Colorado Residential Luxury Report - Quarter 3, 2015

LIV

RESIDENTIAL LUXURY REPORT January-September 2015

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.

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.”

INVESTOR

INNOVATOR

TRENDSETTER

PHILANTHROPIST

PURCHASING MOTIVATIONS AT A GLANCE A survey of Sotheby’s International Realty network members revealed the following factors influenced a real estate purchase:

FAMILY NEEDS

LOCATION

RETURN ON INVESTMENT

LIFESTYLE

LUXURY MARKET AT A GLANCE The Residential Luxury Report, prepared by LIV Sotheby’s International Realty, compares 2015 data (January through September), to that of 2014, for single family homes and condos priced $1M and above.

The luxury home market is on the rise in Colorado. As one of the fastest growing states, Colorado’s growing popularity, combined with the surging local economy, is cause for a continued strong luxury sector in 2015. Inventory has increased and the number of new luxury listings within the Denver metro area is up 12%, making for more choices for buyers than what previously existed.

Demand remains high, however, prices are still on an upward trend.

Demonstrating the trend of upward growth, property sales from January through September within the Denver metro area rose 28.6% over 2014 statistics; average price per square foot increased slightly by 1.1% and recent numbers indicate that days on market have decreased, from 111 to 103 days, a 7.2% decrease. Total dollar volume sold continued to increase by 24.9%.

LUXURY METRICS - DENVER METRO AREA January through September Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume

January through September Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume

2009

2010

2011

2012

2013

347

405

432

552

758

$347

$357

$269

$310

$325

238

213

204

309

155

$6,700,000

$7,000,000

$8,200,000

$7,500,000

$8,691,000

$541,853,243

$628,497,406

$661,697,294

$829,936,415

$1,156,560,711

2014

2015

% Change

809

1,040

28.6%

$348

$352

1.1%

111

103

-7.2%

$5,950,000

$11,000,000

84.9%

$1,256,677,175

$1,569,293,444

24.9%

INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD DENVER DOUGLAS JEFFERSON

RESIDENTIAL LUXURY REPORT JANUARY-SEPTEMBER 2015 | 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 part 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 2009

2010

2011

2012

2013

2014

2015

% Change

106

105

122

166

225

230

324

40.9%

Average Price per Sq. Ft.

$381

$387

$357

$376

$416

$420

$442

5.2%

Average Days on Market

290

196

180

155

102

62

76

22.6%

$4,100,000

$5,700,000

$3,815,000

$5,400,000

$4,100,000

$4,925,000

$4,550,000

-7.6%

$161,010,978

$163,956,184

$172,312,852

$244,276,077

$330,062,207

$335,685,794

$479,563,780

42.9%

January through September Number of Properties Sold

Highest Price Total Dollar Volume

ARAPAHOE COUNTY 2009

2010

2011

2012

2013

2014

2015

% Change

75

95

99

126

173

167

191

14.4%

Average Price per Sq. Ft.

$339

$332

$326

$348

$359

$389

$394

1.3%

Average Days on Market

262

231

198

196

204

124

116

-6.5%

$6,700,000

$7,000,000

$8,200,000

$7,500,000

$7,000,000

$5,950,000

$11,000,000

84.9%

$128,666,785

$153,885,010

$171,009,212

$221,838,139

$302,242,666

$314,383,011

$328,112,156

4.4%

January through September Number of Properties Sold

Highest Price Total Dollar Volume

DOUGLAS COUNTY 2009

2010

2011

2012

2013

2014

2015

% Change

48

64

66

78

121

135

151

11.9%

Average Price per Sq. Ft.

$346

$354

$328

$299

$325

$366

$344

-6.0%

Average Days on Market

314

320

294

271

194

128

129

0.8%

Highest Price

$3,450,000

$3,630,000

$3,150,000

$3,000,000

$3,400,000

$4,000,000

$3,075,000

-23.1%

Total Dollar Volume

$70,476,405

$94,732,912

$94,529,437

$106,165,713

$163,759,623

$193,809,099

$210,724,298

8.7%

January through September Number of Properties Sold

JEFFERSON COUNTY 2009

2010

2011

2012

2013

2014

2015

% Change

26

30

36

34

46

61

91

49.2%

Average Price per Sq. Ft.

$344

$337

$308

$309

$330

$329

$339

3.0%

Average Days on Market

321

207

312

253

258

188

155

-17.6%

$4,175,000

$2,200,000

$2,575,000

$3,500,000

$8,691,000

$2,755,000

$3,350,000

21.6%

$39,714,500

$41,321,250

$49,705,601

$50,357,236

$73,740,845

$85,056,204

$122,037,020

43.5%

January through September Number of Properties Sold

Highest Price Total Dollar Volume

RESIDENTIAL LUXURY REPORT JANUARY-SEPTEMBER 2015 | 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 part 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 January through September Number of Properties Sold Average Days on Market Highest Price Total Dollar Volume

2009

2010

2011

2012

2013

2014

2015

% Change

82

103

105

145

187

201

269

33.8%

205

186

209

152

119

112

83

-25.9%

$5,317,780

$4,450,000

$4,313,200

$4,050,000

$4,550,000

$5,300,000

$4,900,000

-7.5%

$128,028,727

$161,353,475

$168,940,192

$203,079,250

$279,045,170

$308,346,008

$407,300,757

32.1%

BROOMFIELD COUNTY 2009

2010

2011

2012

2013

2014

2015

% Change

4

3

0

1

5

9

2

-77.8%

Average Price per Sq. Ft.

