So, what can a million dollars get you in Denver Metro’s Real Estate Market?

Lindsey Friedman October 17, 2016 Buying Colorado Home Owning Market Trends Metro Denver Selling

Lindsey Friedman's Real Estate Blog - Colorado Home Realty - Littleton, Denver, Westminster, Commerce City, Thornton, Northglenn, Aurora, Centennial, Arvada, Broomfield, Lakewood and Erie, Colorado - What can a Million dollars buy you in the Denver Metro?

What if you had a million dollars on hand to devote to a real estate purchase? The list of homes reaching that million dollar price point spans across the Denver Metro area- from Castle Rock to Broomfield, from Aurora to Golden. While I plan to highlight homes in varying purchase points, I figured why not start at the top? And, there is an upside to spending this kind of money on a home. Let’s review months of inventory (the amount of time it would take to sell all of the current listings in a given area if no new listings became available):

0-90 days of inventory: seller’s market
91-180 days of inventory: balanced market
181 days or more of inventory: buyer’s market

As you approach the 1M price range, inventory in the fall approached 5+ months. So, one could potentially sell a home in a lower price range in a seller’s market and upsize/scale to a more expensive home with a bit more leverage, since you get to play in more of a buyer’s market.

Lately, there have been about 4200 transactions in the Denver Metro area each year with a sales price between $600K and $1M. That’s a healthy number of deals being done in that price range- and ones that are more favorable to “move up” buyers. Above the $1M market, there have been only about 1000 deals that happen every year- less than 1% of the total market activity. This market segment is even more of a buyer’s market. As it should be- you’re paying a pretty penny!

So, now for the big reveal, a sampling of homes that go for around $1M. Some of the locations may surprise you, but pay attention to how the square footage fluctuates depending upon location.

Arvada: List price: $1,100,652. Neighborhood: Candelas. Total square feet 6270. Beds: 7, Baths: 7, Garage: 4 car, built in 2016.

Aurora: List price: $1,050,000. Neighborhood: Blackstone Country Club. Total square feet: 4536. Beds: 4. Baths: 4. Garage: 3 car, built in 2016.

Boulder: no need to point out what goes for $1M here

Brighton: List price: $1,095,000. Neighborhood: Todd Creek Farms. Total square feet: 3798. Beds: 4. Baths: 3. Garage: 3 car, built in 2002.

Broomfield: List price: $995,000. Neighborhood: Broadlands. Total square feet: 5570. Beds: 6, Baths: 5. Garage: 3 ½ car, built in 2001.

Castle Rock: List price: $1,000,000. Neighborhood: Castle Pines Village. Total square feet: 6151. Beds: 6. Baths: 6. Garage: 3 car, built in 1998.

Centennial: List price: $1,059,000. Neighborhood: Cherry Creek East. Total square feet: 6303. Beds: 6. Baths 5. Garage: 4 car, built in 1990.

Denver: List price: $1,095,000. Neighborhood: Cheesman Park. Total square feet: 3382. Beds: 3. Baths: 4. Garage: 2 car, detached, built in 1992.

Golden: List price: $1,000,000. Neighborhood: 6th Avenue West. Total square feet: 8100. Beds: 6. Baths: 7. Garage: 4 car, built in 1988.

Greenwood Village: List price: $1,025,000. Neighborhood: Landmark Condos. Total square feet: 2470. Beds: 3, Baths: 3. Garage: none, built in 2008.

Lakewood: List price: $1,150,000. Neighborhood: Soltera. Total square feet: 5132. Beds: 5, Baths: 4. Garage: 2 car, built in 2014.

Lone Tree: List price: $1,059,000. Neighborhood: Heritage Hills. Total square feet: 5804. Beds: 4, Baths: 6. Garage: 4 car, built in 2001.

Louisville: List price: $1,100,000. Neighborhood: Continental View Estates. Total square feet: 4067. Beds: 3. Baths: 2. Garage: 3 car, built in 1980.

Parker: List price: $1,024,995. Neighborhood: Spirit Ridge. Total square feet: 5945. Beds: 4. Baths: 5. Garage: 4 car, built in 2007.

Westminster: List price: $1,095,000. Neighborhood: Bradburn. Total square feet: 6935. Beds: 4. Baths: 5. Garage: 3 car, built in 2005.

Wheat Ridge: List price: $1,100,000. Neighborhood: Applewood Knolls. Total square feet: 3617. Beds: 5. Baths: 4. Garage: 2 car, built in 1981.

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