Archive for General Real Estate Information
The Feb 2013 Metrolist statistics for real estate have been released, and they are really good.
Inventory for both homes and condos, now stands at 6,786 units, which is a 32% drop in inventory from Feb 2012. Just think of supply and demand, what will give?
This breaks down to:
The average days on market has improved 24% from 106 days to 81 days, year over year.
There is now about a 1.75 months supply of homes, this is very low.
So if you are thinking of buying, it is imperitive to contract with a buyers agent, like myself, or if you are looking to sell, contract with a sellers agent, like myself. Email me at firstname.lastname@example.org, or call 303-888-2488.
Have you been out looking for a resale home lately? Inventory is very low, and for some specific neighborhoods its almost non existent. Lately, I have been in discussion with other agents, and they mentioned to me they are starting to knock on doors (we used to do this 15 years ago) to see if someone is willing to sell.
Here is a story, a seller of mine that has hired me to sell their home, which will go on the market in March, through our initial marketing, I was able to get an early preview of their home to an out of town buyer, after they looked at the existing inventory, we ended up in 2nd place, but not bad for not officially being on the market.
Our Denver market inventory stood at 7,094 homes in December, which was 32% less than January 2012.
Time on the market is on average 78 days, which is 25% less than January 2012 of 104 days.
Interest rates are low, historically, inventory of existing homes is dropping, and as I have always stated, its supply vs. demand, something has to give, PRICE?
Call me to discuss your situation, we also have a 50 page buyes handbook. Email me at email@example.com, or call 303-888-2488.
A recent article in Barrons titled “Happy at Last”, discusses the Case-Shiller 20 city Home Price Index detailing the peak of Denvers market, August 2006, to the trough date of Feb 2009, which amounted to a 14.1% decline, but also resulting in a recovery so far of 9% off the low. This is great news considering how other markets have dropped from their peaks
(a V-Shaped market):
- Phoenix is 55.9% off their peak
- Miami is 51.2% off their peak
- Las Vegas is 61.7% off their peak
and compared to Denver, only Dallas had a smoother ride off their peak of 11.2%, (but who wants to live in that climate all year long). Keep in mind that we never went sky high in our prices, nor dropped like a falling knife off the highs.
This brings us to what the Local Market Monitor in saying that “Denver will advance the most thru 2015″. This is based on unemployment rates, job growth, single family/multiple family building permits, income and its relationship with home prices.
The Local Market Monitor also predicts its forecast growth for Denver as follows:
- next 12 months of 4%
- then next 12 months of 5%
- then the following 12 months of 6%
This comes to a 3 year forecast of 16%, adding onto the latest 12 month price gain of 2.4%.
So let me ask you? How much are you earning on your CD’s today?
Call me at 303-888-2488 or email me at firstname.lastname@example.org for information on your particular neighborhood.
Thank you for everyone’s interest. Activity for the owners was great and they have a great tenant. We were able to help the owners buy, fixup and rent this home.
Are you satisfied with .5% on your CD’s??
If you need expertise in obtaining and owning a rental property and to take advantage of our emerging Denver real estate market, give us a call to see how we can help with your real estate asset allocation to your retirement portfolio. Call 303-888-2488, or email email@example.com.
Colorado has decided to allocate its $51.17 million to a series of programs and organizations to provide statewide foreclosure and housing relief over the next three years:
- $24 million for supplemental loan-modification programs;
- $18.196 million for affordable housing programs;
- $5.625 million for housing counseling through the state;
- $1.5 million for Colorado Legal Services;
- $750,000 for temporary staffing at the Attorney General’s Office;
- $600,000 for the Colorado Foreclosure Hotline; and,
- $500,000 for marketing and outreach efforts.
The $24 million supplemental loan-modification funding will be divided into two programs. The first program will design pool insurance to facilitate a loan modification or a refinancing for borrowers in default on their loans. The second will provide cash assistance to defaulted borrowers in order to facilitate a loan modification or a refinancing. These two programs are designed to expand the benefits of the settlement to those borrowers who are generally not eligible for the principal reduction modifications that are available under the settlement or other modification programs.
The $18.196 million affordable housing programs, also administered by the Colorado Division of Housing, will be divided into two programs. The first will be used to stimulate the construction of affordable residential rental properties. The second fund will be used to provide greater housing for veterans at the Ft. Lyon facility in Bent County.
