - 130 DOM (range from 0 to 426). 14 out of the 25 homes sold in the 3 last months sold in 77 days of less. Q4 07 - SOLD prices ranged from $748,000 to $4,475,000. Last 3 months range is from $660,000 to $13,950,000.
1 vote Thank Flag Link Sat Sep 27, 2008
That is a good question, We posted market stats for cherry hills co last night on http://www.denverluxuryhomesblog.com
It is easy to read with a nice graph and such.
Please do check it out
0 votes Thank Flag Link Tue Nov 11, 2008
Hello Scott:
I agree that properties are on the rebound here in the area. We have a steady incline in home sales recently. Our supply for Single Family Residences is at 5.49 months at the moment. A balanced market comes in at 4 month's worth. It is still a seller's market, but not for long. Things have gotten better. It has been said that Denver & Huston are "Glaring Hot Spots" in the upcoming months. History shows that when stocks get bad, more and more people put their money into Real Estate. It is still a sound investment. Colorado REO (forclosed) properties have between 3-10 standing offers on them currently in certain areas. They will be harder to find soon.
Please call me. I would love to help you. 303-771-7500 x 115.
Regards,
Michelle Wilson
Keller Williams DTC
0 votes Thank Flag Link Mon Nov 10, 2008
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