The market is changing. If you’re thinking of listing, now’s the time to dive in!
Higher-priced homes in Denver are taking longer to sell as our years-long seller’s market begins to shift toward a buyer’s market.
Here’s the story of a Cherry Creek luxury home that illustrates what’s happening.
Journey to a Cherry Creek sale
You’ve done all the work it takes getting your house on the market and are ready for the offers to fly in.
But they don’t.
The complex calculus of attraction applies. The issue isn’t attractiveness, it’s options. Luxury buyers see you, but they also have many other listings to consider; namely, the 10 other single-family homes over $2 million currently for sale in Cherry Creek North.
How do you entice buyers to compete for and place offers on your home?
Let’s take a look at 468 Milwaukee Street.
Coming in hot
This four-bedroom, six-bathroom 5,852-square-foot custom-built, modern home was on the market for over two years, after listing in April 2016 for $4.5 million.
It was initially presented as a new-build opportunity — get in during the construction phase and wait for the home to be built. As you can imagine, buyers struggled to imagine the end product. Patience and imagination does not build buyer heat.
So, the seller switched brokers and price strategy. In May 2018, the seller had a complete home and a new listing price of $3.995 million — poised to take advantage of the hot spring 2018 market. Still, no buyer.
Opening the network
The broker enlisted the help of other brokers with similar listings in the neighborhood. With a series of broker open houses, brokers from around the city were invited to the home, along with others, and enjoy lunch. But again, no offers.
Finally, just as competition cropped up, at 444 Garfield Street (a new-build single-family home) hit the market at $4.385 million, the seller and broker slashed the price of 468 Milwaukee St. to $3.75 million and landed a buyer. September 2018, two years later, and the home is in escrow!
Quite a journey!
The other 10 single-family homes in Cherry Creek North priced over $2 million may have a long road ahead. A few of them have already been on the market over a year, as is the case with 421 Madison Street, 329 Madison Street and 520 Madison Street.
Denver luxury buyers are embracing a less-is-more ethic, looking for smaller home (not 5,000-plus square feet). They are spending a little less on Denver homes, perhaps stashing cash for a mountain home by exploring other walkable neighborhoods. This is leading to inventory stacking up in Cherry Creek North .
Of course buyers, this is your moment! Call or email me to discuss the opportunities in Cherry Creek North, 720.877.1538, firstname.lastname@example.org.