Gretchen's Blog

Help Us Win Cutest Dog and We'll Donate to Needy Animals!

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 06 Sep 2009 20:45:22 -0500

By now, many of you have heard the story of DUKE, who we adpoted one year ago. Duke is a Golden Retreiver/Shar Pei mix who has the disposition of Budda and loves tummy rubs and peanut butter.

He was abandoned in Texas, and we got him last year during the weekend of Hurricane Ike.

We've entered Duke into the "Cutest Dog Competition" as a way to support orgasnizations that resuce dogs. If Duke hadn't been rescued and found his way into our household, we'd be the poorer for it.

If Duke manages to garner any winnings, we'll make a donation to two excellent local shelters - The Denver Dumb Friends League and the Max Fund. The top prize is $1,000,000!

Here's how you can help. This contest is all about social networking. There are thousands of dogs entered every week for twelve weeks. Today begins week 6.

During this week, everyone can vote for the same dog once a day every day. Please sign up and vote for DUKE F!

It's a lot to ask, but once you've registered your email (so they know the voting is fair) you can bookmark Duke's site and vote in seconds. Here's the link to Duke's site: http://www.cutestdogcompetition.com/vote.cfm?h=B73E47A9FA9E71F0C087B6006A4F18F2&page=1.

The main contest site is: www.CutestDogCompetition.com. You can also go there and search for DUKE F. in the "Cutest Gallery."

Help us raise money for resuced animals and the organizations that rescue them! Vote for DUKE F. once a day every day this week! It would mean a lot to him:)

Also, please pass this message on to anyone who you think might be interested in helping Duke. Tweet it! Put it on your Facebook! We'll need in excess of 3,000 votes to win - that's a lot of you clicking away.

Thanks and have a great week!

Vote for DUKE F. as cutest dog and he'll donate to rescue dogs!

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 06 Sep 2009 19:34:12 -0500

Duke is a Golden Retriever – Shar Pei mix who has the disposition of Buddha and loves tummy rubs, and playing with his doggie friends. He was abandoned in Texas and we got him last September during the weekend of Hurricane Ike.

We’ve entered Duke into the “Cutest Dog Competition” as a way to support organizations that rescue dogs. If Duke hadn’t been rescued and found his way into our household, we’d be the poorer for it.

how you can help. This contest is all about social networking. There are hundreds and hundreds of dogs entered every week for 12 weeks. Today (Sunday 9/6) begins week 6. During this week, everyone who wants to vote for a dog can vote once a day for the entire week, until next Saturday, September 12^th.

It’s a lot to ask, I know, to have you vote every day this week, but once you’ve registered and bookmarked the site, it will only take a few seconds. First you must register your email address (so they know you’ve only voted once per day) and then you click the link back and vote for Duke Faber. Here’s a bookmark to his page for future days, but you can also search “Duke Faber” in the search box under the “Cutest Gallery” tab at the top of the page. http://www.cutestdogcompetition.com/vote.cfm?h=B73E47A9FA9E71F0C087B6006A4F18F2

To get started, go to www.cutestdogcompetition.com (or Duke’s direct link) . At the top right of the home page is a tab that says “register/login.” They’ll email you back with a link. Click on the link, go to the “Cutest Gallery” link and enter Duke Faber in the “search for a dog” box. You’ll need to vote for him daily this week, through Saturday.

Also, in the spirit of our powerful social networks, please forward this to anyone who you think would love to view cute dogs and give a vote to Duke. Post it on your Facebook and Tweet it! Let’s get out the vote!

Thanks! Have a great week.

Mortgage Caution - Delays in Closings Will Happen!

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 06 Sep 2009 19:18:06 -0500

A broker in my office came to me yesterday with some questions about a seller’s recourse if the loan doesn’t fund at closing.

Colorado is a “table closing” state, and our contract expressly states that the buyer must attend the closing with all moneys and documents. This means that if a closing is at 4 p.m. on a Wednesday, as this broker’s closing was, the buyer and the buyer’s lender must perform under the terms of the contract at 4 p.m.

This lender had a lackadaisical attitude, ignored the new HERA/HOEPA regulations and essentially didn’t do his job. He was told on August 23rd that there was a slight change in the final figures, but he failed to disclose the change to the buyer.

Under the new regulations, any change upward to the buyer’s APR (over 1/8%) must be disclosed in writing to that buyer and the closing can’t happen until 3 days after the disclosure is made.

The loan broker did not disclose the resulting change in APR to the buyer until yesterday, the day of the closing. Actually, it was the second date for the closing, since this lender also didn’t order the appraisal on time (another story.)

Real Estate Buyers - Caution!

You are at risk to lose your earnest money in Colorado if you aren’t prepared to close at the date and time the closing is scheduled in the contract. In this case, the earnest money was $8,000. You lender and your real estate broker must be watching out for you and advising you. How could you possibly keep up with the changes in our industry? It’s obvious that many lenders and real estate brokers aren’t even keeping up. If the real estate broker in this instance had been on top of her game, she would have hounded the loan broker to get his disclosures out.

Her managing broker is helping her out, and using this as a “teaching moment” by paying the sellers’ damages. This equates to their loan per diem until the closing and various other pro-rations and charges. He’s a good broker and stepped up to the plate immediately because he understood that we must not stand in the way of a buyer and seller finalizing the transaction, or risk our clients’ earnest money. I’m sure he’ll also go after that lender for leaving him hanging in the wind like that.

This added level of complexity makes it more essential than ever that you hire a professional and seasoned real estate broker and that you listen when they tell you what to look for in your lender.

Don’t leave your earnest money to chance.

This was fisrt written at LifeStyle Denver.

Denver Real Estate Prices Rise 1.5% Since May

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Wed, 01 Jul 2009 22:39:25 -0500

Denver real estate is in recovery. We’re the baby sapling, taking root and growing strong.

The thing is, we never totally crashed and burned like other cities did. Prices went down for sure and according to yesterday’s S & P - Case Shiller Report, we’ve seen depreciation of 4.9% since this time last year. Compare that with Phoenix, down 35.3% year over year.

