real estate news: Buyers Beware - The Best Deals Aren't Always at Foreclosure Sale!
- 02/15/10 12:16 PM
An agent in my office is attending the Denver County and Arapahoe County foreclosure auctions regularly. He has an investor client looking for properties at foreclosure sale. We had an interesting discussion last week. Many buyers think that they need to buy a foreclosure to "get the best deal." There are a few things buyers should know: You must bring cash to the foreclosure auction. There are no mortgages. You won't have the opportunity to inspect the property. They are truly sold "as is." Investors are breathing heavy over the foreclosures in Denver these days. Our market is hearalded as the … (2 comments)
real estate news: Lenders Requiring Higher and Higher Credit Scores
- 01/19/10 01:35 PM
Lenders are requiring higher and higher credit scores these days. These days, if your score is less than 720, you may be at risk for not qualifying or not getting the best rates. When I started selling real estate nearly 15 years ago, a score in the high 600's or low 700's was adequate and last spring a score of 720 was the base. Now, it seems that lenders are looking for 730 to 740 FICO scores. In Bad Score, Bad Score - What You Gonna Do? you can learn about my recent attempt at refinancing our home. Plus, you'll find … (0 comments)
real estate news: Mortgage Caution - Delays in Closings Will Happen!
- 09/06/09 12:18 PM
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 … (2 comments)
real estate news: Denver Real Estate Prices Rise 1.5% Since May
- 07/01/09 03:39 PM
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 … (4 comments)
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 … (2 comments)
real estate news: Inspiring - Spire Condominium Rises in Denver
- 04/27/09 03:16 PM
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 … (4 comments)
real estate news: Building a New Home Wonderland in Denver
- 03/15/09 08:22 AM
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 … (0 comments)
real estate news: Denver Colorado Real Estate | February 2009 Market Statistics
- 03/10/09 02:21 PM
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 … (0 comments)
real estate news: Denver Economics - Real Estate Market and Current Trends - part 1
- 10/29/08 03:03 PM
Last night, The Kentwood Companies sponsored a real estate and economic forum for our agents and clients. The speakers were nationally recognized experts in their respective fields, and had some extremely interesting comments to make about the U.S. economy, the Denver, Colorado economy and real estate trends. Over 1,000 people attended, and the local media were there as well. I plan on presenting to you the highlights from each speaker, but will write one at a time. Today, let’s hear from Steve Murray, CEO of Real Trends: The causes of the housing downturn are many, but the affordability index fell drastically … (0 comments)
real estate news: September ‘08 Market Stats
- 10/08/08 01:59 PM
Metrolist has released the sales data for September, and the trend continues to show that days on market are shortening. As we see inventory moving in the medium price ranges, with fewer new listings coming on the market, we’ll see that properties are selling more quickly. The high end properties continue to languish, and as you can see in the attached chart, average sales price is falling. A friend of mine, Lon Welsh at Your Castle Real Estate, publishes his own statistical analysis of Denver’s Market, and he shared a graph with me today that shows we have 31 months of … (0 comments)
real estate news: Riding Out the Storm
- 08/05/08 01:55 PM
Is real estate struggling? Is there a storm? Are we riding it, or riding it out? Realtors I talk to are: optimistic, working harder than ever, looking forward to the future, getting out of the business, all of the above. Jim Morrison sang, “Riders of the Storm” but sometimes when I sing along, I change up the words. Denver Real Estate is faring well as compared with much of the U.S., and while we still struggle in some segments of the market, others are very strong. Buyers are the beneficiaries of this perfect storm. Rates are low, a positive in … (15 comments)
real estate news: Market Headlines - Are You Worried?
- 07/14/08 03:02 PM
Yesterday afternoon, I got a text alert from The New York Times about the federal government’s plan to shore up Fannie Mae and Freddie Mac. Strange to get a NYT alert on a Sunday, just after their big edition hit the doorstep. Maybe Not so Strange The government worries about markets all over the world, not just in the U.S. They often time announcements around the opening bell at the Hong Kong market. After Hong Kong opens, markets begin opening in succession. Clearly, the government wanted to send a signal - don’t sell off U.S. securities, we’re handling it. Eye on … (9 comments)
real estate news: Selling Your House for What You Need!
- 06/23/08 03:29 PM
In today’s Wall Street Journal section of The Denver Post is a column written by Jeff Opdyke. “A Trip - And a Change of Heart” tells the story of his unfortunate experience in trying to relocate to Hong Kong. Unlike the New York Times, WSJ blocks out online readers unless they subscribe, so I don’t have a link to the column. Opdyke tells of the difficulties of selling his home, of finding the proper school situation for his children, and of locating a suitable apartment in Hong Kong. It sounds like is was a heart wrenching decision for his family, … (0 comments)
real estate news: Denver Real Estate Stats - May ‘08
- 06/18/08 02:13 PM
The Denver real estate market is like the old saw about a riddle wrapped in a conundrum wrapped in an enigma. I wish my crystal ball was working better, but I’ll have to rely on instinct, experience and my best guess. Here are some statistics taken from the Denver MLS for May 2008: The upshot is that we have 9 1/2 % fewer properties on the market than we did a year ago, and .62 % fewer than the month before. The dreaded “over-supply” of inventory seems to be diminishing during the season one would expect to see more properties coming … (6 comments)
real estate news: Buyers Beware - Market Turnaround Ahead
- 06/08/08 01:39 PM
Multiple offers? New listings gone in under a week? Is this the Denver real estate market? Yes! In our medium price ranges, $250,000 to $800,000, things are going fast. I’ve had several brokers in my office tell me that they’ve been in competitive bidding situations recently. More than one - sometimes they’ve actually had two or three competitive bids on houses for the same buyers. That must be surprising for buyers who read the main-stream media and think they should still be underbidding for everything. Buyers - you need your broker’s advice more than anytime now. Ask to see recent comparable … (6 comments)
real estate news: Harley Tells it Like it Is!
- 05/16/08 03:09 AM
I'm in Washington, DC this week at the NAR Mid-Year meetings - this is the 100th year of NAR, and the 105th year of Harley Davidson. Yesterday, I opened the hotel's USA Today and this is the ad on the back of the Business Section (minus the really cool bike): We Don't Do Fear Over the last 105 years in the saddle, we've seen wars, conflicts, depression, recession, resistance, and revolutions. We've watched a thousand hand-wringing pundits disappear in our rear-view mirror. But every time, this country has come out stronger than before. Because chrome and asphalt put distance between you … (3 comments)
real estate news: Ambulance Chasers Attack Realtors
- 04/24/08 03:46 PM
I got this email today regarding an underhanded maneuver by the Colorado Trail Lawyers Association (aka Ambulance Chasers): Before you read about it in the paper, we wanted you to be aware of a new ballot initiative filed that would limit commissions for real estate brokers. It’s a sliding scale but still no good. Here’s the breakdown: 6% = up to $250k; 3% = $250-500k; 1% = above $500k. This initiative is brought by the Colorado Trial Lawyers Association. They filed #109 and seven other initiatives as a response to another initiative dealing with capping attorneys fees. You wanted to be … (7 comments)
An agent in my office is attending the Denver County and Arapahoe County foreclosure auctions regularly. He has an investor client looking for properties at foreclosure sale. We had an interesting discussion last week.
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