For all of you involved in renovating and reselling, this may help things a lot...

Via Dave Rosenmarkle (Highland Realty):

The news is spreading fast...  As reported out from FHA on January 15, 2010 -

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

Measure to help bring stability to home values and accelerate sale of vacant properties WASHINGTON -

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.

The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. "FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens.

"This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity." The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner.

To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions: * All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

* In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.

* The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program. Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website.

 

Dave Rosenmarkle

Broker/Owner

Highland Realty

Arlington, VA

(703) 538-2566

davidrose@mris.com

www.HighlandAgents.com

 

 

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 

 

Awesome home in Saddle Ridge Pool Community! Vaulted ceilings, open floor plan, backs to open space with nearly 180 degree views from the Flatirons West to DIA East. Expansive kitchen, formal dining room. 3 Minute walk to Coal Creek Elementary, hiking trails and Harper Lake. 1580 sq. foot walkout basement (unfinished). Professional landscaping with ponds and waterfalls. Beautiful views from Kitchen/Living room and upper level Master Bedroom. Main Level office/study.

Subdivision: SADDLEBACK 2
Property Type: Single Family
Year Built: 1990
HOA Fee: $600 - Annually
Lot Size: 6,542
County: Boulder
Zoning: RES
Property Tax: $2,998
Tax Year: 2009

Total Square Feet: 4,160
Finished Square Feet: 2,586
Upper Level Square Feet: 992
Main Level Square Feet: 1,588
Basement Square Feet: 1,580

Car Spaces: 2
Garage Type: Attached

Beds: 3
Baths: 3
Full Baths: 2
1/2 Baths: 1
Rough Baths: 1

Listing broker representing seller: RE/MAX Alliance-Lsvl
MLS Listing Source: IRES

Master Bedroom: 15x21
Bedroom 2: 10x11
Bedroom 3: 10x11
Kitchen: 12x15
Dining Room: 11x14
Family Room: 14x19
Living Room: 13x19
Laundry Room: 6x8
Den: 10x13

Inclusions: Electric Range/Oven,Dishwasher,Clothes Dryer,Microwave,Garage Door Opener,Refrigerator,Clothes Washer,Disposal,Smoke Alarm(s)

Design Features:Wood Floors,Wood Windows,Walk-in Closet,Washer/Dryer Hookups,Pantry,Separate Dining Room,Stain/Natural Trim,Loft,Open Floor Plan,Cathedral/Vaulted Ceilings,Eat-in Kitchen

Outdoor Features:Deck,Lawn Sprinkler System
Laundry Location: Main

Elementary School: Coal Creek
Middle School: Louisville
High School: Monarch
School District: BLDR VALLEY DIST RE2

HOA Fee Includes: Common Amenities
Common Amenities: Pool
HOA Fee: $600
HOA Fee Frequency: Annually

Construction: Wood/Frame
Basement Foundation: Unfinished Basement
Cooling: Whole House Fan
Heating: Forced Air

Directions: FROM MCCASLIN AND S. BOULDER RD, S. ON WASHINGTON, E. ON HICKORY

Listing Status: Active
MLS#: 617080

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 

 

 

REAL ESTATE MARKET UPDATE

An Information Service of RE/MAX Alliance/Boulder Valley

 

January/2010

 

In a rising or declining real estate market there is always a point where the market plateaus and then begins to move in the opposite direction.  The Boulder County real estate market has been on a downward path since 2005 when there were 6,390 single family and attached units sold.  That was the peak.  Over the course of the past four years the local real estate market has experienced a noticeable reduction in sales.  The last few months of 2009 saw a slight up tick in sales activity as compared to a similar timeframe for 2008; which is a good indication the market has bottomed out.   

2010 may be the “Perfect Storm” as it relates to the Boulder County real estate market.  There are several elements in play that create an excellent opportunity for home buyers to purchase and home sellers to sell. 

