Denver Real Estate Blog

Denver's Park Hill Neighborhood Makes Top 10 List

Katie Graham - Denver Real Estate (Preferred Properties) — Wed, 17 Dec 2008 16:14:28 -0600

The Park Hill neighborhood has been ranked as one of the top 10 neighborhoods in the nation by The American Planning Association. The attraction of this neighborhood is no secret to my clients who have decided to purchase homes in Park Hill. Beautiful homes, a nice family community and a close proximity to downtown Denver are all reasons why many buyers should consider Park Hill when making their buying decision.

You can read the article for yourself here.

-Katie4Homes

Denver Real Estate

Did Kobe really do this... ?

Katie Graham - Denver Real Estate (Preferred Properties) — Fri, 25 Apr 2008 13:05:44 -0500

Okay, time for a little Friday fun. I'm not a big basketball fan and I know that I'm running the risk of sounding sooo 10 day ago. I just ran across this video clip of a Kobe Bryant stunt. I'm not sure that this type of marketing is appropriate for kids. This is truely one of those "do not attempt this" type of videos. I'm sure that I will not be posting a video blog of me attempting to recreate this jump.

Anyway, for those of you who are not among the 2.7 million YouTube viewers...

-Katie4Homes

Denver Real Estate

Will sellers please clean and take out the garbage?

Katie Graham - Denver Real Estate (Preferred Properties) — Wed, 23 Apr 2008 17:08:19 -0500

How many times have you gone to show a house and been surprised by something? I'm often surprised by the things that a seller will leave out in their living room. Too many times I've seen drug paraphernalia, inappropriate "magazines", other junk, garbage, and even pet feces.

In one instance I even stumbled upon a huge amount of marijuana - we're talking pounds! The disturbing thing is that some sellers don't seem to care that there are going to be potential buyers walking through their house.

Many times I can predict that foreclosures or houses in particular distressed areas might not have things in order. Unfortunately I've seen my share of this stuff in upscale housing as well.

So sellers, please clean up and try to present your house like you want to sell it. Here are some tips:

1. Take down personal pictures and other family heirlooms

2. Get rid of the junk. Have a yard sale and sell things that you don't need and throw away the rest (or at least find appropriate storage)

3. Repair the "little" things that you've been putting off for later. Fix the door handles, outlet covers and such. The things that you can pick up at the hardware store and fix in a few minutes.

4. Make sure that your closet isn't hiding something potentially embarrassing or offensive - you know what I mean. Make sure this stuff is hidden from view and not just behind the closet door.

5. Secure your valuables. Renting a storage unit or safety deposit box is a good idea.

6. Clean, take out the garbage, vacuum and plug in an air freshener. Hire a cleaning company if you have to, it will likely save you money by bringing higher offers.

7. Make sure the outside of the house looks nice too. Some buyers won't even want to see the inside if the outside is a mess.

-katie4homes

Denver Real Estate

Counting Foreclosures - A Tricky Business

Katie Graham - Denver Real Estate (Preferred Properties) — Thu, 17 Apr 2008 14:47:18 -0500

According to this Wall Street Journal article, getting down to the "brass tacks" on actual foreclosure numbers can be difficult and different companies are using various methods for counting. I'm always hesitant to take numbers at face value without further analysis of who's doing the counting and how its been conducted.

Houses can often go into foreclosure multiple times as owners go into default and later catch-up on late payments. Additionally, many homeowners have more than one loan on a house for various reasons. This is why counting loan defaults is not entirely accurate if your looking to count actual homes in foreclosure.

Counting bank inventory can be a better method; however, this always results in a time lag as banks, states and state agencies have different resources and procedures for foreclosure.

After reading the article, it makes me wonder: how good is our historical data on foreclosure statistics?

-katie4homes

Denver Real Estate

7 is a lucky number for Denver

Katie Graham - Denver Real Estate (Preferred Properties) — Thu, 10 Apr 2008 16:59:11 -0500

When people in Denver think of the number seven, it is usually associated with John Elway; however, a new Forbes magazine reports ranks Denver as the 7th best city in which to sell a home.

