Every $100 a condo charges in monthly HOA dues costs a financed buyer about $15,000 in mortgage. That is the estimate a Colorado Association of Realtors spokesperson gave Denverite last December, explaining why attached homes had fallen behind the rest of the Denver market. Ten months later, that math explains the most confusing split in the current numbers. In the Denver Metro Association of Realtors September 2026 report, the metro condo and townhome median fell 6.28% year over year. Over the same stretch, closed sales of attached homes priced at $1 million or more rose 6.35% year to date.
The first figure tracks buyers who finance and count every dollar of dues. The second tracks buyers who often pay cash. Cherry Creek's attached homes sit near the top of the metro price range, so when one resells, it usually sells into the second group.
One Label, Two Markets
Here is how DMAR's September 2026 report breaks down attached housing across the metro area:
| Measure, metro Denver | All attached homes | Attached homes, $1M+ |
|---|---|---|
| Median close price, September 2026 | $365,500, down 6.28% YoY | Not reported as a median |
| Months of inventory, September 2026 | 7.21 | Not reported |
| Closed sales, year to date through September 2026 | Described by DMAR as struggling | Up 6.35% |
| Median days in MLS, September 2026 | Not reported for attached | 23 days |
The gains reach the top of the range. DMAR splits luxury attached sales into three bands. Year-to-date closings rose 5.60% from $1 million to $1.5 million, 5.41% from $1.5 million to $2 million, and 11.11% above $2 million. The most expensive tier is growing the fastest, while the segment as a whole has more than seven months of supply.
The broader market makes the contrast sharper. Metro closings in September 2026 totaled 2,849, the fewest for any September in DMAR's records going back to 2008. Year-to-date closings trailed 2025 by 4.96%. The full DMAR report also notes that Colorado had just ranked first in the nation for price cuts.
Where the Dues Math Bites
The weakness in the attached market follows a specific mechanism. Dues bundle a building's repairs, upkeep and insurance into one monthly number, and lenders count that number against the buyer. In Denverite's reporting, the CAR spokesperson described association master policies renewing at increases of 20, 30 or 50%, and sometimes doubling, from one year to the next. In January 2026, a Denver Post editorial named insurance premiums as a major driver of rising association fees and cited the state insurance commissioner's view that premiums had stabilized, but at a high level.
Then rates moved the wrong way. According to DMAR, the 30-year fixed rate rose every week in September 2026 and reached about 7.5% by month's end. In mid-September, the Federal Reserve raised the federal funds rate for the first time since July 2023. As rates rise, each dollar of monthly payment supports less loan. The $15,000 figure was estimated when rates were lower, so the same dues now take a little more out of a financed buyer's budget.
The full effect has not shown up in the numbers yet. DMAR notes that most September closings went under contract in August, when rates were near 6.7%. It expects the effect of the rate increase to appear in October and November closings and said softer numbers would not be surprising. For a buyer comparing a $400,000 condo with a $2 million one, the pressure from dues and rates lands almost entirely on the first purchase.
What Paying Cash Changes
The Denver Post's September 2026 luxury market roundup, labeled sponsored content, reported that luxury buyers avoid high mortgage rates by paying cash or borrowing against their investments, which protects them from rate increases. A buyer who isn't qualifying for a loan doesn't have a debt-to-income ratio for dues to reduce. The dues still cost money, but they no longer limit how much the buyer can spend.
The same roundup called attached homes the surprise of the summer and said condos and townhomes were outperforming every other luxury segment. In its September report, DMAR's Market Trends Committee said the $1 million-plus segment "isn't waiting for conditions to improve," while lower price segments struggle.
Cherry Creek North had the clearest example of the month. The metro area's highest-priced attached sale in September 2026 was at 500 Adams Street, according to the DMAR report. DMAR describes the property as a 6,060-square-foot custom-built townhome with four bedrooms, seven baths, a three-car garage and a private elevator. It spent eight days in the MLS and sold for $4.3 million in cash. The metro median attached home spent September in a market with 7.21 months of supply. This one sold in about a week to a buyer who didn't need a lender.
Cherry Creek's Next Towers Sold Before They Were Built
New construction points the same way. Waldorf Astoria Residences at 185 Steele Street is a 37-home condo project from PMG. In November 2025, the Denver Business Journal reported starting prices of $2.3 million. By June 2026, the Business Journal reported that only about 10 residences remained available, before vertical construction had started. The project broke ground in November 2025 and was on track for delivery in the first quarter of 2028.
Buyers committed to homes priced from $2.3 million almost two years before move-in, while the metro attached median was falling. The pattern matches a buyer pool for whom a monthly rate quote is not the deciding factor.
The pipeline continues. The Cherry Creek North Business Improvement District's State of Cherry Creek 2025-26 report lists Four Seasons Residences at 219-255 Detroit Street as 42 condos by Stillwater Capitol, with completion to be determined. Pricing has not been announced.
The established buildings follow the same pattern. In fall 2025, the Denver Post reported that the penthouse at The Laurel, a 71-condo building at 155 Steele Street completed in 2017, listed at $9.8 million on September 15. It went under contract after a bidding war three days later and closed at $10.1 million on October 8. The buyer's agent credited the building's services, protected views and Cherry Creek location.
What This Means When You Shop a Cherry Creek Unit
When you buy an attached home, you also choose who your future buyers will be. A Cherry Creek unit priced above $1 million will resell to the group of buyers that DMAR's numbers show is growing. A unit priced closer to the metro median will resell to the group most affected by dues and rates. Two homes on the same street can therefore face very different resale conditions.
There are limits. DMAR's luxury figures cover the whole metro area, not just Cherry Creek. The Denver Post roundup also quoted an agent noting that luxury sellers still need to price realistically and that many oversized or dated homes sit on the market. A strong segment does not support every asking price. Whatever the price point, the building's finances still affect the owner's monthly costs and the eventual sale.
5280's 2026 buyer guide recommends that buyers review HOA services, financials, reserve studies and maintenance, and its HOA source warns that underfunded reserves can lead to special assessments. Before making an offer, ask for these documents:
- The most recent reserve study, to see whether savings keep pace with the building's age and scheduled repairs.
- The master insurance policy's renewal history, given the 20 to 50% renewal increases described in Denverite's reporting.
- Recent and planned special assessments. Denverite described one owner facing an $11,000 assessment for exterior stair repairs.
- The current dues and their history, because a future buyer's lender will count them.
This is general information, not legal, tax or financial advice. Confirm the details of any HOA, loan or insurance policy with the appropriate attorney, lender or insurance professional.
Questions Buyers Ask
Are Cherry Creek condo prices falling along with the metro? DMAR's September 2026 report shows the metro attached median down 6.28% year over year and $1M+ attached closings up 6.35% year to date. Those are metro figures. A specific Cherry Creek building will depend on its price point, condition and finances.
Do the late-September rate increases change this? Possibly. DMAR expects October and November closings to show the first full effect of rates reaching about 7.5%, and those reports are still to come.
Is the fourth quarter a reasonable time to buy? DMAR's Market Trends Committee chair said active listings usually decline through the fourth quarter and that some sellers take their homes off the market for the holidays, which leaves remaining buyers with less competition than at any other time of year. She also said rate buydowns, seller-paid concessions and adjustable-rate loans are all part of current negotiations.
If you're weighing a Cherry Creek condo or townhome and want to know which group of buyers it will eventually sell to, along with what its reserve study and insurance history show, the Nichols & Lee Team can review the building's documents with you before you commit. Schedule a Free Consultation.
