The Denver Business Journal recently shared an exciting story about a luxurious property in Denver. This stunning mid-century modern mansion is located in Greenwood Village, just up the street from our office, and it’s making a comeback. However, it’s important to note that it comes with a hefty price tag of $13 million!
Designed by Robert Caudle in 1974, this 14,400-square-foot property has undergone a significant renovation recently, thanks to its current owner, Anna Stansbury. She is an interior designer and the wife of the current CFO of Lumen Technologies. Anna purchased the mansion in 2017 for $1.8 million and invested around $6 million in restoration. Among other things, she expanded the property’s square footage and restored the iconic spiral staircase.
The mansion now boasts custom parquet flooring and a collector’s garage to accommodate seven or more cars. The property also features a walk-in wine cellar, a main bedroom suite on both home floors, an expansive pool, heated driveways and walks, and a custom waterfall light feature. The house is listed for sale by Jeff Tomlan, a broker at Modern Architecture Denver.
LOCAL MARKET UPDATE
More Inventory, But Still Tough for Buyers
In the local real estate market, active listings increased significantly compared to last year. However, as of the end of February, there were only 4,100 active listings in metro Denver, which is still relatively low. Furthermore, inventory is expected to remain scarce throughout the spring, posing a challenge for potential buyers.
Despite these challenges, the number of properties under contract in February decreased only 8.5% from last year, and average prices are slowly increasing with a 1% rise from last year.
Homes are taking longer to sell this year, with an average of 45 days on the market. There has also been a significant change in discounts, with an average value of 1.5%, compared to last year’s 3.5% premium. This difference in sales price can help offset the recent increase in interest rates. Although inventory is low, it is still possible for buyers and sellers to make deals in the current market.
INFO FOR SELLERS
Be Flexible to Maximize Your Sale
To maximize your chances of getting the best price for your Colorado home, it’s essential to remember that spring is a busy time for home sales. Desirable homes are selling quickly, so it’s crucial to be flexible and responsive as a seller. With more inventory for buyers, you’ll want to prepare to schedule showings and respond to offers promptly.
To improve your odds of getting multiple offers, there are several steps you can take as a seller. Effective staging, necessary repairs, and critical updates are all important. Additionally, pricing your home competitively is crucial to avoid having it sit on the market for too long. With my assistance, you can feel confident that you’re taking the necessary steps to get your home sold.
INFO FOR BUYERS
Spring Is Competitive, But It Helps to Have a Good Plan
Spring is typically one of the busiest times in real estate, so you must be prepared if you’re a homebuyer. You’ll likely face competition from other buyers, so moving quickly when you find a home you like is essential. This means having your financing sorted out, preferably with a pre-approval letter, and being ready to make a solid offer.
It’s essential to understand your financial limitations before entering a competitive market, as, ultimately, you’ll be responsible for making the monthly payments. However, with my guidance and expertise, you can feel confident you’re making a wise investment decision.
*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 or omissions in the content.