While a 6.4 percent drop in prices last year had a chilling effect on the market, this year things have been different. The vacancy rate reduced by 20% over last year. There has been a large decline in new construction starts (down 49%) and the job market is looking very healthy with a 2% rise!

To read the full article with more detail on the report ranking, click here!

-Katie4Homes

Denver Homes

Thinking of moving to Denver's Stapleton area? Take a look at the KB homes...

Katie Graham - Denver Real Estate (Preferred Properties) — Wed, 02 Apr 2008 22:13:51 -0500

I've had several clients interested in the Stapleton area of Denver. All of the builders have done a really great job of urban planning and building to preserve a real sense of community. Last Sunday (3/31/08) I had a chance to take a look at some the KB Homes by Martha Stewart. These really look nice and my clients have really had good luck with this builder. I snapped some pictures for anyone interested in how they look inside and out. Base prices right now are between 319k and 379k with most buyers planning approx. 20% additional for upgrades. If you want a tour, give me a call.

-Katie4Homes

Denver Real Estate

Want to live in a great place with a small town feel? Look at Parker and Louisville, Colorado!

Katie Graham - Denver Real Estate (Preferred Properties) — Wed, 02 Apr 2008 15:13:49 -0500

CNN/Money released their "Best Places to Live" list and it included Louisville, Colorado at number 3 and Parker, Colorado at number 26! They stated that they looked specifically for smaller places that had a great combination of economic opportunity, safety, good schools, great activities and a sense of community.

Both of these towns are within 30 minutes of Denver. Louisville is located between Denver and Boulder and Parker is between Denver and Colorado Springs. This is yet another glowing report on why Denver and the Denver metro area is a great place to live and raise a family!

-Katie4Homes

Denver Real Estate

Denver is one of the 10 best places to live and launch a business

Katie Graham - Denver Real Estate (Preferred Properties) — Wed, 26 Mar 2008 15:30:08 -0500

According to this CNN / Money article, Denver is one of the top ten places in the country to live and launch a business. They ranked Denver 7th in the top 100 rankings.

Denver has a great downtown area that when coupled with the Rocky Mountain recreation, make for an unbeatable combination.

The Denver metro area has been working diligently to address traffic issues with the expansion of the light rail system and some long-term traffic planning strategies.

Denver also happens to have a large percentage of college-educated professionals. This allows entrepreneurs to tap into a fantastic work pool. There is also a large diversity to the Denver area economy that is not just focused on energy. Denver has experienced a great deal of growth in financial services, defense contracting / aerospace, health care, etc.

This is a truely deserved accolade for the Denver area!

-Katie4Homes

Buy Denver Real Estate

Tip: Sellers should protect valuables

Katie Graham - Denver Real Estate (Preferred Properties) — Mon, 24 Mar 2008 15:21:55 -0500

Selling your home can be an anxious experience for many homeowners. The selling process exposes your home to many strangers. The vast majority of the people viewing your home are honest and courteous prospective buyers ; however, it is still important for sellers to protect themselves from possible crime.

Protection of a sellers safety and property requires a plan and proper safe guards. Sellers should take note of the following tips:

Do not leave items such as credit cards, keys, jewelry, prescription drugs, cash, or other items of value in the home unless they are locked in a safe place.
Change your answering machine message to something generic that does not inform the caller that you are away from home.
For open houses, consider either hiring security or ask friends to help you escort potential buyers through the home. Many real estate professionals bring mortgage brokers, stagers or others along to open houses to distribute information and for increased security. Two way radios are a good way to stay in-touch with all escorts for security and to answer questions.
If your setting an appointment to show your home, always take the persons number and call them back. This will verify that this is indeed their phone number and not a fake. Real estate professionals generally verify and qualify buyers prior to conducting a showing.
You may also consider having an open house guest book to sign and verify a photo id. This is a measure to ensure that you have the person's contact information and it serves as another deterrent to a criminal.
Make sure that all open house visitors enter and leave through designated points (preferably one doorway).
Always carry a cell phone with easy access to dial 911. Some phones can be programmed to have a one-touch "hot" key for 911.
As a final precaution you may want to consider carrying pepper spray or another non-lethal defense product.

