Archive for December, 2009
Thru November 2009, here are the stats for Highlands Ranch from the MLS. From the data, we see that year to year, number of closed sales was down 16%, average days on market went up to 84 days, number of active listings is about the same at 573 and the average sold price remained about the same at $354,096.
To see the graph and other information on the solds for condos in Highlands Ranch, click on Nov 2009 MLS sold info for Highlands Ranch.
We can always discuss your home, its neighborhood, its value and its amenities, by calling me at 303-888-2488, or you can always leave a comment.
Thru November 2009, here are the stats for Littleton and some Centennial areas from the MLS. Here are some interesting facts from the data. There was a 9% decrease in solds over the year, but average days on the market dropped to 69 days. Number of actives went down 8%, but the average price sold dropped to $285,226.
For the graph details, click on Nov 2009 MLS data for Littleton.
We can always discuss your homes value in the marketplace, give me a call at 303-888-2488 or send a comment back.
Metro Denver has the third largest gain in home values amond 154 cities in 2009 through November, with a $10.7 billion increase, according to Zillow Real Estate Market Reports.
Denver area home values increased to a total of $215.7 billion, compared to a drop of $20.2 billion in 2008, so for that last 2 years we are almost back to the levels of 2008. But don’t feel bad, here are some areas that are not as well off as Denver, thru November 2009..
- Los Angeles, $60.8 billion drop in values
- Chicago, $49.6 billion drop in values
- New York City, $49 billion drop in values
- Miami, $45.9 billion drop in values
- Phoenix, $45.1 billion drop in values
If you would like to talk about your individual home value, give me a call at 303-888-2488, or leave a comment.
For increasingly savvy investors, using the 1031 like kind exchanges can defer capital gains, and save money in the long term. But there are some myths that lead to misinformation.
- Myth #1 – the 180 day rule can be extended if day 180 falls on a weekend or a holiday. This is a hard fast rule, with no exceptions, and you must close no later than day 180 after the deed transfer of the relinquished property.
- Myth #2 – Residential properties transferred thru an exchange must be used as rentals. You may acquire a second home or vacation home for personal use, as long as you follow certain guidelines. The property must be placed in a rental pool at market rates, but you can used it up to 14 days per ear, and the exchanger must perform maintenance on the property.
- Myth #3 – Only developed properties qualify for like kind exchanges. Vacant land qualifies, and in Colorado, water rights, mineral rights, air rights and some others qualify.
- Myth #4 – Exchangers must purchase replacement properties that are equal in value. There is no limit, but when identifying the replacements, further rules come into play.
- Myth #5 – Your attorney can act as a qualified intermediary. Most of the time this is no, but because of ownership of the property during the exchange, we strongly encourage a special 1031 company.
- Myth #6 – When you exchange, you defer all tax liability. If there is “boot” in the transaction, this will be fully taxable, and there may be recapture taxes.
- Myth #7 – A taxpayer can’t exchange with a related party. You can, but the relative will be bound by more tax constraints of at least 2 years.
This gives some basic ideas, and busts some of the myths about 1031 exchanges, and we again, recommend discussing your individual situation with legal advise and or tax advise.
We always welcome your comments and responses, or you can call me at 303-888-2488.