Denver Real Estate Blog

What’s your top 10?  I am always surprised, and a bit amused, when people start their home search looking for one type of house, and a list of “must-haves” which totally changes when they walk into that house that is “the one”.  I often start a home search by asking a bunch of questions - about lifestyle, mostly - because it’s important to hear from the buyer what is vital in their everyday lives, and what they think they want, but can most likely do without.  So what are the deal-breakers?  Of course, they are always different, but according to this article from Real Estate Magazine, based on findings from the experts at the International Builders Show - these are the Top 10:

Americans want smaller houses and they are willing to strip some of yesterday’s most popular rooms-such as home theaters-from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show.”This is a traumatic time in this country and the future isn’t something we’re 100% sure about now either. What’s left? The answer for most home buyers is authenticity,” said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill. Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed ‘green’ from the outset,” she said. The key for home builders is “finding the balance between what buyers want and the price point.”

For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said. “What we’re hearing is ‘harvest’ as a home theme-the feeling of Thanksgiving. It’s all about family togetherness-casual living, entertaining and flexible spaces,” Lavender said.

Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home buyer preferences, said there are 10 “must” features in new homes:

1. Large kitchens, with an island. “If you’re going to spend design dollars, spend them where people want them-spend them in the kitchen,” McCune said.

2. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others “they are on the bubble,” Cardis said.

3. Energy-efficient appliances, high-efficiency insulation and high window efficiency. Among the “green” features touted in homes, these are the ones buyers value most, said Cardis. While large windows had been a major draw, energy concerns are giving customers pause on those. The use of recycled or synthetic materials is only borderline desirable.

4. Home office/study. People would much rather have this space rather than, say, a formal dining room. “People are feeling like they can dine out again and so the dining room has become tradable,” Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the “shift from boom to correction.”

5. Main-floor master suite. This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.

6. Outdoor living room. The popularity of outdoor spaces continues to grow, even in Canada. The idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.

7. Master suite soaker tubs. Whirlpools are still desirable for many home buyers, but they clearly went down a notch in the latest survey. Oversize showers with seating areas are also moving up in popularity.

8. Stone and brick exteriors. Stucco and vinyl don’t make the cut.

9. Community landscaping, with walking paths and playgrounds. Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.

10. Two-car garages. A given at all levels; three-car garages, in which the third bay is more often than not used for additional storage and not automobiles, is desirable in the move-up and custom categories.

About The World’s Largest Après Ski + Ride Party

The World’s Largest Après Ski + Ride Party is a three-day event that corresponds with the three main days of the 2010 SIA Snow Show, which will be in Denver for the first time beginning in January 2010. The event celebrates Denver’s love of winter sports and introduces SIA Snow Show attendees to the magic of the Mile High City. Most of the Après Ski + Ride Party activities occur in the restaurants, bars and clubs of downtown Denver with many of Colorado’s top ski resorts (and even some Snow Show exhibitors) paired up with their favorite spots. Check out the event map or the event list for all the latest info.

The World’s Largest Après Ski + Ride Party is presented by The Denver Post, sponsored by Clear Channel Communications, CBS4 Denver and Malenke Barnhart. The event is brought to you by VISIT DENVER , Colorado Ski Country USA, the Downtown Denver Partnership and the City of Denver.

About SIA SnowShow

For more than five decades, the SIA Show has been bringing the entire market together in one place, making it the most important trade event for the snow sports industry. Showcasing the latest trends, innovations, product lines and styles, the SIA Show is the first time, globally, where nearly 1,000 brands are presented in an authentic environment on and off the snow; all powered by the passion and culture of snow sports.

Representing a $3 billion industry, the industry’s retail buying power attends the SIA Show to see the product collections for the 10.11 year. Since its inception, the SIA Show has been listed in the top 200 US trade shows by Tradeshow Week and is currently ranked 59th.

The SIA Snow Show is coming to Denver for the first time from January 28-31, 2010. This event will bring 17,000 snow sports retailers and manufacturers to Denver for a 600,000 square foot tradeshow of snow sports clothes and gear in the Colorado Convention Center – some 14 acres of new products on display. While the public cannot attend the show, interest in it will be extensive. Denver is the largest urban ski market in the U.S. with the highest number of snow sports enthusiasts per capita.

For more info, visit the official website at http://www.denver.org/apresski/Home.aspx

Development is a strange and complex process, especially in neighborhoods with over a century of history, character, and architecture.

Denver’s Highland neighborhood is one of those areas - and there is a little bit of good, a little bit of bad in the news today.

