In Northern Colorado I have also seen stratified markets. Entry level here is 175,000 (wreck)- $225,000 and those are still selling well and apparently indicating appreciation. I claim we won't know in depth untill the numbers from the next "season" of real estate sales, approx. May - September. We may be more suseptable to that "season" due to multiple universities located in the area.
Homes above $350-400,000 are slowing, but it depends on the model, location, etc, Ive seen those that still indicate good apreciation 5-10% and those that are flat or may have gone down. I tend not to say the sky is falling based on one or two sales YET.
That said, the $1,000,000 plus market is dead RIP, their seeing 20% losses in equity (prolly paid to darn much anyway). Strangely it is reported that 5 or maby more, milion dollar homes have recently started construction, so it only proves what Ive said all along. Why would I buy YOUR dream home when I could build my own, and possibly at a better construction cost.
I have refused every $600,000 and up refi appraisal that has come my way (ok only a few). Told them I could generally not support any appreciation and may find depreciation. These were for people I knew, one had a previous appraisal for $1,600,000 or so. I said call THAT appraiser. They did and he told them he could not "update" his appraisal at that price anymore (good for him). It was for somewhat of a scumbag property owner as well, I'm glad I didn't get involved.
Soooo I see appreciation in ALMOST all the properties I do, HOWEVER I'm not accepting any high priced homes, not worth the headache or fee.
Appraisal fees still suck in Northern Colorado too
Bob in Fort Collins Colorado
:lol: