The O’Connor’s Present your 2022 Colorado Golf Club Real Estate Review and 2023 Real Estate Predictions.
Luxury Single Family Real Estate Update
There are currently five single family luxury homes for sale at Colorado Golf Club ranging in price from $3,175,000 to $4,250,000. Buyers in 2022 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.
Number of Properties Sold Per Year
Single Family vs. Betts Lake Homes
For the year of 2022, Seven single family luxury homes have closed compared to 6 in 2021. The price per foot for finished square footage on the closed properties is $436 per finished square feet. These numbers include both new homes sales and resale homes that have sold. The homes built prior to 2017 at Colorado Golf Club that have sold in 2022 are retaining $309/finished feet compared to $405/ft for total square finished square feet in 2021. This decrease in price is a result of the largest home at CGC selling for $258 per foot in 2022, however the general activity for real estate at Colorado Golf Club that has been aggressive to get into properties inside the gates at Colorado Golf Club.
The newer home properties that have sold in 2022 are obtaining a significant higher retention price per foot recording $522/ft for total finished square feet compared to $503/ft in 2021. This 4.25% 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 and that costs of building are continuing to increase. Currently there are 22 homes at some level of finish in building at Colorado Golf Club and will set higher price values moving forward for all homes.
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 2017
- 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 2022 did experience 4 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.
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 2023 to start to flatten out and the number of sales to decrease due to lower inventory of homes. The positive effect of reducing inventory to a 9-month supply of homes from a 4 year supply just five years ago at CGC will allow sellers to sell this coming spring and summer.
Betts Lake Patio Homes Activity
As of January 2023, there is one Betts Lake Patio homes for sale and no remaining lots.
Currently there are six Betts Lake homes under construction that should be occupied in 2023-2024.
There have been four sales at Colorado Golf Club of Betts Lake Homes in 2022 compared to seven in 2021. The similar trend in new built homes and resale homes will occur in Betts Lake for future sales when you compare newer homes vs older resale homes. The Village at Colorado Golf Club will add a new dynamic in patio home inventory in 2023 at an increased amount of homes for sale. The Village at Colorado Golf Club will offer different designs and floor plans, which will increase buyer traffic for patio homes.
The Betts Lake patio home sales retained $490 per finished foot in 2022, an increase of 11.3% year over year.
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 2023 at a 3% increase over 2022
Luxury Lot Activity at Colorado Golf Club
Luxury Lot Price Point Per Year
In 2022, lot sales decreased due to very few lots being available. The average price for a lot at Colorado Golf Club soared to $565,233 in 2022 with 6 lots being sold. Builders are now holding several premium lots that require the buyer to utilize that builder. The average price per acre is $261,907 which is 25% higher than lots outside of the gates in Douglas County. 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. This explosion of lot sales the last three 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 slightly in the finished product at Colorado Golf Club.
Currently there is 1 lot available listed in the MLS system at Betts Ranch lots. There are 14 pending sales for lots in this section of Colorado Golf Club. As of January 2023, no infrastructure has started and none have closed at this reporting.
Overall, this has been another active selling year for lots compared to the previous 15 years and as the lot inventory has reduced to a number that we should see much slower lot sales for future years.
Positioning Yourself for this Market!
What should Sellers do to Sell their homes at CGC in 2023?
- 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 2022. 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 2023?
- 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 2022 will give you the best chance to sell and close in early 2023.
- 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 2023?
- Timing is everything. We do see the rise in interest rates and costs of building to be a deterrent to buyers buying luxury real estate in 2023. 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 within luxury home communities are important to buyers. 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?
2023 Predictions for Colorado Golf Club Real Estate
- Fewer available lots will drive buyers to spec homes and existing resale homes in 2023 with 4 homes selling and closing in 2023.
- The Buyer Pool will shrink some in 2023 and Sellers will need to properly position their home within the market.
- The Exclusivity of Colorado Golf Club will grow in 2023 with the lack of inventory available to buy.
- The Village will drive new traffic to Colorado Golf Club in their pursuit of Colorado Golf Club living.
