…2011 Cherry Creek North Real Estate Performance

From most angles, there was very little difference between 2010 real estate sales and last year’s in Cherry Creek North. But, for the second year in a row, it wasn’t 2009. Or, as it’s known, The Year That Shall Not Be Named.

For example, 55 homes sold last year in Cherry Creek North, 15 of them being detached single family homes averaging $1.25 million. That would have been three more units that sold in the entire year of 2009, attached and detached single family homes combined. In fact, if it weren’t 411 and 415 Cook, which each sold just above $2M in 2009, there would have been less than $20 million in total real estate sold in Cherry Creek North during that dark year. Compared to the $46 million of inventory that changed hands last year, you can understand why nobody likes to talk about 2009 at Cherry Creek Grill or Second Home (unless you’re the seller of 411 and 415 Cook).

The year 2010 was an amazing turnaround in terms of volume, although all other major factors dipped, reflecting an urgency to not have a repeat of 2009, where only 22 units sold in Cherry Creek North. All told, 52 units sold in Cherry Creek North in 2010, the majority of them – 37 – traditionally being attached single family (ASF) homes. Those homes decreased in value nearly 20% from ASF homes in ’09, but Days on Market dropped from 232 to 202. Both numbers were terrible compared to the entire Denver market, but it started a trend that continued into last year.

In 2011, Days on Market (DOM) plummeted to only 89 days while jumping in value almost 10%. ASF homes sold in 2011, on average, for $711,000, up dramatically from the average price of $617k in 2010.

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Here is the list of homes that sold in 2011 in Cherry Creek North:

55 homes sold in Cherry Creek North in 2011

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While detached single family homes don’t exactly fly off the shelves – normally, they carry a 7- to 9-month sale cycle – their DOM actually went down to 212 days. Unfortunately, so did their average sale price. Detached single family (DSF) home prices didn’t come close to the 2010 average of $1.718M, coming in at $1.25M. For comparison, read how Denver’s Country Club neighborhood fared last year. Part of that can be attributed to the lack of million-dollar homes sales. In 2010, 17 homes sold for more than $1M, accounting for a third of the inventory; last year, only 13 (25%). Even in 2009, a third of anemic inventory was more than $1M.

What does this mean moving forward? The good news: there are 8 homes under contract in Cherry Creek North – 4 of them more than $1M; one over $2M! The bad: the average DOM is at 321, which means some of these houses were originally listed in 2010.

More bad: currently, there are 41 homes for sale (24 ASF, 17 DSF). You can find all of them here. That’s 9 months’ worth of inventory, and with more homes coming on the market this spring, all the overpriced homes in Cherry Creek North will quickly grow stale (currently, averaging 7 months on the market). But, for now, Cherry Creek Grill is still packed, Second Home still has terrible seating, and 2012 is looking less and less like 2009 every day.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

 

…2011 East Washington Park Real Estate Performance

For the record, if you want to claim to live in THE Wash Park, you need to live on the east side of the park, and live north of Louisiana and south of Virginia. If you don’t believe that, just look at the numbers: in 2009, the average sale price of a home in this area came in at $821,000 with a Price Per Square Foot ($PSF) of $379! Of course, 21 of the 79 homes sold that year were well over $1 million, so the average price skewed much higher than normal, as evidenced by the average sale price in 2010 – $670,000 – and the $650,000 for 2011. Still, with the possible exception of Hilltop and Country Club, there is no neighborhood in central Denver that commands such a high price point without feeling exclusionary to the average homebuyer. Which is why Wash Park remains most popular neighborhood, hands down.

Example: last year, 85 total homes sold in East Wash Park – two were attached single family (ASF) – 14 of them sold for under $400,000. Mixed in with the 9 homes that sold for more than $1M, you understand why East Wash Park attracts such a wide spectrum of homeowners, as opposed to West Wash Park, which is vibrant, albeit slightly more modest pricewise. Of course, there are rental homes sprinkled throughout the neighborhood, bringing in an even wider demographic.

