Here is Part II of The Bibeau Group's summary of recent Denver Real Estate headlines. The following are excerpts, but you are able to read the complete stories by clicking on the links. Please let us know if you have any questions about the articles or what they might mean for your personal situation.
Denver was named America's No. 1 city on the verge of recovery from the real-estate slump in a segment Tuesday on NBC's "Today" show. Real estate expert Barbara Corcoran, a regular guest on the show, said Denver more than any other U.S. city is "clearly on a rebound." "It's really the perfect real estate success story," she said. "It had one of the highest foreclosure rates in the nation for years running, and now they've cut that foreclousure rate in half and they've turned the corner." Rounding out Corcoran's list of cities poised for a real-estate rebound: * 2. Raleigh, N.C. * 3. Austin, Texas * 4. Seattle * 5. San Francisco
The city of Denver will offer free building permits through the first half of June for home-improvement projects as a way to encourage economy-boosting renovation work. The free permits are for common improvement projects involving single-family homes and duplexes. They will be available June 1-15 and are valid for 180 days, the city announced Friday. Permits will be issued on the spot to homeowners or their contractors. Building-permit fees normally range from $20 to several thousand dollars, depending on the value of the project.
There is a growing belief among financial experts that the recession is over. New housing inventory data seem to show improvement in the housing market. Barry Knapp, a strategist at Barclays Capital, wrote recently that the economy appears "to be in the sweet spot of a recovery" and that the recession may have ended last month, according to Bloomberg News. Sonders warned that unemployment is a lagging indicator and, historically, employment figures don't begin to recover until six months after the end of a recession. That means that this time around, unemployment likely won't peak until the end of this year.
Declining home values mean 32 percent of Denver-area homeowners owe more on their mortgages than their homes are worth, according to a recent report by Zillow.com, a statistic local experts dispute. Home values dropped 7.7 percent in the first quarter of 2009 compared with the same quarter a year ago, the report says. But many local industry experts are skeptical of Zillow's numbers, which are based on sales data gathered from public records that can be out of date. Lou Barnes, owner of Boulder West Financial Services, said a number of other organizations provide data on the housing market that are much more reliable than what Zillow released.
Bidding wars arise frequently in the REO market, especially for homes priced below $200,000, Denver brokers say. Many REO-listing agents report having seen low-priced properties attract 20 or more offers. More than in past down cycles, lenders are easing their repossessed foreclosures back onto the market rather than loosing a flood, according to Michael Clarkson of Mile High Home Hunter Realty.
The second part of the strategy is to "price them low and dirty to get people to come in and bid," he said. The holdback strategy seems to be working for lenders, said Ed Cluff, an investor.... "I've seen a lot of price escalation, particularly in north Aurora, Thornton and Montbello." For properties priced below $200,000, the average time on market is 2.6 months, according to MetroList. That's half of what it was just 13 months ago and less than half the time on market for homes priced between $200,000 and $400,000.
But many say the uptrend is temporary, driven mostly by banks holding their REO properties rather than selling them and holding off on new foreclosures. When those effects wear off, REO prices will fall, according to Craig Hindes, a broker with Coldwell Banker in Westminster. "A lot of inexperienced people will be stuck with properties they paid too much for."
Although sophisticated computer models are used to value properties, not everyone will be pleased. Below are a few things property owners need to know.Valuation notices detail how property owners can file a protest by the June 1 deadline. It's easy to challenge factual errors such as a property's square footage, the number of rooms, or a supposedly finished basement that isn't. More challenging is contesting the value assessors have placed on a home, especially in a volatile real estate market. One of the most common mistakes people make in disputing valuations is to compare recent sales or appraisals with their property, Groff said. Assessors review sales over an 18-month period that ended June 30, 2008. Information after that can't be in the appeal.
There has been a lot of information coming out recently about the Denver real estate market. So much, in fact, that we have categorized our summary into three separate articles. This first post covers specific real estate statistics for the Denver area. Our next post will cover other Denver real estate news. Below are excerpts from several news stories, please click on the title for the complete story.
