This home in Cherry Hills fetched $7.5 million, the most expensive home to sell in the Denver area this year.
Well-heeled buyers purchased 67 luxury homes in the Denver area in July – including one for $7.5 million – according to a report released Saturday evening by Gary Bauer.
Of the homes, each priced at least $1 million, 67 were single-family detached homes and five were condominiums.
The single-family home tally represents a 26.4 percent drop from the 91 homes that sold in June, but a 6.35 percent increase from the 63 that sold in July 2011.
The total dollar volume for homes was $103.2 million, down 20.45 percent from $129.7 million in June, and a 3.5 percent drop from $107.004 in July 2011. There were seven condo sales in June in that price category and one in July 2011.
“As you look at the total market, you always see a little lower sales in July than in June for seasonal reasons, and the luxury market typically get hit a little worse,” Bauer said. “Given the seasonal downturn, it doesn’t surprise me that it was a little low. Still, at that end of the day, a lot of homes were sold in that price range.”
The $7.5 million home marked the most expensive sale of the year.
The home in Cherry Hills Village has five bedrooms, eight bathrooms and 15,761 square feet. The home sits on a 5.34-acre estate. It had been listed by Fuller Sotheby International Realty.
Records show it was purchased by Mango Cherry Hills LLC. The registered agent for Mango Cherry Hills is Tonya Dokken, the chief financial officer for the Magness Investment Group, a locally-based private holding company that manages the investment portfolio of Gary Magness.
Magness is the son of the late Bob Magness, founder of Tele-Communications Inc., what was the nation’s largest cable-TV company before it was sold to AT&T Broadband, which in turn was purchased by Comcast. Denver-based TCI had a subsidiary called Liberty Media Corp., which is now headed by Bob Magness’s former partner, John Malone.
The Mango name is not unknown to Gary Magness.
Gary Magness owns a Colorado classic-car dealership called Mango Motors LLC and is the team leader of Mango Racing, The team has raced in the Baja 1000, in addition to other off-road races, primarily in Mexico and Las Vegas.
Magness and his wife, Sarah Siegel-Magness are co-founders of Smokewood Entertainment, which produced the six-time Oscar nominated film, “Precious: Based on the Novel Push by Sapphire.”
Meanwhile, Bauer’s report, based on Metrolist Inc. data, shows that of the seven-figure single-family homes that sold last month:
- 19 were in Boulder County.
- 17 were in Arapahoe County.
- 16 were in Denver County.
- 10 were in Douglas County.
- Four were in Jefferson County
- One was in Adams County.
Of the luxury condos, three were in Denver and two were in Boulder County.
Bauer’s report also shows there are currently 737 homes on the market in the Denver area priced at least $1 million, a 19 percent drop from the 908 at the end of July in 2011.
So far this year, 378 single-family homes have sold for $560 million. The dollar volume rose by 19 percent from $486 million, while the number of homes sold is up 20 percent to 378 from 314.
Buyers bought 28 condos priced at least $1 million year-do-date, 40 percent more than the 20 in the first seven months of last year. Condo sales volume so far this year is $41 million, 41 percent higher than the $29 million last year. The active inventory for luxury condos is down 42 percent to 50 from 86.
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We are also seeing that decline in sales from June to July. It’s a pretty natural occurrence isn’t it?