They sold their 4,500 square-foot unit on the sixth floor of One Polo Creek at South University Boulevard and Cherry Creek South Drive for $4.1 million.

That is almost 44 percent more than the second highest condo/town home sale of $2.85 million and 42 percent higher than the previous record of $641 per square foot for another Cherry Creek condo, according to Metrolist, said Jan Nelsen, the broker owner of Kentwood City Properties, who handled the sales of the Owens’s.

“I think this is just great news for the market,” said Nelsen. The record-breaking sale comes at a time when many observers had been predicting a slowdown in the high-end market, which has been the strongest part of the Denver-area housing market during the past few years.

The buyer is moving from a big house in Cherry Hills Village, Nelsen said.
She said that Owen had his pick of units and chose one that had postcard-perfect view of the mountains and downtown’s skyline.
“It has these spectacular views that will never go away,” Nelsen said. “They are just breathtaking.”

The interior has “very sophisticated floor plans with a beautiful library, windows all around and these dark, beautiful hardwood floors,” Nelsen said. “Everything about it just said elegance. There is nothing for the new buyers to improve. On top of that, the building has every type of service you could want.”

Christina Brickley, of the Cherry Creek North Business Improvement District, said the sales price says a lot about the area but also raises concerns that the neighborhood is becoming so ritzy that local businesses may have trouble competing against national retailers.

“Holy smokes!” Brickley said when told about the price. “It feels like we are constantly setting records.”

She noted that it comes on the heels of Randy Nichols’ sale of the retail at Clayton Lane in Cherry Creek for $97 million, a record price for a major center.

“This is all well and good, and says a lot about what an attractive neighborhood this has become,” Brickley said. “My only concern with all of this high-priced residential and retail is that it will be hard for local retailers to break in. We probably get five calls a day from local companies that want to locate here, but when they learn about the lease rates, they are priced out. It’s a delicate balance.”

And prices could go higher.

Nelsen noted that Christian Anschutz is selling some unites in his North Creek luxury development across from the Cherry Creek Shopping Center for $800-plus per square foot. And that is only for the core and shell. When the units are finished, they could easily top $1,000 per square foot.