HAPPY NEW YEAR TO ALL OF YOU!
Time to start this new year off with a GREAT article on how our local market is doing. We haven't seen a better time to buy than NOW. If you or anyone you know is looking to BUY or SELL, please let me know. The rates are low and the prices are amazing. I hope everyone is off to a good start and I will see you in the new year!
According to the Rocky Mountain News:
Home prices in the Denver-Aurora metropolitan area have less than a 1 percent chance of declining in value during the next two years, according to a national report released Wednesday.
The report by PMI Mortgage Insurance Co. could help accelerate an expected surge of real estate investments by savvy buyers looking for bargains, said one local expert.
"In the last couple of weeks, I have been hearing that some very large and fully capitalized hedge funds and opportunity funds are aggressively wanting to make deals in Denver," said Mike Rinner of the Genesis Group, which tracks Front Range housing.
Click Here to read the full article.
Thursday, January 15, 2009
Wednesday, November 19, 2008
Denver- listed 7 in Top 10 areas most likely to rebound!
According to Yahoo Real Estate:
Denver’s overall outlook is sunnier than for most western cities because neither inventory nor prices spiraled out of control during the boom. Dinged by a telecom bust earlier in the decade that cost the city 5 percent of its jobs, the local economy wasn’t primed for irrational exuberance. Now with six months’ worth of homes in inventory—the level most experts judge to be roughly in balance—the city offers considerable upside.
In particular, upscale buyers are flocking to Cherry Creek, the tiny neighborhood that’s home to Neiman Marcus and the Cherry Creek Arts Festival, one of the country’s top urban arts fairs. Here, prices leaped 16 percent in the past year, according to Integrated Asset Services, an firm specializing in mortgage investments. The area’s popularity illustrates a common theme in U.S. housing markets: established, close-in neighborhoods are often holding up better than suburbs, because they didn’t endure overbuilding and because higher-income owners were less likely to need subprime or adjustable-rate mortgages.
Cherry Creek’s success also highlights the strength of the envy factor. In a recent Coldwell Banker survey of luxury homeowners, 17 percent said they’ve considered moving to get into a certain address or zip code—a reminder that the lure of prestige or good schools moves homes even in a shaky economy. Cherry Creek’s 80206 zip code may be Denver’s ritziest—as seen in the new development North Creek, which features a mix of million-dollar tower condos and brownstones along with a private garden courtyard, à la New York’s Gramercy Park.
Denver’s overall outlook is sunnier than for most western cities because neither inventory nor prices spiraled out of control during the boom. Dinged by a telecom bust earlier in the decade that cost the city 5 percent of its jobs, the local economy wasn’t primed for irrational exuberance. Now with six months’ worth of homes in inventory—the level most experts judge to be roughly in balance—the city offers considerable upside.
In particular, upscale buyers are flocking to Cherry Creek, the tiny neighborhood that’s home to Neiman Marcus and the Cherry Creek Arts Festival, one of the country’s top urban arts fairs. Here, prices leaped 16 percent in the past year, according to Integrated Asset Services, an firm specializing in mortgage investments. The area’s popularity illustrates a common theme in U.S. housing markets: established, close-in neighborhoods are often holding up better than suburbs, because they didn’t endure overbuilding and because higher-income owners were less likely to need subprime or adjustable-rate mortgages.
Cherry Creek’s success also highlights the strength of the envy factor. In a recent Coldwell Banker survey of luxury homeowners, 17 percent said they’ve considered moving to get into a certain address or zip code—a reminder that the lure of prestige or good schools moves homes even in a shaky economy. Cherry Creek’s 80206 zip code may be Denver’s ritziest—as seen in the new development North Creek, which features a mix of million-dollar tower condos and brownstones along with a private garden courtyard, à la New York’s Gramercy Park.
Monday, November 10, 2008
Inventory Drops, Again!
The number of unsold homes in the Denver area continues to decline. In October there were 23,120 homes on the market, a 20.1% drop from 2007! Inventory hasn’t been this low since January 2005, when there was slightly less than 21,000 homes available.
One of the primary reasons for the lessening inventory is the fact that would be home sellers, are not putting their homes on the market given the current conditions. Many sellers we work with are choosing to be landlords, or just sit tight until the competition from bank owned properties subsides. Unfortunately, they may have to wait a while. I predict the REO properties will continue to dominate our landscape for the next 6-9 months.
Another reason for the smaller inventory numbers is that we’ve seen investor money start to pour in. There has been 3 occassions in the past month where Get Home Denver Team clients, have lost buying opportunities due to bids on properties we identified. These multiple offer scenarios are a good sign that this market is on the rebound!
There are some really good deals out there, and investors are starting to gobble them up! I scour the market on a daily basis, and present these deals to our clients. If you would like to be included on these deals, simply contactme and I’ll make sure you are receiving this info!
