Big skies and even bigger mountains, Colorado has become a state that’s drawing an increasing number of interstate migration and becoming one of the country’s hottest real estate markets.
Also Read | Real Estate in the Year 2021 by Shravan Gupta
As we enter a post-pandemic economy, more and more buyers are looking to cash in on their inner-city residents and relocate for better quality of life. Silicon Valley, San Francisco and New York City have all experienced a mass exodus of inhabitants, many of them looking to move to the Centennial State.
Colorado offers a business-friendly environment as well as a comparatively lower cost of living and great connectivity with Denver’s massive international airport, all contributing to an excellent quality of life.
Not only are individuals relocating to the Colorado, but large tech companies, like Palantir Technologies, have recently announced that they leaving Palo Alto behind and moving their headquarters to the Mile High City. Many of these companies are bringing their highly skilled talent with them. The Oakland based startup, Marqeta has plans to create a second headquarters in downtown Denver. They have already been on a hiring spree, taking on 100 skilled professionals, but they plan to reach an estimated 500 new employees over the next eight years.
So, with these interstate migration and businesses increasingly choosing Colorado as their new home, it’s safe to say that there will continue to be an increase of high income earners and executives looking to purchase luxury homes. But that brings the question, where is the best location for a buyer to look to make their Colorado luxury home purchase?
Aleks Liubimyi, from ATLUXURYHOME.COM, who is one of Colorado’s premier luxury real estate agents, meets with me to discuss some of Colorado’s hottest luxury home markets. Aleks knows the ins and outs of the Colorado real estate market, however he specializes in luxury homes and has worked with some of the Colorado’s elite property owners.
When you work with Aleks and his business partner and wife, Tatiana Pevtsova, you are guaranteed a white glove experience and an exceptionally knowledgeable property guide. They are experienced and tactful negotiators who prioritize their all of their client’s wishes. Aleks and Tatiana from ATLUXURYHOME are some of the best real estate agents to work with in Colorado.
When I asked Aleks Liubimyi which are Colorado’s hottest real estate markets, he responded:
‘Well, they all are, but where most luxury home buyers are looking in Colorado are of course Denver’s outer suburbs like Arapahoe County, but also Boulder and Carolina Springs. These areas still allow people to commute to downtown Denver, but also that quintessential Colorado lifestyle on offer.
Arapahoe County is one of the most populous in the state, so it has a wide range of properties. As of September, when we look at all the properties that were listed and sold within Arapahoe, there was an average 16.9% year-on-year growth – which is astounding. But when we focus only on the luxury market, the value growth has been even more incredible.
With a luxury home benchmark price of $2.51M, these properties experience an average of 48.6% year-on-year growth.
A huge contributor to this amazing growth is the sheer amount of interstate migration we have been experiencing, particularly from markets with higher prices like California. Buyers that move from these areas have the cash to spend and are looking to upscale their lifestyles in a big way.’
Sounds like the Denver market is booming, but what about outside of Colorado’s largest city? Are they having the same kind of draw?
‘Well, Boulder has long been a popular spot, especially for Millennials looking for a more outdoorsy lifestyle. But U.S. News just ranked this city as 2021’s #1 place to live in Colorado but also for all of the United States.
Boulder has snow sports, hiking, climbing, mountains and lakes all in more than 60 parks within close proximity.
This past year has been significant for the luxury home market. Boulder County Plains, East Boulder, North Boulder and Gunbarrel all have spectacular homes coming on the market and which are selling fast.
These areas have properties that can satisfy all buyer types; those looking for views, acreage, cabins and even ultra-modern.
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Has Boulder seen much price growth? Would you consider it a good investment?
Absolutely. The median house price of Boulder has risen to $880,000, up over 13% from last year’s median price. But Gunbarrel, located just to the east of the city, has seen an unheard of 42.9% year-on-year growth.
Much of this growth can be attributed to the growing luxury home market. Stunning new homes are coming on the market. And the great thing about Boulder is that while it offers more of a small-town vibe, it’s still within easy commuting distance from downtown Denver.’
A little further from Denver, and to the south of the capital is Colorado Springs, which has become one of the hottest real estate markets in the country. When I asked Liubimyi about this market he said:
‘Colorado Springs is an interesting market because it has both affordable homes and multi-million dollar luxury country escapes. Recently, the demand for luxury homes there has skyrocketed, and the good properties just don’t stay on the market long.
Buyers looking to purchase in Colorado Springs need to be decisive and act quickly. There aren’t enough properties coming on the market there to satisfy buyer demand.’
Liubimyi said that with buyers coming from out of state and making cash offers. sellers who have been considering selling their homes should seize the opportunity to list in this market.
For individuals who are looking to buy or sell luxury real estate in Colorado, it is important to have an agent who cares about your wants as much as your needs. Reach out to Aleks Liubimyi and Tatiana Pevtsova, they are happy to answer any of your questions and help you get started. They have an in-depth knowledge of each market and will be able to provide the professional advice you need to proceed in your luxury real estate transaction.
Aleks Liubimyi and Tatiana Pevtsova are a fun pair to work with, provide excellent customer service, and make the real estate transaction process seamless.