LUXURY RENTAL LISTING SERVICE
URBAN CONTEMPORARY TOWNHOUSE IN LOHI WITH UNBEATABLE VIEWS
Impressive modern townhouse in an unbeatable LoHi location!
This home offers 3 spacious bedrooms with a large study/office on the main floor that can easily be utilized as a fourth bedroom. The master on the second floor offers a large walk-in closet and spacious en suite. Other features include a custom focal fireplace and spacious rooftop deck with amazing views of Downtown Denver. The deck offers a large sitting area excellent for entertaining friends & family with a view! The main floor is an open concept, featuring a modern kitchen with stainless steel Bosch appliances, extended quartz slab island, modern European-style cabinets, gas cooktop and beautiful stained concrete throughout the main level! Main floor is wired for audio and ready for your impressive sound system.
Seconds to Highland Tavern, Black Eye Coffee Shop, and more! Short walk to every other restaurant/bar in LoHi and the walking bridge for easy access to downtown! This clean, modern home with beautiful curb appeal is move-in ready!
offered at $725,000 | 4 Bedroom | 3 Bathroom | 2022 sq ft
Five Essential Things You Need To Know About the 2016 Summer Home Buying Market
This year has kicked off with an array of experts trumpeting the Denver housing market’s strength and resilience. Inventory is at record lows, home prices continue to rise, and foreclosure activity has ebbed to lows not seen since before the 2007 downturn. Spring and summer is the time for selling houses. The months of April, May, June, and July typically account for more than 40 percent of all housing transactions annually, thanks in large part to good weather.
- Inventory shortages: The number of available homes in metro Denver has plunged to record lows, thanks to both an abnormally small supply of existing homes for sale and a dearth of new construction not keeping pace with the current demand. Today there are only about 5,000 properties on the market. During the downturn there were over 30,000 on the market! The tight inventory makes it a great time to sell a home and a challenging time to be a buyer. With my experience and expertise I can help you with either. Call me and let me show you how.
- Increased Competition: In addition to a dwindling supply of available homes, the number of buyers has surged. And not just traditional buyers – investors have comprised a sizeable chunk of the buyer pool since the downturn and continue to do so. Real estate investors are responsible for about 25 percent of the existing home sales each month. It’s not uncommon these days to see streams of buyers along with their agents walking into homes as we are showing property.You, the prospective buyer, need to be prepared to move fast if you find a property you’d like to buy. “Buyers need to be patient because many will be outbid by others and might have to bid on multiple homes,” cautions Jed Kolko, chief economist of Trulia. Yes, indeed.
- Cash is Still King: Given the steep competition, all-cash buyers who can close a deal relatively quickly offer great incentive to sellers. “Cash will still be king if there are multiple bids because from a seller’s view, they want a deal with fewer hiccups, “says Lawrence Yun, chief economist at the National Association of Realtors. My sellers are surprised to hear that about 30 percent of home sales each month are all-cash purchases. For the 70 percent of buyers who purchase with loans, strong lender letters issued by excellent loan officers are critical.
- The Good News: Lending Tree chief executive Doug Leboda says in light of the recently unveiled new home-lending standards, lenders are slowly starting to make it slightly easier to get approved. Talk to a couple of lenders, they’ll tell you things have improved over the past few years on the loan front. Take the time to find a great lender, it’ll make a big difference in your ability to purchase a property.
- More Good News: We are seeing a definite correction in the appraisal business. A few years ago appraisers were consistently under-valuing properties, reacting to the over-conservative nature of their shell-shocked underwriter patrons. Today we are seeing the vast majority of appraisals coming in at value, killing far fewer deals than in the past.
CONTEMPORARY SUNNYSIDE BUNGALOW MINUTES FROM DOWNTOWN
Gorgeous main-level home with bonus garden level unit in the desirable Sunnyside Highlands!
This 4 bedroom/ 2 bathroom (2/1 up, 2/1 down) features hardwood floors, open-concept layout, ample natural light, dedicated single-car garage, additional storage / work space, manicured lawn, shared washer/dryer, and an unbeatable location!
With close proximity to I70 and minutes to Regis University and just blocks away from the popular Highlands area, this home features an unbeatable location at a great price.
The large living and dining rooms open to a modern kitchen with hardwood throughout. You’ll surely enjoy entertaining in the large shady backyard with BBQ/patio area.
The home includes a garage that’s perfect for all of your toys! Skip the dining table and create a fully-functional at-home office space. The pantry is also huge! The washer/dryer are shared with the lower level tenant, but the home is fully separated with plenty of privacy.