Since last month, Case Shiller reports that Denver’s prices have appreciated 1.5%. That’s an awesome bounce. Some analysts think this may be a seasonal adjustment, and may not signal a recovery.

I disagree.

Our available inventory hasn’t risen significantly this year. We didn’t experience the typical big bounce in available listings in the Spring. For that reason, we’ve been able to stabilize the market. The ratio of properties available for sale and days on the market is stable. We still have a stratified market, and we need to see high end properties shake out some inventory.

High end sales are increasing slightly too.

I looked up Park Hill and Hilltop sales since April yesterday, several million-plus sales have been recorded. Jumbo rates have become more competitive in recent weeks and there are cash buyers out there looking for a deal on their dream home.

Appreciation follows a reduction in time on the market.

As the days on the market have fallen, as we’ve begun to have multiple offers, as rates have remained competitive we’ve had appreciation re-enter the Denver market. We won’t get back to double digit appreciation very soon. But buyers beware - if you don’t get off that fence soon, you may be looking back over your shoulder in regret.

Margaret Jackson, the Denver Post’s Real Estate Correspondent wrote more about the S & P - Case Shiller Report in this morning’s paper. Read to the end!

This article and others appear on the LifeStyle Denver Blog.

Buyers Beware - Denver’s Zoning Code Changes Coming Soon

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Mon, 22 Jun 2009 22:40:21 -0500

Denver’s new Zoning Code is currently in the community feedback phase.

The new code has been in the works for several years, and Denver’s Zoning Code Task Force and the Community Planning and Development group are currently seeking public input. There have been several community meetings to review the code in specific neighborhoods, and you still have the opportunity to attend any of the remaining meetings.

The changes to the code will be quite drastic in some instances. Currently in Denver, we have R1 (single family), R2 (duplex or carriage house), R3 (multi-family) as our primary residential zoning designations.

If you are thinking about buying a property that is currently zoned R2 because you would like to build a duplex there or have your mother-in-law move into a new carriage house above the garage - beware! Your property could potentially be “down zoned” to single family after the code changes in the fall.

Become informed about the city’s zoning changes if you live in the city, or if you’re considering purchasing a property here. You’ll want to know how the new transit area zoning might affect your property, what zoning could allow next door or across the street, and what the planning committee means by “areas of stability.”

Highest and best use might not be as high for some properties after the zoning code is changed. Other properties may benefit from a “better” zoning designation, increasing their highest and best use.

The web site for more information is www.NewCodeDenver.com. I plan on attending a meeting next week, and I’ll post more information then.

First published at LifeStyleDenver.

Denver Colorado Real Estate | April 2009 Market Statistics

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Fri, 08 May 2009 20:15:03 -0500

Yay! The market statistics are out for the month of April. This is always my favorite blog post of every month, and I wait with baited breath for the Metrolist stats to be put up on their site.

These statistics are based on homes listed for sale in the Denver MLS, and do not reflect private sales, many foreclosures or much new construction.

In April, our inventory remained about equal to what we had on the market in March. Combined single family and condo listings were at 20,628 in March and 20,705 in April. Sales have dropped from a year ago, but are up from last month. I showed a house to some clients this past Sunday, and when we called to tell the listing agent we had some interest I found out they already have 3 offers…

The most notable thing I see this month is the average days on the market continues to drop for single family homes. We’re at less than 4 months on the market, average, for most properties. This suggests that properties are selling much faster than they were, and is a sign of a market that is in balance. Even condominiums, where DOM have risen slightly since last month, are selling in less than 4 months, average.

It looks scary to see that we’ve dropped 17.56% in number of homes under contract, but as a percentage of inventory, we’re actually doing better. We had 25,030 active properties in April ‘08 and 6,093 were under contract.

Our high end of the market is still out of balance. There are $million+ homes selling, but buyers seem reticent to get into the market just yet and sellers are resistant to drop their prices any more. Many sellers in this price point have the financial wherewithal to hold out so we’re at a stalemate.

What does all of this mean for buyers and sellers? Many sellers are getting real with their prices or taking their homes off the market. I think that the lower price point is the hot spot, but since the average sold price for single family homes is up over 1% that may be a sign that the recovery is gradually trickling up to a slightly higher price point.

Spring is here, buyers need to get off the fence quickly. The current combination of low rates and low prices can’t last. If the economy at large stabilizes (the DOW was up again today) then rates will begin to creep back up. You’ll stand to lose a lot of buying power that you have right now. With Denver Real Estate sales showing more and more signs of life, we’ll see more than a 1% jump in average sales price.

Real estate is not scary, if you are wise and educate yourself you can make a smart real estate decision.

These stats were first published over at LifeStyleDenver.com.

Inspiring - Spire Condominium Rises in Denver

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Mon, 27 Apr 2009 22:16:58 -0500

Downtown Denver has seen several developments taking shape. Once particularly interesting building is Spire.

Developer Randy Nichols is building a mid-priced condo development aimed at the average price range for a downtown buyer. The development is rapidly rising across from the Denver Convention Center and includes cool amenities like loaner cars and a doggie park on one of the decks.

With 41 stories (483 feet high) and 503 homes (714 bedrooms), Spire will be one of the tallest residential buildings in the Western United States and the first new residential high-rise to be built in the central business district of Denver in decades (24 years). The sales office is now open across the street from the building, and Chad or any of the staff will gladly give you a tour through the models.

Our entire office was invited down for lunch and a tour recently, and we had a great time learning about the Spire development and the city’s idea to make 14th Street a “mini Times Square.”

Denver Real Estate and development is ever changing. We’re fast becoming a city to envy - and the mountain views from Spire will prove that. Downtown Denver is being transformed from a sea of office high rises to an extremely livable and walkable city. Get down there and enjoy!

First posted over at LifeStyleDenver. Check it out!

Top 3 Reasons to Understand Real Estate Agency Rules in Colorado

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 19 Apr 2009 21:52:09 -0500

You’re thinking about buying Denver Real Estate and you’re ready to hire a broker to represent you. What you need to know is that we have very specific rules here in Colorado about disclosing and explaining the rules of Agency to our clients and customers.

