Denver Real Estate Blog

It’s a great time to be a landlord.  Sad as it is, all of those empty foreclosures used to provide shelter for people that still need a place to live, and, in most cases, they are now renting.  In addition, with the Mortgage Crisis at full tilt, it’s pretty difficult to get a loan if you don’t have a decent down payment, a fully documented income, and good credit.

So, what’s the bright side?  Those with rental properties are golden.  They are able to charge more for rent for the first time in several years, and they are keeping tenants for longer terms.  In addition, they are able to pick up new investment properties while prices are low. 

“The overall vacancy rate for-rent single-family homes, condos and other non-apartment unit properties in metro Denver dropped to a six-year low of 4 percent during the second quarter, a state report released today shows.

The vacancy rate fell from 7.1 percent in the second quarter of 2006 and from 4.2 percent in the first quarter.

The second quarter’s vacancy and rent study of small rental properties was authored by University of Denver business professor Gordon Von Stroh for the Colorado Division of Housing.

The report shows that vacancies in properties such as for-rent townhomes, duplexes, and single-family homes are at their lowest levels since the survey was launched in 2001.

All counties reported lower vacancies during the second quarter of 2007 as compared to the second quarter of last year. ..”

  Read the rest of the article in today’s Rocky Mountain News.

One of the best kept secrets in the Denver area is the wonderful opportunity to enjoy first run plays at the Denver Center for the Performing Arts……for FREE!  That’s right, FREE!  Before each opening night of the majority of plays at the DCPA the public is invited to attend a full performance of the play.  The tickets are given out at 4:30 the afternoon of the play and you must be present to get your ticket.  A line of theater goers regularly starts forming around 3:30, which actually turns into quite a fun time.  People bring their cup of Starbucks and enjoy chatting with other theater lovers as they wait for the box office to open.  The line quickly moves and most tickets are snatched up by 4:45 or so.  I have a group of friends that love attending these plays throughout the season.  We meet in line, grab our tickets and then head off to one of the local restaurants to enjoy happy hour before the play begins at 6:30  Provided by the Scientific & Cultural Facilities District, this fun opportunity is open to all. 

The season begins this evening with the play ”Third”. 

by Wendy Wasserstein
Directed by Wendy C. Goldberg
The Space Theatre
Originally produced by Lincoln Center Theatre, New York City, 2005.

Laurie Jameson, a feminist Literature professor, has settled into her life at a small, New England college when Woodson Bull III, known simply as “Third,” challenges her long-held beliefs. Against the political backdrop of the impending Iraq War, Laurie and Third engage in a blue state versus red state confrontation that leaves both shaken and changed forever. The final play by Wendy Wasserstein, critically-acclaimed author of The Heidi Chronicles and The Sisters Rosensweig, was described by the New York Times as “a gentle breath of autumn.”

 A complete list of all the free plays and dates is listed below.  Hope to see you there!

Sue 

2007/08 SCFD Funded Free Days

* Denver Center World Premiere

I’ve often wondered, when I walk through homes that are cluttered and outdated, how people can stand to live there. 

When I come home, I want to walk into a sanctuary, a place that makes me feel relaxed and refreshed - even if it’s not “interior designer-y”, I want to be able to look around and breathe deeply, with no to-do list that runs through my head.  Of course, my house isn’t perfect - my desk is a bit of a mess, and my basement looks like a preschool - even though it’s really just a playroom for my own 3 - but I feel like we have created a cozy, welcoming environment by controlling the clutter. 

And, even though we have no plans to sell or move, I do feel like we could list the house and start showing it tomorrow - there would be no need to rehab and remodel and stage only for someone else to enjoy the results.

Over the weekend I read a great article by Martha Beck in O at Home:

GETTING IN TOUCH WITH YOUR INNER SPIFFER
By Martha Beck

Judy and I had just spent five hours spiffing up her townhouse so that her real-estate agent could show it to a potential buyer, and now Judy was crying about it.

“What’s wrong?” I asked. “This place looks fabulous!”

It really did. What was supposed to be a normal dust-and-straighten routine turned into a manic redecorating sprint. We began by organizing and filing papers that, to my best recollection, had been on Judy’s desk since the Reagan administration. Getting them out of sight shattered our unspoken assumption that we were only tidying and triggered a frenzy of home improvement.

