Pricey real estate on the rise in Denver

The housing industry in Denver is improving, and the most expensive home on the market in March 2012 was purchased for $4.5 million, according to Inside Real Estate News. However, the home, located in the affluent neighborhood of Cherry Hills, was bought by the Inspector Clouseau Trust. The name may ring a bell, as it is the moniker of the famous bumbling fresh detective who solved mysteries in the Pink Panther movie franchise.

While the name gives cause to pause and consider, the house does not. The 9,661 square-foot home features 6 bedroom and 9 baths. Including the basement, the home has an expansive 15,187 square feet. While the three-year-old home sold for $400,000 less than the price tag it held originally, it still 74.8 percent higher than the most expensive home to sell in March 2011, which sold at $2.57 million, according to the news source.

Not only is the property a dream, but the surrounding area of Cherry Hills Village is filled with similar estates. As one of Denver’s most prestigious and private communities, home values start around $600,000 and reach as high as $10 million. The custom architectural designs, well-maintained lawns and easy access to Interstate 25 makes the neighborhood one of Denver’s most exclusive residential sectors.

Luxury homes for sale in Denver offer buyers a bevy of architectural details such as hard wood floors, expansive outdoor spaces and extravagant master suites. Built to meet the needs of those with the highest tastes, features vary from property to property. However, the ample inventory can give buyers much to choose from.

An estimated 30 homes were purchased on the luxury market at $1 million, which is 20 percent more than the 25 bought in 2011 in Denver. Not only were there more sales, but total revenue significantly increased from $37.9 million in March 2011 to $47.4 million one year later.

"We are seeing more activity, more showing and more sales," Nancy Wolfe, a housing expert, told the news source. "But buyers are very location-driven. Buyers are coming around for well-priced properties at the high-end."

The figures and the improvement in the recent economy have enticed buyers from this area and others to buy up available real estate before prices rise.