LIV
Residential Luxury Report 2014
PORTRAIT OF AN AFFLUENT AMERICAN CONSUMER Many affluent American consumers, defined as those with $2 million or more in investable assets, own MULTIPLE PROPERTIES. On average, affluent consumers in the U.S. currently own 3 homes.
54%
HAVE PURCHASED A PROPERTY WITHIN THE PAST 3 YEARS.
Affluent American consumers are not only investing in property– they consider themselves part of the investor class. When asked what best described them, a majority said “AN INVESTOR.”
50%
16%
13%
8%
INVESTOR
INNOVATOR
TRENDSETTER
PHILANTHROPIST
ULTRA HIGH NET WORTH WORTH DEMAND DEMAND FOR FOR RESIDENTIAL RESIDENTIAL PROPERTY: ULTRA HIGH NET PROPERTY:GROWING GROWINGFAST FAST
6.0% 8.9%
US$10,265
US$8,355
billion
6.2%
billion
6.5%
609
74,865
The world’s The world’sUHNW UHNW Sotheby’s International Realty® population by6% 6% populationgrew grew by between 2013 and 2014. between 2013 and 2014. North America North America and and Europe remain the two Europe remain the two most regions, mostsignificant significant regions, accounting for 35% and accounting for 35% and 29% of the global UNHW 29% of the global UHNW population, respectively. population, respectively.
5.8%
61,820 NORTH AMERICA
EUROPE
4.8% 13.1%
12.7%
US$995
US$6,975 billion
The United States
billion
46,635
5,975
ASIA
MIDDLE EAST
4.6%
5.5% 8.3%
US$2,225
12.9%
US$395
billion
billion
14,805
3,005
5.4%
6.2%
US$515
AFRICA
LATIN AMERICA & THE CARIBBEAN
billion
4,170 PACIFIC
2014 UHNW POPULATION
2014 TOTAL WEALTH US$ BILLION
2013 UHNW POPULATION
2013 TOTAL WEALTH US$ BILLION
POPULATION CHANGE %
TOTAL WEALTH CHANGE %
211,275
29,725
199,235
27,770
6.0%
7.0%
|
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LUXURY MARKET AT A GLANCE Colorado’s strong local economy, combined with homeowner equity and property values, continues to climb, indicating that the luxury market is off to a strong 2015. Luxury homes throughout the entire metro area are experiencing an advanced market with a 3.5 to 4 month supply of homes. Luxury homes are selling in a very reasonable time frame, however buyers still want to make an informed decision as to the investment quality of the property. In the resort mountain areas of Eagle and Summit county, the luxury market remains vibrant and healthy, however buyers have become savvier about not just value, but are learning to determine their actual wants and needs. The current real estate climate allows homes to be priced aggressively, yet not without a good understanding of neighborhood area market conditions and buyer preferences. Sellers can do very well but should not take the market for granted by expecting to achieve an unreasonable price.
LUXURY METRICS January through December
2008
2009
2010
2011
2012
Number of Properties Sold
1,145
796
989
888
1,138
Average Price per Square Foot
$454
$382
$418
$385
$369
192
229
275
253
264
$14,900,000
$15,950,000
$14,817,600
$12,500,000
$14,100,000
$2,793,469,242
$1,432,290,479
$1,904,981,551
$1,608,717,591
$2,107,586,306
January through December
2013
2014
% Change
Number of Properties Sold
1,376
1,561
13.44%
Average Price per Square Foot
$385
$411
6.75%
191
156
-18.32%
$13,550,000
$19,000,000
40.22%
$2,337,149,007
$2,184,003,461
-6.55%
Average Days on Market Highest Price Total Dollar Volume
Average Days on Market Highest Price Total Dollar Volume
INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD DENVER DOUGLAS JEFFERSON * EAGLE * SUMMIT * Resort Market
RESIDENTIAL LUXURY REPORT 2014 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS. This representation is based in whole or in par t on data supplied by REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS may not reflect all real estate activity in the market.
LUXURY MARKET |
MARKETS BY COUNTY
DENVER COUNTY 2008
2009
2010
2011
2012
2013
2014
% Change
222
138
139
156
217
297
322
8.42%
Average Price per Sq. Ft.
