One of the most intriguing markets right now in the Boulder real estate market is the for those homes priced more than 1 million. Boulder County boasts some incredible properties with views, land and an beautiful home to boot. In 1997, six properties sold over the $1 million, today we have 476 properties listed above that magic number. The world has changed in 12 years and a million does not buy you nearly as much as it once did. However, during a recession it is difficult to get buyers to buy anything much less a luxury home.
So here is what is happening right now in the luxury market in Boulder County. So far this year 52 homes have sold for a price greater than $1,000,000. As I mentioned before there are currently 476 homes on the market and 22 of those are under contract. During 2008 154 homes and condos sold in that price range.
I see picky buyers looking for a great deal. I see most sellers as being resilient and willing to wait it out rather than lower their price drastically. I see negotiations as a percentage averaging double that of the market as a whole. I also see people still moving to Boulder with money which is a great sign for the future. It may just take a bit of time to reduce the inventory.
I think many of the new homes in this price range were conceived during 2006 and 2007, record years for the local luxury market. The chart below shows the total number of closings by year for residential homes in Boulder County.