Feature image: 351 Jackson Street.
Formerly one of the more affordable streets in Cherry Creek North, Jackson Street now has a ceiling-pushing listing that could reshuffle the street’s resale trends.
The renovated townhome at 351 Jackson Street (three beds, four baths, 3,416 square feet) “exudes uptown elegance and casual chic” and hit the market on January 17 for $1.15 million, 5 percent higher than its nearest comparable sale, 436 Jackson Street.
351 Jackson’s area price jump didn’t faze buyers. It attracted an all-cash offer at full list price and was under contract within a few days. It also has a back-up offer!
What’s the deal with this home?
Overall, it’s all about plush interiors and indoor-outdoor living experience. The home’s “Wow” factor is its NanaWall sliding glass wall that opens from the front living room into the front courtyard. The interior renovations feature elements of a consistent fit and finish that surpass those of many others on the block.
Just how much of a premium do the renovations demand?
Looking only at townhomes on Jackson Street in Cherry Creek North, the highest recorded sale in MLS history (the Denver MLS data goes back to 2006) is for 216 Jackson Street, which sold in 2015 for $1.272 million.
That’s nearly 11 percent more than 351 Jackson’s list price, but it was also approximately 42.5 percent larger. But 351 Jackson’s price per above-ground square foot of $491 trumped 216 Jackson’s $398. (When comparing properties in Denver, agents typically only account for the square footage above the basement, which most homeowners use for storage or infrequently for guests.)
351 Jackson’s above-ground price per square foot is only matched by the new construction townhome at 343 Jackson Street, which sold in 2016 for $1.25 million at $491 per above-ground square foot. Most market analysis shows new construction commands a higher price than even the most tastefully renovated resale units.
So this suggests that Jackson Street’s entering a new, higher-priced era. Buckle up.
Thanks for reading, Kristin.
Interested in learning more about the market, Cherry Creek or how I can help you buy or sell a home? I would love to meet for coffee or to have phone call. Reach out to me at email@example.com or at 720.877.1538.