Morning Briefing: High-end home buyers in Denver want ‘new’ Tudor

by Steve Randall17 Jan 2017
High-end home buyers in Denver want ‘new’ Tudor
The traditional demand for Tudor-style homes at the higher end of Denver real estate is seeing some competition from those wanting a modern alternative.

LIV Sotheby’s International Realty says that there is growing interest in ultra-luxury modern homes in the metro, which included a $7 million new-build which set a new record selling price in Cherry Creek.

“Architects, builders and buyers are gravitating to newer or remodeled homes that carry this modern aesthetic,” said real estate broker Jeff Hendley, who handled the Cheery Creek sale. “And existing homeowners are also opting to improve upon their existing homes using this same modern look before they put their homes on the market to sell.  Why not give buyers what they want?  It may increase their sales price and help the home sell more quickly than the industry average.”

Many of those seeking modern high-end homes are coming from coastal markets, but in this rising segment of the Denver real estate market, supply may become an issue as demand escalates.

“In general, Denver has very few high end modern homes (over $1M),” said Ian Wolfe of LIV Sotheby’s International Realty’s, The Wolfe Group. “More and more there is a fair amount of inventory under $1M, but it’s not the high quality sophisticated modern home that the luxury buyer is looking for.” 

Massachusetts housing market strong to the end
Home sales and prices in Massachusetts topped off a strong year with further gains in December.

Despite the holidays, Massachusetts Association of Realtors says that there were 14.6 per cent more single-family pending home sales in the month than a year earlier at 3,340; while the median price was up 4.2 per cent to $356,950.

For condos, there was an 11.4 per cent spike in sales (1,198) and a 5 per cent rise in price to a median $340,000.

“For the second straight December, home buyers were not going to let holiday shopping take away their focus from buying a home,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “Even with a record low number of homes for sale throughout 2016, buyers have stayed fully committed to finding the right home for the right price and making successful offers.” 

Asked for their ‘story of the year’ for 2016, 44 per cent of real estate agents polled by the Association chose “record low inventory.”
Music couple list home for $35 million
The now-split Gewn Stefani and Gavin Rossdale have listed their former marital home in Los Angeles’ 90210 zip code for $35 million.

The 12,000 square foot home is just outside Beverly Hills and was the couple’s home for 10 years having previously been owned by Jennifer Lopez and businessman Sam Nazarian.

The 7-bedroom, 11-bathroom home has a tennis court, pool, spa and guesthouse and is reached via a 250-foot driveway according to Zillow.