We Goodwilled items—snowshoes, an accordion, a unicycle—to which Judy had clung for years, just in case she started channeling Zelda Fitzgerald and ended up using them. The newly spacious rooms begged for color, so we visited the neighborhood florist for luscious tulip bouquets and then purchased paint to match the flowers. Two accent walls, ten picture-hangings, and an hour of furniture-arranging later, Judy’s home was dazzling. Hence, the tears.

“I’m selling this place because I wanted to live somewhere more beautiful and inspiring,” Judy quavered, “but now this is it! This is my dream house—and someone else gets it!” Weakened by paint fumes, she began to cry even harder.

“There, there,” I said, patting her arm. “Maybe no one will make an offer.”

But as I surveyed the newly gorgeous house, I knew that someone would.

Read the rest of the article…

You don’t have to spend a ton of money to stage for yourself - do little things that make a big impact:  Paint.  Rearrange the furniture.  Get rid of stuff that you don’t like.  Stay organized.  Live the way you’ve always wanted to live.  And when the time comes that you want or need to sell, you’ll be ready.

2007 Movie and a Martini
Extra! Extra! Here are the remaining Movie and a Martini events left for 2007 at The Wildlife Experience:
 September 20: Dial M For Murder

November 8: My Fair Lady

Enjoy cocktails, desserts, exhibits, galleries and a film in the museum’s massive Extreme Screen Theater! The event will start at

6:30 p.m. and films start at 7:30 p.m. Visit thewildlifeexperience.org for details and to purchase tickets online!

Movie and a Martini featuring Dial M for Murder
 Tension and suspense build to unbearable heights in this classic Hitchcock film of blackmail, revenge and murder-gone-wrong at the next Movie and a Martini event on September 20 at The Wildlife Experience. Enjoy martinis, desserts and the galleries and exhibits before the show. The event begins at 6:30 p.m. and the film starts at 7:30 p.m. Admission is $20.00 for non-members and $18.00 for members. Visit thewildlifeexperience.org to purchase tickets online.

Wolf to Woof: The Story of Dogs
Wolf to Woof is the largest and most comprehensive traveling exhibition ever created to explore the history, biology and development of dogs and the role of dogs in human societies. Created in 2003 by the Los Angeles Museum of Natural History with a $1 million National Science Foundation Grant, the exhibit is now owned and toured by WonderWorks Exhibits Company. Wolf to Woof consists of four themed sections that include multi-media displays, artifacts, photo murals and dioramas of wild canines and sculpted modern dog breeds. For more information, click here!

The City and County of Denver and the Metro Mayors Caucus have announced the Metro Mortgage Assistance program.

The City and County of Denver, along with over 20 other front-range cities, is offering a special mortgage assistance program for first-time home buyers with qualifying incomes. The first-time homebuyer requirement is waived if homes purchased are in Target Areas.

Homes may be purchased in the following cities:
Arvada
Aurora
Bennett
Brighton
Broomfield
Centennial
Dacono
Denver
Edgewater
Erie
Federal Heights
Frederick
Golden
Greenwood Village
Lafayette
Littleton
Lone Tree
Longmont
Louisville
Northglenn
Sheridan
Superior
Westminster

Program Details & Eligibility
First-time homebuyers cannot have owned a home in the past three years (except in “Target Areas“). The first-time homebuyer requirement is waived for qualified veterans.

Maximum Household Income
For homes purchased in non-target areas:
Families of 2 or fewer — $71,700
Families of 3 or more — $82,455

For homes purchased in Target Areas:
Families of 2 or fewer — $86,040
Families of 3 or more — $100,380

Maximum Home Cost
Non-target areas — $365,175
Target areas — $446,325

Interest Rate
30-year-fixed rate at 6.59%

Down Payment Assistance
4% of the home loan amount is offered as a non-repayable grant for down payment and closing-cost assistance. All qualifying borrowers under the program will receive the 4.00% assistance.