The sellers that are particularly in danger from a crime of opportunity are for-sale-by-owner properties. Many of these properties advertise frequent open houses where there is little to no opportunity to qualify potential buyers prior to taking them into the home. A criminal may see this as an opportunity to take advantage of a seller with little experience in hosting a open house and who is not familiar with industry precautions.

A final word... the intention of this post is not to scare anyone, but to provide practical ways of incorporating preventative measures to help reduce the chances that you are a victim of a crime. Most people are good and honest and are simply looking for a good home.

A special thanks to the Denver Police Department for contributing to this post!

-Katie4Homes

_______________________

Buy Denver Real Estate

Rental Properties Benefit as Supply Tightens

Katie Graham - Denver Real Estate (Preferred Properties) — Tue, 18 Mar 2008 16:07:14 -0500

A key finding in the the latest quarterlyPricewaterhouseCoopers Korpacz Real Estate Investor Survey finds that rental property is one of the few commercial sectors that has a positive outlook.

Rental unit supply is tightening and demand is increasing due in part to the home mortgage fallout and lack of consumer confidence in the housing market.

For investors with cash in hand, now might be the right time to invest in a rental property. Many experts are predicting that this trend will continue for several years until the real estate market regains some stability.

_________________

-Katie4Homes

Arvada Colorado Real Estate

Land Availability Good Value Indicator

Katie Graham - Denver Real Estate (Preferred Properties) — Mon, 17 Mar 2008 13:03:56 -0500

Supply and demand is a basic rule of economics. With the mortgage industry experiencing problems, real estate demand has taken a hit as buyers are having more difficulty in qualifying for mortgages. Additionally, a high default rate is pushing more foreclosures into the marketplace.

Neighborhoods that have been able to retain value are in areas where jobs numbers are strong resulting in fewer foreclosures and the new home supply is restricted. Most of the time, this restriction is due to geography. For example, Phoenix has seen a steep decline in home values as the desert allows for large areas of land to be used for new homes. According to this article in the Wall Street Journal, the Buckeye area of Phoenix has been smothered by new construction and now has a 20-month supply of homes on the market - compared to the national average of 11 months. This is in contrast to the Holladay area of Salt Lake City, where location (10 miles from downtown) and little opportunity for new sub-divisions have restricted supply and allowed for 6-8% annual appreciation. Potential buyers should keep these factors in mind when evaluating neighborhoods, this is particularly important for individuals and families that move frequently and cannot always afford a long-term wait to overcome market volatility.

___________________

Denver Homes

Good Schools Very Important to Buyers

Katie Graham - Denver Real Estate (Preferred Properties) — Sun, 16 Mar 2008 12:17:06 -0500

There is a great article in the Wall Street Journal that discusses the importance of good (highly rated) schools in the home buying process. Parents express difficulty in finding a home in a neighborhood with a balance of education quality and home prices.

Reader replys were nearly unanimous when asked if they agreed that good school districts were one of the most important factors for a home buyer when considering the area desirability and housing prices. The school district was either a top concern or number one consideration when making a home purchase.

The Wall Street Journal piece can be found here
Another good resource is this article by Katherine Boehret "Grading Neighborhood Schools" - this includes tips and links to websites that provide free school evaluations.

-Katie

Denver Homes

Urban Villages Combat Vehicle Congestion and Parking

Katie Graham - Denver Real Estate (Preferred Properties) — Sat, 15 Mar 2008 15:11:34 -0500

A friend of mine who lives in Brooklyn was telling me the other day that he does not like to drive his car anywhere after 5pm. He drives a larger SUV and if he does need to drive somewhere during the day, it typically takes him 1-2 hours to find a suitable parking space when he returns home. I live in Denver and unlike the mid-Atlantic coast, most people own cars and drive them daily. Denver like most of today's modern cities does struggle with traffic congestion and parking. One major issue is the I-70 corridor on Saturday mornings and Sunday evenings particularly during ski season. Several weeks ago, a Colorado legislator proposed a toll/HOV (high occupancy vehicle) program to deal with the I-70 issue. Many citizens reacted negatively to the proposal and are advocating another expansion of the highway; however, federal highway funds are outpacing capacity needs and in the mountains, room for expansion is limited.

