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Denver luxury-home sales spike in June Denver Business Journal Read more: Denver luxury-home sales spike in June – Denver Business Journal

Denver luxury-home sales spike in June

Denver Business Journal

Home resales in the $1 million-plus range in metro Denver hit their highest level in almost two years in June.

Sixty-seven existing homes, including houses, condominiums and townhomes, sold in that price range last month — up 3 percent from 65 in June 2009 and up 22 percent from 55 this May. “It was the highest level for luxury sales since 89 properties changed hands in August 2008,” said Coldwell Banker Residential Brokerage’s Denver Metro Area Luxury Home Report for June, released Monday.

The monthly report uses data from Metrolist Inc. of Greenwood Village metro Denver’s Multiple Listing Service providing home sale data.

Sales of existing homes, or resales, are those of homes that have been sold before and don’t include newly built homes.

“The latest figures show the high-end [housing] market in the Denver metro area continues to stabilize and improve,” Chris Mygatt, Coldwell Banker’s president for Colorado, said in a statement.

Mygatt attributed recent improvement to historically low mortgage rates and competitive pricing of for-sale homes. But he cautioned high-end sales could drop off in coming months, with the end of the strong summer homebuying season among other things.

Other findings in the Coldwell Banker report:

• The most expensive $1 million-plus sale in June was a six-bedroom, five-bath Denver house that sold for $3.95 million. The home included 7,403 square feet.

• Denver had the most million-dollar sales, with 17, followed by Boulder (13), Castle Rock (7), Cherry Hills (6)and Greenwood Village (5).

• Average days on market for high-end homes dropped to 115 in June from 103 for the same month last year.

Coldwell Banker Residential Brokerage is one of metro Denver’s largest residential real estate brokerage firms, with 14 offices and more than 1,000 sales agents in the metro area. Coldwell Banker is part of NRT LLC, which is a subsidiary of real estate conglomerate Realogy Corp. of Parsippany, N.J.

Realogy is owned by affiliates of Apollo Management LP of New York, a private equity investor in distressed assets. Apollo formerly was the controlling shareholder in Vail Resorts Inc. (NYSE: MTN) of Broomfield.


Compiled by the DBJ’s Paula Moore | denvernews@bizjournals.com

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