Central Denver neighborhood homes priced $600-$900K are hot!

As I chronicled in a recent blog post, Denver homes below $1 million are in extreme demand now. But that doesn’t mean that listing a home involves simply giving it a deep clean and a yard clean-up and putting it on the market.

A recent Cory-Merrill listing of mine, 1150 South Milwaukee Street, illustrates how a smart home spruce-up can pave the way to even higher demand.

Our comps came in at $650,000 for the three-bed, two-bath, 1,326-square-foot bungalow, we listed at $670,000 in late May and, after receiving five strong offers including three that waived appraisal contingencies, we closed on June 17 for $685,000, over 2 percent above list price.

Highlights of painted, staged 1150 South Milwaukee Street. Source: Kristin Harris Homes.

Beyond this being a great listing at a great price point in a great neighborhood — the trifecta, what us agents call a “cream puff” listing — the heat this home received felt like 2017, when the market was very hot.

The big guns came out on this one, revealing that the low-interest rates and pent-up pandemic demand have made stoked buyers to a frenzy, especially for well-appointed homes.

Making a cream puff listing

As part of sprucing up 1150’s curb appeal, we painted the home inside and out, and expertly staged it. The before-and-after photos are dramatic.

Every listing needs something different to make it the most appealing. This one, while it ended up in the cream puff category, was far from it when i took the listing earlier this year.

The demand for this home illustrates a very hot market for central Denver neighborhood homes priced between $600,000 and $900,000. There’s just one month of supply for homes at this price point in Cherry Creek, Wash Park and Bonnie Brae. That’s extremely low; a balanced market has six months of supply.