"Enough Already. Yes, these are the worst economic conditions since your grandfather's primary vehicle was a tricycle, with no end and little clarity in sight. So let's gather ourselves and sort out which numbers really matter and which ones merely perpetuate the fear that's gripped the financial and real estate markets for months.
First: Denver actually scores remarkably well on the index of overall housing-related distress. In 2008, area foreclosures declined almost 12 percent from 2007, the first year-over-year decrease in more than a decade.
Second: Our home prices 'only' declined by 5.1 percent from January 2008 to early 2009—compared to the national average of 19 percent—a relatively slight dip that made Denver one of the nation's top housing markets in 2008."
"Colorado home foreclosure filings and sales both dropped in the first quarter from a year earlier, a positive sign for the state's economy, the Colorado Division of Housing said Monday. New foreclosure filings, the first step in the foreclosure process, fell 8 percent to 10,745 from 11,634 in the first quarter of 2008. Completed foreclosures dropped 26 percent, to 4,354 from 5,899 in the same period a year earlier.
"We continue to be cautiously optimistic," said Kathi Williams, director of the Division of Housing, in a statement. "Unemployment continues to be a concern as do future resets on adjustable rate mortgages. Of course, other states have these same dynamics, but their foreclosure rates are going up while ours are stabilizing. That's a good sign for us."
"Imagine putting your house up for sale and having an expectation of selling it for more than the asking price. Now imagine not only selling it for above the asking price, but having it sell in a matter of weeks. This isn't a history lesson from the housing market boom of a few years ago; it is the real estate picture in the Denver metro area today.
The hottest segment of the housing market right now is homes priced under $300,000. According to recently released sales figures, properties priced between $210,000 and $315,000 are selling in just more than four months on average. Homes priced between $135,000 and $210,000 are, on average, moving in just more than three months.
However, the properties priced below $135,000 are selling fast. Those homes priced between $135,000 and $85,000 are selling in two months on average. And the hottest portion of the housing market right now is homes under $85,000. They are selling, on average, in weeks not months and many of those properties are getting multiple contract offers, sometimes above the asking price."
"Denver-area condo sales improved more than single-family home sales in April from the previous month, according to data released Thursday by Metrolist Inc. Metrolist Inc. is metro Denver’s Multiple Listing Service for homes on the market.
While single-family home sales improved nearly 5 percent in April from March, condominium sales rose 11 percent."
"While the market for homes above $400k is clearly the weakest of the price ranges, there were some inklings of life during April. With between a year and five year’s supply available in the prices ranges above $400k, sellers shouldn’t be expecting too much relief in the short-term.
However, increases in the number of properties under contract (and the corresponding US ratio) suggest the improvements in the lower price ranges may be trickling through. For home sales between $400k and $500k – active listings fell slightly, sales dropped about 4%, properties under contract increased almost 20%, the Under contract to Sold Ratio (US Ratio) increased significantly and Months of Supply (MOS) hit 11.79.
While the actual sales performance remained weak – the significant increase in the leading indicators (Under contract, US ratio) bodes well for the coming selling season. Depending on the increases in sales volume, this price range should begin to see more consistent price stability across Denver as the bargains are snapped up and loans become more readily available."
At this brand new site, those relocating to Denver will be able to access a wide variety of resources that will help with their moving plans, as well as participate in a Q&A about any relocation issues.
Here is a quick update on recent Denver, Colorado real estate headlines. If you know any potential first-time homebuyers, the first article is a must-read. The other two address hot price-ranges in Denver, and the latest foreclosure statistics and why they may not be completely accurate. Also, see the bottom of this message for two more ways you can stay on top of the latest info from our team!