Which do you want first?  The bad?  It’s always sad when a property is neglected to the point that it becomes a safety hazard - especially when it’s a 107-year old house in a fantastic location.  What really strikes me about the article in the Denver Post is this: the developer that purchased the property a couple of years ago applied twice for permission to demolish the property and was denied due to the historic status of the neighborhood.  So, he neglected the property until the city decided to demolish it for him.  How does that make sense? 

Anyway, I guess it’s all just part of the natural process of development, but it is a sad photo, isn’t it?  Hopefully now the developer will actually do something with the property.

So what’s the good news?  On the East side of Highland, in the old Olinger mortuary space, development is in full, compliant, swing with the announcement that the same group that brought the neighborhood goodies like Lola and Vita is doing it again, and I can’t wait to see how it turns out!  Apparently they already have one new restaurant concept committed to the space, and will make room for several other retailers and restaurants, which will drive up property values in LoHi even further.

I guess it’s all part of the Circle of Life of a growing, thriving, changing neighborhood (insert Lion King theme song here).

10 Cities Where It’s Smarter to Buy - According to Forbes Magazine

For people who want to own a home, the premium to buy-the spread between what they’d spend to rent and what they’d pay for a mortgage-is much lower than the 15-year average in many cities.

To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.

Here are the top 10 cities the magazine chose as the best places to buy right now.

1. Boston-Cambridge-Quincy, Mass.
2. Charlotte-Gastonia-Concord, N.C.-S.C.
3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
4. Cincinnati-Middletown, Ohio-Ky.-Ind.
5. Denver-Aurora-Broomfield, Colo
6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
8. Portland-Vancouver-Beaverton, Ore.-Wash.
9. San Francisco-Oakland-Fremont, Calif.
10. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Not sure if you will qualify for the Repeat Purchase (or Move-up Buyer Credit) if you buy another house this year?  The IRS has released the official guidelines for the $6,500 federal tax credit for repeat home purchases, which answer the questions that homeowners have  been asking.

Owners of existing homes — specifically, taxpayers who have occupied the same property as a principal residence for five consecutive years during the previous eight years — may now be able to claim a tax credit on a purchase of another house they intend to use as a principal residence.

The credit is for up to 10 percent of the price of the replacement home, capped at $6,500. The purchase contract must be dated from Nov. 7, 2009, to April 30, 2010 and the closing must occur no later than June 30.

Members of the armed forces and federal diplomatic and intelligence personnel stationed overseas get an extra year to claim the credit.

The maximum purchase price on houses eligible for the credit is $800,000.

Your modified adjusted gross income must be $125,000 or less if you are single, $225,000 or less if you are married and filing jointly. Above these limits, the allowable credit amount begins to phase down in increments and is eliminated once incomes hit $145,000 for singles and $245,000 for married joint filers.

Purchasers are not required to sell their previous home, but they must be able to demonstrate that the replacement house is or will be their principal residence.

On 2009 and 2010 tax returns, buyers should attach the following:  

– Form 5405, which can be found on the IRS website at  http://irs.gov

– A copy of the signed HUD-1 settlement sheet, including the contract sale price and the date of closing. This is to document that the timing of the transaction meets the program’s requirements.

– Evidence of long-term ownership and occupancy of the previous house to meet the five-consecutive-years requirement. This can be property tax records, homeowner’s insurance records or IRS Form 1098 mortgage interest statements for the five-year period.

– For buyers claiming a credit on a newly constructed home, for which a HUD-1 settlement sheet is not available, the IRS will accept a copy of the certificate of occupancy showing the purchasers’ names, the property address and the date.

– For buyers of mobile homes who are not able to get a settlement statement, the IRS will accept a copy of the executed retail sales contract showing the property’s address, purchase price and date of purchase.

Congress mandated all this extra documentation after audits uncovered widespread abuses by applicants for the $8,000 credit. Among these were fictitious home purchases in which taxpayers or tax preparers sought — or obtained — credits on properties that never were sold or bought. This time around, the IRS says it will rigorously investigate all claims filed, starting with a review of the documentation submitted. 

Consult with a tax professional if you are still unsure whether you will qualify for the credit!

An advisory posted by the IRS this month spelled out situations in which recipients of tax credits may have to repay them to the government. These include taxpayers who sell their houses within 36 months after purchase. Recipients must also repay the credit if they convert their principal residence to a rental or business property, or if their lender forecloses on the house.

With all the rules now available, here’s the action message to potential tax-credit seekers: Speed up your search for the house you want to buy. Get moving. There are only 14 weeks to sign a contract and just five months to go to closing. 

The plan for the Sunnyside Light Rail Station area.

