The number of residential luxury homes for sale in Denver dropped to 566 in December of last year, down from 650 available homes in November 2011.  Year over year, the inventory level dropped 35% from 875 available homes, according to Dennis Huspeni of the Denver Business Journal.

The average sale price was $1.51 million in December, up from November's average sales price of $1.44 million These numbers were from the 11 county area surrounding Denver where most of the homes sold were in Douglas County. "There's a very limited inventory out there." said Gary Bauer a Littleton broker, who compiled the results from Metrolist data. "But I think in 2012, we'll see improvements in the number of transactions and the average sales price."

Statistics reported include:

• 502 luxury homes sold last year, compared to 505 in 2010.
• Sales Volume is down 1 percent from $773 million in 2010 to $763 million in 2011.
• The average sales price stayed the same, at $1.5 million, year over year.

Read the full story at Denver Business Journal

photo credit: wagneriteam

Posted in Real Estate Market Conditions, Real Estate Industry, Luxury Home Market

Did you know? Colorado has 7 zip codes listed in the Forbes Top 10 Most Expensive Zip Codes list.  The criterion is based on the median price of homes sold in the area.  Each of these 7 areas have a median home price over $1 million. Five of the zip codes are at or near our ski resorts.

A luxury listing takes special consideration when deciding where to list.  These are homes usually not placed in the MLS. 

So where is the best place to list a home over $1 million?  Luxury Magazine online has great information and features luxury home listings all over the world. One of the categories listed is Colorado.

In spite of the market, luxury homes are still selling, according to data from George Harvey of the Harvey Team in Telluride.  Telluride placed 28^th in the Top 100 most expensive zip codes with a median home price of $2,395,000.  Harvey predicts that luxury home sales for 2011 in Telluride will stay the same or be a little higher than 2010.

How do you showcase a luxury property, especially if the owners are concerned about privacy? If you can't take interior pictures, use 3-D Open House to virtually show and stage the house using dimensions from the floor plan.  Obeo's V-Stager takes a vacant property and decorates it online with whatever style furniture and colors the buyers want.  This helps a buyer visualize what the property would be like with their furniture. 

Use these tools to help you sell that luxury listing.

Get a special deal on 3-D Open House sponsored by Bernice Ross, Real Estate Coach.

photo credit: wagneriteam

Posted in Real Estate Market Conditions, Real Estate Industry, Luxury Home Market

The Denver Business Journal reports that seven zip codes in Colorado rank in the nation's top 100 Most Expensive Zip Codes on the Forbes annual list.  The rankings are based on the median price of homes in the zip code.

Five of the zip codes are at or near our ski areas.  Here are the top 7 most expensive Colorado Zip Code and their rankings in Forbes top 100 list, including the median home price:

#13: Snowmass- $2,995,000

#20: Aspen- $2,647,239

#28: Telluride - $2,395,000

#37: Cherry Hills - $2,195,000

#59: Snowmass Village - $1,773,523

#77: Vail - $1,615,516

#92: Greenwood Village - $1,495,000

Read the full story at Denver Business Journal.

Posted in Denver Colorado Real Estate, Real Estate Market Conditions, Real Estate Industry, Lead Generation, Luxury Home Market

"When a seller asks you to lower your commission, that usually means that you haven't demonstrated your value." counsels Bernice Ross, Real Estate Coach.

Luxury Home sales are no exception.  Real estate agents in all markets are facing this dilemma.

Create a Premium Marketing Plan, suggests Ross, that includes a list of Premium Services that set you apart from the competition.  Ross has these suggestions:

• 3D Open House: This online tool offers the potential buyer a chance to engage with the floor plan and see if it fits their lifestyle and furnishings. Ross offers a link to try 3D Open House at a huge discount for first time users.
• Create a Property website for their listing only. This is especially important for luxury properties.
• Translate your listing in many different languages. A luxury listing might be of interest to foreign buyers.

"If, after reviewing your Premium Marketing Plan, the sellers still ask you to discount, (especially on a luxury listing)," Ross suggests using the strategy of Allen Bernardi, a Broker in California and devoted reader of Ross's blog, who responds to discount inquiries with this answer:  

"Well, perhaps I can refer you to a junior associate in our office who might be willing to work for that rate." 

"Nobody ever wants to get referred to the junior associate in any profession!" writes Ross.  "According to Bernardi the key is to be willing to walk away from the client. If you can't walk away, then they have you." 

Another key point is to counteract the term "discount" and to use the term "limited service".  Just as no one wants a "junior associate," most people don't want "limited service."  says Ross.

Show the value of your services and defend your commission with these key points.

Read more from Bernice Ross at LuxuryClues.com.

photo credit: Yaletown Business Improvement Association

Posted in Headlines, Luxury Home Market

The recession has changed home buying, possibly for good.  The days of consumers investing in the largest house possible and banks loaning big time mortgage dollars is over, according to an Inman News article by Steve Bergsman.

Read more »

Posted in Headlines, Denver Colorado Real Estate, Real Estate Investing, Real Estate Market Conditions, Real Estate Industry, Luxury Home Market, National News