There is no such thing in Denver’s real estate scene as a house that just needs a little updating.  If you are looking to buy, you are going to find 2 scenarios:  bank-owned properties that are outdated, run-down, and cheap or beautifully updated, immaculate and staged homes priced to sell as quickly as possible.

This is great for investors looking to rehab and rent or fix and flip.  It’s also great for buyers looking for a home that is move-in ready.  It’s not so great for those buyers who are looking to buy something that provides weekend DIY projects like painting and light renovations, at a rock-bottom price. 

The opportunity?  Take advantage of someone else’s sweat equity by purchasing one of those perfect properties, and then take it to the next level - add a deck, upgrade the landscaping, finish the basement.  These are projects that usually fall to the bottom of the fixer-upper list of priorities, but if your new home is already gorgeous, this is your chance to take on one of those dream projects that will add value and improve your lifestyle.

The old rule used to be, don’t buy the nicest house on the block.  But if it’s the only one for sale, and it’s priced right, why not?!

We’re lucky to have Scott Mulvany of Cherry Creek Mortgage with us again as a blog contributor… Scott’s great with first-time and seasoned buyers alike, and he is always available to answer a question, even if you aren’t his client!

Stop by and say hi - the LIVE Urban team will be at PrideFest this weekend, and we will be giving away another 3G iPhone! 

Our booth will be between the Main Stage and the Community Stage from 11 to 6 on Saturday and 10 to 5 on Sunday.

The empty chair on Meet the Press this morning was really heart-breaking.  Isn’t it weird how sometimes you don’t realize how much you enjoy something until it’s gone?  That’s how I feel about Tim Russert’s absence from this morning’s show.  I’m a long-time Today show viewer who automatically turns on NBC at 7 every morning to get the brief, entertaining, and simple version of what’s going on in the world. 

Tim Russert was a big part of my morning routine, and I am going to miss his straight-forward and hard-hitting analysis of daily politics.  Who is going to bust out the blue and red markers and the huge map of the US when November rolls around?  Who is going to moderate the discussion as this all-important election finally arrives?  I know that no one will be able to explain the complexities of American policy as well as he did, and I am sure that no one will manage to do it with a little twinkle of excitement in his eye.  His enthusiasm was contagious, and his point of view was informative and educational, as well as entertaining. 

I’m going to miss you, Tim Russert, rest in peace.

One reason I love working at LIVE Urban is their innovative marketing plan - they truly think outside the box.  A perfect example is our booth at the neighborhood street fair, as well as our storefront office and the vibe inside, which carries through not only to the website but also to all of the printed marketing materials.  (Perfect place for a REaltor with a Master’s in Marketing, huh?)

I wrote in this blog a couple of months ago about the Multiple Offers that are prevalent in today’s foreclosure market….and the national news FINALLY caught wind of this situation, which is really unavoidable if you are looking at anything that is lender-owned.

My advice to buyers: submit your best and final offer initially.  This will at least get you into the bidding war - otherwise, you probably won’t even get a counteroffer.  Believe it or not, there is a ton of competition for these homes, because they are priced SO SO LOW.

Don’t lowball the bank, or you won’t even get in the game. 

Read yesterday’s MSNBC article here.

LIVE Urban is psyched to participate in The Neighborhood’s biggest event!  Always a great time, the Street Fair is free and fabulous, lasts all day, and promises to deliver the best from local businesses and popular vendors.  Stop by the LIVE Urban booth and register for great giveaways including an iPhone!

This year’s date: Saturday, June 14, 2008

• Live music on 3 stages
• Tasty food
• Beer and cocktails
• Over 150 vendors with arts, crafts, and more!
• A special fun zone just for the kids, a classic car show, and more!

General Information

• Band Schedule

• Street Map of Fair

• Watch for your Street Fair Gazette in your mailbox or at 32nd St. stores for more about the street fair including a full list of vendors

Even Ed McMahon is getting foreclosed on.  Did you think that the mortgage meltdown was only hurting deadbeats and down-on-their lucks?  NOPE.  Good ol’ Uncle Ed, spokesperson for the American Family Publisher’s Sweepstakes is losing his mansion due to unpaid mortgage payments.

(Read the article in USAToday here.)

Celebrities from The Hamptons to Beverly Hills are facing the same issues as the rest of us - they get a couple of payments behind, their ARM readjusts, their show gets cancelled and BAM, the foreclosure sign is in the front window before you know it.

I think that Denver has really seen its peak as far as foreclosures are concerned, at least that’s what it feels like on the street.  Of course, there are still tons of short sales and foreclosures on the market, but it does feel like most neighborhoods are starting to see the light at the end of that dark, dreary tunnel.

Poor Ed, I hope it turns out OK for him, that the bank works out a payment plan so that he can catch up…just like they should be doing for the rest of the families who are losing their homes due to shady lending practices and a struggling economy!

Highland is HOT.  This from today’s ColoradoBiz Magazine….

Somewhere in America, there’s a price-reduced house for sale. Somewhere in this great land of ours there’s a mortgage crisis, a credit crisis, a looming recession. Somewhere there’s a real estate agent soberly assessing his or her frail, flailing, failing career.

Somewhere, maybe. But not in Denver’s Highland neighborhood.

How hot is Highland? Let’s put it this way: The Denver neighborhood that sits just west of Interstate 25 off of North Speer Boulevard now has its own cute nickname, LoHi.
We asked a bunch of real estate agents and developers how the boom there has been affected by the national real estate slowdown.  (Read the rest here.)

We love Highland, yes we do, we love Highland, how about you?!

Seriously. 

People always ask me why bank owned listings are on the market for so long.  I’m happy to tell them that it is not for lack of able, willing, and qualified buyers - it’s because the BANK takes FOREVER to process the offers!

My latest and greatest example:   I have been working with a young couple to find their first home.  They are flexible, well-qualified, and looking for a starter home within their means.  They have written SEVEN offers on SEVEN bank-owned properties and have patiently waited for a response from Mr. Bank on each one, only to get out-bid by multiple offers during the WEEKS that it takes for Mr. Bank to review their offers.

Seriously. 

Finally, they wrote their best and highest offer on a house that had been on the market for one day.  They love this house.  The listing agent called and countered the offer, which my buyers happily accepted.  I told them they were under contract.  They celebrated, showed the house to their families, and started packing up their stuff.

The next day, the listing agent called me back and said that the bank now had multiple offers and wanted new, higher offers from everyone.  WHAT?!

Mr. Bank, you sort of suck.

I recently listed a Short Sale for a woman who was no longer physically able to live in her cute little house.  I received several GREAT offers in the first few weeks, but couldn’t get past the call center people at Countrywide to anyone who could actually review and respond to the offers.  The buyers got bored, or frustrated, or mad, and walked away by the time their offers were actually looked at.  In the meantime, the seller was forced to miss several payments on the house while she lived in a rental, because that is the only way a short sale will even be considered by a lender, no doubt damaging her credit and future purchasing power. 

What is wrong with this picture?  It really does sort of suck.

The bright side?  If you have time, and patience, you will get a great deal on a bank-owned property.  Just write the offers and hang in there, eventually Mr. Bank will actually look at them.