  • First, is the expanded Home Buyer Tax Credit Program, which covers all potential home buyers.  $8,000 for anyone who hasn’t owned a home during the three years prior to the purchase.  $6,500 or 10% of the sale price, whichever is less, for current homeowners.  The property has to be under contract by April 30, 2010 and must close by July 1, 2010.  There is an $800,000 limitation on the cost of the home.
  • Second, home mortgage interest rates continue to be attractive, with the traditional thirty-year fixed rate mortgage in the five (5) percent range.  There is speculation that mortgage rates will trend upward as the Third, is the downward pressure the market has experienced in home values over the past few years.  We are already seeing the lower end of the market beginning to show signs of appreciation as more first-time homebuyers and investors enter the market.  Hopefully, this increase in home values will begin to work its way up into higher priced properties.

 

Below is an overview of sales activity for the past two years for single family homes in the various Boulder Valley areas, courtesy of IRES – the Northern Colorado MLS.   

   

                        2008       2009           %                 2008                  2009                 %

     Area           Solds      Solds      Change     Average Price   Average Price   Change

Boulder          747         563         -24.64%          $655,378          $647,584         -1.19%                  

Louisville        203         202            N/C             $391,306          $394,214         +0.74%        

Lafayette       252         219         -13.10%          $355,934          $352,667         -0.92% 

Superior         120         127         +5.83%           $437,818          $413,935         -5.46%

Longmont      1018       891         -12.48%          $252,400          $240,902         -4.56%      

Sub. Plains     443         373         -15.80%         $526,399           $510,351         -3.05%      

Sub. Mtns.      262         203         -22.52%          $435,110          $415,567         -4.50%         

Broomfield     348         353         +1.42%           $396,371          $353,343         -10.86%  

                    ===       ===         ======           =======         ======         ======

   Totals …       3393         2931          -13.62%              $428,326             $405,363          -5.36%                                                                                   

                                                                

 

 

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 

Save landfill space while creating valuable mulch by recycling your Christmas trees at the end of the holiday season. The sites are only taking trees-no garlands, wreaths, or yard waste will be accepted.

There are two drop off sites for your trees:

  • City Park Maintenance Shops at 7800 W. 62nd Ave
  • Lutz Sports Complex in the southwest parking lot off of Oak St. Both sites will accept trees through Sunday, January 24, 2010.

Park Maintenance Shops will be open Monday through Friday 7:00 am-3:30 pm. and Lutz Sports Complex will be open 24/7 until January, 24. Please make sure the tree is free of nails, wire, and all decorations. For more information on the Christmas tree recycling program you may call 720-898-7410

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 

2010 Arvada Chamber of Commerce Annual Dinner will be held on Friday, January 22nd 6 - 9pm at the Arvada Center, 6901 Wadsworth Boulevard in Arvada. This year's theme will be INSPIRED. The Annual Dinner is the place to be in January. Tables are decorated by local businesses with lavish centerpieces and gifts for guests. Our live auction is always very entertaining. At this dinner we also recognize our 2009 Business of the Year: Sooper Credit Union. Tickets are $75 per person and we are sure to sell out again this year so please RSVP today by calling the Arvada Chamber of Commerce at 303-424-0313. Formal Attire.

The Jefferson County Business Lobby (JCBL) represents four business organizations including the Arvada Chamber of Commerce. Our mission is to advocate for business with government. Please take a look at www.jeffcobusinesslobby.org to see the JCBL Legislative Policies, weekly bill status report and see how your elected officials voted on the Legislator Report Card.

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 
The Ice Rink at One Boulder Plaza Don’t miss winter fun on the ice in Downtown Boulder! The Ice Rink at One Boulder Plaza opens to the public for the 2009-2010 ice skating season on Friday, Nov. 13, 2009 and will remain open through Feb. 15, 2010. Located in the heart of downtown Boulder, just one block off the historic Pearl Street Mall at 1801 13th St., between Canyon and Walnut, visitors can enjoy outdoor ice skating and winter cheer with family and friends seven days a week including holidays. Skates can be rented for $3. Groups of 10 or more are welcome anytime and will receive a discounted rate. Private rink rental for larger parties is also available. Ice skating lessons for both youth and adults begin in January. Visit The Ice Rink…where winter memories are made! BoulderIceRink.com