There are 3 very important reasons to understand the Colorado Agency Rules before you get started:

1. Is Your Broker a Coach? I like to explain to people that an Agent (a Buyer Agent or a Listing Broker) is like a coach. We have a fiduciary obligation to represent your best interests, negotiate on your behalf, uncover issues with the property that are discoverable and disclose any pertinent information we might have or learn. Your coach puts you in the game, advises you how to play and roots for you all the way.

2. Is Your Broker a Referee? If your agent is working for you as a Transaction Broker (sometimes called a TB) then you can think of her as the Ref. The referee runs up and down the field and makes sure the game is played fairly. A TB will owe you the duty of honest and fair dealings, but will not be able to advise you or represent your interests. It’s required that a broker who is working with both the buyer and seller either be a TB or keep the Agency relationship with one client and treat the other as a “customer” - someone he has no brokerage relationship with at all. It’s not inherently bad to have your broker be a TB, but always ask in what capacity is your agent working with you.

3. Do You Have Anyone in Your Corner? If your broker is representing the other party as an Agent and treating you as a customer, you might want to rethink that relationship and get some help and advice. I’m always amazed at the people who will walk into an open house, say they want to make an offer, but also say they want to do it on their own to, “save the co-op commission.” People, really! This is probably the most complex and expensive purchase of your life! Get someone who understands the ins and outs of real estate to help you. If you like the broker at the open house, ask her if she can be a TB (her sellers would have to agree.) You can also ask her to make a referral for an outstanding Buyer’s Agent. You might even want to engage the services of a crack real estate attorney. We aren’t required to use attorneys in Colorado transactions, but someone should be in your corner.

For more information on Colorado Agency Rules, you can visit the Colorado Real Estate Commission site. And one more thing - these disclosures are supposed to be made in writing! Ask your broker for the Definitions of Agency if you’d like a more thorough description.

Originally posted at LifeStyleDenver.

What’s Hot in Denver Real Estate?

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Fri, 17 Apr 2009 19:12:47 -0500

I was interviewed a few days ago by Lane Lyon of Channel 7NEWS.

Below is an excerpt of the report that aired as the lead story.

Denver Real Estate trends are reported here every month and the March analysis was just posted last week.

Channel 7 - Real estate agents aren’t shy about discussing a red hot market being felt in the lower- and some medium-priced segments of the housing market. “In fact, one of the agents in my office told a story this morning about how they were in bidding war and there were eight offers on the property,” said Gretchen Faber, Broker Manager with The Kentwood Company at Cherry Creek.

Faber said the property was listed around $250,000. Properties that are moving faster seem to run from $150,000 to $400,000, Faber said.

“That’s the segment of the market where we’ve seen multiple offers, buyers having to make quicker decisions. The good properties that show well and are well-located are selling,” Faber said. “The higher price range is picking up, but it’s still a slower segment of the market.”

According to data released Tuesday by Metrolist, the average price of a single family home last month was $232,395, which is up seven percent from February. The housing report also showed that listings under contract were up 15 percent last month compared to February. Sales volume, or the amount of homes that were closed on, increased 29 percent. Sales were down 14 percent when compared to March 2008, the report showed. The single family home designation includes both residential and condominium properties.

“We have a good combination of affordability and low interest rates,” Faber said. She anticipated that overall market conditions will follow the positive strides being made now with lower priced properties, and said Denver is routinely ranked high in national studies in terms of market recovery and a place to buy property. “I think Denver is a good bet,” Faber said.

If it’s on TV it must be true - right?

Posted last week at LifeStyleDenver.com. Hop on over!

Denver as a Leading Indicator - Real Estate Rebound

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Thu, 02 Apr 2009 22:16:44 -0500

Forbes Magazine mentions Denver in this week’s article about the most stable cities in the U.S.

Search for Denver Real Estate and use the cool mapping tool to locate exactly where you want to be.

We’ve been busy with open houses, buyer inquiries from the internet, and people generally excited about the low interest rates. Rates are unlikely to fall any further, and prices are also unlikely to decline a whole lot more.

Be aware that most people look backward and decide they “should have.” Perhaps if you aren’t interested in moving, you might like to invest in a rental property. Did you know you can do just that with your IRA or 401k money?

Send me an email and I’ll be happy to help you find the perfect property!

Read this and more about Denver Real Estate!

Reduce the Price of Your House When Rates are Falling?

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Thu, 02 Apr 2009 21:50:44 -0500

We’re in a recession. The worst since the 1930’s.

Have you heard that yet? So have I, but guess what - we’re still selling homes in Denver!

I’ve said it before, Denver is weathering the storm better than many other areas. It’s not only me and other exuberant Realtors pushing an agenda - read it in the NY Times and see it on NBC - Denver’s stability is news.

Still, our higher priced homes are taking longer to sell and have fewer showings while they’re on the market than the mid-priced homes. Medium priced homes that are overpriced relative to their competition are stalled too. It’s a buyers market!

A seller recently asked, “rates have come down more, why should I drop the price of my house now?” Uh, well Mr. Seller, because if you can’t get showings now, when Mr. Buyer’s purchase power just went up again - you’re overpriced!

I really wish it weren’t so. I wish your home and mine were still appreciating at 10% a year. I wish that you could get “what you need” or “what you paid for it” or “what your neighbors got 18 months ago.” I would love to skip the part of the listing presentation where I tell you your house is worth $400,000 less than you want me to list it for. I have some wonderful listings that we priced 18 months ago that could have benefited from my crystal ball (it’s been on the fritz lately). I might have suggested back then that we not be quite so aggressive.

I’m suggesting it now. Two weeks ago I essentially walked away from listing a house that I’ve always loved when I drove by. I had to suck it up and deliver the news to the sellers what today’s value is. I knew that would be the kiss of death, that they would pick the broker who told them what they wanted to hear. It’s listed now for $250,000 more than it should be.

Strike while the iron is hot. Drop the price until you get showings. After 25-30 showings, drop it again if you don’t have an offer.

I’ve closed 4 sales in the past 40 days - all high priced homes relative to the average in Denver. What got them sold was that they were aggressively priced relative to their competition. As rates go down and buying power goes up, use that to your advantage to gauge where the market rates your house a value. Get your price there and you will sell it.