The $5.625 million for housing counseling support will be administered by the Colorado Housing Finance Authority, which administers similar programs and can ensure no double-dipping by counseling services. This allocation will provide ramp-up capital as well as a fee-for-service system for funding housing counseling services to Colorado homeowners.
The $1.5 million allocation for Colorado Legal Services, the state’s free legal aid program for low-income Coloradans, will provide representation for home owners for whom housing counseling or the other programs funded through the national settlement are not adequate. Colorado Legal Services will through this three-year fund be able to expand its staff to serve areas where foreclosures are on the rise, including the Western Slope, mountain communities, northern Colorado and southern Colorado.
The $600,000 award to the Colorado Foreclosure Hotline continues the Office of the Attorney General’s commitment to keeping the hotline operating as a free resource for Colorado homeowners facing foreclosure. This $600,000 award will fund the hotline’s operations through 2015.
See our other blog at: Original blog on the mortgage settlement fund
The followup blog talked about specific dollars and cents for a Highlands Ranch homeowner.
This is over 3 years, and our previous blog talked about $205 million. More to come.
To discuss more about this settlement and if it pertains to your situation, call me at 303-888-2488, or email us at firstname.lastname@example.org.
Get the latest information on upcoming homes for sale by Garard & Associates, these could be priced aggressively, and there maybe great values.
- 3 bedroom, 3 bathroom home in central part of Highlands Ranch, built by Richmond, with mountain views, a true FIX UP home.
You can contact Michael at 303-888-2488, or by emailing him at email@example.com, to get more information and to be one of the first to have a private viewing.
Yes, we finally went and did a quick video of myself and what we can provide to our buyers and sellers. Take a look:
Thanks for viewing, and you can always contact me at firstname.lastname@example.org.
The Colorado division of Housing has just issued their 3rd quarter 2011 results, and for Arapahoe and Douglas county, it is still looking very promising for landlords. We can give you a couple of ideas of how things look:
- Rent Per Square Foot for above grade living is about 83 cents
Average Rent by Number of Bedrooms:
- 1 bedroom $620
- 2 bedroom $835
- 3 bedroom $1205
- 4 bedroom $1405
- 5 bedroom $1800
Vacancy Rates for Arapahoe County is 3.1%
Vacancy Rates for City of Littleton is 2.5%
Vacancy Rates for north Douglas County is 1.6%
Median Rent for a 3 bedroom home in Douglas County is $1375
Median Rent for a 3 bedroom home in Arapahoe County is $1150
Here is something interesting, in Arapahoe County, a 2 bathroom home gets about $995, but if you have one more half bathroom in the home
and the rent is now $1300
Call me at 303-888-2488, or email me at email@example.com for more information about your situation as a landlord, or your future decision to become a landlord.
This is not fully real estate related, but news just came out that University of Denver will Host the first of 3 Presidential debates between President Barack Obama, Democrat and the Republican nominee, and any others??? on October 3rd at Magness Arena, which is the University Hockey’s venue, inside Daniel L. Ritchie Center.
The other 2 debates, along with the one vice presidential debate will be later in October of 2012.
So all eyes of the country and the world will be viewing, on TV and the internet and the tweeting and the skyping and the texting and the calling will know about Denver at that time. could be great for tourism, and other industries to get to know Denver.
Ten Tax Tips for Individuals Selling Their Home in Highlands Ranch
For more information about your personal situation, call me at 303-888-2488 or emailing us at firstname.lastname@example.org
Did you know that up to 1/3 of residential and commercial properties may be incorrectly valued?
You could be paying too much in property taxes!
Some of the common mistakes in evaluating properties include:
- inaccurate square footage measurements
- over-valued home improvements
- house style
- size of land and or adjoining lots incorrectly recognized
Another important factor in the assessment process is the “comparable” property choices the assessor uses, and the value of your lot.
You could be paying too much in property taxes!
We can help you in your challenge. I am a knowledgable and experienced real estate broker serving the South Suburban area. For a limited time, at no cost to you, I can assist you and answer any questions you may have regarding comparable property and lot values in your area. As a service to the community I am happy to help you in this very important matter.