It appears that the consumer is reacting to the parking and congestion situation by changing purchasing habits. I see more compact vehicles in the Downtown area these days. Last week a friend of mine said that he is going to be purchasing a "Smart" car. Then today I ran across this article on MIT students that have come up with a concept for a folding car.

In the Denver area of Stapleton, builders are adapting an urban village concept with new town centers intermingled among the new neighborhoods to bring commercial services closer to residents. This has been quite successful and popular with buyers particularly with today's oil and energy market situation.

There is no doubt in my mind that as emerging countries and an expanding population put pressure on energy markets, we will continue to see changes in urban building and transportation.

-Katie

Denver Colorado Real Estate

Meth Lab Property An Ongoing Problem

Katie Graham - Denver Real Estate (Preferred Properties) — Sat, 15 Mar 2008 13:43:45 -0500

With over 100,000 methamphetamine (meth) lab busts in the last 10 years, litigation over meth lab property is increasing exponentially. Fourteen states, including Colorado have laws on the books requiring owners to disclose if the property was ever a meth lab. Colorado contracts now have a section regarding methamphetamine property. The toxic residue from meth production contaminates walls, carpet, furniture, and nearly everything in the property. This level of contamination requires expert and expensive renovation and clean-up efforts. Many home inspectors now have techniques for detecting meth production residue.

Methamphetamine product labs can be found in properties of all price levels and areas. Rural settings have been victimized in particular due to the criminal's desire for privacy during production.

When viewing properties agents and buyers should be aware of indicators for meth production. Commonly used household products are used in the production including, over-the-counter cold and asthma medications containing ephedrine or pseudo ephedrine, red phosphorous, hydrochloric acid, drain cleaner, battery acid, lye, lantern fuel, and antifreeze. If these items are found in strange places (such as antifreeze in the bathroom) or large quantities, this is a red flag.

Unfortunately, with the popularity of meth growing, this issue will continue to be problematic.

-Katie

Denver Homes

Is the Real Estate business about luck?

Katie Graham - Denver Real Estate (Preferred Properties) — Tue, 11 Mar 2008 23:39:24 -0500

For those of you that believe the real estate business is about luck you should take a look at this video clip from an episode of 20/20 on the subject of "Luck". This is an interview with Scott Ginsberg who is also known as the "Name Tag Guy". A lot can be learned about approach and being open to opportunities. Has anyone seen any of his professional presentations? It sounds like he is a great presenter with a wonderful message.

Like Freddy Krueger, Bank Deals are a Total Nightmare

Katie Graham - Denver Real Estate (Preferred Properties) — Mon, 10 Mar 2008 13:49:10 -0500

With the higher foreclosure inventory on the market today, it is becoming more frequent that buyers are submitting more offers on bank owned properties. Most agents with experience in this area can tell you that banks are terrible sellers. To say that bank deals can be challenging is like saying Freddy Krueger has some issues. In other words, dealing with a bank owned property is a total nightmare.

It is common (nearly every case) that a bank will take more than a week to respond to an offer. I have submitted offers to banks and heard back from them 3 months later. I have also had banks that have NEVER responded. If banks decline an offer it is usually "no". No counter, no information... nothing. This is true even in some cases when the offer is full price. I'm often left scratching my head with no real information. Agents in today's market that are dealing with bank offers have to set expectations with their clients that banks handle foreclosed properties poorly... very poorly. I always set expectations with my clients and make sure they understand who we're dealing with in these situations.

I'm currently dealing with a short sale property that is technically not yet in foreclosure. Four weeks later I'm still waiting for signed paperwork. The closing has been delayed twice because the bank has failed to turn on electricity and gas for the inspection. The inspector could not check the furnace because the house had no gas and had to come out a second time. Who pays for this? Not the bank. Banks rarely do anything to save deals. I say rarely only because I had clients that wrote on a bank property that had ALL of the copper stolen from the vacant house (discovered during inspection), and the bank did graciously agree to lower the price.

This ineptitude and lack of professionalism is absolutely irresponsible business behavior. It's irresponsible because as bank owned properties sit on the market, increases in inventory depress prices for ACTUAL homeowners. The hardworking people who keep up their homes and do their best to try and sell them. Most actual homeowners actually respond to offers within 24 hours.

