Attention all women (and men) in Denver!  Beware of Weavers Automotive, located at 2945 East Evans Avenue in Denver.

I stopped into Weavers Automotive recently because they are a U-Haul location in southeast Denver.  I went specifically because I wanted to have my SUV checked to make sure that I could tow a trailer.  The guy at Weavers Automotive who claimed to be one of the owners looked under my truck and told me that I didn't have a tow package.  He then told me that Weavers Automotive could install one for me for between $250 - $300. 

Ok, Fine.

Before I actually had Weavers Automotive do the work, I took my SUV to the Brakes Plus location on Leetsdale for a radiator flush. Since I was there, I asked them for a competitive quote on installing a tow package as well. 

WELL, the good people at Brakes Plus called me back to tell me that I already had a FACTORY INSTALLED tow package on my SUV. 

When I went in to pick up my truck, they showed me exactly where the tow hitch was (it was behind a panel on the back).

Imagine MY surprise since the owner of Weavers Automotive told me that I didn't have one! 

Yesterday I stopped by Home Depot and picked up the ball and hitch and I am set to go...for under $50!

So that makes the owner at Weavers Automotive either a liar/crook OR flat out stupid! Either way, I would advise everyone to steer clear of this place! 

Oh, and I am renting a U-Haul trailer this weekend, but NOT from Weavers Automotive, so they lost that business as well.

I detest people that try to take advantange of unknowing people, and that is exactly what the guy at Weavers Automotive tryed to do.  Beware Denver!

The Fitzroy Place/Warren-Iliff Mansion is one of those gorgeous old mansions that makes my heart beat a little bit faster when I drive by.  Located at 2160 South Cook Street, the Fitzroy Place/Warren-Iliff Mansion was built in 1893 in the historic Observatory Park neighborhood of Denver, close to the famous Chamberlins Observatory and just east of the University of Denver.

Designed by an architectural firm from New York, the Fitzroy Place/Warren-Iliff Mansion was commissioned by Elizabeth Iliff who was the widow of John Wesley Iliff, a wealthy Cattle Baron and Denver Philanthropist.  John Iliff died in 1878 from gall bladder complications leaving 34 year old Elizabeth behind with 4 children to raise.  Elizabeth named the Mansion Fitzroy after her hometown of Fitzroy, Ontario.                                                                     

After her husband's death, Elizabeth moved forward and successfully ran her late husband's business and eventually built Fitzroy Place.  Built in the Richardsonian Romanesque style, the large Fitzroy Place/Warren-Iliff Mansion was built with red stone, three story's and conveniences that were uncommon for the time.  Such inclusions were an elevator, indoor plumbing, a central vacuum system, an air cooling system and a refrigeration system in the basement for food preservation.  Elaborate fireplaces were installed in most of the rooms and the Fitzroy Place/Warren-Iliff Mansion was meticulously furnished by Elizabeth Iliff with many items still present today.  There was also a story and a half carriage house built on the property.

Eventually, Elizabeth Iliff re-married.  Her new husband was Henry White Warren, the Bishop of the Methodist Episcopal church. 

In 1910, a fire started in the basement and damaged much of the Fitzroy Place/Warren-Iliff Mansion.  The restoration of the Fitzroy Place/Warren-Iliff Mansion took several years to complete and Elizabeth Iliff Warren did return to the Mansion and lived there until her death in 1920.

Mrs. Iliff's daughter, Louise Iliff, lived at The Fitzroy Place/Warren-Iliff Mansion until her death in 1966.  After Louise Iliff's death, the Fitzroy Place/Warren-Iliff Mansion became home to the Randell-Moore School.

In 1977, the Randel-Moore School merged with Accelerated Schools.  In 1984, the name of the school was formally changed to Accelerated Schools.

The Fitzroy Place/Warren-Iliff Mansion has been inducted into the National Historical and the Denver Historical Society.

The Holland House, another Historic Home of Denver has become Denver's newest Historic Landmark.  The Holland House, located at 2340 South Josephine Street in University Park, was unanimously approved for the Historic designation on August 16, 2010.

The Holland House, was designed by architect Eugene Groves.  Groves built four houses, all of concrete, with a technique he patented in 1937.  The Holland House, built from 1932-1933 was the first of these four houses built.  The Holland House consists of cabinetry, countertops, tables, chairs, bookshelves and even beds, all made of concrete.  This is a style that I have seen used quite effectively on the Yucatan Penninsula in Mexico.
                         