One of the primary reasons for the lessening inventory is the fact that would be home sellers, are not putting their homes on the market given the current conditions. Many sellers we work with are choosing to be landlords, or just sit tight until the competition from bank owned properties subsides. Unfortunately, they may have to wait a while. I predict the REO properties will continue to dominate our landscape for the next 6-9 months.
Another reason for the smaller inventory numbers is that we’ve seen investor money start to pour in. There has been 3 occassions in the past month where Get Home Denver Team clients, have lost buying opportunities due to bids on properties we identified. These multiple offer scenarios are a good sign that this market is on the rebound!
There are some really good deals out there, and investors are starting to gobble them up! I scour the market on a daily basis, and present these deals to our clients. If you would like to be included on these deals, simply contactme and I’ll make sure you are receiving this info!
Wednesday, October 29, 2008
Denver Top 10 For Investment Opportunity
The Denver Business Journal reported:
HomeVestors of America Inc. ranked Denver No. 6 on its list of top 10 markets for residential real estate investing in the third quarter…
Based on HomeVestors data, the best U.S. markets for home sales, in order, are:
(1.) Dallas
(2.) Houston, Texas
(3.) Fort Worth, Texas
(4.) Atlanta, Georgia
(5.) San Antonio, Texas
(6.) Denver, Colorado
(7.) St. Louis, Missouri
(8.) Philadelphia, Pennsylvania
(9.) Milwaukee, Wisconsin
(10.) Richmond, Va.
Based in Dallas, HomeVestors was started in 1996 and now has more than 230 franchisees in 35 states. The company’s slogan is “We Buy Ugly Houses.” Franchise Brands LLC of Connecticut became majority owner of HomeVestors in June 2008, acquiring 62 percent of it.
HomeVestors of America Inc. ranked Denver No. 6 on its list of top 10 markets for residential real estate investing in the third quarter…
Based on HomeVestors data, the best U.S. markets for home sales, in order, are:
(1.) Dallas
(2.) Houston, Texas
(3.) Fort Worth, Texas
(4.) Atlanta, Georgia
(5.) San Antonio, Texas
(6.) Denver, Colorado
(7.) St. Louis, Missouri
(8.) Philadelphia, Pennsylvania
(9.) Milwaukee, Wisconsin
(10.) Richmond, Va.
Based in Dallas, HomeVestors was started in 1996 and now has more than 230 franchisees in 35 states. The company’s slogan is “We Buy Ugly Houses.” Franchise Brands LLC of Connecticut became majority owner of HomeVestors in June 2008, acquiring 62 percent of it.
Monday, October 27, 2008
Can I Still Get A Mortgage In Today's Volatile Market?
Click HERE to hear a message from Christian Durland,Senior Mortgage Banker with Cherry Creek Mortgage and follow the link to a great presentation on what went wrong with the industry and where you should be today!
Monday, October 13, 2008
IS NOW THE TIME TO BUY???
Housing Markets Go up and Down, but like a Good Boxer, they Never Stay Down
By: Brian T. Larrabee
The housing market right now is like a boxer whose face is covered in blood. Underneath the mess, however, is a far less than life-threatening cut. Only the sweat of his efforts and the pounding from his opponent’s gloves serve to spread the appearance of greater damage. The crowd’s attention is zeroed in; the announcer is at full tilt and fanning the flames of perceived doom. The gasps and horrified looks are evident all around and precious few in the room sport the desire to step into the ring. They are, indeed, just there to watch.
Road to the Ring
How did we get to this point? Post 9/11, the housing market enjoyed a period of robust appreciation. Quickly referred to as the “bubble” by just about any stock analyst or pundit trying to now seem prescient after failing to predict the crash of the NASDAQ index, which only after the fact was anointed as the “tech bubble.” This buzz word soon found a new target in housing prices and caught on like iPods at a pajama party. Not wanting to be left behind while the spoils of new found wealth by equity brought “Beemer’s” to the driveways where once only Chevrolets dripped oil; thousands of first time buyers found access to easy financing and happily signed contracts to partake in their slice of the American pie. In some cases, these were folks whose credit ratings had gone a few rounds in the ring and bore the scars to prove it. Meanwhile, the global thirst for yield and the inventions of Wall Street wizards drove an insatiable demand for more and more “paper.” Higher and higher rates of return were asked for and lower and lower credit quality was delivered. Never mind the bruises; we’ve got a hungry crowd to feed. So the investors demanded, Wall Street created, the bankers loosened the screws, the brokers complied, the buyers signed, values accelerated and the crowd roared with approval. Alas, most commodity prices, including houses, are prone to cycles. Yet a boom is not a bubble. Most Internet stocks were proved to have little permanence. The “bubble” term is wholly applicable to paying ridiculous prices for a stock backed by a web site and a business plan concocted by some high school junior. Land, on the other hand, is not only permanent and limited, but permanently in demand. Anyone comparing tech stock bubbles to housing is only demonstrating their ignorance. We can live without stocks, yet as long as we’re alive, we need a place to live.
