Million Dollar Homes in Colorado – New or Used? Which is Better?
So much money, so many decision, eh? Yes, prosperity brings such issues sometimes. When comparing an apple that costs $1,000,000 to another apple that also costs $1,000,000, what can make one of them an orange that is worth $1,500,000, at least to you? At this price, personal preference paves the path. What do you want? What is important to you? For a property to meet your preferences, it really depends on what you are looking for.
*Note – This post can refer to luxury homes, or those priced from $750,000 (give or take a few) and up.
A few descriptive details that will be included in the listing are a good place to start. What is included with your stately mansion? What might you have to add in order for the property to meet your preference points? For example, in my million dollar property, I’d want laundry machines in the closet of the master bedroom. I would want that on top of a separate dedicated laundry room. In a few of the properties I’ve been helping to sell recently, there is only one laundry area.
Now, this is not a true hardship in the strictest sense of the word. But at this price point, we are striving for luxury. If I spend this much on a home, I’m going to want to feel like a king in his palace. And that’s what shopping in this real estate price point comes down to—what do I get for what I’m going to spend?
One set of laundry machines? Okay. There better be some other things that make the long trek from my master closet to my laundry area worth it.
Location, Location…and what was the other thing? Oh, yeah. Location.
A million or so dollars should buy you into the nicest neighborhood in town (outside of Boulder or Aspen), right? Right. Sort of. One of the nicest new neighborhoods in the Northern Colorado area is Harmony Club. Have a million? I have a few homes I can show you. But, those homes don’t come with acreage. What they do come with are high membership and recreational fees, which, if you don’t pay them, cut back (in my opinion) on the desirability of the whole scene. They don’t come with much land. The square footage of the structure should be respectable, but if you need add a shop with a 14 foot door and a space to park your RV on the side, keep looking. That sort of thing doesn’t fly in all neighborhoods.
However, drive for 15 minutes, and you find luxurious areas that could be on or near private reservoirs. Many of these don’t require jaw-dropping monthly membership fees. And the amount of land that comes with some of these properties is exponentially more than you would find in a place like Harmony Club.
Again preference paves the path. Do you want land? Even with the high price tag and lack of monthly recreational membership fees, just because you own the larger amount of land, it doesn’t mean that you can do whatever you want on it. We have one property for sale that sits on over three acres. But you can’t have horses. You can’t have cows. You can’t have llamas or goats or emus. Heck, you can’t even have a chicken coop. You could possibly have a larger garden, or even an orchard, but HOA (Home Owners Association) and neighborhood covenants dictate other strict restrictions as to what can and cannot be done in the neighborhood.
You might think that for spending that type of pretty penny on a property, you could do whatever you dern well please. Alas, not in all neighborhoods.YES! Have Paul send me a FREE CUSTOM REPORT on my Real Estate Situation!
New = The Bomb(current) – Used = The Bomb(past)
A tale of two homes we have for sale highlight this theme all too well. One is a brand new spec home in Harmony Club. It’s priced (currently*) at $999,999. The other is in Grayhawk Knolls, toward Waverly and Wellington, Colorado and is listed at $899,000*.
The newer property in Harmony Club is built with the latest trendy materials and finishes. When you have your housewarming dinner party there, you might run out of time before you run out of lux descriptions of the types of counters, floors, energy efficiencies and other impressive features of the home. Chances are, your friends will have never been in a home with such fine finishes. They may have never seen anything like it before.
Then, there is our property north of town. It was built in 2001, and, well, it looks like it. It is oaked out. Wood grain weaves its way through every window and door. Every amenity in the home works and works well, but it’s just not the modern, new-hotness that some desire in this high price point in real estate.
While the trends used to be real hardwood, now they are engineered hardwood. While granite was the go-to, now some prefer the qualities of quartz. Trends change. And there is really nothing that can be done about it. Even the most expensive mansion becomes dated, and this can be an issue for resale, because people who are spending a million dollars on a home often don’t want it to look like they spent that million 20 years ago.
They want the new hotness.
* I create posts and refer to current conditions, properties that are currently for sale. Things change with time. Always check the post’s publish date, and configure your understanding accordingly.
In the higher price point, Used = More
If you are going to spend a million dollars on a home, and you opt for a pre-existing structure, built some years ago, instead of brand new construction, you will often get more for your money. More land. More square footage. Or, you’d get a home, that, if it were in the newest and hottest neighborhood with comparable new and trendy construction materials, would cost $2 million. Or $1.5 million.
If you are buying from a homeowner and not a builder, you might find more agreeable terms and prices than you might find with a builder. The builder knows their million dollar home will take a while to sell. A homeowner? Well, if they are selling, it could be because they are getting set to retire from a lucrative career, and they need the money to move to Fiji. Or whatever.
If you are spending a million, you will have one thing for sure—Options.
Options. That’s what you are going to find in your search for a luxury home. There will be fantastic options to choose from inside the home, as well as options on where the home is, and what the land upon which it is situated is like.
If possible, give yourself some time, because the inventory in this price point doesn’t always contain all the options you’d want. If you have the time, and you have the money, and you have the million dollars (or are approved for such a massive loan), congratulations. Your palace awaits!
My team and I have access to a vast network of people and a variety of homes in every price point. I work with people in every price point. If there is anything I can do to help, I want you to know two things:
YES! Have Paul send me a FREE CUSTOM REPORT on my Real Estate Situation!
1) I have time for you.
2) I will listen to you and work toward fulfilling your wishes.