Luxury Single Family Activity
There are currently six single family luxury homes for sale at Colorado Golf Club ranging in price from $3,290,000 to $3,950,000. There are four spec homes in this mix with two re-sale homes. Buyers in 2020 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 in 2020, making Colorado Golf Club a luxury community that became equal in desire with Castle Pines Village or Heritage Estates.
One single family luxury homes is pending to sell and close in February 2021.
For the year of 2020, five single family luxury homes have closed. The price per foot above grade on the closed properties is $599/ft. The price per foot of total finished square footage is $375 per foot. These numbers include both new homes sold and resale homes sold. The homes built prior to 2015 at Colorado Golf Club that have sold in 2020 are retaining $341/ft above grade and $249/ft for total square finished square feet.
The new home properties sold are obtaining a significant difference in retention price per foot recording $598/ft above grade and $388/ft for total finished square feet.
There are three reasons for this figure to be quite a bit apart.
1. 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. 2. 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. 3. The maintenance on a 10 year home has age in windows, mechanical systems and roofing systems, causing the buyer to scrutinize those cost more than a newer home.
We would predict prices of single family homes in 2021 to remain static over 2020 sales. The positive effect of reducing inventory to a 2 year supply of homes from a 4 year supply will allow sellers to sell this coming spring and summer at a higher success rate than previous years.
Betts Lake Patio Homes Activity
As of today, there are two Betts Lake Patio homes for sale ranging in price from $1,650,000 to $2,150,000 with sizes ranging from 3,695 total finished feet to 6,540 finished feet.
Currently there are two Betts Lake homes under contract and set to close in 2021. One is resale of an existing Betts Lake and the home is a new builder product. Both should close in the early stages of 2021.
There are three sales at Colorado Golf Club of Betts Lake Homes 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. The new homes are retaining a higher price based upon the one pending sale of a resale Betts Lake home. 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 a prices to remain static at Betts Lake in 2021.
Luxury Lot Activity at Colorado Golf Club
This year has experienced an explosion of lots closed specifically in the last quarter of the year. Currently there are 9 lots available listed in the MLS system, ranging in price from $349,000 to $950,000 with varying sized lots in terms of acreage and locations.
Three lots are pending sales with list prices ranging from $335,000 to $465,000. Once these properties close in 2021 we can advertise the actual sold data.
Twenty-one lots have closed this year at Colorado Golf Club with 13 lots closing in the 4th quarter of the year ranging in price for all 21 lots sales from $200,000 to $545,000. The Price per acre on average of the sold lots is $178,281. 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 an active selling year for lots compared to the previous 10 years and as the lot inventory has reduced, the demand for buyers wanting the remaining lots is very strong at this point in time.
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 2020 is $378,696. We would predict a modest increase in lot prices for 2021 over 2020.
Positioning Yourself for this Market!
What should Sellers do to Sell their homes at CGC?
- 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. Buyer 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.
- Packing Price, Terms and Timing 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 2020. 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 2021?
- Getting your lot on the market now or early in the year will allow you less competition than in mid 2021. Although inventory is low today and the developer has fewer lots, there is a replating to occur along Preservation Trail that will add lots to the mix of competition.
- Creating a price position in-line with what has sold in the fourth quarter of 2020 will give you the best chance to sell and close in early 2021.
- 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?
- Timing is everything. At historically low interest rates, does buying an existing home make more financial sense than waiting a year or so to build? Each buyer has their own needs but most certainly the buyer 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?
“Experience is Not Expensive, It’s Priceless!” Call today for a current valuation of your property – 303-880-8561.