$428
$376
$389
$365
$382
$415
$416
0.24%
Average Days on Market
186
260
185
179
153
94
70
-25.53%
$5,500,000
$4,100,000
$5,700,000
$3,815,000
$5,400,000
$4,375,000
$4,925,000
12.57%
$348,773,668
$206,207,578
$215,501,345
$220,147,191
$324,704,119
$439,762,640
$466,936,127
6.18%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
ARAPAHOE COUNTY 2008
2009
2010
2011
2012
2013
2014
% Change
130
101
130
115
183
213
212
-0.47%
Average Price per Sq. Ft.
$400
$337
$323
$322
$352
$359
$380
5.85%
Average Days on Market
147
240
230
193
178
201
124
-38.31%
Highest Price
$13,950,000
$6,700,000
$7,000,000
$8,200,000
$7,500,000
$7,000,000
$5,850,000
-16.43%
Total Dollar Volume
$241,861,049
$176,949,346
$206,414,081
$194,859,212
$318,370,455
$367,820,375
$381,605,285
3.75%
January through December Number of Properties Sold
DOUGLAS COUNTY 2008
2009
2010
2011
2012
2013
2014
% Change
131
70
88
87
103
152
180
18.42%
Average Price per Sq. Ft.
$392
$348
$342
$325
$317
$326
$363
11.35%
Average Days on Market
199
70
315
295
239
184
141
-23.37%
$7,250,000
$3,450,000
$3,630,000
$3,150,000
$3,050,000
$3,400,000
$4,000,000
17.65%
$201,191,078
$105,543,541
$128,228,729
$124,924,511
$140,088,435
$208,232,028
$255,955,232
22.92%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
GROWING WEALTH Yielding a RETURN ON INVESTMENT is a key driver in the purchase of a property for affluent consumers. Compared to 5 years ago, a majority are more confident in the strength of the housing market in their country of primary residence.
RESIDENTIAL LUXURY REPORT 2014 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. This representation is based in whole or in par t on data supplied by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS may not reflect all real estate activity in the market.
LUXURY MARKET |
MARKETS BY COUNTY
JEFFERSON COUNTY 2008
2009
2010
2011
2012
2013
2014
% Change
70
34
37
48
52
56
77
37.50%
Average Price per Sq. Ft.
$354
$335
$333
$298
$318
$319
$331
3.76%
Average Days on Market
195
340
248
332
267
253
193
-23.72%
$2,795,000
$4,175,000
$2,200,000
$2,575,000
$3,900,000
$3,200,000
$2,755,000
-13.91%
$100,379,227
$49,611,159
$52,011,250
$66,623,601
$77,288,359
$78,054,845 $105,595,665
35.28%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
BROOMFIELD COUNTY 2008
2009
2010
2011
2012
2013
2014
% Change
9
5
6
1
2
7
14
100.00%
Average Price per Sq. Ft.
$314
$343
$399
$365
$235
$306
$340
11.11%
Average Days on Market
252
10
244
2
580
57
67
17.54%
$2,336,360
$2,264,303
$3,480,000
$1,700,000
$1,220,000
$1,610,200
$2,550,000
58.37%
$13,264,852
$7,595,919
$11,409,320
$1,700,000
$2,420,000
$9,127,232
$19,174,309
110.08%
2008
2009
2010
2011
2012
2013
2014
% Change
14
7
5
4
3
4
8
100.00%
Average Price per Sq. Ft.
$264
$298
$274
$296
$265
$283
$266
-6.01%
Average Days on Market
193
318
340
236
43
165
97
-41.21%
$1,375,000
$1,555,000
$2,400,000
$1,675,000
$2,000,000
$1,741,000
$1,750,000
0.52%
$16,080,711
$8,612,929
$6,914,255
$5,200,000
$4,170,000
$5,020,000
$10,378,000
106.73%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
ADAMS COUNTY January through December Number of Properties Sold
Highest Price Total Dollar Volume
PURCHASING MOTIVATIONS AT A GLANCE
RESIDENTIAL LUXURY REPORT 2014 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. This representation is based in whole or in par t on data supplied by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS may not reflect all real estate activity in the market.