If banks don't clean up their act, they are begging for government regulation in this area. This would not be a great outcome for anyone.

Colorado State Representative Pushes New Real Estate Property Tax

Katie Graham - Denver Real Estate (Preferred Properties) — Fri, 07 Mar 2008 11:09:54 -0600

A new bill in the Colorado state legislature (HB 1340) has been introduced to increase the documentary fee paid at a property closing from $10 to $50 per $100K of assessed value.

The bill is sponsored by Rep. John Kefalas (D-Fort Collins) would place a question on the November ballot to approve the tax increase and amend TABOR (required under the Colorado TABOR law).

If passed, the tax money raised by the increase would be used to create the Colorado Housing Investment Fund to fund affordable housing needs, first-time buyer programs, and other social needs.

Critics state that this could have a negative effect on the already troubled housing market.

KUSA - 9news story here
Ft. Collins Coloradoan story here

TIP: Moving may be a great time to take a home inventory

Katie Graham - Denver Real Estate (Preferred Properties) — Thu, 06 Mar 2008 21:01:40 -0600

Many homeowners may not be aware that keeping a home inventory is very important in case of emergency and catastrophic loss. There are some great on-line tools currently available to make this task much easier than a few years ago. If your packing up to move or unpacking after a move, this may prove to be the perfect time to inventory and categorize your belongings.

Benefits of taking a home inventory include:
- Faster settlement of insurance claims
- Reduced anxiety during a home disaster
- Ability to accurately determine amount of insurance to purchase
- Easier tax preparation to substantiate losses

One company that offers free home inventory software can be found at www.knowyourstuff.org

-Katie
Denver Real Estate Broker

Is the "Green Revolution Coming?"

Katie Graham - Denver Real Estate (Preferred Properties) — Thu, 06 Mar 2008 20:50:38 -0600

Homebuilders are jumping on the "Green" bandwagon in an attempt to spark more buyer interest and increase home sales. Unfortunately, the results appear to be a mixed with some developers stating that they have seen increased traffic but it has not resulted in more sales. This market niche comprised about 2% of all housing starts in 2007 and is expected to rise to 10% by 2010.

Many builders are stating that buyers are interested in environmentally friendly features, particularly when they see a cost saving on their energy bills. This financial benefit should be highlighted in marketing materials as it helps to offset the 3-5% increase on the price of the green homes.

More information in this Wall Street Journal article.

-Katie

Denver Real Estate

When Mexico Real Estate Investments Go Bad...

Katie Graham - Denver Real Estate (Preferred Properties) — Thu, 06 Mar 2008 16:54:16 -0600

Investors considering a purchase of real estate in Mexico may want to read this story in the Arizona Republic. It details problems encountered by some Arizona based buyers. This could very well be an isolated incident; however, it would make me somewhat cautious about investing in a project in Mexico and particularly those that are in the construction phase. It appears from the article that when projects fail to complete and/or experience legal issues that it could be very difficult or impossible to get a refund.

If agents know of any good methods of insuring buyer's investment dollars in Mexico or any foreign real estate investment, please feel free to leave a comment.

-Katie

Denver Real Estate

Colorado Receives $1.5 Million for Forclosure Counseling

Katie Graham - Denver Real Estate (Preferred Properties) — Thu, 06 Mar 2008 12:14:25 -0600

Yesterday it was announced that Colorado was the recipient of a $1.5 million federal grant to fund programs that counsel homeowners that are in danger of foreclosure.

The Colorado Division of Housing claims that the foreclosure prevention program has helped avoid over 6000 foreclosures in the last 18 months.

Foreclosure prevention assistance is available by calling 1-800-601-HOPE

More information can be found in this Rocky Mountain News article.

Investors that are interested in purchasing foreclosed properties can contact me for information via my Denver real estate website.