This clean home with beautiful curb appeal and mature landscaping and is ready for some wonderful tenants.
Verified income of at least 3 times the monthly rent
Background/Criminal/Credit check required
$ 2,500Per Month
$ 300Per Month
May 2016 Newsletter
Recently I was speaking to a client of mine who was distressed about this “crazy new real estate market” and how “prices are just too high these days.” It got me thinking about how important it is that I do everything I can to set the record straight among my clients so you better recognize where we are in the current market cycle. For folks who are interested in real estate and might be considering buying or selling a property, understanding the big picture is critical. Critical! So here’s where the market stands.
The majority of folks I speak with think this tremendous sellers’ market and super tight inventory is something new and something that’s going to come to a head and suddenly erupt overnight. Neither is true. Here’s the truth: we are SEVEN YEARS PAST THE BOTTOM of our last real estate cycle as you can see clearly from the graph below. Just because the Denver Post is suddenly aware of the real estate market and Zillow writes screeching articles about the tight market in order to sell ad space don’t be fooled into thinking this is something new. It’s not. It is a logical continuation of a market that is reacting correctly to the overselling we saw between 2006 and 2008, dropping 25 percent during that period. It’s doing exactly what real estate market cycles do, go up and go down over long periods of time. But remember, over the past 40 years residential real estate appreciation has averaged about 6 percent per year and there is no reason to think that it is going to change over the next 40 years.
We tend to erroneously think of market cycles in short terms, spiking and crashing over narrow periods of time and generally messing everything up. A quick look at the last market cycle shows clearly this is not how real estate works. Real estate cycles tend to move in much broader periods. Our last market upturn was from 1990 – 2007, 17 years! This is why predicting short-term market movements can be very difficult, whereas recognizing the market will move in much broader cycles is more accurate. It’s what we learn by studying real estate market cycle history.
Let’s talk about where we are in today’s cycle. We are currently seven years past the bottom. The past seven years have been a sellers’ market with plummeting inventory, rising prices, nervous buyers often involved in multiple offers, and happy sellers more often than not getting the price they wanted.
But the client I referred to above was a potential buyer and he was very nervous. He tries to stay informed, reads news articles, watches TV reports and concludes the market is teetering on the brink of a crash and is therefore afraid to buy. And he’s been thinking this for a couple years! He wants to buy because his rent is skyrocketing, up 10 percent this year alone, but he’s confusing the short-term media screeds about this tremendous market with the long-term patterns of market cycles, thinking that the minute he buys a home the market is going to crash.
So let me be clear: no one can predict the real estate market with 100 percent accuracy. I can’t, the Federal Reserve can’t, the banks with all the money can’t (obviously!), no one can. But, understanding how market cycles work, and recognizing how low our current inventory is, I can say with confidence I do not see any impending weakness in the market over the next couple of years. We are seven years into what will probably be a very lengthy cycle of low inventory and rising prices.
I can’t tell you what the Dow Jones will finish at next Monday. I can’t tell you if the Rockies will win their fifth game of the season. I can’t tell you what the weather will be on April 6 (and sometimes Kathy Sabine is even off). But I can say with confidence that real estate tends to move over predictable long-term trends, and this market cycle has a long way to go.
In a market as tight as we have today buyers need to write strong offers if they want to get them accepted. You need to work with an agent who understands how to write a powerful offer that will be seriously considered. Here are some of the ways to do this.
- Get pre-qualified by a competent loan officer before writing any offers, and invite the seller to contact the mortgage person who can demonstrate what a strong buyer you are.
- If the seller needs time to move, write an offer with a 30-60 day rent-back period. This permits the seller to stay in the home after closing to give them time to find a replacement home.
- Provide a large earnest money deposit to show the seller you are serious. A good agent will never lose the earnest money you put up so you’ll still be safe, but the seller will be more likely to accept your offer.
- Use a cashier’s check for the earnest money. It makes no practical difference but subtly indicates to the seller you really are serious enough to take the time to get a cashier’s check.
- Write an Escalation Clause into your contract that says your offer will beat any other verifiable offer by, say $2,000.
And these are just a few of the strategies we use to get our offers accepted. Feel free to call me to discuss how we can get YOUR offer accepted!
The mortgage market is staying hot with interest rates near historic lows. If you haven’t reviewed your options lately it may be a great time to take a look at trading up to a bigger home with a manageable payment. But before applying for your new mortgage make sure that you are in good shape with the four items needed for a new loan:
- Income – Make sure your income is remaining consistent and your tax returns are reflecting your total annual income.