Surf Denver Real Estate at www.GretchensDenver.com!

View the original article at LifeStyleDenver!

Top 5 Tips for Short-Sale Buyers (In Any Price Range)

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 22 Mar 2009 21:57:01 -0500

You may be interested in making an offer on a property that is listed in the MLS as a “short sale”. My highly educated, former physician father recently asked me exactly what that term meant and how it differs from a “foreclosure.” His question offered me a glimpse that our Realtor-lingo isn’t always understood by the general public.

In Denver, we’ve seen many more homes come on the market lately as short sales. Here’s a list that could help you if your dream home happens to be a “short sale”:

1. Make any offer you deem reasonable. When a house is on the market and the seller owes more than he can sell it for, but it’s not in foreclosure yet - you’ve got a short sale. The seller and his broker will need to negotiate with the lender(s) holding the notes to accept a shortage. Also called a deficiency. The seller’s real estate broker will try to get as much for the house as possible because that’s her job. But you can offer anything you want (don’t make it ridiculous and waste everyone’s time) because ultimately it’s the bank that will be deciding how much they’ll write off.

2. Prepare to wait weeks for an answer. Sometimes weeks and weeks. The bankers are either overwhelmed by the piles of short sales and foreclosures on their desks, or they’ve got their heads comfortably resting on those stacks of files with zzz’s in a little bubble over their heads. You decide which.

3. Don’t expect much on the inspection negotiations. The banks usually want the sale to be “as-is.” This doesn’t abrogate your ability to conduct an inspection, and you always should. However, prepare to fix most of what you turn up yourself. They sometimes surprise us and fix a few items, so you can always submit a list. Just be prepared to make the decision to move forward without most repairs. Remember, the seller is fast approaching foreclosure, and probably doesn’t have any money available to fix anything either.

4. Know what a “Deficiency Judgment” is. For years, banks would file a judgment against a seller for the deficiency in the repayment of the loan. Even though the bank agreed to accept a short sale, they still wanted some sort of repayment. They would negotiate with the sellers to repay in small amounts over several years as an unsecured note. The hammer they held over the seller was a recorded judgment of deficiency. Not as bad on your record as a foreclosure, but still not great. Lately, we’re seeing more banks just writing off the deficiency, and not requiring a seller to repay it or assume a deficiency judgment. Depending on the bank’s stance with the seller, you may have less negotiating room when the seller is faced with repaying the deficiency.

5. Have your own loan lined up and ready to go. You wait and wait for an answer, and then you get the o.k. Now you’ll need to hurry up and get the property closed. Once the bank approves the short sale, they typically want it closed right away. Have your ducks in a row so you can move quickly.

Short sales happen in every price range. I typically work with higher end clientele, often cash buyers, and still we’re seeing short sales crop up. If you find your dream home and the seller is struggling, have some sympathy and then go in and get a great deal!

Search Denver properties on my fabulous website, www.gretchensdenver.com. You’ll have access to nearly every available property in the Denver MLS, be able to map properties, and find relocation information too!

Buying a foreclosure or short sale? Read here about easy remodeling tips!

Read the original article at LifeStyle Denver.

Building a New Home Wonderland in Denver

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 15 Mar 2009 15:22:52 -0500

I’ve been reading the news about home builders throughout the U.S. cutting back, downsizing or going out of business altogether.

Here in Denver, Colorado we’ve lost Village Homes, John Laing, and more. McStain is hanging on by a thread. The downturn in real estate is taking its toll. I hate to see builders leaving our city and the resulting job losses, but it may be a good thing for construction to slow down a bit - and for builders to realize that their business model is as important as throwing up houses.

One local builder that seems to be weathering the storm is Wonderland Homes. They’ve managed their business affairs well enough to hang in during the downturn and are turning the corner.

Wonderland has sold 10 homes since the beginning of this year. Steve Phua, Director of Operations, attributes this to the price point they build in. Their primary price is mid-$200,000’s to mid-$300,000’s. Wonderland builds a good house for that price, and buyers are thrilled by the floor plans and finishes.

Steve also told me that location is another important factor, and their developments closer into Denver seem to be faring better. Their main location is at the former Stapleton airport, now the Stapleton redevelopment area. Stapleton is a great new urban neighborhood full of families, parks, schools and offers great walkability.

Denver is fighting off the doom and gloom. Home resales and new construction are both experiencing a pop in activity since last year. Contact me if you’d like to see homes in Stapleton or any other area of Metro Denver. You can begin your online search at www.GretchensDenver.com!

Read the original at LifeStyleDenver.

Denver Colorado Real Estate | February 2009 Market Statistics

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Tue, 10 Mar 2009 21:21:56 -0500

It’s that time again! Time to review the performance of Denver’s real estate market in February.

Stocks are plunging, national employment numbers are falling and yet our real estate market seems to be weathering the storm. We may be on shaky ground, and we are still seeing some prices falling, but deals are coming together and most buyers are able to find financing at great rates. In fact, 4,183 homes were put under contract in the month of February - a 9.19% increase over January.

We’ve added inventory since last month, and currently have 20,059 properties on the market. The increase in inventory is reflective of sellers who waited out the holidays and had their house ready to sell after the first of the year. I would expect to see this number continue to rise over the next few months, but hope that the increase is slight enough to keep the days on market below 5 months. If the days on market rises significantly, prices are at risk to drop further.

The reduction in sales prices from a year ago is influenced by the mix of houses selling. The middle tier of homes are selling much faster, thus the prices appear to have dropped 14.63% since last year. You will also note that we had a price increase since January by 2.19%. That’s a fabulous sign for our market. Many sellers are reducing prices to get their homes sold which is clearing out the inventory, but has depressed the average price.

I’ll say it again - you want to buy low and sell high. Too many people are selling low right now in too many markets. Denver’s real estate market is showing signs of recovery. Now is the time to buy low. Don’t look back and see that you missed your opportunity.

The original article was written over at LifeStyle Denver. Mosey on over!

Knowing When It’s Time to Buy a Move Up House

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Tue, 24 Feb 2009 21:23:19 -0600

In today’s real estate market, there is a very compelling argument that it’s a good time to buy a move up property.

