Colorado Golf Club 2021 Real Estate Review

Luxury Single Family Real Estate Update

There are currently three single family luxury homes for sale at Colorado Golf Club ranging in price from $3,397,000 to $4,500,000. Buyers in 2021 did gravitate towards newer product in their purchase of a home, but the good news is single family homes as a whole at CGC were attractive to the buyers this past year, making Colorado Golf Club a luxury community that became equal in desire with other gated golf communities in Douglas County.

Single Family vs. Betts Lake Homes

For the year of 2021, Seven single family luxury homes have closed compared to 5 in 2020. The price per foot for finished square footage on the closed properties is $408 per finished square feet. These numbers include both new homes sales and resale homes that have sold. The homes built prior to 2015 at Colorado Golf Club that have sold in 2021 are retaining $415/ft compared to $249/ft for total square finished square feet in 2020. This 67% increase in price is a result of the aggressive activity for real estate at Colorado Golf Club that has been seen in previous years and also shows the buyers are looking at the resale product as being better priced than both new homes at CGC and existing homes in other gated communities in Douglas County.

The new home properties that have sold in 2021 are obtaining a significant higher retention price per foot recording $503/ft for total finished square feet compared t0 $388/ft in 2020. This 30% increase in average price per foot year over year for new built product most certainly signaled that Colorado Golf Club has arrived as a luxury home neighborhood in the eyes of the buyer pool

There are Five Reasons for this Price per Foot figure has such a large spread when comparing New Built Homes and Resale Homes built prior to 2015

The older resale homes have tended to be larger than the newer spec homes being added to CGC by almost 4000-5000 more feet. This extra square footage has not resulted in higher pricing for the larger homes.
The buyer pool is gravitating to more contemporary designs which the newer homes are offering, and the buyers are willing to pay more for this design and newness of the property.
The maintenance on a 7+ year home has age in windows, mechanical systems and roofing systems, causing the buyer to scrutinize those cost more than a newer home.
The older resale homes have some level of design obsolescence, meaning the buyers are not interested in redoing or bringing the décor forward to today’s buyer preferences.
As prices have risen, buyers who can afford a $3M+ property have choices to build vs. to buy a resale. Most recently buyers have chosen new at Colorado Golf Club but 2021 did experience 3 New Homes closed and 3 Resale Homes Closed.

We would suggest that the spread between the two types of aged properties is getting wide enough in price per foot that buyers wanting Colorado Golf Club living will start to choose the resale property over the more expensive new homes at CGC because of the attractive price.

7336 Prairie Star Ct Parker CO-001-083-Front Exterior-MLS_Size

7336 Prairie Star Ct Parker CO-021-036-Kitchen-MLS_Size

7336 Prairie Star Ct Parker CO-015-018-Dining Room-MLS_Size

7336 Prairie Star Ct Parker CO-014-030-Study-MLS_Size

7336 Prairie Star Ct Parker CO-006-088-Neighborhood-MLS_Size

What’s the Price Point of Colorado Golf Club Single Family Homes vs. Betts Lake Homes Year over Year?

We would predict prices of single family homes in 2022 to continue to rise over 2021 sales. The positive effect of reducing inventory to a 5 month supply of homes from a 4 year supply just three years ago at CGC will allow sellers to sell this coming spring and summer.

Property Address	Beds	Baths	Above SqFt	Total SqFt	Sold Date
7865 Forest Keep Circle	5	7	3,170	6,363	02/16/21
8651 Witez Court⁺	5	5	5,253	8,758	03/01/21
7895 Forest Keep Circle⁺	5	6	6,004	8,575	03/31/21
7868 Forest Keep Circle⁺	5	6	4,565	7,787	07/13/21
7910 Forest Keep Circle⁺	5	7	3,940	7,136	09/29/21
8617 Preservation Trail	4	6	8,033	11,237	12/07/21

⁺Sold by a Cooperating Broker

Betts Lake Patio Homes Activity

As of January 2022, there are no Betts Lake Patio homes for sale and no remaining lots.

Currently there are two Betts Lake homes under construction that should be occupied in 2022.

There have been seven sales at Colorado Golf Club of Betts Lake Homes in 2021 compared to three in 2020. The same trend in the Betts Lake sales when you compare newer homes vs older resale homes in Betts Lake is trending toward newer homes however the spread is not quite as high as the single family homes. The new Betts Lake patio home sales retained $417 per finished foot in 2021. The new homes are retaining a higher price with only 1 new sale. There were six resale homes at Betts Lake sell in 2021 for an average price per finished foot of $371. We are actually seeing the resale product at Betts Lake to increase faster than the single family homes because the price point is much better than the single family homes at Colorado Golf Club.