Here is the list of homes that sold in East Washington Park in 2011:

85 Homes Sold in East Wash Park in 2011

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So, by now, I assume you’re fixated on the nearly $200,000 drop-off in average sale price from 2009 to 2011. Keep in mind that the million-dollar sector of the housing market all but disintegrated in 2010. Lenders stopped giving out jumbo loans and with cash buyers looking for deals, million-dollar homes turned into six-figure homes. So why was there such an uptick across the board in 2011 for million-dollar homes? It’s the old joke about owning a vineyard: how do you make a small fortune in the wine business? Start with a large fortune. Why did so many homes in the $1 million-dollar range sell in 2011? Because they all used to be in the $2-3 million range.

Fortunately for East Wash Park, it doesn’t rely on this sector to maintain volume and $PSF. In 2010, 82 homes sold at an average $PSF of $383, which was up from $379 in 2009. Last year 85 homes sold in East Wash Park, averaging $375 PSF. And no, sellers didn’t get desperate, either. These homes sold in less than 12 weeks!

Consider the current inventory of the entire city of Denver. Normally, it takes an average of 8 months to clear out the entire active inventory of homes at any given time. Because inventory is so low, the new average is only 4 months. In East Wash Park, it will take 9 weeks to clear out the 15 current active listings, which you can find here: 744 S York, 1250 S Gaylord, 1125 S Race, 923 S Gilpin, 1103 S High, 1026 S Williams, 700 S Gaylord, 876 S Gaylord, 1076 S Vine, 518 S Gilpin, 882 S York, 1046 S Williams, 565 S Gaylord, 1082 S High, and 947 S Gilpin.

And again, these homes are currently trending higher in Days on Market than those that have sold. Which means that new listings will get a lot of attention. And, if they’re priced right, will potentially sell before these.

East Wash Park remains Denver’s strongest neighborhood, and with more inventory, it will once again produce tremendous sales. And if you think the secret is safe in Denver, think again. The whole world knows about Denver now. Check this out.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

…2011 West Washington Park Real Estate Performance

Consistency and stability are two earmarks of the West Washington Park neighborhood, as the volume of sales jumped significantly in 2011 from 2010. Try finding that good news somewhere. Real estate journalists don’t use the words “jumped significantly” unless they’re talking about foreclosures or the rate at which their window of obsolescence is closing. (As a recovering journalist, I can engage in writer-on-writer hate like that.)

Anyway, if you live in West Wash Park and are thinking of selling, keep reading.

This past year, 107 homes – 86 detached single family (DSF) homes and 21 attached single family homes (ASF) sold in West Wash Park. [For matters of discussion, we define West Wash Park as everything east of Lincoln all the way east to Downing; the north border is Virginia down to Louisiana. Any homes bordering the interstate get thrown out. Some people consider east of Logan to be a better measure and some even go so far as to say that Washington is the dividing line. I would assume those people live closer to the park. :) ] Editor’s note: that is the last emoticon you will find on Karl Sells Denver.

In 2010, 82 DSF homes sold (ASF remained exactly the same) but the actual pricing went from $410,145 to $413,587 while ASF homes increased almost 10% from $395,262 in 2010 to $428,874 in 2011.

If you’re not a numbers person, here you go: more homes sold in West Wash Park this past year for more money!

Here are the DSF homes that sold in West Wash Park in 2011:

86 Detached Single Family Homes Sold in 2011

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It’s important to note that in 2011, DSF homes in West Wash Park showed an improvement in average price, average square footage (not including the basement), Price Per Square Foot ($PSF) and Days on Market (DOM). It took a West Wash Park home, on average, 82 days to sell in 2011, well below the city average.

Attached single family homes also improved, as a whole (average square footage spiked, due to several high-end sales), although DOM went up by a whole two weeks. It took 108 days to sell an ASF home, still below the city average.

Because I have yet run the East Wash Park numbers, Congress Park and West Wash Park have been showing remarkable resiliency over the last couple of years. While West Wash Park, “the affordable Wash Park,” doesn’t carry the same cache that the east side does – smaller homes, smaller lots, many requiring updates – when you can live this close to Washington Park for hundreds of thousands of dollars less than what these homes would sell on the east side, who cares what you call it?