- Credit – For the very best rates you want to have a credit score of 740 or greater. There are loan options for clients all the way down to a 620 score, but as your credit score goes down your rate goes up. So it is to your benefit to have your credit cleared up and as high of a score as possible.
- Assets – You will need to have funds in the bank for your down payment and to show you have two months of savings. Make sure you are depositing all earnings and keeping good records of your bank statements.
- Collateral – The property you are borrowing against (your current home or your new property) needs to be in good shape and not have any “safety or soundness” issues. Make sure there are no broken windows, plumbing leaks, lead based paint, etc.
By taking care of these four critical areas you can be confident that you will qualify for a new loan and be able to refinance or buy a new home.
Springtime is upon us, ringing in the peak period to sell a home. If you’re considering moving now is the time to begin the process. You’ll want an accurate Comparative Market Analysis on your home to interpret its value and identify small projects that can increase its marketability. It’s also a good time to start looking for your next home to get a sense of what’s out there and where you might want to move. Call me and I’d be happy to get you started!
2016 is set to be another record-shattering year for Denver, Colorado.
And it’s no surprise as the US News called Denver the #1 place to live. 2,732 Denver home owners sold their home in the first quarter which is up 1% from last year’s numbers. Overall inventory has decreased slightly, and the number of new listings coming on the market is down 0.7 percent in Denver metro and up 2 percent in the City of Denver. Meanwhile, the number of listings sold have increased only 2.9 percent and 2.1 percent respectively. These statistics are evidence of continued competitive, steady conditions in the marketplace.
As we approach another spring and summer frenzy, let’s take a look at some elite properties sold January through March. Here are the 10 most expensive homes sold on REColorado in the first quarter of 2016 for Denver and neighboring communities.
10. $2,875,000 | 660 Ruby Trust Dr., Castle Rock
5 bedrooms | 8 bathrooms | 11,213 sq ft
Courtesy of Robert and Renee Moliter – LIV Sotheby’s International Realty
09. $2,900,000 | 17 Sandy Lake Rd., Cherry Hills Village
5 bedrooms | 7 bathrooms | 10,005 sq ft
Courtesy of Tracy Tooman – Porchlight Real Estate Group
08. $3,000,000 | 22955 Peak to Peak Hwy., Nederland
5 bedrooms | 4 bathrooms | 16,800 sq ft
Courtesy of Bruce Royer – RE/MAX Alliance Boulder
07. $3,100,000 | 1910 Stony Hill Rd., Boulder
5 bedrooms | 4 bathrooms | 7,897 sq ft
Courtesy of Michael Bader – RE/MAX of Boulder, Inc
06. $3,950,000 | 1760 Sunset Blvd, Boulder
5 bedrooms | 8 bathrooms | 6,531 sq ft
Courtesy of Jay Hebb – RE/MAX Alliance on Walnut
05. $3,950,000 | 5701 E. Stanford Dr., Cherry Hills Village
6 bedrooms | 9 bathrooms | 12,130 sq ft
Courtesy of Gina Lorenzen – The Kentwood Company
04. $4,325,000 | 480 Cook St., Denver
4 bedrooms | 8 bathrooms | 10,026 sq ft
Courtesy of Cristy Owen – The Kentwood Company
03. $4,700,000 | 4081 Preserve Pkwy, Greenwood Village
5 bedrooms | 9 bathrooms | 12,832 sq ft
Courtesy of Janet Kritzer – LIV Sotheby’s International Realty
02. $5,300,000 | 4603 S Denice Dr., Cherry Hills Village
6 bedrooms | 11 bathrooms | 13,455 sq ft
Courtesy of Nancy Wolfe/Jeff Hendley – LIV Sotheby’s International Realty
01. $6,530,000 | 16 Sandy Lake Rd., Cherry Hills Village
7 bedrooms | 15 bathrooms | 14,275 sq ft
Courtesy of Nancy Wolfe – LIV Sotheby’s International Realty
FILM ON THE ROCKS SCHEDULE FOR 2016 HAS BEEN ANNOUNCED
- Monday, May 23 — Grease Sing-A-Long with Lissie and Megan Burtt & the Cure For Love
- Monday, May 30 — The Big Lebowski with Anthony Ruptak and His Midnight Friends and The River Arkansas
- Wednesday, June 15 — Citizen Kane
- Monday, June 20 — Ferris Bueller’s Day Off with Strawberry Runners and The Baltic
- Monday, July 11 — The Sandlot
- Monday, July 25 — Labyrinth with School of Rock and A tribute to Bowie
- Tuesday, August 23 — Deadpool
For more information on tickets, visit Film on the Rocks. See you there!