This first article explains a new program through which first-time homebuyers in Colorado can utilize a big chunk of their $8,000 tax credit as a down-payment or for closing costs:
Finally, this story explains Colorado's current 12th in the nation foreclosure ranking, why the State disputes the numbers and what they are planning to do to improve their reporting of foreclosure data:
The Bibeau Group hosted the 2nd Annual Greenfield Food Drive Sunday, March 22nd, 2009. In just four hours, we were able to collect 481 pounds of food for Food Bank of the Rockies. That's 159 pounds more than last year!
Additionally, the event co-sponsors, The Bibeau Group and Oxford Mortgage, matched the community donations for a grand total of almost 1000 pounds of food.
We would like to extend our sincere thanks and congratulations to the entire Greenfield community. This wonderful, caring neighborhood just made a huge difference in the lives of many Colorado families in need.
We can't wait to see how we do at the 3nd Annual Food Drive next year!
15534 E. Prentice Drive, Centennial, CO 80015 View Map
This beautiful and spacious former model home in the esteemed Piney Creek Estates neighborhood is the epitome of elegance and style. From the lovely fountain as you approach the front door to the dramatic foyer, to the soaring ceilings and dual curved stairways, this home offers numerous appealing amenities. On the main level, there is plenty of space for living and entertaining, including a lovely sitting room, formal dining room with a coved ceiling, study with extensive built-in shelving, large sunken family room and a roomy and bright kitchen featuring a large island and massive pantry, as well as a butler’s pantry. On the upper level, you will find four bedrooms including a luxurious master suite with a two-sided fireplace perfect for a relaxing bath in the jetted round tub. The backyard offers a large patio and yard with an abundance of pine and aspen trees for privacy.
As pointed out by Forbes Magazine in its recent article "Ten Cities Where Americans Are Relocating", the Denver metropolitan area continues to be a popular destination for relocating Americans.
"Unemployment is on the rise, credit is tight, and consumers aren't spending--which means they aren't picking up and moving much either.
Very few places in America saw significant population growth in 2008. But the buzzing metropolitan area of Denver bucked that trend. Its population increased by 2.17% in 2008. In 2007, it increased by 2.09%. In 2008, Denver was the 10th-fastest growing metro area in the U.S."
Why all the interest in the Mile High City? Forbes points to several factors:
According to an October 2008 survey conducted by Pew Research Center, Denver is the most popular city in America.
People like it for its skiing, culture and vibrant nightlife, as well as its business opportunities.
In January 2009, the unemployment rate in the Denver metro area was 6.5% -- two percentage points below the national average of 8.5% for the same period.
As a longtime resident of Colorado (transplanted from Minnesota), I'd add another factor to that list....our weather! While we do get the occasional blizzard or hailstorm, the Denver area is a perfect choice for those of us who enjoy having four seasons, but ones that are mild and enjoyable year-round.
Another big plus for those considering a move to our area is that the Denver real estate market has held up better than many other around the country. As reported in the Rocky Mountain News, the February 2009 S&P/Case-Shiller Home Price Index revealed that the Denver housing market was the best-performing of 20 of the largest markets at the end of last year.
During the past 3 months (December 6, 2008 - March 6, 2009):
3 homes Sold in Greenfield
2 more homes are currently Under Contract
Average net sold price was $345,800 (ranged from $311,000 to $389,000)
The average Total Days on Market was 50
These 3 homes sold for an average of 95.2% of their list price and 94.4% of their original asking price
The average net price per square foot was $115
NOTE: Last year during this same period (12/5/07 - 3/5/08), 6 homes sold in Greenfield at an average net sold price of $347,583 - with the average net price per square foot of $140.
Sold date
Address
Sold Price (after any concessions)
Asking Price
Fin. Sq. Ft.
Days on Market
12-22-08
6551 S. Lisbon Ct.
$337,400
$359,900
2648
35
1-23-09
6545 S. Killarney Ct.
$311,000
$329,900
2648
72
2-6-09
20252 E. Euclid Ln.
$389,000
$399,900
3746
45
On the Market: As of March 6, 2009 there are 13 homes for sale in the Greenfield neighborhood, with prices ranging from $260,000 to $550,000.