We have helped several homeowners challenge their values and achieve sizable changes in their assessment. But don’t hesitate, time is really of the essence. There is only a very narrow window of time for you to challenge the assessment of your home, it expires June 1, 2011, or you can wait another 2 years to try to challenge.
You could end up paying too much in property taxes for another whole year! See more details in our previous blog about challenging your assessment.
Call Michael Garard at 303-888-2488, or email me at email@example.com.
For all movie buffs, who like to know where certain movies were filmed, or go and visit where the certain locations were shot, a very special home from the movie “Home Alone”, starring Macaulay Culkin, and written by the late John Hughes is for sale in the exclusive Winnetka, Illinois community.
This home is for sale at 2,395,000, is a Georgian style 2 story brick home with 5 bedrooms, 3.5 baths, on .53 acres and has 4243 square feet, and is located at 671 Lincoln Avenue.
A synopsis of the movie plot line is that it’s Christmas Time and the McAllister family is preparing for a vacation in Paris, France. But Kevin got into a scuffle with his older brother and was sent to his room. Then, the next morning, while the rest of the family were in a rush to make it to the airport on time, they completely forgot about Kevin who now has the house all to himself. Being Home Alone was fun for Kevin, having a pizza all to himself, jumping on his parents’ bed and making a mess. Then, Kevin discovers 2 burglars, Harry and Marv, about to rob his house on Christmas eve. Kevin acts quickly by wiring his own house with makeshift booby traps to stop the burglars. And the rest is movie history. The movie had a budget of $15,000,000, took 5 1/2 months to film, and eventually grossed over $533,000,000 worldwide.
I am licensed to sell only in Colorado, and for serious inquiries, I still can refer you to a great agent in Winnetka to see the home in person.
Call Michael Garard, at 303-888-2488, or email me at firstname.lastname@example.org.
Throughout the 7 county Denver metro area, the tax assessors will be sending out the latest valuations, and good news for most homeowners, is that property values should be lower. But we all knew that. Now the government will be telling us by just how much.
What is even better is that if you still disagree with the value; that it is still too high, you have about a month to challenge the new value.
Please keep in mind the value is for a 18-24 month period before June 30, 2010, NOT the value TODAY. So they are still lagging.
We also have a great 2 page how to on “HOW TO CHALLENGE YOUR TAX ASSESSMENT”, on our website, and you can click how to challenge your tax assessment for a quick read thru on what you would need to do to challenge your value.
After reading that and you still have questions, we can be reached at 303-888-2488, or emailing at email@example.com. We have in the past helped several homeowners lower their assessed values by up to $90,000, can we help you?
What a Government Shutdown Means for Highlands Ranch real estate.
(April 5, 2011)
The current continuing resolution (CR) providing funding for government operations is set to expire on April 8, 2011. This is not the first, probably one of 30 over the last 35 years. If legislation providing for funding is not signed into law to extend funding after April 8, the federal government could shut down. This means many, but not all, government programs, including some that impact federal housing and mortgage programs, could grind to a halt as early as April 9, 2011. While the true impact of a shutdown is unclear until it actually begins below is a synopsis of how federal housing programs will likely operate in the event of a shutdown. The Office of Management and Budget (OMB) requires each agency to have contingency plans in place and reportedly has instructed agencies to not provide specific information on impacted operations.
Federal Housing Administration
FHA cannot offer endorsements for any new loans in the Single Family Program and cannot make commitments in the Multi-family Program in the event of a shutdown. FHA will maintain operational activities including paying claims and collecting premiums. Management & Marketing (M&M) Contractors managing the REO portfolio can continue to operate.
VA Loan Guaranty Program
Lenders may continue to process and guaranty mortgages through the Loan Guaranty program in the event of a government shutdown.
Internal Revenue Service (IRS)
Should the federal government shut down, the IRS cannot process federal income tax returns or issue refunds (but it can deposit tax payments). Consumers who were expecting to use their tax returns as part of the down payment for a home purchase will temporarily not have access to these refunds.
The Federal Emergency Management Agency (FEMA) confirmed that the National Flood Insurance Program (NFIP) will not be impacted by a government shutdown.
Government Sponsored Enterprises
Fannie Mae and Freddie Mac will continue operating normally, as will their regulator, the Federal Housing Finance Agency.