$369

$460

-

$276

$280

$309

$391

26.5%

Average Days on Market

3

12

-

1,084

51

65

75

15.4%

$2,264,303

$3,480,000

-

$1,200,000

$1,610,200

$1,868,000

$2,900,000

55.2%

$6,587,919

$6,334,320

-

$1,200,000

$6,690,200

$11,229,059

$4,050,000

-63.9%

2009

2010

2011

2012

2013

2014

2015

% Change

6

5

4

2

1

6

12

100.0%

Average Price per Sq. Ft.

$303

$274

$296

$251

$237

$272

$203

-25.4%

Average Days on Market

274

340

236

55

155

98

85

-13.3%

Highest Price

$1,555,000

$2,400,000

$1,675,000

$2,000,000

$1,020,000

$1,750,000

$3,696,633

111.2%

Total Dollar Volume

$7,367,929

$6,914,255

$5,200,000

$3,020,000

$1,020,000

$8,168,000

$17,505,633

114.3%

January through September Number of Properties Sold

Highest Price Total Dollar Volume

ADAMS COUNTY January through September Number of Properties Sold

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 JANUARY-SEPTEMBER 2015 | 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 part 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.

RESORT LUXURY MARKET In the resort mountain area of Eagle County and the Vail Valley, the luxury market remains vibrant and healthy. The price increase indicates that as the economy gets stronger, people are more willing to spend extra dollars to purchase the homes they desire. From January through September 2015, Eagle County saw an especially high volume of activity, due to an increased number of visitors and second home owners in town during winter and summer months, which tend to be popular times for home buying in the luxury sector.

In the resort mountain area of Summit County and Breckenridge, increased homeowner equity and property values demonstrate a continued strong residential luxury market in 2015. The proximity to the famous Colorado Rocky Mountains continues to position Summit County as one of the leading resort community destinations worldwide. With the increasing desire for lifestyle-inspired home purchases, the resort market in Summit County will continue to rise.

EAGLE COUNTY Vail, Beaver Creek, Avon, Edwards, Eagle, Gypsum 2009

2010

2011

2012

2013

2014

2015

% Change

130

234

157

195

192

231

261

13.0%

Average Price per Sq. Ft.

$728

$860

$828

$794

$707

$808

$796

-1.5%

Average Days on Market

209

280

359

321

334

309

274

-11.3%

Highest Price

$15,950,000

$14,817,600

$12,500,000

$14,100,000

$13,550,000

$19,000,000

$15,750,000

-17.1%

Total Dollar Volume

$339,144,619

$638,094,547

$423,261,275

$561,655,751

$438,207,382

$639,055,893

$701,669,289

9.8%

January through September Number of Properties Sold

SUMMIT COUNTY Breckenridge, Frisco, Silverthorne, Dillon, Copper, Keystone 2009

2010

2011

2012

2013

2014

2015

% Change

85

86

74

82

95

102

138

35.3%

Average Price per Sq. Ft.

$400

$617

$379

$360

$428

$433

$507

17.1%

Average Days on Market

256

481

350

291

238

255

247

-3.1%

$3,375,000

$2,700,000

$3,275,000

$5,570,130

$3,400,000

$3,640,593

$3,825,000

5.1%

$136,964,400

$134,632,664

$114,470,061

$130,105,416

$138,432,704

$156,483,670

$225,023,334

43.8%

January through September Number of Properties Sold

Highest Price Total Dollar Volume

LOCATION IS KING

RESIDENTIAL LUXURY REPORT JANUARY-SEPTEMBER 2015 | 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 part 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

858 W. Happy Canyon Road, Suite 100 Castle Rock, CO 80108 303.660.8800

DENVER TECH CENTER

EVERGREEN

1512 Larimer Street, #46R Denver, CO 80202 303.893.3200

31955 Castle Court, #1 South Evergreen, CO 80439 303.674.3200

BEAVER CREEK

VAIL

EDWARDS

26 Avondale Lane, #119 Beaver Creek, CO 81620 970.845.0400

292 E. Meadow Drive, Suite 101 Vail, CO 81657 970.476.7944

101 South Main Street Breckenridge, CO 80424 970.453.0550

255 Clayton Street, Unit 100 North Denver, CO 80206 303.893.3200

400 S. Colorado Blvd., Suite 400 Denver, CO 80246 303.893.3200

DOWNTOWN DENVER

8000 E. Belleview Avenue, Suite 200 Greenwood Village, CO 80111 303.893.3200

BRECKENRIDGE

CHERRY CREEK

CHERRY CREEK

CASTLE PINES

1050 Walnut Street Boulder, CO 80302 303.443.6161

34253 Highway 6, #2A Edwards, CO 81632 970.748.5150

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

VAIL VALLEY Beaver Creek

Denver Tech Center

Evergreen

Edwards Vail

24

70 85

Breckenridge

285

25

Castle Pines

RESIDENTIAL LUXURY REPORT JANUARY-SEPTEMBER 2015 | 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 part 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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