Luxury Home Sales in Denver hit 2 year high in August

September 24, 2010 at 4:47 pm (Uncategorized) (, , , , )

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Friday, September 24, 2010, 11:32am MDT
Denver-area luxury-home sales hit two-year high in August
DENVER BUSINESS JOURNAL
Sales of luxury homes in metro Denver hit a two-year high in August, indicating the local high-end housing market “is on the mend,” according to a Coldwell Banker Residential Brokerage report released Friday.
A total of 71 homes selling for more than $1 million were purchased last month, up 48 percent from 48 such homes sold in August 2009. Last month’s sales were up 42 percent from 50 high-end home sales in July of this year.
“Luxury home sales were at the highest level since August 2008, before the peak of the financial crisis,” CB’s August 2010 Denver Metro Area Luxury Home Report said. The report uses Multiple Listing Service data.
Chris Mygatt, president of CB in Denver, believes August’s high-end home sales show the Denver-area housing market continues to rebound. “The numbers show we’re significantly ahead of where we were a year or two ago, and that’s reason for encouragement,” Mygatt said in a statement.
Other high points of the luxury housing report:
• The most expensive home sold in August was an 8,346-square-foot house in Cherry Hills Village whose buyer paid $5.25 million.
• Looking at metro-area cities, Denver had the most $1 million-plus home sales, at 20, followed by Boulder with 16. Cherry Hills Village and Littleton each had five sales.
• The average number of on the market for high-end homes that sold in August dropped to 98 days, from 142 days in August 2009 and from 124 days in July of this year.
Coldwell Banker Residential is one of the Denver area’s largest residential real estate brokerage firms, with 14 offices and more than 1,100 agents.
The company is part of NRT LLC, which is a subsidiary of real estate services company Realogy Corp. of Parsippany, N.J. Realogy is owned by affiliates of Apollo Management LP, a New York-based private equity investor.
Apollo used to be majority owner of Broomfield-based Vail Resorts Inc. (NYSE: MTN), owner of Colorado ski resorts such as Vail, Keystone, Breckenridge and Beaver Creek. 

Compiled by the DBJ’s Paula Moore 

Read more: Denver-area luxury-home sales hit two-year high in August – Denver Business Journal 

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