No official word as of yet, but the Making Home Affordable program, including HAMP and HAFA, may not be affected as the program is funded through the Emergency Economic Stabilization Act which is mandatory spending not discretionary.
Background Information on Government Shutdown
HJ Res. 48 extends the Continuing Appropriations Act, 2011 (Public Law 112-6) to April 8, 2011. If another continuing resolution (CR) or budget is not signed into law, the federal government could shut down on April 9, 2011. This requires the furlough of non-emergency personnel and the curtailment of federal agency activities. Federal contractors cannot be paid. Programs funded by annual appropriations are directly impacted though programs funded by laws other than appropriations (such as Social Security) may also be impacted. The last government shutdown occurred during fiscal year (FY) 1996 and lasted 21 days, from December 16, 1995 through January 6, 1996.
The Anti-Deficiency Act is the primary law preventing government activity when no budget or CR is enacted. The act, found in 31 U.S.C., prohibits:
- Making or authorizing an expenditure from, or creating or authorizing an obligation under, any appropriation or fund in excess of the amount available in the appropriation or fund unless authorized by law.
- Involving the government in any obligation to pay money before funds have been appropriated, unless otherwise allowed by law.
- Accepting voluntary services for the United States, or employing personal services not authorized by law, except in cases of emergency involving the safety of human life or the protection of property.
- Making obligations or expenditures in excess of an apportionment or reapportionment, or in excess of the amount permitted by agency regulations
Basically, the government may not make payments or commitments unless there is enough money in the bank. According to the US Office of Personnel Management, an agency must shut down activities not excepted by the US Office of Management and Budget (OMB) when it no longer has the funds to operate. OPM recommends that agencies:
- communicate with employees and representatives about a potential shutdown;
- prepare draft furlough notices;
- determine which positions are excepted from the furlough according to OMB guidance.
Federal agencies have been required to complete contingency plans since 1980. OMB has three different bulletins that agencies may reference in the development of their shutdown plans. Plans must include, among other things, estimated time to complete a shutdown and the number of employees to be excepted. The President, Members of Congress, presidential appointees, certain legislative branch employees, and federal excepted employees are not subject to the furlough, but who will collect a paycheck during this period of the recovery?
To discuss more about the government and new loans, call me at 303-888-2488, or email me at firstname.lastname@example.org.
3400 acre Sterling Ranch in Douglas County, up for County Commissioners hearings starting April 12th
I wanted to touch base with all of you regarding Sterling Ranch, a promising new development in Northern Douglas County, located between Santa Fe and Rampart Range Road in the Roxborough area, and south of Titan Road. The owners of Sterling Ranch are Harold and Diane Smethills and Jack Hoagland, all Colorado natives.
Sterling Ranch will be a 21st century, innovative new home development as well as a pilot test site for the use of renewable water, ie: using rain water retention ponds as a means of irrigation, keep in mind water, water, water (unlike location, location, location). In addition to the innovative new water technologies, the Sterling Ranch team has secured enough renewable water to get the project going and to share with existing neighbors who are seeing their wells run dry. The entire build-out will take 15 to 20 years with approximately 12,000 homes. Titan Road will be rebuilt to resemble the streets in downtown Littleton. A 100 acre sports village, complete with soccer fields and baseball diamonds (Colorado Rush and Slammers Headquarters) will be constructed along with a medical facility (major announcement to be made shortly), an adult education facility, and ultimately a new high school and junior high school.
Throughout the 3,400 acre development will be over 30 miles of separate walking, biking and equestrian trails. The developers of Sterling Ranch have paid close attention to the changing demographics of our population. There will be six villages, each consisting of homes designed to meet the current trends at the time of construction along with their own individual “town centers”, all designed to bring families and neighborhoods together with a quick walk to the local coffee shop. As many families return to the multi-generational life style we will see various styles of homes to accommodate these changing trends.
There are 4 major builders already in conversation with the developers.
This is a project that has been 10 years in the making. On April 12th, 13th , 19th and 26th the developers, along with countless supporters and expert witnesses will testify in front of the Douglas County Commissioners.
Water will be key in the discussions, as the developers say they have enough, and the public questions the data. Keep in mind the area has some dry wells to the north of Titan Road.
For further information, or if you want to discuss Sterling Ranch, call me at 303-888-2488, or email me at email@example.com