DENVER REAL ESTATE: The impression of Mike Shanahan’s residence sale

DENVER (KDVR) — It isn’t simple to discover a residence within the Denver actual property market as stock may be sparse.

Sara Hankenson, an actual property agent with VIP Actual Property CO mentioned it’s commonplace for a house, like former Broncos’ head coach Mike Shanahan’s Cherry Hills residence, to remain in the marketplace so long as it did.

“Homes in that worth vary positively enchantment to a unique purchaser,” Hankenson mentioned.

It simply so occurs to be the costliest residence ever offered within the Denver market. Hankenson mentioned that situation shouldn’t be utilized to simply any residence.

“Stock is just not sitting on the common single-family residence worth in Denver,” Hankenson mentioned.

Curiously sufficient, she added, that residence may need offered sooner some other place, than the 5 years it was in the marketplace right here.

“That home, for example, in Vail, Beaver Creek, Snowmass, Aspen in all probability would’ve offered rather a lot sooner,” she mentioned.

The median residence worth in Denver sits at $500,000, at that worth level, Hankenson mentioned, the market is way more aggressive. “There’s way more patrons,” Hankenson mentioned.

How the house is paid for makes an enormous distinction. “The cash recreation is totally completely different in these worth factors,” Hankenson mentioned.

Fewer properties on the median residence worth imply extra patrons and fewer properties to select from. “It’s positively extra of a feeding frenzy within the extra median residence worth market right here in Denver,” Hankenson mentioned.

It’s all about maintaining your expectations reasonable, based on Hankenson, whether or not you’re a vendor or a purchaser. “Sellers need to be reasonable once they’re setting their worth,” Hankenson mentioned.

Even Shanahan needed to drop the unique asking worth of $22 million for his Cherry Hills residence.

As aggressive because the market may be for sellers, Hankenson reminded patrons to maintain an enchantment available in the market. “They need to be aggressive presents, there’s not a whole lot of wiggle room proper now,” Hankenson mentioned.

A typical determine for fee on actual property gross sales in Colorado sits at about 5.5%, that’s based on a survey by the web site

At that price for the $15.7 million this residence offered for, each the client’s and vendor’s brokers may presumably earn a number of hundred thousand {dollars} every.

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