You say, “I can’t sell now, I’ve lost money on my house.” Assuming you’re not upside down and owe more than the house is worth, you may not be losing as much as you think.

Say you’ve lost 20% in value - as shown in the first slide - your “loss” compared with the loss the larger property incurs wouldn’t be as high. The percentage decline is a function of the value of each of the homes. If your loss is $90,000 and theirs is $130,000, then when you net this out you could say that you’ve gained $40,000 by trading up.

You’ve now moved into your beautiful, and larger home. Stay there awhile. You’ll need to hang tight for several years, but eventually inflation will take hold and the price of the home will begin to rise.

You decide to sell at some future point. The gain is 20% in value since you purchased the house. If you had stayed in your smaller home, your 20% gain over that time would amount to $72,000. The gain you’ll recognize on the larger house would be $104,000! Can you see why it’s a great time to move up when the market is depressed?

Rarely is there such a dramatic convergence of low prices and low rates. It can’t last forever. You should speak to a reputable mortgage lender and see if you’re a good candidate for a move up now. Check out Denver Real Estate at my web site, www.GretchensDenver.com, with nearly every listed property in the Denver Market available to see.

Thanks to Steve Harney and Keeping Current Matters for the terrific slides.

This article was first written at LifeStyleDenver.

Your IRA and 401k Can Buy a House! Five Ways to Become a Landlord on Someone Else’s Money

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 15 Feb 2009 13:22:16 -0600

You know that this would be a great time to get into investing. You know that mortgage rates are down. You know that the millions of people losing their homes to foreclosure can’t stay on their mother-in-law’s couch much longer. And you know that sellers are bargaining when a buyer finally does walk through the door.

Why not buy a rental property?

Yes, I know. You’re thinking:

I don’t have any money for down payment or fix up costs
I don’t think I’d make a good landlord
My credit score is too low to qualify for a loan
My investment adviser says she doesn’t offer that

Moving your account to a Self-Directed administrator who will facilitate such an investment is easy - getting your head around the rules regarding IRA purchase of property is a little harder.

The first thing you need to do is look at your IRA (or 401k) as a separate person or entity. If it’s easiest just call your IRA, “good old Uncle Ira.”

Uncle Ira can buy you real estate, and Uncle Ira can hold it for you. Uncle Ira pays all of the expenses out of his pocket for any work that needs to be done, and Uncle Ira pays the mortgage, if there is one. Uncle Ira also gets all of the potential gain in the future. The money from the rent and the appreciation all go into his wallet.

Being a dutiful niece or nephew, you’re going to help out Uncle Ira around his place. You’ll handle getting it rented (but make sure the tenant knows which address to send the rent checks to), you’ll coordinate any repair work needed (don’t pay for any of it out of your pocket.) And when the time comes to sell it, you’ll choose which Real Estate Broker to hire to list and sell the property, and Uncle Ira will pay the Realtor’s fee.

This is not a new provision to the tax code, it has been allowed since the inception of the rules stating what types of investments can be held in retirement accounts. Here are the basic rules in nutshell:

You can’t use the property personally.
Lineal relatives are disqualified persons (i.e. children or parents) and can’t reside in the property. A brother or sister could live there.
You can mortgage the property if your retirement account isn’t large enough for a cash purchase. You would use what’s called a “non-recourse” loan. Here in Colorado, First Bank of Colorado issues non-recourse loans. So does North American Savings Bank in Overland Park, Kansas.
If you’re bumping up against the Fannie Mae/Freddie Mac rule that you can’t own more than 4 investment properties - this is a way to buy a fifth or sixth. This type of purchase doesn’t count against the requirement because it’s Uncle Ira’s purchase, not yours.
You must place your IRA or 401k money in a self-directed account with a self-directed account administrator. Most fund managers do not offer this service because they’d rather put you into a mutual fund and call it a day. You are allowed to move your IRA or 401k money to another administrator. I’ve recently met with Patrick Hagen at The Entrust Group. Patrick, or any of the other staff at this small and very responsive firm can answer all of the questions that aren’t answered here. Their web site is www.NewDirectionIRA.com. Patrick’s email address is phagen[at]ndira.com.

After you’ve had the chance to talk to Patrick, contact me and we’ll start searching for your first rental property for Uncle Ira. You should choose a Real Estate professional who knows a little about this, because there are very specific rules about filling out the purchase contract.

Being a landlord isn’t that hard, and you can watch your IRA grow much faster than it would in a mutual fund!

First published at LifeStyleDenver.

Denver Colorado Real Estate | January 2009 Market Statistics

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 15 Feb 2009 13:12:33 -0600

Denver real estate sales seemed to take a hiatus in January.

While January is typically a slow month for closings, this was softer than usual. Buyers and Sellers were truly jarred by the economic cliff we fell off. As the plummet felt faster and faster in November and December, people hunkered down and focused on family and the holidays.

Remember, closings in one month are a result of contracts written the previous two months.

January 2009 was slow because at the end of 2008 people were waiting. Waiting for the new administration, waiting to see what their 401k looked like, waiting for rates to come down, waiting for the sun to shine.

We still have a much lower inventory of homes to choose from and judging from how many offers we’re seeing this month, things will pick up a bit from here. This is typically the best selling season in Denver (February - May) and I think that with the low rates and the lessening inventory we’ll see the under contract and closing numbers pop next month or the month after.

Here’s the thing, though… In order to get a truly balanced market, we need to begin to sell properties in all price ranges. The lower and middle range homes are still what’s selling - as I’ve said in past months. But, in January we only had 23 homes sell priced over $1,000,000. The luxury and high end market must clear out inventory to get our entire real estate market back on the fast track.

The past two weeks I’ve had a flurry of activity on my luxury property listings, and one is under contract, with two more possibly so. The buyers I’ve spoken with about this say they feel like the prices have come down enough to be a good deal. We’ll see what this portends. I’ll keep you posted!

This article was originally posted at LifeStyleDenver.

Is Now a Good Time to Buy Denver Real Estate?

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Tue, 27 Jan 2009 19:50:00 -0600

Where do you think we currently fall on this graph?