                                                                                        
The Holland House architect, Eugene Groves, studied architecture at Harvard University on a scholarship.  He moved to Denver in 1914, and one year later in 1915 an association grew with Colorado State University in Fort Collins where Groves designed and built several buildings.  Supposedly, prior to moving to Colorado, Grove lived in New Mexico.  It was there that Groves first saw traditional Pueblo architecture.  It is his time in New Mexico that caused him to intigrate Pueblo architecture into his work on The Holland House.  

In 1938, The Holland House was featured in the "Homes of the West" magazine where it was named "A Low Mileage House in Denver.".  The Holland House was designed and built for it's namesake Mrs. Mary Holland.  Mrs. Holland was devoted to the underpriviledged in Denver and lived in the home until her death in 1956.  In 1967,

The Holland House was sold to it's present owner who has lived in the  Historic Home of Denver for 40+ years.  The Holland House has 3 bedrooms, 2 bathrooms, and has 1,667 square feet. Set back from the street 27 feet, The Holland House sits on a lot of over 12,000 square feet.

The Historic Chamberlin Observatory, is located at 2930 E. Warren Ave, just east of the University of Denver (DU) main campus in the 13 acre Observatory Park.  The Chamberlin Observatory is owned and operated by the University of Denver.

The Historic Chamberlin Observatory was designed by the University's first astronomy professor, Herbert Howe.  Professor Howe designed the Chamberlin Observatory after the Goodsell Observatory at Carleton College in Northfield, Minnesota.  The construction of the Historic Chamberlin Observatory was finished in 1894.  The Chamberlin Observatory has a 28-foot long, 20-inch aperture telescope 
                                                                    
Tuesday and Thursday nights at the Historic Chamberlin Observatory are open to the public.  During these periods, the viewing public is allowed to see our Moon and various Planets.  The public is also welcome at the Chamberlin Observatory on Saturday nights during first quarter moons.

There is one large drawback to the Historic Chamberlin Observatory, and that is it's location in the middle of the city of Denver.  Pollution, city lights and other issues affect the view.  

If you are interested in participating in one of the public viewing events at the Historic Chamberlin Observatory, the contact information is as follows:

Chamberlin Observatory
2930 East Warren Avenue
Denver, Colorado 80210
Information line: 303-871-5172

Observatory Director:
Dr. Robert Stencel
Email: rstencel@du.edu

Observatory Manager:
Aaron Reid

Observatory Park  
                                                                                                                                                     

The Observatory Park Neighborhood lies on the eastern border of the campus of the University of Denver. Often referred to as University Park, the Observatory Park Neighborhood area offers the charm of a college town and the serenity of a traditional neighborhood. Observatory Park is beautifully landscaped with historic homes and mature shade trees which create picturesque streets. The grand estates of "University Row", an area of Observatory Park feature a number of Victorian mansions, complete with carriage houses. There is a great mix of architecture in Observatory Park, including large one-story brick homes, ranches, Cape Cods and Denver modern style. The wide streets and gracious homes create a storybook setting for an upscale Denver
neighborhood.

Located off both the University and Yale exits of I-25, Observatory Park has quick and easy access to all parts of the city. Downtown is approximately 20 minutes away by car, and a short ride on the newly constructed light rail Making Observatory Park a spectacular choice in the center of Denver.

 Posted By: Kerry Klun - Historic Homes of Denver 
                                      303-549-0818


                www.historichomesofdenver.com

      To Search for Homes in Historic Observatory Park 

                                                                    To find out what your Observatory Park Home is Worth

 Click here for more information about the Historic Observatory Park Neighborhood

Investor often ask me what types of real estate investments are available on the market.  Here's what we tell them.

This is the first of several postings on the topic.

Please offer comments - positive or negative!

Assignments.  If you don't have much equity to work with, and/or if your credit power is limited, assignments can be a way to get started in real estate investing.  You will need to have a strong "sales" personality to succeed at it, though. 

Rental Condo or Rental Home.  Purchase of a residential property to be rented out to tenants, usually on a 6-12 month lease term.  This is how most new landlords get started.  You can hire out all of the property management functions, but in many cases you will do many of them on your own.  There are smaller down payment requirements than for larger rental buildings.  The purchase process and financing process is very similar to what you experienced buying the home you live in now.  It's a great way for beginners to get started.

