April 29th, 2008
Big news in the hood this morning — what do you think?!
Rocky Mountain News - After a nearly 10-hour meeting that ended just after 3 a.m. today, the City Council approved a rezoning that will prevent the construction of duplexes and other multifamily dwellings in two northwest Denver neighborhoods.
The council voted 10-2 to rezone 53 acres in West Highland and 62 acres in Sloan’s Lake from R-2 to R-1, putting an end to so-called scrape-off redevelopments to make room for higher density multiple-unit properties.
Council members Charlie Brown and Jeanne Faatz voted in opposition. Though they raised several concerns with the proposal, both said the issue boiled down to property rights.
Council members who supported the rezoning said it was in line with Blueprint Denver, the city’s land-use and transportation plan.
About 130 people testified at the two hearings, and at least twice that many showed up to listen. The huge turnout - and the divisiveness of the issue - prompted council members to call on sheriff’s deputies to keep a close eye on the hearings.
The zoning changes, which go into effect in January 2009, created ill feelings among divided neighbors.
“Anytime you have emotions that are this high and (evoke) this much passion on what you think is right, you always run the risk of conflicts and personal issues entering the scene,” said Councilman Rick Garcia, whose district includes the two neighborhoods.
A rezoning usually requires seven affirmative votes from the 13-member council to pass. But more than 20 percent of the affected property owners signed a protest petition, requiring a supermajority - or 10 votes - to gain approval.
Supporters said the increased density from the multiple-unit structures was ruining the character of the two neighborhoods, which are comprised of predominately single-family detached homes.
The outcropping of multifamily structures has cast shadows on gardens, increased traffic and created parking wars, among other quality of life issues, they said.
Anthony Cooper, who supported the rezoning proposals, said the two neighborhoods aren’t designed to handle the increased density allowed under the current zoning.
Traffic and lack of parking are already problems, he said.
Multifamily dwellings “fit into the neighborhoods like galoshes on a duck,” he said. “They just don’t fit.”
But opponents said the rezoning infringes on their property rights and would hobble the redevelopment they say has revitalized the neighborhoods.
Todd Silverman said he bought in the area 10 years ago for several reasons, including the “potential the zoning would afford.”
It’s unfair that now “certain people want to take away those property rights,” he said.
Realtor Susan Pearce agreed. She also said the rezoning could lead to higher housing costs.
“Fewer units will mean rising costs,” she said. “Once the price of property goes beyond a certain point, our teachers, our policemen, our young accountants, our young families, will not be able to live in the city, and eventually, their allegiances will go to the suburbs because that’s where they’re living.”
The percentage of single-family detached homes in West Highland would drop from 87 percent to 37 percent if all the zone lots were developed under the current zoning. In Sloan’s Lake, it would go from 71 percent to 22 percent.
The development potential threatens the existing neighborhood character as envisioned in Blueprint Denver, said Deirdre Oss, a senior city planner.
Similar neighborhood fights have played out in other areas, including City Park and Congress Park. A plan to down-zone West Washington Park, which has seen a rash of so-called pop-top and scrape-off redevelopments in recent years, has been on hold.
“This is not a unique situation,” said Peter Park, manager of Community Planning and Development. “We’ll deal with it again.”
Posted in Uncategorized | 1 Comment »
April 28th, 2008
I recently asked one of my favorite mortgage brokers, Scott Mulvany of Cherry Creek Mortgage, for a behind-the-scenes look at the mortgage application process from his point of view - and he delivered! I think this is a great way for first-time buyers to understand the system - and they can even use it as a checklist as they wait for closing!
How Purchase Loans Are Made
A Step-By-Step Walkthrough
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Pre-approval - Get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will also increase your negotiating power since you’ll be viewed as a “cash buyer”. |
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Loan Search - Put yourself in the hands of an experienced mortgage professional, someone who will help you to determine which financing options best suit your needs today and in the future. |
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Loan Application - It’s crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included. |
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Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs, two years’ tax returns, and account statements verifying the source of the down payment, funds to close and reserves. |
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The Hunt - Begin shopping for a house. Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought. |
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Appraisal - Lenders require an appraisal on all home sales. By knowing the true value of the home, the borrower is protected from overpaying. |
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Title Search - This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed. |
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Termite Inspection - While most purchase loans do not require a formal inspection for termite and water damage, some loans (especially government loans) allow for the possibility. If problems are found, repairs may be necessary. |
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Processor’s Review - All pertinent information will be packaged by your mortgage professional and sent to the lending underwriter, including any explanations that may be needed, such as reasons for derogatory credit. |
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Underwriter’s Review - Based on the information put together by the loan professional, the underwriter makes the final decision regarding whether a loan is approved. |
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Mortgage Insurance - Many lenders require private mortgage insurance when borrowers put down less than 20 percent on a loan. |
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Approval, Denial or Counter Offer - In order to approve a loan, the lender may ask the borrowers to put more money down to improve the debt-to-income ratio. The borrower may also need a bigger down payment if the property appraises for less than the purchase price. |
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Insurance - Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance will also be required if the property is located in a flood zone. In California, some lenders require earthquake insurance on condominiums. |
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Signing - During this step, final loan and escrow documents are signed. |
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Funding - At this point, the lender will send a wire or check for the amount of the loan to the title company. |
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Confirmation of Funding - The lender authorizes the disbursement of loan proceeds. |
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Closing - Documents transferring title will now be officially recorded by the County Recorder. |
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Congratulations, you are now a homeowner! |
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Still have questions, or ready to jump in? Give Scott a call!
Posted in Real Estate News, What's going on?! | 5 Comments »
April 17th, 2008
Are prices going to continue to drop, or have we finally hit bottom?
So I got out my crystal ball, shook it a few times, and said…”this is it. the bottom is here. buy now.”
If I really did have a crystal ball, I’d be in Vegas, baby. But I really do think that prices have to be near their lowest. I have seen banks slash prices on their complete inventories - by up to 20 or 30 percent across the board. Banks are also putting new listings up at unbelievably low prices, creating multiple offer situations the first week they are on the market - which, I think, is better than having homes sit empty on the market for months on end before finally dropping the price.
It does create frustration for those buyers looking for the deal of the century - they are learning that they need to write their best offer on those homes rather than trying to low-ball the bank, because someone is going to come in with a better offer on those houses that are listed at 70% of market value!
Here is a great article from this morning’s USA Today that breaks down the price drops (and rises in some cases) city by city. Denver is down, of course, but not by nearly as much as some other cities!!
http://www.usatoday.com/money/economy/housing/2008-04-16-bargain-hunting-real-estate_N.htm
Posted in Real Estate News, What's going on?! | No Comments »