Somewhere between Panic and Depression? Inching toward Hope judging from Denver real estate’s showing activity in the past 14 days?

Too many buyers will wait until we pass Hope and head into Optimism. That may be the right time to move homes, but it won’t be the time for maximum return on investment.

Homeowners should remember that their primary residence is first and foremost a place to live, raise the family, make memories. Second - it is an investment. Investors looking for rentals, or an extremely well-calculated fix and flip, this appears to be the time of maximum value to make that purchase.

There is too much mattress money out there waiting on the sidelines. Loans are available, and homes are plentiful. Get off the fence, don’t be paralyzed by Depression.

Check out this post and others at LifeStyle Denver.

Denver, Colorado - Stability in Home Prices Predicted

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sun, 18 Jan 2009 21:11:36 -0600

The PMI Mortgage Insurance Company, located in Northern California, issued their quarterly “Market Risk Index” this week.

Denver, Colorado is listed among 10 U.S. cities as those posing minimal risk of housing prices being lower in two years than they are today. This report doesn’t make assertions as to whether housing prices will rise, but it’s a good bet that stable or rising prices are more likely in our future than lower prices are.

Combine this news with historically low mortgage rates, and you see what a great time is is to get off the fence if you want to buy property in Denver. Denver housing is picking up steam in a massive way. Our office’s showings are way up. Just on my own listings (click LifeStyle Listings to see them all) I’ve had more showings in the past week than in the prior three months.

If you’re waiting for home prices to fall, just consider that a 1% change in rates (from the 6’s we had a few months ago to the 4’s and 5’s now) can drastically reduce your payment, more than if prices were to drop a little further in the coming months.

My childhood home of Riverside, California didn’t fare so well in the report. They are among the top 3 areas where prices are most likely to drop. I’m glad I live in Denver now.

Denver real estate appears to be a better investment than nearly everything else besides gold. Maybe it will turn into gold if you hold onto it long enough. Stay tuned here to find out more!

Check out this and other articles at LifeStyle Denver.

Denver Colorado Real Estate | December 2008 Market Statistics

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Mon, 12 Jan 2009 21:30:16 -0600

Prognostications from the kitchen table

That’s pretty much what we do, real estate bloggers - peer into our crystal balls, ignore the strictly bad news and go with our gut. But our gut involves real world experience. We’ve either got buyers in our cars or we don’t, we’re either listing properties or we’re not. If we are driving buyers around and we can find good inventory to show them, then we can say that for that market segment we see demand.

Seasonally Adjusted

Listen to the statistics you hear from “national” publications, and you may not be aware that there is a seasonal ebb and flow to real estate sales. Yesterday we learned that the market was down in fourth quarter 2008. Surprised? You shouldn’t be, the market is always slower during the fourth quarter. In actuality, the supply of unsold homes (or inventory) fell again for the 6th month. The declining inventory began in June 2008. May 2008 was the last month Denver saw more inventory added than sold. In May, we had 26,333 listed properties in the MLS, in December we had 19,600. That’s a whopping 6,733 fewer homes for buyers to look at. This number will likely begin to rise again in the next few months for the spring selling season, which is good news for buyers. When there is a dearth of homes to choose from, buyers will begin to see prices creep - even if it’s not a lot, this will be the indicator that we’ve hit the floor.

Denver’s Statistics

The Denver statistics are provided by Metrolist, our local MLS provider. It’s really fascinating to compare not just the month-to-month stats, but the year-over-year as well. The amount of inventory for both single family homes and condominiums is down 20% from this time last year. That’s a pretty drastic reduction in available homes for buyers to look at. If any pent-up demand emerges as interest rates go lower, we’ll continue to see homes selling more quickly. That’s illustrated by average days on market going down both from the month before, as well as from last year.

Why are prices down?

People ask me, “well, why are prices down?” Probably as many reasons as there are neighborhoods and price points. There are still foreclosures that need to be sold to new owners. Colorado’s foreclosure rate is drastically lower than it was a few years ago, and it seems to be slowing. We’re not even in the top 3 states - and in 2006 we had the dubious distinction of being the number one state for number of foreclosures. But we are still seeing the mix of properties that sell skewing to the lower end of prices. There have been a few more high end sales in recent weeks, but that end of the market will only really begin to recover when mortgage money for jumbo loans is more affordable and when more of the high-end inventory is sold off.

New York Times on Denver

The New York Times has repeatedly focused on Denver’s positioning as a good economic bet. In an article published in yesterday’s Times, the diversification of our economy and the relative stability of our residential real estate market are chief causes. Don’t forget quality of life. Today is January 8th and the temperature is 62 degrees - plus the snow in the mountains is perfect for skiers. My husband is out enjoying his motorcycle this afternoon.

Statistics are an interesting indicator of history. We look back and see what happened. Talk to your full-time professional real estate broker and you’ll get the answers from his or her crystal ball and real world experience .

The Denver Post interviewed me this week about picking Denver’s Next Hot Neighborhood. The crystal ball will come in handy for that one too.

You could have seen this first at LifeStyle Denver.

Denver Real Estate | Denver’s Architectural Styles

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Sat, 03 Jan 2009 16:36:18 -0600

When you’re selling your home in Denver, you may want to have the correct label on the house for it’s architectural style. I’ve seen homes that were clearly Victorian labeled Tudor, or Mid-Century Modern called International Style. Denver Real Estate is replete with fabulous architectural styles, and remember, marketing is everything. Your Bungalow may or may not be Arts and Crafts.

My home is a Tudor style, something my husband and I said we didn’t want when we were looking for a home. We tended to gravitate to clean lines and a more modern, warm feel. Our house was built in 1938, and many of the architectural details reminded me of the house I grew up in, built the same year. While we thought a Tudor home would be dark and choppy, we discovered that the house was perfect for our family’s lifestyle.

Another lovely style that’s been adopted as a Denver original is the Foursquare. Locals call this a “Denver Square” and these homes were primarily built in the late 1800’s and early 1900’s. They supplanted the more embellished Victorians found in many of our older neighborhoods.