True, 2009 was a bellwether year for home sales in West Wash Park, with 107 homes selling. The 84 DSF homes sold for an average of $419,557 in only 72 Days on Market.

But, interestingly enough, the square footage change over the three-year window fluctuated only 3-4%, while price only fluctuated 2-3% up or down.

Overall, West Wash Park is great place to live. Which means that when it comes time to sell, you know someone is going to buy. Currently, there are only 11 homes for sale in W Wash Park, with one being the perpetually For Sale home at 775 S Grant (569 DOM and counting). Excluding that home, the DOM is only 112, with three being under the neighborhood average. This means two things: price is negotiable but they will eventually sell. With detached single family homes selling at a rate of around 84/year, that means about 7 homes sell per month in West Wash Park. That means, that these 11 homes will likely be sold by March. These homes are:

Further proving this point, there are 8 homes currently under contract in West Wash Park, which should close this month.

What’s the point? Price your home correctly and you’ll sell your home in West Wash Park. If you reach a bit, it’ll take longer, but the market won’t blackball you for it.

Next up: East Wash Park.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

 

…Denver’s Congress Park Real Estate Performance for 2011

The Congress Park neighborhood in central Denver, bounded by York Street on the East, Colorado Blvd., on the west, 8th Avenue and Colfax, is probably Denver’s most underappreciated – yet highly appreciable – residential neighborhood.

This year, 71 single family homes sold in Congress Park – only three of them attached – for an average sale price of $400,000. The best part? They sold, on average, in 79 days. That’s almost 50 days less than the Denver average and easily less than Driving Park Historic District and Country Club. If you think that’s impressive, it took an average of only 52 days to sell a house in Congress Park in 2010!

Here is the list of the homes that sold in Congress Park in 2011:

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Prices went up from 2010, when the average single family home sold for $392,000. Granted only 55 homes sold in 2009, but the Price Per Square Foot remained consistent from 2011 to 2010, and all the way back to 2009.

Consider 2009, at the relative nadir of the Denver real estate market, Congress Park homes sat on the market an average of 91 days… that’s still 30 days less than the average for the entire city. Factor in attached single family homes, and that number even drops slightly. In 2009, 76 homes sold, only 6 of them attached. Yes, Congress Park is a pretty big swath of neighborhood, but when the average home price in 2009 was $416,000, that’s a lot of desirable homes selling quickly.

Currently, there are 8 homes for sale in Congress Park: 1256 Columbine, 1052 Madison, 825 Fillmore, 860 Monroe, 1229 Saint Paul, 845 Milwaukee, 801 Detroit and 1366 Clayton. The average Days on Market for this bunch of homes? 172. Just like we discussed last week with Country Club, a new listing in Congress Park is sure to attract a lot of attention, especially one that looks nice and is priced right. Click on any of those houses for more information.

PS – With the north part of Congress Park bordered by Colfax with 14th and 13th Avenues running the entire north end, house prices within that two-block latitude usually will be adjusted 5-10% down from those south of 13th. Homes well south of 13th and north of 8th, as well as homes away from the high-rise buildings in the north and west parts of Congress Park, will likely enjoy slightly higher prices.

East Washington Park is next.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

…Denver’s Country Club Real Estate Performance for 2011

It’s been a good year to buy and sell homes in Denver’s Country Club neighborhood. You may not believe it if your house is currently on the market, but to consider that houses over $1M are selling at all is pretty impressive. And for those sellers whose houses are currently on the market, keep reading.

Historically, Country Club has always boasted the highest Days on Market – there’s not even a  close second – of any central neighborhood in Denver. I referenced this mindset about three years ago when I talked about the sellers that don’t really have to sell. Times have changed, apparently. In 2009, a year after I wrote that article, homes took an average of 165 days to sell, 40 days over the city average. Last year, however, homes sold two months faster than the previous year. Plus, the average sales price was higher. As I reported yesterday, Driving Park Historic district saw an impressive volume of homes sell in that neighborhood this year, and Country Club performed similarly.

