As home values fall nationwide, home shoppers have been getting more for their money. But if they have $1 million to spend, what will that purchase in a buyers’ market?
A little more of everything, according to data from Metrolist Inc. and the Genesis Group. Between 2005 and 2006, the average home sold for more than $1 million increased in size from 4,415 square feet to 5,169. During the same period, the price per square foot fell from $379 to $321 – though that may reflect a surge in newer, larger million-dollar homes hitting the market.
Million-dollar homes have become much more common since the early 1980s when Dr. Jeff Engelstad, a professor at DU’s Burns School of Real Estate and Construction Management, began selling real estate. “You could hardly find a million-dollar home 25 years ago,” Engelstad said.
Metrolist reports that nearly 40 homes priced between $950,000 and $1 million are now available in metro Denver. Open the purse strings a bit more, say to $1.2 million, and the number of available properties jumps to more than 100.
Here’s a sampling of what you can get for $1 million in metro Denver:
15533 W. 73rd Ave., Arvada
List price: $1.1 million
Broker: Sally Scaman, Coldwell Banker
Bedrooms: 7
Bathrooms: 5
Interior: 8,022 square feet
Lot size: 0.62 acres
Built: 1984
This custom-built home has exceptional mountain views. Beyond that, it has a spiral wood staircase, heated sunroom, second-story loft, master suite with walk-in closet, jetted tub and fireplace, and guest room with private bath.
Parking for five vehicles is available in an attached, two-car garage and a separate three-car garage with a heated workshop.
Recent improvements include new exterior paint, gutters and landscaping. Other extras include interior brick archways, built-in bookcases, custom molding, a built-in vacuum system and an intercom system.
950 S. Corona St., Denver
List price: $1.15 million
Broker: Diane Nichols, Coldwell Banker
Bedrooms: 3
Bathrooms: 3
Interior: 2,750 square feet
Lot size: 9,000 square feet
Built: 1897
One of the first three homes built in Washington Park, this property was family-owned for several generations before being lost, according to rumor, in a poker game. The two-story property includes two fireplaces, a solarium, a three-car garage, mature landscaping that includes 70-year-old oak trees, and a two-story, two-bedroom/two-bath carriage house that can be used as a guest cottage, office or nanny quarters.
Since construction, this property has been a single-family home, girls’ boarding school, and bed and breakfast.
530 Fairfax St., Denver
List price: $1.19 million
Broker: Marilyn Dana, Coldwell Banker
Bedrooms: 5
Bathrooms: 5
Interior: 4,014 square feet
Lot size: 9,370 square feet
Built: 1882
This historic Hilltop home just off East Sixth Avenue has original hardwood floors, glass acid etching on the front door and original oil lamps (later converted to electricity) lining the stairwell and foyer. Built around the time of the great Silver Crash, this home has two Black Hawk marble fireplaces on the lower level and two staircases leading from the main floor to the second level.
Modern amenities include a kitchen remodeled in the late 1990s, a mudroom added at the back of the house, a covered patio and a two-car, attached garage.
16442 Rocky Point Lane, Morrison
List price: $1.175 million
Broker: Jim Nussbaum, Kentwood Co.
Bedrooms: 3
Bathrooms: 3
Interior: 2,699 square feet
Lot size: 0.54 acres
Built: 1998
This stone and stucco ranch was designed as a compromise for those who want the feel of mountain living and the convenience of easy access to the city. It’s handicap-accessible, offering wider-than-usual hallways, 36-inch doorways, a side-entry three-car garage and an elevator to and from the walkout lower level.
Special touches include a walk-in pantry in the kitchen, oak hardwood floors and a four-sided gas fireplace between the great room and dining room. The oversized basement holds a wet bar, two bedrooms and ¾ bath.
669 Marion St., Denver
List price: $975,000
Broker: Kelly Baca, Coldwell Banker
Bedrooms: 6
Bathrooms: 4
Interior: 3,927 square feet
Lot size: 6,250 square feet
Built: 1905
This turn-of-the-century three-story Denver Square was listed in 2006 for a cool $1 million, but the price has since dropped by $25,000. At the same time, the owner has renovated the powder room and added a fourth bathroom, increasing the property’s overall value.
Original unpainted wood trim, a built-in bench and fleur-de-lis stained glass are complemented by modern improvements such as the renovated granite/maple/stainless steel kitchen with two ovens, two gas fireplaces and a Spanish tile roof.
The existing garage with second-story artist’s studio has roughed-in plumbing and can be converted into a two-story carriage house under Denver zoning laws. There are three off-street parking spaces in the back.
Located in the Seventh Avenue Historic District, just north of the Denver County Club, this property is walking distance from Cheesman Park, the Denver Botanic Gardens and Cherry Creek.
