When you think of luxury real estate in Colorado you may immediately think of Aspen, Telluride or Cherry Hills Village. But increasingly, the Boulder area is legitimately in the conversation for those who have the resources to have a dream home in whatever location they choose.
People are drawn to Boulder for many reasons including; a good climate with four seasons, the fact that it’s a vibrant college town, tons of options to live an outdoor active lifestyle, it’s within one hour to a large international airport and 20 minutes to an airport that can easily handle private jets, ample cultural and sporting events, a plethora of really good restaurants, it’s a hotbed for entrepreneurs, and an overall positive liberal mindset where it’s okay to have money. It’s been said that birds of a feather flock together and more and more we are seeing this in and around Boulder.
Another key feature to the attractiveness of the Boulder Valley to luxury home buyer is the breadth of home choices. Whether one prefers a penthouse with a view, a first rate equestrian ranch, an expansive mountain lodge, or an in town Victorian it is all available. All of these choices can be purchased within a 20 minute drive (at most) of downtown Boulder.
In 2013 there were 247 sales in Boulder County which exceeded $1 million. The total volume of those sales was $389,350,340. So far in 2014 222 luxury homes have sold. As usual and not unexpectedly the majority (147) of those sales are between $1 and $1.5 million. So far there have been 28 sales of $2 million or more and $8 above $3 million. There have been two sales over $5 million so far this year. The top sale was for a beautifully restored, 7,600 sq. ft. Victorian on Mapleton Hill which sold for $6,432,495. The next highest sale was for a 5,200 sq. ft. penthouse in Downtown Boulder with amazing Flatirons views. Click here to view the photos and details of these properties.
Currently there are 20 homes on the market with a list price of over $5 million. So if you are in that price range make sure you plan a few days to look at the options. Currently three of these properties are under contract. The three that are waiting to close are a good example of the diversity of the choices in and around Boulder. There is a Penthouse Condo at 1155 Canyon listed for $5,330,000, a 6 acre wooded parcel right in town listed for $5.2 million and an eclectic mountain custom home with fantastic features at 1133 Timber Lane which is listed for $9.8 million. Look for these to close by the end of the year. Click here to view all of the homes in Boulder County with list prices above $5 million.
There are currently ten properties listed above $6,500,000 with the most expensive being a 144 acre compound with a 24,000 square foot main house and a full equestrian setup. Here are the top ten most expensive homes listed in Boulder County.
If you broaden the range a bit there are 252 homes currently on the market with list prices above $1 million. Forty-nine of those listings are under contract, so if over half of those homes which are already under contract close by the end of the year, Boulder County will have a record year in terms of sales over $1 million. Below is a graph of sales over the last ten years. 260 is my projection for 2014.
If you are considering buying a home in high end of the Boulder real estate market you will want to do your due diligence. While most of the Boulder market is a sellers market, some quick math shows that there is roughly a years worth of inventory on the market in the broad range and over three years of inventory available in the ultra luxury category. You will need a good buyers agent to navigate you not only through the available choices but through the negotiation and due diligence period. I am experienced and available to you.
Here are a few quick facts about this market segment:
- The average Days-to-Offer for those that have sold so far this year over $1 million is 75 days.
- The average Days-on-Market for all homes actively listed over $1 million is 166 days.
- The above statistics show me that the exceptional homes don’t stay on the market long.
- The average negotiation off of list price for all luxury homes sold so far in 2014 is 4.22%.
- The average negotiation off of list price for properties sold between $1 and $2 million is 3.65%.
- The average negotiation off of list price for properties sold between $2 and $3 million is 4.63%.
- The average negotiation off of list price for properties sold over $3 million is 8.48%
- The median price for sales over $1 million sold so far in 2014 is $1,344,300.
- The average price for sales over $1 million sold so far in 2014 is $1,624,550.
The above data was compiled from data supplied by IRES MLS and is deemed reliable but it may not be exhaustive. All links were active and correct as of November 4, 2014.