Always a favorite of mine is the Modern Style home. Among “Modern” you’ll find Prairie and Usonian styles, and in some neighborhoods (Bonnie Brae for example) there are fine examples of International style homes. These tend to be devoid of decoration with clean lines and flat roofs. As a child, our coffee table books were Art or Architecture books. I clearly remember thumbing through my parent’s Bauhaus book and being enthralled with the artistry of the style.

Other typical Denver styles of architecture are Neoclassical and Georgian. These are often confused. The Georgians are very symmetrical and formal. They usually have a grand entryway or portico. The keystones above the windows are another giveaway that you’re looking at a Georgian style home. The Neoclassical style shows off the very prominent columns and you can’t mistake the look that was intended to mimic a Greek Temple.

Finally, we must admire the workhorse of Denver’s Washington Park neighborhood - The Bungalow. Bungalows in Denver are low slung and brick. They typically have lovely front porches with brick columns holding up the roof. Many bungalows have beautiful Craftsman style mill work inside, and it’s always a pleasure to find the warm wooden trim unpainted or restored.

Central Denver is a unique mix of architectural styles, and while some have been adapted with a western flair, there are elements of historic styles in new and older neighborhoods. Read today’s terrific article in the Rocky Mountain News if you’re interested in more information on Denver’s architecture.

Enjoy your search for a new home in Denver, Colorado!

See this and other Denver real estate articles at LifeStyleDenver.

Heard on the Street - Denver Real Estate and the Mall

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Thu, 18 Dec 2008 21:19:30 -0600

It’s just 8 days until Christmas, and even fewer until Hanukkah. What have I been doing? Baking cookies for 80 people. The agents in my office are hungry for cookies, and I’m accommodating them in their time of need.

I’ve also been asking around, observing and trying not to shop unless absolutely necessary.

One of my father’s favorite Christmas movies is A Christmas Story. He watches it every year and laments that he’ll miss it this year since he’s on a boat in the Antarctic channeling Ernest Shackleton. But I digress…

In A Christmas Story Ralphie tries to convince his parents that a Red Ryder BB gun is the perfect Christmas gift for him. He obsesses over the Red Ryder while his harried parents and goofy brother stumble through the movie with him. The parents are obviously not wealthy people, but want to provide a nice Christmas for their boys. Ralphie’s mother obsesses too. She’s chronically worried that Ralphie will shoot his eye out if he gets the gun.

That’s my dad’s favorite part. That Ralphie’s mom says he’ll shoot his eye out. I think Dad is reliving his own obsessive childhood warnings, but that’s another story. My favorite part is when the dogs run through the house and take off with the turkey (after Ralphie shoots his eye out, and sorry if I gave that one away.) Their family ends up eating Christmas dinner at a Chinese restaurant.

I think many Real Estate Agents might be just fine with eating out anywhere right now - Chinese for Christmas means disposable income for a meal in a restaurant.

Here are my observations over the past few days that lead me to think we may have already shot out our eye and are on the road to Christmas dinner out (my puppy is definitely angling for the turkey and he’s already dismantled our tree.)

I went to the mall a few days ago to return some birthday gifts. It was PACKED. Capitalized because I was literally elbow-to-elbow with people shopping. I thought I should pay attention to how many shoppers had bags - most did! Every store except The Art of Shaving was packed (now that’s a niche…) The Art of Shaving was empty. You may see some bargains there in the next few weeks.

Both of the Starbucks kiosks had lines snaking down the hall. The department stores were bustling. Regardless of the bad news in the press, Denver’s holiday shoppers are out and about.

So I thought, “who can I ask about real estate trends right now - trends as they’re unfolding underneath our noses?” I asked Jackie, our receptionist. Jackie is the most practical and no-nonsense person I know. She doesn’t get fired up about much, but when she does - look out! Jackie has a wonderful relationship with the sellers who have engaged our company. She calls like an old friend to let them know someone would like to see their house. Jackie is like a man-on-the-street, only she’s a woman.

I asked her, “Jackie, how are showings going this month?” To my surprise she said, “kind of busy for a December.” She continued to tell me that she’s been setting more showings this December than in the past 5 years she’s been with us. While December is always a slower month, Jackie feels like this December isn’t all that bad.

So I hope that my piles of cookies keep our agents fortified and working toward a better new year. Judging from the mall and Jackie, we’re turning a corner here in Denver.

This story was written over at LifeStyle Denver.

Denver Colorado Real Estate | November 2008 Market Statistics

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Wed, 17 Dec 2008 22:32:11 -0600

It’s that time of the month to reflect back on Denver’s residential real estate sales. Denver real estate is up and it’s down, it’s selling and stalling. It depends on who you ask, what their circumstances are and what price range they’re in.

We’ve had several instances of multiple offers in my office this past month. This seems to be happening when the price is set correctly or even a little aggressively, when the house shows perfectly and when the price is between $250,000 and $500,000. Remember sellers - You’re not only in a pricing war, you’re in a beauty contest.

Higher end and luxury properties are still stalled. High end sales are closing where a luxury property is unique and special with little competition. Those homes will sell when the right buyer walks through the door and are a little more insulated from market circumstances. Most luxury homes are competing with a tremendous number of other listings, and with an excess of 2 years inventory over $1 million it will take awhile to shake that out.

We typically see a seasonal adjustment this time of year as properties are pulled off the market for the holidays. This is reflected in the 5.88% reduction in homes on the market since October. With nearly a 20% reduction since the same time last year, we begin to notice a pattern that’s not seasonal. Fewer homes on the market will ultimately result in fewer homes for buyers to choose from, higher demand and a shift in the balance of the market.

Remember, we’ve had a Sellers’ market in Denver since early 2002. While we never saw a big bursting bubble, we did have a deflation and we bumped along the bottom for years. Our average days a property is on the market continues to decline, another sign that homes are selling faster than in past months.

This New York Times article about the timing of buying a home suggests that we’ll never know when the bottom hit until after the fact. During the final months of ‘08 and the beginning of ‘09 we’re keeping our seat belts fastened and hoping that Denver can keep chugging along.

Happy Holidays to all!

This post was first seen at LifeStyle Denver.

