March '23 Your Castle Newsletter
Updated: Apr 6
REAL ESTATE NEWS
A Mid-Century Modern Mansion in Our Backyard
Greetings from Your Castle! The Denver Business Journal recently shared some exciting news about a special luxury property in Denver. There's a stunning mid-century modern mansion in Greenwood Village, practically up the street from our main office, that's making a comeback. But before you get too excited, know that it's listed for sale at $13 million! Designed by Robert Caudle in 1974, this 14,400 square foot property has undergone a huge renovation recently, thanks to its current owner, Anna Stansbury, who is an interior designer and the wife of the current Lumen Technologies CFO.
Anna purchased the mansion in 2017 for $1.8 million and invested around $6 million in its restoration. She expanded the square footage of the property and restored the iconic spiral staircase, among other features. The mansion now has custom parquet flooring and a collector’s garage that can accommodate seven or more cars. The property also boasts a walk-in wine cellar, a master bedroom suite on both floors of the home, an expansive pool, a heated driveway and walks, and a custom waterfall light feature. The home is currently listed for sale by broker Jeff Tomlan of Modern Architecture Denver.
LOCAL MARKET UPDATE
More Inventory, But Still Tough for Buyers
The local real estate market has seen a significant increase in active listings as compared with last year. However, that number still remained low at the end of February, with only 4,100 active listings in metro Denver. Inventory is expected to remain short throughout the spring, making it a challenging time for buyers.
Despite challenges in the market, the number of properties under contract in February was only down 8.5% from last year, and average prices are still increasing slowly, with a 1% increase from last year.
Days on market have significantly increased from last year, at an average of 45 days to sell a home. There has also been a significant shift in discounts, with an average discount of 1.5%, compared to last year's 3.5% premium. This difference in sales price can help make up for the recent increase in interest rates. Overall, although inventory is low, buyers and sellers can still make deals in the current market.
INFO FOR SELLERS
Be Flexible to Maximize Your Sale
If you are thinking of selling your Colorado home, you'll want to remember that spring is one of the busiest times for home sales. Although, homes that are desirable are still selling quickly. To succeed, and get the best possible price, it's important to be flexible and responsive as a seller. With more inventory for buyers to choose from, you'll want to be prepared to schedule showings and respond to offers quickly.
There are several things you can do as a seller to improve your odds of getting the most offers, including good staging, making repairs, and focusing on key updates. It is also important to price your home competitively, so it does not sit on the market for too long. With my help, you can feel confident that you're taking the necessary steps to get a deal done.
INFO FOR BUYERS
Spring Is Competitive, But It Helps to Have a Good Plan
If you are a homebuyer looking to make a purchase, it's important to know that spring is traditionally one of the busiest times in real estate. You'll likely encounter other buyers vying for the same homes, so it's important to be ready to move quickly when you find one you like. This includes having your financing in order (ideally in the form of a pre-approval letter) and being prepared to make a strong offer.
Understanding your limitations is also important before you get into a competitive situation, because in the end, you are the one who will have to make the monthly payments. With my guidance and expertise, you can feel confident that you're making a sound investment.
*We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.