Though the acceleration in housing prices was rapid, it came after a long period of slower-than-average growth. Accordingly, the market was simply catching up to its historical trend rather than creating a bubble. Of course, some areas grew faster and higher than others. Some areas saw an abundance of easy money enabling a multitude of formerly non-financeable buyers. Some areas saw not only first timers, but first time speculators, lining up to fill their pockets with the sparkling spoils of the real estate rush. The sudden appearance of cable TV shows like “Flip this House” became all the rage. No money down, two weeks in, two weeks out and $79,000 in the bank. These images propelled the notion that anyone with a tool belt and a cell phone can be the next Donald Trump (no camera crew required). Well, to those that make sure their punches will be thrown in the right direction, the act of gleaning a little market insight before putting your nickel on the barrel is just good common sense. Ready, fire, aim is not the battle cry of those who live to fight another day. Rapid rates of appreciation are great, but they’re not perpetually sustainable. History proves this. Some will argue that the bubble is now made evident as there are areas with declining values. You’d have to have a consistent definition of a bubble to have a factually accurate argument here. In the absence of that, I don’t think that a comparatively small giveback on values that rose a hundred percent in five years is anything more than a correction back to sustainable and supportable valuation rather than a burst. Declines of any real magnitude are very limited and largely constrained to where foreclosures and short sales are the meat of the current market. Conversely, there are also plenty of areas right now that continue to appreciate at normal and healthy levels.
What Direction is Up?
Buy low, sell high. Everyone knows the words, precious few engage in the practice. Since we can’t do too much to counter the prevalence of bad news, let’s instead, use it to our advantage. I, for one, prefer to do my buying when I’m the only one in the store. Not only does that give me all the attention and assistance I may need, it affords me the opportunity to bargain at my own pace rather than that of the otherwise hurried “no soup for you” counter clerk. Right now, most are afraid to even peer through the window much less actually enter the store. Good! That’s the best signal you can ever have that now may just be the best time to buy.
The Bottom Line
Let’s strip all our fear from the equation and just look at the facts. Prices have fallen in many areas and mortgage rates are back near historic lows. Home sellers are abundant and begging for someone other than the sales agent to show up at their open house. Sounds like a pretty good time to me. The foreclosure numbers we see plastered across our screens and mental chalk boards are predicated on subprime loan resets where the interest rate will rise precipitously. The worst predictions are for over a million homes to be lost this way. Currently, there are over 110 million homes in this country. So by my count, that’s a million or so that might, and 109 million that won’t. Fear and panic can drive a market. But are we being driven in the right direction? The real deal here is that while most everyone on the news conveys the bleeding in the market with that practiced frown of worry and concern, I remind myself that there are two sides to every trade; one entity that is selling on the “cheap” and one entity that is buying cheap. I’ll take the latter side of that trade any day. So while many will avoid the market, a brave few will relish it. How many times have we thought to ourselves “if only I had bought back then?” Well, for those who study the boxer’s face not in the ring but after the trainer has revealed the true extent of the damage by the simple splash of some water and the wipe of a towel, that time we will look longingly back on is now!
Brian T. Larrabee is a 27-year veteran of the real estate and mortgage banking industries and founder of Estate of Mind, Inc, a publisher of educational and promotional products for mortgage and real estate professionals.
By: Brian T. Larrabee
The housing market right now is like a boxer whose face is covered in blood. Underneath the mess, however, is a far less than life-threatening cut. Only the sweat of his efforts and the pounding from his opponent’s gloves serve to spread the appearance of greater damage. The crowd’s attention is zeroed in; the announcer is at full tilt and fanning the flames of perceived doom. The gasps and horrified looks are evident all around and precious few in the room sport the desire to step into the ring. They are, indeed, just there to watch.