Fannie Mae & Freddie Mac Adopt New Requirements for Home Appraisers

Katie Graham - Denver Real Estate (Preferred Properties) — Thu, 06 Mar 2008 12:12:08 -0600

According to an article in the San Diego Union Tribune (New Standards for Home Appraisers), Freddie Mac and Fannie Mae will be forcing new appraisal rules on the industry beginning Jan 1, 2009. Here are the highlights (or lowlights) depending on your opinion:

- Mortgage Brokers will not be allowed to select appraisers

- Lenders cannot utilize in-house appraisers or appraisal companies they own or control

- A "Home Valuation Code of Conduct" will be published that all lenders dealing with Freddie Mac and Fannie Mae will have to follow

- Fannie Mae and Freddie Mac will provide $24 million to fund the establishment of the "Independent Valuation Protection Institute"

- The Office of Federal Housing Enterprise Oversight will maintain a hotline to handle complaints about questionable appraisals

In my opinion it seems that these new requirements could cause a lot of headaches for mortgage brokers, as they will no longer be selecting the appraiser. Apparently banks will be the only entity that will be selecting appraisers and in my experience many banks operate on their own time and schedule (more to come on that in a future post). I have a feeling this will really slow down the loan commitment process. Is this really going to help the consumers? If this does contribute to a longer timeline from contract acceptance to close, it could actually make the foreclosure situation worse especially in short sale and other situations where the sellers are already on the brink.

This morning a fellow broker and good friend of mine, told me that she has a property under contract that did not appraise and the sellers are blaming her for the discrepancy.

Sellers want to try and attract buyers who will pay the highest price possible for the property. Appraisers on the other hand are nervous about "appraisal fraud" and many are being overly conservative to avoid any appearance of impropriety. This leaves real estate agents caught in the middle and in the awkward situation of trying to explain why the property is NOT worth what a consumer is willing to pay for it.

-Katie

Denver Real Estate

5 Star Green Built Homes Targeted by Eco Terrorists

Katie Graham - Denver Real Estate (Preferred Properties) — Wed, 05 Mar 2008 22:56:22 -0600

What a shame to read a story this morning about 3 homes in the Seattle area that were burned by eco terrorists. Apparently these homes were to be featured in Seattle's "Street of Dreams" home show this summer. These were "5 Star" and "Green Built" certified homes. Many builders and developers are making a genuine effort to build in an environmentally friendly way and it is truely a shame to have something like this happen to them. Read more about this in the Rocky Mountain News feature here.

Peter Forsberg - Homeless in Denver?

Katie Graham - Denver Real Estate (Preferred Properties) — Wed, 05 Mar 2008 12:50:03 -0600

According to this article, our Colorado Avalanche forward Peter Forsberg has found himself in Denver without a home! He apparently decided to rent his luxury penthouse after he left Denver to play in Sweden and then Philadelphia.

Peter has been a fan favorite since 1996 when the team moved to Denver from Quebec. He helped the team win two Stanley Cups and it's great to have him back in town!

...And Peter if you need to find another place I would be glad to help you out! :)

-Katie

Denver Real Estate

Bidding war? In this market?

Katie Graham - Denver Real Estate (Preferred Properties) — Tue, 04 Mar 2008 16:52:24 -0600

With the current high inventory market situation it may surprise you to know that I have already had a few clients involved in bidding wars this year. Sometimes I think that the news media over hypes market news to the point that many potential buyers have a warped sense of current market conditions. Is this a buyers market? Yes, it certainly still is a buyer's market; however, good homes in good neighborhoods at good prices still sell fast!

Don't allow yourself a false sense of security that your dream home will still be available if you delay in writing an offer. Don't get me wrong, I'm not a "high pressure" agent looking to quickly close sales and compromise the comfort of my client. But I also want to minimize client disappointment because they don't consider the fact that there are still other buyers out looking at the same houses. Be prepared to pull the trigger and write an offer when you find the house you've been looking for.

Home buyer preparation tips:

1. Get a mortgage pre-qualification and know what you can afford
2. Utilize online resources to save searches and keep you up to date on home listings matching your criteria.
3. Be mentality prepared to write an offer. If your not ready, I would suggest delaying an active search until you can confidently say that your ready.
4. Talk to your agent about your specific wants and needs - this conversation will help both your agent and yourself in deciding what is of greatest importance and what is a "nice to have".