Many of the buyers that I work with in Northwest Denver start their search at Highlands Square - makes sense, after all, who wouldn’t want to live a couple of blocks from one of Denver’s most popular and hip neighborhood centers? 

But, for first-time homebuyers, the prices in West Highlands can be a bit out of reach.  Go a few blocks north or east, though, and there are opportunities to get a little more square footage, a bigger yard, or better finishes for the money - and the neighborhoods surrounding West Highlands are growing, thriving, and appreciating in value.

A perfect example is the Sunnyside/Chaffee Park area.  Many buyers, especially when searching the MLS or other online home listings, cut off their search at 38th Ave and won’t go further north, or at Federal and won’t go East, but the majority of the northern and eastern streets are totally quaint, tree-lined, quiet, and perfectly located between Lower Highland (LoHi), West Highlands, and Downtown Denver.  Home prices are typically at least 10-20 percent lower once you cross 38th or Federal, but these areas are perfectly situated for both future growth and appreciation.

And even further proof for where this neighborhood is headed?  Check it out:

The City and County of Denver has begun a process to plan for change in the areas surrounding future transit stations. In 2006, the city completed a Transit Oriented Development (TOD) Strategic Plan that identified a need for land use planning for the 38th and Inca station area on RTD’s future Gold Line commuter rail corridor.  Over the past year, RTD examined the station location as part of the Gold Line Environmental Impact Statement.  As a result of this process, RTD is recommending the station be located at approximately 41st and Fox streets on the east side of the Union Pacific Railroad. Over the past two years, the City and County of Denver worked with community members to develop a station area plan for the half-mile area surrounding the future 41st and Fox station.  

Plan Goals: 

• Improve pedestrian connections to the station, between neighborhoods, and along major corridors
• Create opportunities to add more housing, jobs and services to the station area
• Incorporate plazas, parks and open space into redevelopment areas
• Capitalize on the station area’s proximity to Downtown and location on the Gold Line and Northwest Rail corridors
• Balance the needs of new development and existing uses

Plan Elements

• Development of a high intensity activity node close to the station on the east side
• Creation of a pedestrian shopping corridor along Fox Street
• Mixed-use redevelopment of the former Denver Post site
• Linked park and open space improvements to enhance neighborhood livability by providing positive orientation, buffering, aesthetics, recreational amenities, and storm water management
• Capture partnership benefits with Regency Student Housing by encouraging ties between academic institutions, student populations, and incubator employment uses
• Respect existing housing west of the station by redeveloping along the edges of the Sunnyside neighborhood leading to Inca Street and in a mixed-use node at 38th and Navajo
• Incorporate historically significant structures by drawing design inspiration from the area’s historic, industrial character
• Promote pedestrian and bicycle connectivity with improvements to Navajo, 38th, Elati, 41st, 44th, Fox, Inca and other streets
• Promote structured RTD parking that is shared with adjacent development
• Capture views of Downtown and buffer the station area by locating taller structures along I-25 and I-70
• Support for sustainable development, green building practices, housing affordability and healthy, walkable communities 

To check out the entire development plan, please click here.  If you would like to look at property on the market in Sunnyside, or anywhere in the Denver Metro area, contact me!

Updated bath incorporates natural stone, neutral tones. Photo courtesy of HGTV.

Looking for a weekend project that won’t cost you an arm and a leg, but will improve your home’s value and maybe make your mornings a little easier?  The bathroom is a perfect place to start!  Even if you aren’t thinking of selling right now, resale potential should always play a part in your decision-making process, so try to keep current trends in mind, and add your personality with easily replaced items like artwork, towels, shower curtains, and rugs.

The National Kitchen & Bath Association has compiled what it sees at the year’s dominant bathroom renovation trends. They are:

In With the Old, Out with the New - Traditional will be the most popular design style in bathrooms in 2010, as contemporary designs will be a distant second, followed by the Shaker style as an even more distant third. Beiges and bones will be the most common colors used in bathrooms, followed by whites and off-whites, and then by browns, indicating a somewhat subdued color palette this year.

Ceramic and Granite - Ceramic and porcelain tile will be the dominant flooring materials in bathrooms this year, while natural stone will continue to prove popular as well. Though increasingly popular in kitchens, hardwood flooring won’t become common in bathrooms in 2010. For vanity tops, granite will remain king, with quartz and marble also proving popular options.

Simple Fixtures - Perhaps more than ever, the most common color for fixtures will be white. Bisque and off-white will be the only other fixture colors at all common in new or remodeled bathrooms. For sinks, simple undermount models will be most popular, followed by integrated sink tops, drop-in sinks, vessel sinks, and pedestal sinks.

