As the real estate market marches forward into 2017, the 4th quarter of 2016 produced some interesting results- specifically in regards to the influx of ultra-luxury modern home sales that took place within the Denver Metro real estate market. Over the last several cycles, the high end market has seen an increase in the number of sales of homes with modern influences, begging the question, why the recent interest in modern design? In contrast to what has historically been the go-to style of Denver’s luxury buyers, Tudor-type architecture, buyers in certain segments of the market are currently seeking crisp, clean lines that take on a more of a minimalist and modern approach to design.
“Incorrectly, referred to as ‘contemporary’ by some, architects are pushing for the term ‘modern’ to describe the latest trend in Denver’s real estate design styles,” said LIV Sotheby’s International Realty broker, Jeff Hendley. “This style carries more of an up-to-date connotation and steers away from the stark white-on-white look of true contemporary styles.”
The desire for modern homes is increasingly proving to be the current favored architectural trend for luxury buyers in Denver, and can be evidenced by several notable sales that recently took place over the holiday season (November-January), a time period that typically results in fewer home sales in the luxury market.
In both November and December 2017, LIV Sotheby’s International Realty was credited as the brokerage leveraging the highest luxury sale for each month- with one sale being an industry record-breaker and the other being a double-sided sale by the brokerage.
LIV Sotheby’s International Realty broker, Jeff Hendley, represented the sale of 333 Milwaukee Street, an ultra-modern new-build, in Cherry Creek, Denver, that not only sold for asking price- $7M, but was also the highest residential sale in Cherry Creek historically.
Despite being a new-build, 333 Milwaukee’s use of reclaimed materials and barn wood siding is what helps separate the modern aesthetic from the contemporary style in today’s modern design. The use of these accents, along with muted white and soft grey colors blended together, brings to life the appeal of today’s highly sought after modern look.
“Architects, builders and buyers are gravitating to newer or remodeled homes that carry this modern aesthetic,” said Hendley. “And existing homeowners are also opting to improve upon their existing homes using this same modern look before they put their homes on the market to sell. Why not give buyers what they want? It may increase their sales price and help the home sell more quickly than the industry average.”
In December, 2016, Ian Wolfe and Chris Bouc, of LIV Sotheby’s International Realty’s, The Wolfe Group, represented the sale of 100 S. Marion Parkway, the home previously owned by the founder of Chipotle. The residence sold for $3.4M, with the buyer brought to the table by fellow LIV Sotheby’s International Realty broker, Heather Brecl.
“In general, Denver has very few high end modern homes (over $1M),” said Ian Wolfe. “More and more there is a fair amount of inventory under $1M, but it’s not the high quality sophisticated modern home that the luxury buyer is looking for. We are seeing most of our high end buyers coming from coastal markets and wanting contemporary-modern design.”
Another reason for modern homes’ increased popularity is that their design supports a sense of unity and flow between the indoor and outdoor spaces more efficiently than older traditional designs. With Denver’s temperate year-round climate, homes with open floor plans, clean lines and smart square footage allotments, versus heavily detailed and ornate homes with many individual spaces, are increasingly drawing luxury buyers.
“My experience is that buyers looking for modern luxury homes consider themselves minimalists in many aspects of their lives – they are attracted to simplicity, respect for the environment and a thirst for the unique,” said Heather Brecl, buying agent for 101 S. Marion Parkway. “These buyers love the glass, steel and concrete elements that offer clean lines and less clutter. The architecture reflects their lifestyle choices and refined sense of style.”
While metro Denver’s sale of homes valued between $300K and $700K continues at a strong and steady pace, the trend of luxury buyers increasingly seeking modern homes is growing.
While Tudor-style homes will most likely remain at the heart of Denver’s heritage, modern accents can still be achieved without sacrificing authenticity. As long as architects and designers continue to use their creative gifts to expand upon the unlimited possibilities of “modern”, the excitement should continue well into the future.
For more information, contact LIV SIR public relations manager, Brittanny Havard, at 303.486.3738. To service all of your real estate needs call 720.493.1100 or visit www.livsothebysrealty.com.