DENVER REAL ESTATE: The impact of Mike Shanahan’s home sale

DENVER (KDVR) — It is not quick to obtain a dwelling in the Denver serious estate market as inventory can be sparse.

Sara Hankenson, a real estate agent with VIP Actual Estate CO stated it is not strange for a dwelling, like former Broncos’ head coach Mike Shanahan’s Cherry Hills home, to continue to be on the sector as extended as it did.

“Houses in that rate range definitely appeal to a different customer,” Hankenson said.

It just so happens to be the most expensive property at any time offered in the Denver marketplace. Hankenson stated that situation should not be applied to just any house.

“Inventory is not sitting at the regular single-family property price tag in Denver,” Hankenson said.

Curiously ample, she additional, that household may possibly have offered sooner somewhere else, than the 5 decades it was on the marketplace listed here.

“That residence, for instance, in Vail, Beaver Creek, Snowmass, Aspen most likely would’ve marketed a whole lot quicker,” she mentioned.

The median household cost in Denver sits at $500,000, at that cost issue, Hankenson claimed, the market is considerably much more competitive. “There’s much additional customers,” Hankenson said.

How the property is compensated for can make a enormous difference. “The funds video game is wholly diverse in these cost factors,” Hankenson explained.

Much less homes at the median residence cost mean extra purchasers and less properties to pick out from. “It’s certainly more of a feeding frenzy in the a lot more median house cost industry listed here in Denver,” Hankenson explained.

It’s all about holding your expectations reasonable, according to Hankenson, no matter if you are a vendor or a buyer. “Sellers have to be reasonable when they are setting their price tag,” Hankenson claimed.

Even Shanahan experienced to fall the authentic asking cost of $22 million for his Cherry Hills residence.

As competitive as the sector can be for sellers, Hankenson reminded purchasers to hold an attractiveness in the marketplace. “They have to be competitive presents, there is not a large amount of wiggle area suitable now,” Hankenson stated.

A standard determine for commission on real estate income in Colorado sits at about 5.5%, that is according to a survey by the website listwithclever.com.

At that fee for the $15.7 million this residence bought for, both the buyer’s and seller’s agents could perhaps generate several hundred thousand bucks every.