Denver’s pricey Hilltop neighborhood showing reduced inventory
If you looked at luxury inventory in Denver’s Hilltop neighborhood a year ago, you would have seen no less than 47 homes priced $1 million to $2 million. But that picture has drastically changed…only 14 homes on the market in that range now; including one that originally came on at $2.4 million…now $1.85 million.
Devonshire agent Dawn Raymond shows a recent custom home in Hilltop. Much of the neighborhood’s luxury inventory has been absorbed.
“It’s remarkable; there was SO much inventory,” Coldwell Banker Devonshire agent Dawn Raymond, who is listing the home at 301 S. Cherry. “Now it’s like we’re the only game in town.”
This 2003 custom is a house that would have stood out even when there were dozens of new built ‘custom-spec’ competitors surrounding. It has an uncommon sense of space and light in its main level…lots of curves and diagonals…and a family room deep to the rear, opening through veranda doors in a large breakfast room to a very secluded backyard.
“It’s a happy place,” says seller Beth Hooper, who recounted how much her family has enjoyed the backyard retreat, and raising kids in the neighborhood.
Raymond adds that two factors have accelerated the rate of absorption in Hilltop: The first is that builders can’t get financing to build specs, even though the Hilltop market is once again looking more appealing. The other, Raymond says, is the attractiveness of the site to families: Two big parks, two popular Denver elementary schools, as well as Graland Country Day School, just three blocks from this home.
“The fact that new construction isn’t coming on line will drive our market,” Raymond adds. In like manner to the pricing on this home, houses listed in Hilltop are showing a drop in price over the peak two years ago…down around $50/foot. Meanwhile, the closeness to downtown and Cherry Creek continues to become more desirable. “This is really an urban experience,” Beth Hooper noted. “You can be to work in ten minutes.”
The Cherry Street custom has over 5,000 square feet finished…over 7,000 counting a very attractive finish on the basement level, with a functional wet bar that has fridge and dishwasher, a wine cellar, and terraced window wells for a brighter, garden level effect.
The bedroom level shows large kids rooms, each of them with en-suite baths, gabled window recesses; and a ‘hiding place’ in one. The master takes up the bright southeast corner, opening to a big sun porch and to a terrific day-lighted walk-in closet.
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If you go…
WHERE: Four-bed, 7-bath custom home built 2003. 210 S. Cherry St., Denver; from Colorado Blvd. take Alameda east 4 blks to Cherry, north.
PRICE: $1.85 million
PHONE: 303-777-7177