Small (2-4 units) Apartment Building.  Purchase of duplex, triplex or quadplex to be rented to tenants, usually for 6-12 month terms.  Usually what the rental home / condo landlords graduate to.  In most markets they cost a little more than a rental home, but are much more likely to cash flow on the average month.  Less cash flow risk; if one unit is empty you have other tenants that still help you with the mortgage payment so it doesn't all come out of your pocket.  Many owners will start to delegate some of the property management tasks to an on-site assistant (typically the most responsible tenant), such as yard maintenance and showing empty units.  The financing process is only slightly more involved than a residential loan.  Relatively small down payment requirements make it affordable.  The purchase process is also very similar to purchasing a home.  It's a good way for beginners to get started.

Large (5+ unit) Apartment Building.  Still targeting tenants for 6-12 months at a time, buildings with more than five units are considered "commercial" property.  The loans are more difficult to qualify for, and usually a larger down payment is needed.  Uncommon for the new investor; this is usually what landlords with several years of experience "trade up" to.  Cash flows on larger buildings are more stable than for smaller buildings, and the economies of scale make it practical (and desirable) to hire a property manager to take over most the work for you.  This takes reduces the hassle factor of the landlord process. 

Lease Options.  Again you are seeking a tenant for a property, but usually for a slightly longer term (12-18 months) and frequently (though not always) with the goal that the tenant purchase the property from you at the end of the lease.  If you purchase the property, then it's an easier process; if you find a highly motivated seller to let you re-lease the property to another tenant, it can be a lot of work to set up.  However, the re-lease method doesn't require any cash out of pocket and does not rely on your credit score, so it is appealing to many investors.  Great for beginners with the right skills and attitude.

Fix and Flips.  Purchasing a home that needs work.  The scope can range from the basic "paint and carpet" to extensive overhauls to scraping a decrepit property and completely starting over.  Usually does not involve tenants, and the objective is to get in and out of the property as quickly as possible.  Great for beginners with the right skill sets or the willingness to learn.

Conversion of Apartments into Condos.  A synthesis of the fix and flip and rental operations - purchasing an apartment building in a neighborhood dominated by owner occupants, then converting the building from apartment building to condominium.  Often requires renovation of the units to meet the expectations of owner-occupant buyers in that area.  Complex and time consuming, but has wonderful tax advantages compares to fix and flips and often has superior returns to all other asset classes.  Ideally suited for the sophisticated investor with extensive experience. 

Scrapes, Pops and New Construction.  Purchasing a small home in an expensive neighborhood that may or may not need work.  The home is bulldozed and a new home or duplex is put on the lot.  Alternatively, the existing home is renovated and more square footage is added on.  A pop-top is adding a second story to an existing home to add more square footage (commonly, a master bedroom suite).

(c) Copyright  2008 Your  Castle Real Estate

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Recap of First Half 2008 Home Price Performance

The average home price in Metro Denver increased +2% in the full year 2005 to the full year 2006. Comparing 2006 to 2007, the average home price across the metro dropped 3%, to $303,000. The half of 2008 was $275,000 vs. the first half of 2007 was $306,000: a 10% decrease. These numbers will be slightly different than Metrolist, as they are just Denver Metro and don't include outlying areas like Fort Collins, Colorado Springs, or Boulder.

The average price of a foreclosure dropped -6% to $168,000 in the first half of 2008. The average short sale was steady at $212,000. The average price of a non-distress sale decreased 5% to $352,000. Sales volume was down for single family homes. Foreclosure and short sale volume is up and non-distress seller volume is down.

Some areas did better than others. The attached chart shows different neighborhoods in our region. Each region has the neighborhood's name and the percentage of sales in the last twelve months that were either short sales or bank-owned properties. The second line has the price change the twelve months from July 2007 to June 2008 vs. the twelve months immediately preceding. Next, you'll see the average home price in the last twelve months and the average days on market (DOM) in the last twelve months.

There had to be at least twenty sales in the last year for an area to be included. The numbers are more reliable in areas where there were more sales.

The good news is the last four times the market had a change from a buyers market to a sellers market, or vice versa, it was preceded by a change in the DOM. DOM for homes declined in the first and second quarters of this year. Too soon to call it a trend, but it is a favorable sign. Another great indication of hitting the bottom: monthly prices in DSW and AUN have been relatively steady for seven months, after falling rapidly from 2005 to 2007.


Source: Your Castle Real Estate analysis, MLS data


(c) Copyright 2008 Your Castle Real Estate