CONDO CONFIDENTIAL:
Year over year, million-dollar-and-over Denver condo sales rose 29% in Denver during 2011, according to Metrolist data for the city and county. A total 27 sales hit the seven-figure range, up from the previous year’s 21. And despite historic low interest rates, 70% of the sales were cash.
Amounting to less than one-tenth of one percent of Denver’s 2711 condo sales for the year, and costing up to $913 per square foot, compared to the average $151, what other than high prices do these properties have in common?
Location-wise, all but two of them were either in downtown (Lodo and Riverfront) or Cherry Creek. One in the Highlands, another at City Park also made the cut.
Almost half of them had garage parking for three or more cars, with top honors going to a Larimer Place condo with parking for five (worth perhaps a quarter-million dollars in the core of downtown).
Some 63% of them had four or more baths. One had seven, another eight. Seventy percent of them were built within the last 10 years, and 67% of them had finished square footage over 3000, the largest weighing in at 7589.
A third of them were 2-story townhomes, the remainder, by and large penthouses sitting on a roof or occupying the building’s top floor.
On average, these properties were on the market eight months and sold for 87% of asking price, compared to four months and 94% for the average Denver condo.
So what do these high-end properties look like? For pictures, email Ken Miller, at kenm@kentwoodcity.com. Ken has specialized in Denver condos since 1990.
