John Hoeffler, WK Real Estate | Barbara Passalacqua, RE/MAX of Elevate | David ScottSlifer Smith & Frampton

John Hoeffler, WK Real Estate | Barbara Passalacqua, RE/MAX of Elevate | David Scott
Slifer Smith & Frampton

We sat down with three local real estate experts — John Hoeffler of WK Real Estate, David Scott of Slifer Smith & Frampton and Barbara Passalacqua of RE/MAX Elevate — to discuss emerging trends and predictions for the 2024 luxury real estate market. Here’s what you need to know for this year. 

A Growing Luxury Market in the Front Range
Broadly, the real estate market has started to balance out after the chaos of the pandemic. “In the last half of 2023 the market slowed to a somewhat more normal pace,” says Scott. “It continued to be a sellers’ market but with much less over-bidding the listing price. The current market is seeing very limited inventory, so demand continues to be strong for what is listed.” 

The luxury real estate market, on the other hand, is growing quickly. Most realtors define luxury homes in Boulder County and surrounds as starting with a list price of $3 or $4 million. “Buyer demand for higher-end homes in all areas is up,” says Hoeffler. “More and more affluent buyers are moving into the area, and more local buyers are able and willing to pay for premium properties.” 

The data reflects this: in 2019, only four homes in Boulder County were listed above $5 million. Last year, there were 21 homes at or above this price point: a 400 percent increase.

The Old Adage Reigns True: Location, Location, Location
While the luxury real estate market is an ever-changing landscape, there is at least one constant theme. “For most buyers, the location is more important than amenities,” says Scott. “If the location is right they can add the amenities.”

Part of the reason location is so crucial is because it’s the one feature of a home that can’t be changed. “Homes can be updated and remodeled,” says Passalacqua, “but the location is the most important quality. If a luxury home exists in a prime location, a buyer will likely pay top dollar for this property. If a buyer is willing to buy a home in need of some updating, this can be a good negotiation point in terms of price.”

While the perfect location is a personal matter — for some, it’s in the heart of downtown, while for others, it’s tucked away and quiet — there are some universals that modern buyers are seeking. Specifically, the most coveted location offers the best of both worlds. “When it comes to location, buyers are looking for views, walkability to amenities, privacy, access to trails and open space,” says John Hoeffler. 

Passalacqua describes this as “convenient but also private with unobstructed views,” she says.
“A luxury property should have the best of everything at your fingertips, or at least close by.”

The Boulder Market Is Aligned with California, but Still Attainable
It used to be common to hear buyers from California talk about getting a steal in Colorado. This is no longer the case. “The last few buyers I’ve worked with from San Francisco and Los Angeles who have been looking in Boulder have commented, ‘We won’t be saving any money moving to Boulder,’” says Hoeffler. “Boulder used to be a bargain compared to California — we’ve now caught up. We are still priced well below Aspen and other high-end resort markets and prime real estate in Manhattan.”

Contact John Hoeffler at [email protected], Barb Passalacqua at 303.931.6673, and David Scott at 303.588.8358. 

By Emma Castleberry, At Home Luxe