Sign up now to be added to our Greenfield email list. We will keep you up-to-date on neighborhood real estate statistics, information, new listings and more.
Shenandoah on Smoky Hill is a unique neighborhood in southeast Aurora. It has only one entrance, and entry is restricted to residents and their guests. It is a neighborhood of custom and semi-custom homes that was built between 1977 and 1981.
Amenities for residents include a large pond, community pool, clubhouse, tennis courts, and playgrounds. This neighborhood is also within the highly-regarded Cherry Creek School District.
The Homeowner’s Association website contains photos of the neighborhood and community events, as well as additional community information and documents.
The current real estate market includes both fixer-uppers as well as completely removed homes with top-end finishes.
Sold data (past 6 months):
3 properties sold
Prices (before concessions) were $306,500, $320,00 & $473,000
Average net sold price per square foot = $128
Average days on market = 311
Under Contract (as of March 27, 2009):
2 properties (note: both are bank-owned and need work)
List prices $264,900 and $337,000
Average price per square foot = $93
Average days on market = 39
Active Listings (as of March 27, 2009):
5 properties currently for sale
Prices range from $325,000 to $469,000
Average list price per square foot = $145
Search all Shenandoah homes for sale. We also have information about a remodeled listing not currently in the MLS. Please contact us if you would like to find out more.
Several Texas and North Carolina cities make up over half of this list, with Houston and Austin shown the have the healthiest housing markets, respectively.
15. Myrtle Beach, S.C. 14. Wilmington, N.C. 13. Charlotte, N.C. 12. Denver, Col. 11. Nashville, Tenn. 10. Washington DC 9. Fayetteville, Ark. 8. Indianapolis, Ind. 7. Seattle, Wash. 6. Raleigh, N.C. 5. Dallas, Texas 4. San Antonio, Texas 3. Fort Worth, Texas 2. Austin, Texas 1. Houston, Texas
Here is some of what this article has to say about the Mile High City:
"Denver has been all over the home building news of late, with Beazer and Centex leaving town, then Village Homes of Colorado declaring bankruptcy. But the market hasn’t been hit as hard by the home building recession as other Western markets, in part because it didn’t experience rampant price appreciation during the boom. That’s partly because there’s lots of land available to develop in Denver. The median price of an existing home here was still an affordable $225,100 in the third quarter of last year, down only 11.4 percent in the last year (through 3Q 08). Denver enjoys one of the highest population growth rates in the country--2 percent annually for each of the last five years. Builders pulled 8,800 permits in Denver last year, down from 20,864 in 2005, a percentage decline that’s close to the national average. Denver is buoyed by a strong commercial real estate market."
Please feel free to contact The Bibeau Group with any questions about the Denver Real Estate market. Or, check out our website for our new Live Chat feature and get answers in real-time!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Here is Part II of The Bibeau Group's summary of recent Denver Real Estate headlines. The following are excerpts, but you are able to read the complete stories by clicking on the links. Please let us know if you have any questions about the articles or what they might mean for your personal situation.
There has been a lot of information coming out recently about the Denver real estate market. So much, in fact, that we have categorized our summary into three separate articles. This first post covers specific real estate statistics for the Denver area. Our next post will cover other Denver real estate news. Below are excerpts from several news stories, please click on the title for the complete story.
Here is a quick update on recent Denver, Colorado real estate headlines. If you know any potential first-time homebuyers, the first article is a must-read. The other two address hot price-ranges in Denver, and the latest foreclosure statistics and why they may not be completely accurate. Also, see the bottom of this message for two more ways you can stay on top of the latest info from our team!
THANK YOU GREENFIELD!
As pointed out by Forbes Magazine in its recent article "
Amenities for residents include a large pond, community pool, clubhouse, tennis courts, and playgrounds. This neighborhood is also within the highly-regarded Cherry Creek School District.
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