This year, Days on Market (DOM) floated back up to 144 days, but the neighborhood generated more sales than in the past three years. In 2011, 18 homes sold, compared to 14 in 2010 and 17 in 2009. Granted, the average sale price dipped from $1.8 million in 2010 to $1.5 million, but there were also a couple of reclamation projects that sold well below the $1M mark this year.

Here is the list of homes that sold in Country Club this year:

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The big news for homeowners in Country Club that are thinking of selling is that the average Days on Market for the existing inventory is at 206 days and counting! New listings in Country Club that priced correctly will get showings and, as evidenced by the volume of homes sold, they will likely get offers.

Congress Park tomorrow.

PS – These numbers don’t reflect the homes currently under contract. Currently, 130 Vine, and 100 and 140 Humboldt are under contract and will likely close in 2012. Also, here are the homes currently for sale in Country Club: 340 Lafayette, 127 Lafayette and 351 Lafayette; 103 Franklin; 141 Gilpin; 450 Race; 261 Vine; 100 Gaylord, 100 High and 101 High.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

…Denver’s Driving Park Real Estate Performance for 2011

Those in CCN (which stands for Country Club Neighborhood) would prefer it if the folks in Driving Park Historic District wouldn’t call themselves Country Club North. They’re not. No fancy gates on 6th Avenue or big floral pots to mark the entrance. And no Do Not Enter signs, like the one off Jospehine, which are a welcoming touch.

What the CCN folks didn’t get in 2011 is the volume of sales that DPHD had. For a tiny 18-block neighborhood in the middle of CCN, 7th Avenue and Alamo Placita, DPHD sold 24 homes this year with an average sale price of $632,000 (median price $550,000).

The following homes sold in DPHD in 2011:

This list is courtesy of Metrolist Inc., and doesn’t reflect any quiet sales. Also, four homes are currently in negotiation: 542 Downing Street, 440 Lafayette and 561 Franklin. These may close before the end of the year, but they are likely to close in January.

Currently, there are four homes active in DPHD, a rarity for such a desirable neighborhood in Denver: 509 Marion, 467 Franklin, 541 High and 461 Humboldt Street. (Follow the link if you want more details on these homes.)

Last year, only 19 homes sold, although the average sale price was about 10% higher at $698,000. In 2009, the average sale price was $675,000, but only 11 homes sold.

The fact that more buyers have come into DPHD in the last 12 months than in year’s past shows a receptive balance of pricing, not to mention a stabilizing of other factors, such as Days on Market. In 2009, it took an average of 124 days to sell a house. That length has dropped approximately 10% since then, with 2010 DOM coming in at 107 and this year’s DOM averaging at 111 (this year’s figure includes two homes that sat on the market for more than a year, as well).

When inventory is low, demand goes up. And when demand goes up, prices tend to follow. Which then should give homeowners a reason to sell again.

Country Club tomorrow.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

2011 Denver Real Estate in Review

It’s that time of year again where, now that Christmas is over, we hope that nothing crappy happens in the last week of the year and we can torch 2011 on our way out of town and into yet-to-be tainted 2012. And what better way to kick off the year in review than with some depressing real estate statistics?

Kidding!!! Actually, if you live in central Denver, it’s not that bad. Over the next few posts, I will be laying some better-than-expected news about the core Denver neighborhoods on you: Washington Park – East and West –  Congress Park, Park Hill, City Park (anything with a Park in the name, really), Country Club, Baker, Lohi, Highlands, and Cherry Creek North and East. If you would like to request a specific neighborhood – or street for that matter – drop me a line and I’ll be sure to include it (or just email you directly, depending on your pain tolerance… just kidding!).

My statistics will include number of houses sold, number of homes active and currently under contract, along with the addresses. We’ll compare 2011 to 2010 and 2009, and we’ll give a little forecast on what to expect based on historical data and what I’m hearing from banking and lending experts.

First off is my old neighborhood, Driving Park Historic District, bounded by Downing and High Streets and 4th and 6th Avenues. That’s today’s neighborhood. Tomorrow is Country Club, and from there, we’ll hit the Parks! Search for homes here, but stay tuned to this roll for your neighborhood news in the next few weeks!

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.