Road to the Ring
How did we get to this point? Post 9/11, the housing market enjoyed a period of robust appreciation. Quickly referred to as the “bubble” by just about any stock analyst or pundit trying to now seem prescient after failing to predict the crash of the NASDAQ index, which only after the fact was anointed as the “tech bubble.” This buzz word soon found a new target in housing prices and caught on like iPods at a pajama party. Not wanting to be left behind while the spoils of new found wealth by equity brought “Beemer’s” to the driveways where once only Chevrolets dripped oil; thousands of first time buyers found access to easy financing and happily signed contracts to partake in their slice of the American pie. In some cases, these were folks whose credit ratings had gone a few rounds in the ring and bore the scars to prove it. Meanwhile, the global thirst for yield and the inventions of Wall Street wizards drove an insatiable demand for more and more “paper.” Higher and higher rates of return were asked for and lower and lower credit quality was delivered. Never mind the bruises; we’ve got a hungry crowd to feed. So the investors demanded, Wall Street created, the bankers loosened the screws, the brokers complied, the buyers signed, values accelerated and the crowd roared with approval. Alas, most commodity prices, including houses, are prone to cycles. Yet a boom is not a bubble. Most Internet stocks were proved to have little permanence. The “bubble” term is wholly applicable to paying ridiculous prices for a stock backed by a web site and a business plan concocted by some high school junior. Land, on the other hand, is not only permanent and limited, but permanently in demand. Anyone comparing tech stock bubbles to housing is only demonstrating their ignorance. We can live without stocks, yet as long as we’re alive, we need a place to live.
Though the acceleration in housing prices was rapid, it came after a long period of slower-than-average growth. Accordingly, the market was simply catching up to its historical trend rather than creating a bubble. Of course, some areas grew faster and higher than others. Some areas saw an abundance of easy money enabling a multitude of formerly non-financeable buyers. Some areas saw not only first timers, but first time speculators, lining up to fill their pockets with the sparkling spoils of the real estate rush. The sudden appearance of cable TV shows like “Flip this House” became all the rage. No money down, two weeks in, two weeks out and $79,000 in the bank. These images propelled the notion that anyone with a tool belt and a cell phone can be the next Donald Trump (no camera crew required). Well, to those that make sure their punches will be thrown in the right direction, the act of gleaning a little market insight before putting your nickel on the barrel is just good common sense. Ready, fire, aim is not the battle cry of those who live to fight another day. Rapid rates of appreciation are great, but they’re not perpetually sustainable. History proves this. Some will argue that the bubble is now made evident as there are areas with declining values. You’d have to have a consistent definition of a bubble to have a factually accurate argument here. In the absence of that, I don’t think that a comparatively small giveback on values that rose a hundred percent in five years is anything more than a correction back to sustainable and supportable valuation rather than a burst. Declines of any real magnitude are very limited and largely constrained to where foreclosures and short sales are the meat of the current market. Conversely, there are also plenty of areas right now that continue to appreciate at normal and healthy levels.
What Direction is Up?
Buy low, sell high. Everyone knows the words, precious few engage in the practice. Since we can’t do too much to counter the prevalence of bad news, let’s instead, use it to our advantage. I, for one, prefer to do my buying when I’m the only one in the store. Not only does that give me all the attention and assistance I may need, it affords me the opportunity to bargain at my own pace rather than that of the otherwise hurried “no soup for you” counter clerk. Right now, most are afraid to even peer through the window much less actually enter the store. Good! That’s the best signal you can ever have that now may just be the best time to buy.
The Bottom Line
Let’s strip all our fear from the equation and just look at the facts. Prices have fallen in many areas and mortgage rates are back near historic lows. Home sellers are abundant and begging for someone other than the sales agent to show up at their open house. Sounds like a pretty good time to me. The foreclosure numbers we see plastered across our screens and mental chalk boards are predicated on subprime loan resets where the interest rate will rise precipitously. The worst predictions are for over a million homes to be lost this way. Currently, there are over 110 million homes in this country. So by my count, that’s a million or so that might, and 109 million that won’t. Fear and panic can drive a market. But are we being driven in the right direction? The real deal here is that while most everyone on the news conveys the bleeding in the market with that practiced frown of worry and concern, I remind myself that there are two sides to every trade; one entity that is selling on the “cheap” and one entity that is buying cheap. I’ll take the latter side of that trade any day. So while many will avoid the market, a brave few will relish it. How many times have we thought to ourselves “if only I had bought back then?” Well, for those who study the boxer’s face not in the ring but after the trainer has revealed the true extent of the damage by the simple splash of some water and the wipe of a towel, that time we will look longingly back on is now!
Brian T. Larrabee is a 27-year veteran of the real estate and mortgage banking industries and founder of Estate of Mind, Inc, a publisher of educational and promotional products for mortgage and real estate professionals.
Monday, October 6, 2008
950 Ogden Street #6 - Just listed!
This property has just been listed. It is priced at $169,000 for 1458 sq ft. It is a 1 bedroom, 1.5 bathroom garden level condo.
Go to www.metrobrokersonline.com and type in MLS #708373. You will be able to see all the features and pictures.
Please let me know if you know of someone, or yourself, interested in this property. I would be happy to set up a private showing.
Go to www.metrobrokersonline.com and type in MLS #708373. You will be able to see all the features and pictures.
Please let me know if you know of someone, or yourself, interested in this property. I would be happy to set up a private showing.
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