Denver, Colorado Gets a Real Estate High Five in Wall Street Journal

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Tue, 02 Dec 2008 22:49:58 -0600

So the U.S. is in a recession. I got that important text message to my BlackBerry yesterday from the NY Times while I was sitting in a meeting. I was flabbergasted, couldn’t believe it.

Actually, I’ve been helping real estate brokers in my office and sellers whose properties I have listed weather this recession since about December 2007. Surprise - the official pundits tell us the recession started in…. December 2007.

In today’s Wall Street Journal I found an interesting article, “The Future For Home Prices.” The author, James Hagerty, discusses where home prices will trend in the future, and whether a home should be considered a sound investment. Hagerty’s research suggest that prices will remain flat in some areas, trend down some more in others, and trend a bit up in a few. Overall, we won’t see double digit appreciation again in the near (or probably far) future.

Does this mean that people won’t be buying houses? Is there no longer a market for homes like there’s no longer a market for railroad stocks?

Here’s the piece that many people seem to be missing, something I’ve told my clients for years when they asked me if that property they wanted to offer on would make a “good investment.” Houses are where people live, have families, celebrate and mourn. Houses are not simply an investment like a stock or a bond. If you’re buying your primary residence then you should plan to stay there awhile if possible, if you’re looking to own rental properties make sure they cash flow and are in a strong resale area.

Sure, we all hope not to lose money on our home, and we even want to see a gain. We will see a gain over time, and while it may barely out pace inflation now that the “bubble” has burst, we’ll still have lived there. And if you’ve borrowed on a sensible mortgage that you can afford you’ve actually had the additional benefit of leverage. You’ll receive any upside increase on the total amount of the value of the home while only paying on the amount borrowed. That’s why it’s best not to take out a 100% loan unless your financial adviser sees reason why you should, why it’s best to get that sensible loan that fits your financial picture.

Just like in stocks, the loss isn’t realized until the investment is sold. If your home is worth less than you paid for it, hopefully you can hold on, make the payments and stay there until it comes back. You’re at least living there. Enjoy the laughter around the Christmas tree or Hanukkah bush. Those memories are important and this too, shall pass.

We’re cautiously optimistic here in Denver, and in fact, in today’s WSJ article Denver is mentioned as a city to watch:

“Among metro areas that Mr. Rosen expects to do well in the long run are Albuquerque, N.M.; Boise, Idaho; Salt Lake City; Seattle; Portland, Ore.; Denver and Colorado Springs, Colo. He says those places generally offer “urban vitality” and “easy access to outdoor activities” combined with affordable housing and good job-growth prospects from modern industries, such as biotechnology.”

Denver real estate has been counter cyclical for as long as I’ve lived here - 26 years. We’ll be the canary in the coal mine signaling a recovery. But remember that real estate is local one city’s boom may not be seen in another and one recovery may not signal them all. If you don’t have a mortgage you can afford and you can’t hold out until our Colorado recovery is gaining steam, then talk to the people at the Colorado Foreclosure Hotline. They can be an invaluable resource.

This article and it's timely observations were first witnessed at LifeStyle Denver.

In Defense of the Turkey

Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek) — Wed, 26 Nov 2008 16:05:26 -0600

I have a friend, Diana, who happens to be a vegetarian. Not like me, a partial vegetarian who doesn’t eat red meat or pork. Diana doesn’t eat any meat at all.

A few years ago, she told me they were going to have something called a “tofurkey” for Thanksgiving. It didn’t much surprise me, Diana has introduced me to the best vegetarian restaurants in Denver, so I thought she could whip up a mean tofu turkey. We’ve been to Water Course and found a lively delight of a restaurant. I was a bit concerned that the main course was going to be water, judging from the name on the door, but ate the most inventive dish of tofu ever on the planet. A couple of times, Diana has taken me to Govinda. I won’t provide you a link there - this happens to be the restaurant inside the Hare Krishna temple and it takes a strong sense of self to walk in there for lunch.

Growing up in Laguna Beach, California afforded me an intimate view of the Hare Krishnas. They danced around the town every weekend banging their tambourines and chanting. This was 1970’s California, so we just figured everyone was stoned. One year, I had to do a research paper on religion and chose the Hare Krishnas to study. I was curious about who they were and why they danced around in packs every weekend. The only thing I remember from my research is that they shave their heads except for the little pony tail in the middle so that God can yank them to heaven. I pictured how much that would hurt, God yanking you by a little pony tail, ripping out your hair as you fly up to heaven.

You can imagine that when Diana suggested we try Govinda for lunch, I had a little trepidation. I like my hair just like it is, thank you. I hoped we’d come out unscathed, since Diana is closer to a Southern Baptist rolled into a Zen Buddist, and not anything remotely resembling a Hare Krishna. Lunch was a buffet of unrecognizable lentils and vegetables that tasted absolutely fabulous. Truly a fun dining experience. No one proselytized us, no one came at us with a razor to shave our heads and everyone is welcome.

When I later asked Diana how the tofu turkey was, she said lousy. I couldn’t believe it - she couldn’t get the tofu turkey to cook up right, and she said the taste and consistency were disgusting. Their family has no plans for fake turkey in the future. They’re experimenting every year with how they can celebrate Thanksgiving “turkey free.”

I really don’t think you can. You can celebrate Passover brisket free and Christmas ham free, but you can not celebrate Thanksgiving turkey free. At least I can’t. I can skip the sweet potatoes, the pumpkin pie and even the mashed potatoes (if I really had to,) but the turkey and stuffing are beyond blissful.

My mother taught me to cook a turkey, but the first few attempts were a challenge. My father loves to remind me every year to “turn on the oven” with a grin. He lords it over me that my first turkey didn’t finish cooking until 10:30 at night. You can guess why. My sister cooked her first turkey upside down. I thought that was funnier than forgetting to turn on the oven, but she didn’t. The best way to cook a perfect turkey? Get a cooking bag and bag it up. It bastes itself and you do nothing until it’s ready to pull out of the oven.

So enjoy your Thanksgiving, remember to turn on the oven, and pass on the tofu this time of year.

Lifestyle Denver is a local Denver Real Estate blog loaded with real estate and lifestyle information about the Denver, Colorado region. This article was originally posted there.