January 1, 2020 to October 1, 2020 This quarterly report is from data from REColorado, the Denver area MLS system on 10.1.2020

October 1, 2020

As with most areas of Denver real estate, Colorado Golf Club outperformed previous years activity by upwards of 50% more sales. Its an exciting time to own a home in one of Colorado’s most prestigious golf communities.

 

Luxury Single Family Activity

There are currently seven single family luxury homes for sale at Colorado Golf Club ranging in price from $2,890,000 to $3,950,000.  This would be a little higher than normal as there are 4 builder spec homes for sale at this time.

Two single family luxury homes are pending to sell.

For the first three quarters of 2020, three single family luxury homes have closed.  The price per foot above grade on the closed properties is $553/ft.  The price per foot of total finished square footage is $342 per foot.  The new home properties sold are obtaining a significant difference in retention price per foot of $139 dollar more for finished square feet vs resale home. There are two reasons for this figure to be quite a bit apart.  1. The older resale homes have tended to be larger than he newer spec homes being added to CGC.  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.

 

Sold Single Family Luxury Homes in 2020 at Colorado Golf Club

8490 Catena Ct.    4 Beds         6 Baths        5,496 Finished       Closed 9/18/2020

8475 Lost Reserve Ct  6 Beds   7 Baths        6,974 Finished      Closed 9/29/2020

8685 Witez Ct.      6 Beds         9 Baths        11,247 Finished     Closed 3/12/2020

 

 

Betts Lake Homes Activity

As of today, there are four Betts Lake Patio homes for sale ranging in price from $1,650,000 to $2,150,000 with sizes ranging from 3,453 total finished feet to 7,019 finished feet.

 

Sold Betts Lake Homes in 2020 at Colorado Golf Club

There are two sales at Colorado Golf Club of Betts Lake Homes with one of the sales scheduled to be in move condition by Spring of 2021.

7248 Prairie Star Ct.       5 Beds   5 Baths    4,885 Finished      Closed 2/14/2020

7237 Prairie Star Ct.       5 Beds   7 Baths     4,957 Finished      Closed 5/29/2020 to be able to move in by Spring of 2021.

 

Luxury Lot Activity at Colorado Golf Club

This year has experienced a very normal number of lots being sold at CGC.  Currently there are 14 lots available listed in the MLS system.

Five lots are pending sales with list prices ranging from $315,000 to $575,000.  Once these properties close we can advertise the actual sold data.

Eight lots have closed this year ranging in price from $230,000 to $490,000.  The Price per acre on average of the sold lots is $169,322.

Overall, this has been an active selling year for lots compared to the previous couple of years.  There are fewer lots available and buyers are making choices faster.  However, we have not seen the lot prices rise proportionately with the homes.

 

What should Sellers do to Sell their homes at CGC?

• Be the best conditioned property available. If you own a resale home and there are competition from Builder specs, your home must fix the items to market it in “Move In Condition”.
• Consider Terms in lieu of lowering the price. Since there are 7 homes for sale and three have closed this year, if there is an urgency to sell, you may want to consider creating a package of terms attractive to the buyer pool.  There is currently a 2 year supply of homes at CGC, so make sure you consider your price, terms and time it takes to sell your home.
• Compare your home and make adjustments as to what has been proven to sell in 2020. If your home has an extensive temperature-controlled wine room vs. a wine rack, you will need to make an adjustment to compete with those homes that have such an amenity.

 

What should Buyers Consider when buying at CGC?

• Know your timing to buy. In other words, are you willing to wait more than a year to build or buy now when rates are attractive?  Your goals of timing could dictate what direction to go.
• 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, you may save 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.  Do these amenities fit your lifestyle?

For up to date information on selling or buying at Colorado Golf Club, please call Jack O’Connor, 303-880-8561 or email me at joconnor@den100.com