In early 2014, after passing my Real Estate boards, I decided to hang my license with a flat-fee brokerage in town that was quickly gaining a reputation in and out of the Real Estate community as making waves. In my 6-month tenure with the company, I received a crash-course in modern Real Estate practices, assisting with over 150 contracts. In this time, I was able to witness first-hand the beginning of a fundamental shift in traditional Real Estate.
While I’m not a proponent of the flat-fee model, (which is a story for another time), competition is a sign of a healthy market in any industry, and every day we see more and more competition flood the Real Estate market, on all ends. Investors continue to invest, transplants continue to move to the Mile High City,and inventory is starting to rise which allows our market to continue to thrive. But some think we are facing another bubble in the not-so-distant future. If you’re selling or buying a home or condo in the Denver area, ignore the hype and look at market realities.
We’re constantly reminded of the familiar frustrations of home prices reaching record highs and inventory hitting record lows. We’ve heard these concerns, yet the Denver area market seems as hot as ever. How can homebuyers navigate these mixed messages? How can sellers know when to sell? How can investors recognize a good deal? What are some of the shifts we’ll see as we continue to turn new technology and heightened competition into the mix?
Here are my 3 predictions of the Denver Real Estate Market to come.
Mobile use will reshape the landscape of Real Estate, already transformed by technology.
Just like Uber Technologies changed the transportation industry and Airbnb shook up the hospitality industry, advances in technology will change the way we currently see Real Estate. Apps like ZipTour want to revolutionize the industry by providing on-demand access to listings you want to see, right when you want to see them. In a day and age of instant gratification, apps like these will excel, pairing ready homebuyers with licensed agents in a matter of minutes. Smartphones are the new “for sale” signs, where more homebuyers search for new homes online.
Millenials are also now transitioning from renters to first-time homebuyers, and they typically begin the search on their smartphones. According to the Downtown Denver Partnership we are continuing to welcome a multitude of companies to the Downtown landscape, bringing with them a number of jobs. With more higher-paying jobs, more Millenials will enter the market and begin their searches on their phones or online.
Technology has given control to the end user, providing an extremely personalized experience. Home searching apps learn patterns, save preferences, and truly tailor the experience to individual needs. They also allow on-demand access 24/7 and alerts in real time when a new home matches a search criteria. Apps empower the consumer and will continue to better connect in unprecedented ways.
Affordability will continue to decline, leading to greater innovation from developers.
Housing affordability has seen a continuous decline. Supply continues to stay low and demand remains high. More and more, we’re seeing developers cater to a broader demographic by bringing to the table strategic innovation, such as microhousing developments. These micro-units create an opportunity for renters to get a hip, desirable location at a more obtainable price than they otherwise might have. Many of these 300-400 square foot units run under $1200 per month, which, in today’s Downtown marketplace, is hard to come by. These developments will render a larger urban density in the Metro Denver area.
Smaller, more obtainable development will forge the market.
Neighborhoods that have until today remained untapped, are gentrification-wary, and rightfully so. Globeville and Elyria-Swansea are perfect examples of this, neighborhoods rich in cultural and historical significance on the front line of a major shift. Tied by two chief elements, industry and immigration, these neighborhoods initially attracted immigrant workers from Europe in the early 1900’s. The landscape has changed as jobs have transitioned and the mousetrap of I-25/I-70 intersection divides the communities. Many of these homes are past their life expectancy, streets are in dire need of city improvement, and the neighborhood is heavy with freight rail. Even with these obstacles, city officials are optimistic of a brighter future for the neighborhood.
Given the current conditions of the neighborhood, I don’t foresee these neighborhoods transitioning into a future Highlands or Berkeley, where rooted families have been pushed out. Rather, I’m optimistic that a happy balance of reclaiming the historical, cultural integrity and providing newer housing options will come into play. One idea is developing smaller, denser, more obtainable housing, allowing Buyer’s to enter the market close to Downtown at a lower price point that previously wasn’t available. Much like the apartment micro-unit wave we’re starting to see, I predict microhousing will enter the single family and attached home market.
Want to sell your home, buy a home, rent a home, or invest in the market, feel comfortable in doing so as it’s never been a better time. While the landscape might change on the horizon, we still have a lot of opportunity ahead.
If you’re looking to sell, buy, rent, or invest, don’t hesitate to reach out!