Dan Polimino went live to discuss the high number of realtors in the Denver area and to give a neighborhood spotlight on the 53 Cherry Hills Village luxury homes that are for sale.
Cherry Hills Village Luxury Homes.
- 53 luxury homes for sale.
- Ranging from $1.2 million to $22 million for former Denver Broncos coach, Mike Shannahan’s home.
This is all about real estate. Wherever you are, whatever part of the country you’re in, the information that we give out every Tuesday and Thursday afternoon is good databased driven information, and comes from years of experience, and thousands of transactions. Take this information, this advice, and use it to your particular situation. Remember, at any time we’d like to hear from you. You can leave a a comment here on Facebook, you can contact us at Colorado Dream House Team, either our phone number or our email address. We’d love to hear from you, and we’ll use some of your questions here on the show on Tuesday and Thursday.
Two things we always like to get accomplished during the show. We want to answer your questions and give you a little market information. We thought that we would add something new today, which is kind of like a little spotlight. We’re going to spotlight the city of Cherry Hills Village. If you’re outside of Colorado and you’re thinking about moving here, you might say to yourself, “Well, is Cherry Hills Village a place for me?” First thing you need to know is that Cherry Hills Village is very affluent, the homes are magnificent, and they’re expensive.
As of this date, there are 53 homes for sale in Cherry Hills Village that go from 1.4 million, to 22 million. By the way, the 22 million dollar home is former Broncos head coach, Mike Shanahan. It’s a mere 32,000 square feet on 3.8 acres. Maybe you can afford it, maybe you can’t. But it’s fun to look, right? Again, very prestigious, it’s just south of Denver. It’s very centrally located, which is one of the reasons people like it. It started in the 1940’s, it was really just all old farmland, and as the city grew, people wanted to move south, they wanted more space, and they wanted those terrific mountain views, which is what you get in Sherry Hills Village.
Again remember, a starter home in Cherry Hills Village, probably going to run you 1.7, 1.8. Really the sweet spot is in the mid two’s, up to three or four million dollars for a lot of the homes. The East Boundary on Cherry Hills Village is South Monaco, and the West Boundary is South Clarkson. The North Boundary is Hampden, and the South Boundary is Belleview. Taxes there are not for the feint of heart, right? They’re high, as you would expect in that price range. The trees are mature, the streets are wide, the architecture is diverse. We know a lot of the builders that built a lot of the homes, and developed Cherry Hills Village. If this is a place you think for you, go to our website, ColoradoDreamHouse.com, click on the neighborhoods tab, and then click on Cherry Hills Village. It’s in Arapahoe County, all right? Let us know if that’s something that you’re interested, or some homes that you’d like to see. We’d be happy to tour you around.
Over the next coming weeks, we’ll continue to spotlight different cities and different neighborhoods, right here on Ask The Colorado Dream House Team. All right, let’s get to today’s questions. “Dear Colorado Dream House Team, there are a lot of realtors in Colorado offering a very … Offering very competitive commission rates. Why should I go with you, and say, maybe not a flat fee brokerage firm?” What is a flat fee brokerage firm? It’s kind of hard to spit out. It’s a real estate company that’ll just charge you a flat fee to sell your home, like 2,500 bucks. The person writing says, “Why wouldn’t I go with somebody like them?”
Well, first of all, there’s a lot of professionals and a lot of non-professionals in this business. You want someone that sells a lot of homes and does this professionally full time. A lot of time with those flat fee brokerage firms, you’re going to get exactly what you pay for. Let’s just use our team as an example. Our statistics show that we are selling peoples homes for four to six percent higher than the competition, then another real estate agent, or if they would try on themselves. If we’re giving you a four to six percent higher price, and say we’re only charging you two or three percent, let’s use the conservative numbers.
Let’s say we only get you a four percent number, higher number and we charge you two percent to sell your home. It sounds like to me, you’ve gained back all of the commission that you spent with us, plus you got an additional two percent, all right? What I tell people is, “I know fees, and commissions are always a concern. But more often than not the Colorado Dream House Team, we pay for ourselves, and then some. Let us show you the statistics.” Okay?
“Dear Colorado Dream House Team, how many realtors are there in the state of Colorado, and the city of Denver?” Well in the state of Colorado there’s 35,000, roughly, realtors. Of the 35,000, 20,000 are in the city of Denver, meaning Denver and the surrounding suburbs. Now a lot of you may be saying, “Well there’s not that many homes on the market Dan.” That’s correct, there are only 7,000 homes on the market, and there are 20,000 real estate agents. What does that say? It says very simply that there’s a lot of real estate agents that are going hungry, that doesn’t have any business. Which again, probably goes back to what we used to call the, “80/20 rule.” Which is, 20% of the workforce, 20% of the realtors did 80% of the business, and that can be said for a lot different industries.
The reality is in 2017, it’s really the 90/10 rule when we get into real estate, right? 10% of the realtors do 90% of the business. With 20,000 realtors out there and only 7,000 listings, there’s a lot of people, and a lot of realtors that are doing one or two deals a year, if that, all right? Again, that’s why you gotta go with professionals that do this full time and sell 80 to 100 homes a year like us.
“Dear Colorado Dream House Team, what’s the number one reason a contract between a buyer and seller falls apart?” Easy, inspection. If a deals going to fall apart, nine out of 10 times it’s going to happen on inspection, right? Buyers are all excited about buying the house, they finally get through the contract. The seller agrees to the price, the buyers get ready for the inspection, the inspection comes back, and it reads like war and peace, right? There are that many pages to it. They get concerned that they’re really buying a lemon, or that the buyer and seller just decide to dig in their heels, and they don’t want to give on any of the inspection items. There’s no give and take, there’s no compromise.
I say, if you get through inspection, you’re probably 75% through the contract. After that, it’s really appraisal, and it’s loan. Again, it’s critical. Inspections the number one reason they all fall apart. All right, when I was with you on Thursday I told you about a rare foreclosure that was coming on the market that we had listed. It was a great house, almost 5,000 square feet. It’s big, it’s on a nice sized lot with a three car garage, but like many foreclosures, it needs some help. It needs some tender loving care, it needs a facelift, right? Who doesn’t mind going in and doing a little sweat equity? If that’s you, then I want you to check out Flanders, all right?
Go to our website, ColoradoDreamHouse.com/Flanders. The address is 5712 South Flanders Court in Aurora. Great, great home, terrific bones. It just needs a little attention. Well, that’s it for today’s show. Thanks everybody for joining us. We’re going to be back again on Thursday with more real estate information. In the meantime, contact us @Team@ColoradoDreamHouse.com, or 720-446-6325, and we look forward to helping you. Have a great day.