The bottom line for Betts Lake homeowners is the buyers are paying top dollar for homes if the home is in move in condition or like new. This buyer typically is more seasonal in their choices of homes and has the “lock and leave” mentality of desiring the security and covered exterior maintenance than the single-family buyers. We would predict prices to continue to increase at Betts Lake in 2022 at a 3-5% increase over 2021

Property Address	Beds	Baths	Above SqFt	Total SqFt	Sold Date
8749 Eagle Moon Way⁺	5	5	4,247	7,712	01/07/21
8802 Eagle Moon Way⁺	3	4	1,965	3695	01/29/21
8751 Eagle Moon Way⁺	4	6	4,040	7,022	04/16/21
7336 Prairie Star Court	4	6	4,593	8,022	04/28/21
7282 Prairie Star Court	4	5	2,421	4,888	06/16/21
8801 Eagle Moon⁺	5	5	2,834	5,557	08/05/21
8792 Eagle Moon Way⁺	3	3	1,980	3,961	10/08/21

⁺Sold by a Cooperating Broker

7660 Preservation Trail Parker CO - Web Quality - 007 - 13 Exterior Front

8000 Preservation Trail Parker-001-003-Colorado Golf Club Aerial-MLS_Size

Luxury Lot Activity at Colorado Golf Club

The year 2021 will be called the year where all lots at Colorado Golf are now owned by individuals vs. the developer. The sale of lots at CGC has brought many new people to the community who may already be golf club members or are planning to join the golf club in 2022. This explosion of lot sales the last two years will create a lack of options for buyers wanting to live within the gates at CGC. This means we should continue to see prices rise in the finished product at Colorado Golf Club.

Currently there are 2 lots available listed in the MLS system, ranging in price from $785,597 to $950,000 with varying sized lots in terms of acreage and locations.

Nineteen lots are pending sales with list prices ranging from $466,268 to $785,597. Most of these pending sales are made up of the lots on the 154 acre site called by locals as the “Galbreath site” and two of the pending sales in within the gates.

Twenty-nine lots have closed in 2021 at Colorado Golf Club with 12 lots closing in the 4^thquarter of the year ranging in price for all 29 lots sales from $325,000 to $700,000.

The Price per acre on average of the sold lots is $186,987 compared to $178,281 in 2020. This can be misleading to a degree, because the buyers of lots are looking for 3 distinct characteristics: 1. Views. 2. Trees. 3. Golf Course View. The lots that have all three characteristics, tend to sell at higher values.

Overall, this has been the most active selling year for lots compared to the previous 15 years and as the lot inventory has reduced, the demand for buyers wanting the remaining lots is very strong at this point in time.

Luxury Lot Price Point Per Year

There are fewer lots available and buyers are making choices faster. Interestingly, the price of lots have not increased proportionately with the activity and the average price of a lot sold at CGC in 2021 is $446,629 compared to $378,696 in 2020. Any lots entering the market in 2022, should see an increase over 2021 prices.

Positioning Yourself for this Market!

What should Sellers do to Sell their homes at CGC in 2022?

When selling a resale home, to compete with a newer product or spec home offered by a builder, resale homeowners should have a maintenance check-up before entering the market and bring the home condition to higher levels in mechanicals, roof and color designs. Buyers can only see expense dollars in maintenance that is not necessarily apparent in new homes. We know that maintenance is required on all homes, but with builder warranties and new fixtures, this is a true competitor of resale homes at CGC.
Packaging Price, Terms and Time in an attractive offering will give sellers a better chance of selling and retaining top dollar.
Compare your home and make adjustments as to what has been proven to sell in 2021. If your home offers spectacular views, but may need some décor updating, you may find the initial cost to improve décor will help you achieve your goal of selling.

What should Lot Owners Do if Wanting to sell in 2022?

Getting your lot on the market now or early in the year will allow you less competition across the board. Builders and buyers are looking for lots now.
Creating a price position in-line with what has sold in the fourth quarter of 2021 will give you the best chance to sell and close in early 2022.
Have marketing of aerial shots to outline the lot, survey’s, soils test etc. as many lots do not have these documents to offer to buyers. The better prepared in marketing the better chance of selling at top dollar.

What should Buyers Consider when buying at CGC in 2022?

Timing is everything. We do see a slight rise in interest rates as 2022 passes in time, but the rates are still relatively low compared over a 10-20 year period. Does buying an existing home make more financial sense than waiting a year or so to build at rising building costs? Each buyer has their own needs but most certainly the buyers timing should be the number one priority in purchasing at CGC.
Custom Homes are like Custom suits! Rarely will a custom home have exactly what fits you, as the buyer. Consider getting an attractive price on a resale home and making the improvements you want. In the long haul, your improved asset will make you money.
Lifestyles in luxury homes are important. Colorado Golf Club offers amazing amenities to the residents, from walking and biking trails to the privately owned golf and pool facility. The world class dining facility and socialization offered to residents is superior to other luxury neighborhoods in Douglas County. Do these amenities fit your lifestyle?

Colorado Golf Club 2021 Real Estate Review

Colorado Golf Club 2021 Real Estate Review

Luxury Single Family Real Estate Update

Single Family vs. Betts Lake Homes

Luxury Lot Activity at Colorado Golf Club

Luxury Lot Price Point Per Year

What should Sellers do to Sell their homes at CGC in 2022?

What should Lot Owners Do if Wanting to sell in 2022?

What should Buyers Consider when buying at CGC in 2022?

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