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Why is Cherry Hills Park the Most Expensive Street in Denver?

Why-is-Cherry-Hills-Park-the-Most-Expensive-Street-in-Denver

Cherry Hills Park is filled with ultra-luxury mansions – homes that are worth several million dollars.  According to the report of bizjournals.com, the median value of homes in Cherry Hills Park hovers around $9.4M. In fact, Denver Business Journal and Zillow hailed Cherry Hills Park as the most expensive street in Denver this 2015.

Let’s identify the factors that make this street epitome of luxury homes in Denver.

Size

An eagle’s eye view of Cherry Hills Park – Google Maps

An eagle’s eye view of Cherry Hills Park – Google Maps

In real estate, size really matters. The larger the lot or house area, the more expensive it becomes. We have chosen 5 random homes located on this street, then averaged their floor areas. The average floor area of the 5 homes is 15,034 sq.ft. The floor area alone is worth millions of dollars, considering that the average price per sq.ft. in the area is $429.

Here are the homes that we’ve hand-picked:

 

Homes Floor Area
6 Cherry Hills Park Dr 12,767 sqft
8 Cherry Hills Park Dr 20,872 sqft
22 Cherry Hills Park Dr 19,840 sqft
19 Cherry Hills Park Dr 9,530 sqft
26 Cherry Hills Park Dr 12,161 sqft

 

The Architectural Style

The architectural styles of each home were based on the preferences of the owners of the homes. The uniqueness of the homes can also have an impact on the value of the property.

Here are some examples:

A Vintage Grand Mansion
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A Castle-inspired Mansion

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An English Manor House

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The Big Names

According to The Denver Post, the present and past residents of Cherry Hills Park Drive are comprised of the Big Names of Colorado. Some of the residents include:

  • Roger Parker – Former Delta Petroleum CEO
  • Mike Shanahan – Legendary NFL Football Coach
  • Tom Marsico – Money manager, one of top 400 Richest Americans
  • David Mandarich – President and CEO, MDC Holdings
  • Dale Franceson – Co-CEO, Century Communities
  • Ed Bozarth – Car Dealer Tycoon, com
  • John Elway – NFL Hall of Famer

 

Historical Value

The homes in Cherry Hills Park have historical values. A good example is the historic Grand Mansion of the Gano Family. It was built in 1919 – almost a century old.

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Vintage Photo of Gano Residence – Denver Library

This home has 6 bedrooms, 7 bathrooms, it stands in a 2.75 acre land, and is currently offered for $9,200,000. The mansion has withstood the test of time, and is still in good condition. Here are a few photos of the mansion today:

Bedroom

Bedroom

Bathroom

Bathroom

Private Office

Private Office

The real estate market is dynamic and complex. Some other factors that can help determine a street’s real estate value include the names of the street, suffixes and the street’s location. It will be discussed on the next part of our blog.

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