(For eligible homebuyers, additional down payment assistance might be available outside of the Metro Mortgage Assistance Program. Homebuyers with household incomes at or below 80% of the area median income for the metropolitan Denver area may be eligible for additional down payment and closing costs up to 6% of the purchase price or $10,000, whichever is higher. Call Colorado Housing Assistance Corporation at 303-572-9445 to see if you qualify.)

Cost to Buyer
At mortgage loan closing, the lender will collect only a 1.00% origination fee and no discount points from the borrower or seller. 

Target Areas
To lookup whether a property is located within a Target Area, DenverMaps offers a Real Property report. Simply enter the address, and check “Metro Mortgage Areas” under “Optional Map Layers.”

Contact a participating lender today! Program available while funds last.
Interested borrowers may make application to any participating lender beginning immediately; however, funds availability is contingent upon a successful bond closing. Assuming a successful closing, loans may close on or after August 10, 2007

Participating Lenders
Air Academy Federal Credit Union — 720-208-7440
American Liberty Mortgage, Inc. — 303-458-3778
Chase Home Finance — 303-759-6758; 303-504-3183
Cherry Creek Mortgage — 303-226-8711; 303-302-8102
Clarion Mortgage Capital, Inc. — 303-948-1711
Colorado State Bank and Trust — 303-861-2111
Countrywide Home Loans —303-333-1385; 303-716-7997
DHI Mortgage — 720-488-2080
First Community Bank — 303-789-0660; 303-729-3652
Guaranty Mortgage Bank — 303-996-1625, ext. 240
Peoples Mortgage Corporation — 719-531-5577; 800-650-3300
Summit Mortgage — 720-200-9480
Universal Lending Corporation —303-758-4969
Wells Fargo Home Mortgage — 303-790-8601
W.R. Starkey Mortgage, LLP – 303-757-0300; 303-489-0712

For more information on this program, contact me!

Over lunch with a colleague the other day, we started talking about the Real Estate market and the Mortgage Crisis, how and why this whole mess started, and how to fix it.

We agreed that one of the major problems is a trend that started with the creation of ”creative” financing - people started skipping vital rungs on the property ladder.  And, just like when you skip a step or two when you are climbing a ladder to change a lightbulb, many rung-skippers are now falling on their heads. 

Ten years ago, my dining companion bought a small apartment in Greeley, and lived it with his new wife as they both finished up college at UNC.  After they graduated, they bought a second unit in the same building, and rented out the smaller one to a couple of UNC students.  After a couple of years, they sold one of the units and bought their first ”real” house - they were expecting their first baby, and needed the space, as well as the peace and quiet away from college housing.

A couple of years after that, they sold that first little house and bought another one nearby, this one with 3 bedrooms and a bigger yard…now they’ve upsized again, into a $600,000 home near Denver.  

This is how home ownership used to work.  You took a small step, and then another, until you finally reached the home of your dreams.  In the last few years, I think this process was ignored.  So many first-time homebuyers jumped into their dream home from their dorm room or rental, before they could really afford it, because some shady lender talked them into a risky mortgage.  Now those dream homes have turned into a nightmare of foreclosures and ruined credit.

So, what now?  Stop skipping rungs!  Climb the property ladder the old-fashioned way, one step at a time.  Buy a house you can actually afford, even if it’s not in your ideal neighborhood, and even if it needs a little work.  Eventually you will have enough equity for your dream home, and the journey toward achieving it can be really rewarding.

Well, here it is the Labor Day weekend, where did the summer go?  One of the great end-of-summer traditions in downtown Denver is the Taste of Colorado.   There is something for everyone at this lively event…carnival rides and cotten candy for the kids, amazing food from over 50 of Colorado’s most popular restaurants for the foodies in the group and great music from some of the hottest regional and national performers to get everyone’s feet stomping.   

Over 250 booths featuring unique arts & crafts, jewelry, furniture and more should delight the shoppers in the group, while the kids can take in the music, magic, clowns and puppets featured on the KidsStage.   The Colorado Mining Foundation is offering free gold panning which is always a crowd pleaser. 

The Taste of Colorado opens on Friday at 11:30 am going into the night until 10:00 pm.  Saturday and Sunday hours are 10:30 am to 10:00 pm, with Monday rocking for 10:30 am to 8:00 pm.   Come on down to Civic Center Park for a grand end of summer celebration!!

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