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 
Coming Events Coffeehouse Concert David Williams & Deco Django Date: Friday, January 15 Time: 7:30 PM (Doors open at 7:00 PM) Venue: The Louisville Arts Center, 801 Grant Avenue Cost: $12.00 adults/$8 seniors & youth under 15 David Williams and Deco Django bring the Hot Club sounds of 1930s Paris to Louisville. They play Gypsy Jazz, the contemporary name for a musical form that started in the 1930s when American swing moved to Europe. The gypsy guitarist, Django Reinhardt, and the violinist Stephane Grappelli, began playing American style swing together, borrowing from the guitar-violin work of Joe Venuit and Eddie Lang, doing standards from the era, but soon they invented a whole new hot style that swung really hard and was totally inventive, infectious, driving, and moving. This became known as the Hot Club sound. Deco Django is David Williams and Emily Reynolds on guitars and vocals, Bill Pontarelli on clarinet, Duane Webster on bass, and new member, Jordan Ramsey on smokin' mandolin. LCC Thanks Vic's Coffee, 801 Main St., for providing delicious brewed coffee for this event. LCC also thanks J2C Products for serving O'Casey's Sweet Irish Scones. Download the beautiful poster art by Andy Lanford. LCC events are sponsored by the Scientific and Cultural Facilities District.

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 

LONGMONT SYMPHONY ORCHESTRA, Jan. 30 Think classical music is “long-haired” and “stuffy”? LSO’s “Humor in Music” on Jan. 30 uncovers some composers’ lighter sides, from subtle jokes to concertos for vacuum cleaners. On May 15, the popular husband-wife duo Acoustic Eidolon joins LSO for a special performance. Other performances are listed online; all take place at 7:30pm at Vance Brand Civic Auditorium, 600 E. Mountain View Ave. in Longmont.

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 

Catch local talent the first Friday of the month at the Huckleberry, 700 Main St. in Louisville. Musicians, poets and other performers show their stuff from 7-9pm. Just show up with your instrument (if you need one) and add your name to the list. 303-666-8020.

 The Huckleberry is located in Old Town Louisville, Colorado, in an historic building dating back to 1894. Today, the Huckleberry serves breakfast, lunch and dinner in an atmosphere of fun, creative, comfort. Our food is created to be FUNKY COUNTRY - real food you recognize and love with a modern twist. We've taken American Classics and added a hint of culinary sophistication to appeal to a wide variety of discerning palates. At The Huckleberry, there's something for everyone! In addition, The Huckleberry offers an Afternoon Tea the Huckleberry way - instead of a snobby, elitist experience, you'll get an elegant tea time complete with small sandwiches, scones, cream, and other goodies, all presented with gracious, sincere service. No white gloves or hats required! Perfect for special occasions or just for enjoying the afternoon with a friend. So come visit us and experience a modern, small town restaurant!

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 

National Western Stock Show

Visit the 104th National Western Stock Show January 9-24, 2010

Region: Denver Area

01/09/2010 - 01/24/2010
4655 Humboldt Street
Denver, CO 80216
Phone: 303-297-1166
National Western
Email

Additional Pricing Information: Adults (12 and over) $10 Saturday 1/9, Sundays 1/10, 1/24; $12 Saturdays 1/16, 1/23, Sunday 1/17 and Monday 1/18, $7 on weekdays. Children (3-11) $3 on Saturdays, Sundays and holidays, $2 on weekdays. Children 2 and under are free. All reserved seat tickets are dependent on event, performance, time and seating location.

Directions: From I-25 north or south, take the Brighton Blvd./Coliseum exit. Turn north on Brighton Blvd. Turn west on 46th Avenue. From I-70 east or west, take the Brighton Blvd./Coliseum exit. Proceed north on Brighton Blvd. Turn left on 46th Avenue.

Rob Kelly-RE/MAX Realtor-Louisville, Colorado

"Thinking of Real Estate?  Think of Rob!"

www.RobKellyColorado.com

robertkelly@gmail.com

720-284-9211

 
 
Robert_kelly_265_t_sepia Rainmaker_large

Rob Kelly

Louisville, CO

More about me…

RE/MAX Alliance

Address: P.O. Box 270728, Louisville, co, 80027

Office Phone: (303) 666-6500

Cell Phone: (720) 284-9211

Email Me

Observations from the world of a Louisville, Colorado Realtor and Investor www.RobKellyColorado.com


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