What is luxury?

When Leyla Steele Real Estate was created (later morphing into Boulder Luxury Group) a luxury property in Boulder was anything priced $1M+, and from 2009 to 2018, high end properties topped out at $5M, with a few notable exceptions. Things have changed significantly in the past few years. Now $1M constitutes the floor and the ceiling is around $20M, so there is a much wider spread, with lots of highly subjective pricing going on. In recent years, and certainly since the global pandemic, there appear to be price tags with little rhyme or reason, which causes Buyers, and Sellers to be confused regarding value. Also in recent years, we have seen luxury properties selling for a too high price, only to be sold a couple years later at a much lower price, sometimes as much as $1M lower. Buyers often think they are getting a good value after a property is reduced in price, when in reality it was too high to start, especially when other properties are priced correctly from the start. In other words, pricing is all over the map and as a result, Zillow and Assessor algorithms are also out of whack.

How does a luxury Buyer know if they are getting a decent value and, if they need to sell in the short term, that they can recoup their investment? How does a Seller know what their luxury property is really worth? The answer: Work with an agent whose sales defined the luxury market in Boulder for nearly 20 years. Leyla has always prided herself on educating her clients and guiding them in understanding relative value in the Boulder market. For a Buyer, that translates to knowing when to act with confidence when a well-priced property comes on the market and not missing out. For Sellers it means understanding that pricing appropriately will save them the headache and stress of having their listing languish on the market for months, or years, and incur multiple sizable price reductions, as many Boulder listings now do. Pricing accordingly could also mean being advised to reach for a higher price, if the property offers something rare or seldom seen in our market. In other words, what determines a property value is often intangible and one needs an experienced guide and advocate to help.

1175 Georgetown

1845 Upland

2330 Balsam Dr.

4937 109th

165 Green Rock

655 12th St. Boulder

427 Pine St. Boulder

860 6th St.

1760 Sunset Blvd, Boulder

933 Mapleton Ave, Boulder

2500 Meadow Ave. Boulder

2400 Meadow Ave. Boulder

2380 Balsam

4700 Eldorado Springs

516 College

437 18th

3639 21st Street

335 Grape

2400 Linden

However, luxury is more than market value. For us and our clients, luxury is better associated with a sense of quality…. quality of design and craftsmanship, quality of land and surrounding area… in essence, quality of life. For some, luxury is having an extra bathroom or a big backyard, for others luxury is an architectural masterpiece on a large in-town lot with breathtaking views. Our clients have diverse needs, budgets and architectural preferences and our job is to discern what it is about a property that represents luxury.

To get a better idea of what luxury means to us and to our clients, please consider some examples that go beyond the typical understanding:

– A smaller, historic cottage close to downtown in the heart of Whittier … 436 Highland | 727 Pine | 2061 Bluff | 2579 Mapleton | 2065 Alpine

or Carolyn Heights … 2400 Meadow | 2500 Meadow | 3639 21st | 2400 Linden | 2070 Neher

Or a mix of both … 853 8th | 701 Spruce

There is the value that comes from creating luxury east of town … 4937 109th: before | after

Or designed by favorite architects, like Dale Hubbard, at Surround Architecture … 1845 Upland | 815 Forest

And last, but certainly not least, energy efficiency and green systems are an important and growing feature in the Boulder luxury market. Many of the luxury homes we represent are built with geothermal heating and cooling, passive solar, photovoltaic solar, or other green features. We pride ourselves on being leaders in successfully marketing these green features, educating buyers and sellers so they can appreciate that “building green” has both measurable and immeasurable value, not only for the environment, but also for one’s quality of life, which is in essence, the definition of luxury for us and our clients … 860 6th | 2330 Balsam | 2070 Neher | 3639 21st | 1440 Alpine | 1670 Orchard

Whether your idea of luxury property is $500,000 or $25m, we’d be honored to speak with you about your real estate needs and the services we provide. In either case, please know that you can rely on our unparalleled service and our deep market knowledge to deliver a luxury experience.