Stan Kniss, partner and broker associate at Fantastic Frank in Denver, describes 2025 as “an interesting year and a little hard to describe at times.”
After nearly three decades in real estate, including selling residences at the Four Seasons Denver early in his career, Kniss has seen a range of market cycles. Today, he says, the Denver market is moving at a slower pace than it did in 2024, with the number of closed transactions down and the number of listings and days on market up. Kniss attributes this to ongoing political and financial uncertainty.
That uncertainty has shifted buyer and seller behavior. Many homeowners either purchased or refinanced when interest rates were significantly lower, reducing urgency on both sides of the transaction. As a result, Kniss notes, sellers can be more hesitant to adjust pricing, and the “has to sell” mindset has largely disappeared from the market.
Even so, demand remains steady in Denver’s luxury condo segment, says Kniss. While condo dues are rising nationwide, he says dues are rarely the deciding factor in the luxury market. Buyers are instead focused on lifestyle and access. At properties like the Four Seasons, amenities play a major role in value perception, particularly those that “make life simpler or better.”
Features such as an outdoor swimming pool, hot tub, spa facilities, fitness center, and a private house car differentiate luxury hotel residences from traditional condos.
Higher interest rates are also less of a factor in this segment, where transactions are predominantly cash-based. While overall sales volume may be slower, Kniss says, “oftentimes in the luxury market, it’s about the right property and the right time.” Recent listings include several distinctive, high-end properties that are attracting the right buyers despite broader market headwinds.
Kniss is also optimistic about downtown Denver’s trajectory. Like other major cities, the area faced challenges during the pandemic, but “it’s coming back.” He points to the reopening of the 16th Street Mall, increased activity in Larimer Square, and ongoing discussions around redevelopment projects such as the Pepsi Center area and Elitch Gardens as signs of renewed momentum.
Looking ahead, Kniss expects the first half of 2026 to resemble 2025, with inventory continuing to outpace buyer demand. Still, he is hopeful that conditions will improve in the second half of the year if inflation and interest rates ease. Despite lingering uncertainty, “the high end of the market is still transacting,” driven by second-home buyers, frequent travelers, and Denver locals seeking an elevated condo experience.
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