LUXURY MARKET |
MARKETS BY COUNTY
BOULDER COUNTY 2008
2009
2010
2011
2012
2013
2014
% Change
155
120
135
136
184
239
267
11.72%
Average Price per Sq. Ft.
$320
$306
$290
$287
$293
$305
$339
11.15%
Average Days on Market
183
212
198
203
153
126
133
5.56%
$3,800,000
$2,900,000
$4,450,000
$2,790,000
$4,750,000
$6,432,495
$5,300,000
-17.61%
$243,321,198
$187,596,527
$207,387,975
$200,477,180
$262,971,526
$364,644,490
$416,699,248
14.28%
2008
2009
2010
2011
2012
2013
2014
% Change
415
187
331
241
283
277
337
21.66%
Average Price per Sq. Ft.
$1,040
$688
$853
$793
$792
$728
$818
12.36%
Average Days on Market
117
248
278
357
318
309
298
-3.56%
$14,900,000
$15,950,000
$14,817,600
$12,500,000
$14,100,000
$13,550,000
$19,000,000
40.22%
$1,370,418,320
$475,249,980
$890,295,382
$640,649,775
$799,893,595
$671,350,199
$932,712,293
38.93%
2008
2009
2010
2011
2012
2013
2014
% Change
162
134
118
100
111
131
144
9.92%
Average Price per Sq. Ft.
$577
$411
$560
$411
$365
$426
$442
3.78%
Average Days on Market
256
365
438
483
442
329
285
-13.37%
$5,550,000
$8,285,000
$3,950,000
$2,849,000
$5,570,130
$3,400,000
$3,640,593
7.08%
$258,179,139
$214,923,500
$186,819,214
$154,136,121
$177,679,817
$193,137,198
$224,953,302
16.47%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
EAGLE COUNTY January through December Number of Properties Sold
Highest Price Total Dollar Volume
SUMMIT COUNTY January through December Number of Properties Sold
Highest Price Total Dollar Volume
LOCATION IS KING
RESIDENTIAL LUXURY REPORT 2014 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. This representation is based in whole or in par t on data supplied by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS may not reflect all real estate activity in the market.
COLORADO LUXURY REAL ESTATE EXPERTS BOULDER
CASTLE PINES
1050 Walnut Street Boulder, CO 80302 303.443.6161
858 W. Happy Canyon Road, Suite 100 Castle Rock, CO 80108 303.660.8800
CHERRY CREEK
400 S. Colorado Blvd., Suite 400 Denver, CO 80246 303.893.3200
DENVER TECH CENTER
DOWNTOWN DENVER
BEAVER CREEK VILLAGE
VAIL VALLEY
8000 E. Belleview Avenue, Suite 200 Greenwood Village, CO 80111 303.893.3200
255 Clayton Street, Unit 100 North Denver, CO 80206 303.893.3200
EVERGREEN
1512 Larimer Street, #46R Denver, CO 80202 303.893.3200
26 Avondale Lane, #119 Beaver Creek, CO 81620 970.845.0400
CHERRY CREEK-CLAYTON
31955 Castle Court, #1 South Evergreen, CO 80439 303.674.3200
BRECKENRIDGE
34253 Highway 6, #2A Edwards, CO 81632 970.748.5150
101 South Main Street Breckenridge, CO 80424 970.453.0550
34
LIV Sotheby’s International Realty Locations 36
BOULDER
|
CASTLE PINES VILLAGE
DOWNTOWN DENVER
|
EVERGREEN
BRECKENRIDGE
|
|
|
CHERRY CREEK
GREENWOOD VILLAGE
Boulder
25
VAIL VALLEY
DENVER Downtown Denver
70
Cherry Creek Evergreen
Edwards
Greenwood Village
70
Beaver Creek 24
85
Breckenridge
285
25
Castle Pines Village
RESIDENTIAL LUXURY REPORT 2014 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS. This representation is based in whole or in par t on data supplied by REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS may not reflect all real estate activity in the market.
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