The Mile High City is one of the top places to visit, with incredible restaurants, major sports teams, and top-notch music.
But is it worth calling home?
Whether you live in New England or Washington, or somewhere in between, you’ve probably heard about Denver at some point. If you want to live where the action is, current and past Denver residents respond with a resounding “Yes!” It’s the #2 spot in the US News and World Reports “Best Places to Live.”
Read on for 7 reasons to buy a luxury home in Denver.
1. Live in Luxury for Less
It’s not a surprise that Denver has a relatively low cost of living – far below other tech-heavy cities like Seattle, Silicon Valley or Boston. Although housing prices are rising overall, luxury housing is well-priced and the large majority of homes spend only a short time on the market.
Being in the market for a luxury home in Denver usually falls into one of two categories:
Are you facing a new career or job relocation, or even retirement? Looking to steer away from a high cost of living?
If so, you’re not alone. A lot of people relocate to Denver for work and to beat the high cost of living that exists in other places.
Looking for something larger and more suitable for your family? Do you need more space for entertaining?
If this describes you, then you’re also in good company! There are plenty of desirable neighborhoods that are not only family-friendly but great for socializing and meeting new people.
2. Now Is the Time to Buy a Luxury Home in Denver
In today’s hot Denver premium home market, 1,566 homes sold for over $1 million in 2017, a 30% increase over 2016. Homes are averaging 63 days on the market, down from 101 days a year before, with multiple offers not uncommon.
Popular home amenities include:
- Breathtaking Views
- Home Theaters/Entertainment Rooms
- Gyms, Courts, and Pools
- Private Acreage
- Wine Cellar/Butler Pantry/Multiple Powder Rooms
- Features for Guest Entertaining
- Safety and Security Features
- Smart Home Controls
- Green/Sustainable Living
- Great Landscaping
With homes averaging $303 per sq. ft. compared to $1,519 per sq. ft. in Silicon Valley, it’s easy to see why buying a luxury home in Denver is so appealing. Three times the house for the same price!
3. Denver Is an Exceptional Place to Do Business
Denver is the 4th best place for careers and business in 2017, after spending two years in the #1 spot. Based on factors like job growth, cost of doing business, educational level of the population and availability of workers, Denver makes top marks.
Denver is home to major industry players in aerospace, technology, energy, and telecommunications. Entrepreneurs take heart, the cost of doing business in Denver is one of the lowest on the Forbes list. The employee base is mobile, highly educated and young.
If you are seeking a job, Denver has a low unemployment rate of just 2.4% and higher than national average starting salaries.
4. Low Taxes
Part of Denver’s low cost of living is the savings on taxes compared to the rest of the country. The property tax burden in Colorado is ranked 44th in the US, and the median average property tax bill in Denver is a little less than half of a similar home in Boston.
Each resident of Colorado is contributing about 8.9% of their paycheck to taxes, as compared to 11% or more in California and Illinois. The tax burden overall for Colorado is ranked 35th, so it is much lower than two-thirds of the country.
5. Comfortable Climate
The Mile High City is beautiful and comfortable. Although Denver is famous for its 57 inches average annual snowfall, it doesn’t tend to stick around. Winter time daily average high temperatures hover around 45 degrees, with 60 degree days not uncommon. Golf courses, tennis courts and outdoor trails are year-round and don’t close for a “season.”
Only 8 to 15 inches of precipitation falls each year. The low humidity climate makes for comfortable, mild summers too. The average daily high temperature in August is a balmy 86 degrees, with mild dry evenings. 245 days of sunshine are expected annually!
Denver is actually near the mountains, not in the mountains, so the city enjoys views of 200 named peaks. Year-round snow can be seen at the very top of the Rockies, but not in the city! The public parks system boasts nearly 20,000 acres of outdoor trails and recreation facilities to enjoy.
6. Great Schools
Whether you are looking for a university for a professional degree or have kids in preschool, you can find high quality in Denver. Some of the best public and private schools in the entire state are located in Denver and nearby suburbs. There are plenty of choices of higher education too.
The University of Colorado, University of Denver and Johnson & Wales offer some of the best bachelor’s and master’s programs in the country. Public and private schools at primary and secondary levels are evaluated each year and the results published statewide. Preschools and childcare programs are also graded and ranked each year at the state level.
7. Plenty of Luxury Development
Colorado’s capital city is home to the second largest performing arts center in the US. The nation’s largest public park system attracts outdoor enthusiasts and hip neighborhoods such as LoDo (lower downtown), entertain adults with restaurants, bars, and clubs. Seven professional sports teams call Denver home as well.
Traditional and classic homes are available in the neighborhoods of Cherry Creek, Cherry Hills, Washington Park, or Denver Country Club. Or maybe you prefer exclusive penthouse living downtown, an ultra-modern condo at SPIRE or a four-bedroom flat at Four Seasons.
New developments of homes and condos are springing up all around- with golf course, lakeside, mountain views and more!
Find the Right Home
With such a rapidly changing market, if you are looking to buy a luxury home in Denver, you need to make your move now. With an average of 63 days on the market, the best homes are on and off the market in much less time. An experienced and well-connected agent, specializing in premium properties can connect you with the right home and close the deal quickly.
Give us a call or contact us today to help you land the Denver luxury home you deserve!