Suburbs and ski towns steal the real estate spotlight
The real estate market in Colorado is making headlines for its swift pace and surging demand for homes. Denver
Metro has recently hogged the spotlight as one of the most popular places to buy and sell properties over the last few months, but many consumers are also looking outside of the metropolitan marketplace for their next residence.
With the pandemic still top-of-mind for consumers nationwide as they try to navigate life changes such as expanding families, extended work-for-home circumstances, and necessary relocation to a new city or state, less-dense communities have become more attractive. When considering where to plant their roots, buyers have shifted their priorities from walkability to local restaurants and proximity to social attractions and work, to focus on access to more socially distant activities, home offices and fitness spaces, and creating some distance between them and their neighbors.
For these reasons, Colorado is an incredibly appealing place to invest in real estate because of its desirable mountain and more suburban areas.
LIV Sotheby’s International Realty (LIV SIR) has seen significant increases in market activity in resort communities, such as the Vail Valley, throughout the summer. In this world-famous mountain community, the average list price, average sold price, and highest sold price have grown by 11%, 12% and an impressive 39% respectively, according to the Monthly Market Report for July. These increases in prices are driven by the high demand for homes with access to open spaces, more square-footage, and larger l ot sizes than can be typically found in more urban areas.
“Simply put, buyers want their own space,” said Dan Fitchett, vice president and managing broker of LIV SIR’s Vail Valley offices. “The hectic atmosphere and population density of a city is not for everyone anymore. Many buyers, who are now working from home permanently, are wanting a more serene oasis, which is what many of Colorado’s resort communities provide. That thought process has driven real estate activity up in Colorado’s high country.”
At all price points, the market is thriving. Recently, LIV SIR broker, Tye Stockton, of The Stockton Group, brought the buyer to the record-breaking sale of 99 and 100 Vail Road, which closed in August for $57,000,000. Sales like this help illustrate homebuyers’ deep desire to find a home that will serve them not only during this pandemic, but for the long run. Colorado’s mountain and resort communities have been increasingly popular markets for homebuyers but, to the south of Denver, Colorado Springs is making waves as well.
Recently named the “Hottest Zip Code in the U.S.” by USA Today, Colorado Springs has become a destination for consumers looking for all of the amenities of a major metropolitan area but on a smaller scale with the added benefit of more space. Colorado Springs’ average price runs approximately 25% less than the Denver Metro area, making it an affordable option for buyers looking in Denver’s southern suburbs.
Colorado Springs can meet the needs of buyers looking for all kinds of homes, from low-maintenance residences to extraordinary estates. LIV SIR broker, Elaine Stucy, broke a residential real estate record last month with the $6,700,000 sale of 14065 Highway 83. The out-ofstate buyer instantly fell in love with this ranch-style home due to its relaxed lifestyle and private setting.
To help meet the demand for real estate and better serve this flourishing community, LIV SIR is opening an office in downtown Colorado Springs later this month. Consumers looking to find their version of luxury living, at any price point, will be able to reach their goals with the help of LIV SIR’s team of real estate professionals.
“Our extensive parks and varied spaces are precisely what a lot of buyers are looking for right now,” explained Benjamin Day, vice president and managing broker of LIV SIR’s Colorado Springs office. “LIV Sotheby’s Internationality Realty has a hospitality-mindset that understands lifestyle preferences, and with so many buyers in the market because of changes in their lifestyle priorities, the Pikes Peak Region is an extremely attractive market today and will continue to be twenty years from now.”
To learn more about buying or selling real estate in one of these Colorado markets, or other regions, contact LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com.