A Nickel for Every Finish - Faucet finishes in the bathroom are similar to those used in current kitchen designs, with brushed nickel continuing to lead the way in 2010. Polished chrome and satin nickel will also be incorporated into many bathrooms, just as they had been throughout 2009. These faucet finishes will be followed by bronze and stainless steel.

Keep in mind your home’s value when tackling DIY and remodeling projects.  If your property’s market value is around $200,000 - it doesn’t make sense to spend more than a couple thousand dollars on a bathroom update - it’s money that you won’t get back on resale.  But, there are some things that are worth the investment, and that buyers tend to look for when looking for a new place:

Real tile.  I know that the peel and stick products on the market right now are sometimes really tempting - they are super easy to install and you can trim them with scissors - in most cases you can find a cermic tile for a comparable price and with a little extra time and effort, you will add value with the real thing.

Jetted tubs.  Most people love a relaxing bath, and in some cases they might never have had one, so it’s a coveted item.  If you are going to have to replace your tub anyway, spring for the jets - you will see that money come back at resale, and you will have it to enjoy in the meantime!

Framed mirrors.  Nothing looks cheaper than those frameless mirrors attached to the wall with those little plastic tabby things.  Framed mirrors can be found at any craft or home decor supplier for a minimal imvestment.  Hobby Lobby and Target often have them on clearance, and thrift stores usually have them as well.  Painting an old frame is a great  way to update and reuse a found item.

Wondering what you need to do to get your home ready for sale, or which improvement projects are worth the investment?  Contact me, I would love to help you out!

Looking for a way to freshen up a space without investing in new wood floors or carpet?  Do a little investigating to figure out if painting the floors might be an option.  There isn’t a better way to bring color to a space - and anyone can do it, unlike installing wood flooring or carpet, which is a more serious commitment, including product cost and installation.

No matter what era your home was built in, there are ways to make color work on the floor - and because paint is one of the lowest cost, easiest materials to work with, it’s no big deal if you don’t love the result - simply paint over it or go with a more traditional product, like tile, carpet, or wood.  But it’s worth a shot, because you just might love it.

If you are thinking of putting your house on the market, also consider painting outside spaces such as patio, porch and walkway surfaces - it’s a great way to freshen up ragged old concrete without replacing it.  If surfaces might become slippery, mix some light sand into the paint before applying - you will find this in little packets next to the outdoor paint in any supply store.

Make sure to check with your HOA if you have one - some place limits on color pallettes for outdoor use.  If you don’t have an HOA to limit your selection, don’t be afraid to go bright and cheerful, and try to complement it with a memorable door color as well!

Here is an article from House Beautiful that features several different designers talking about how they have used painted floors to transform different types of spaces.

The Children’s Museum of Denver remains a favorite for me and my kids, especially because they are always mixing it up with special programs like the one tomorrow with two of the Harlem Globetrotters - and since I’m a huge fan of the Amazing Race, I was super excited to see that it was  Big Easy and Flight Time who will be hosting the program!

The Harlem Globetrotters are coming to the Children’s Museum!

Bring your little hoopsters to see Big Easy Lofton and Flight Time Lang, two of the world-famous
Harlem Globetrotters!

Thursday, January 7, 1:00 p.m.
at the Children’s Museum of Denver

These world-renowned ambassadors of goodwill and basketball skill will provide Children’s Museum guests with their interactive C.H.E.E.R.^TM program that focuses on Cooperation, Healthy Minds & Bodies, Effort, Enthusiasm, and Responsibility…along with their amazing ball-handling skills and other roundball tricks!

This event is free for Museum members and
is included with the cost of general admission.

Want more of the Globetrotters?
Children’s Museum friends and family can save $5 on select seats at the January 9th, 2:00 p.m., Harlem Globetrotters game at the Pepsi Center!

Not valid for courtside or VIP seats
Online PROMO CODE: MUSEUM
Click here to take advantage of this special offer!

There seems to be quite a bit of misinformation floating around regarding the First Time Homebuyer and Move Up/Repeat Homebuyer Tax Credits that are being offered right now.    I have even heard both local and national news outlets misrepresenting the guidelines regarding these two incentives, so I thought it would be worth while to take a minute to answer a few Frequently Asked Questions.

First off, in order to qualify for the tax credit you MUST have a property Under Contract by April 30, 2010 and close by June 30, 2010.  Someone told me that she is planning to list her home later this Summer - I asked her why she was waiting, since she would qualify for the Move Up/Repeat Homebuyer Credit, basically meaning $6,500 for selling the home she has lived in for more than five years, and purchasing a new one.  “Well, I’m sure they are going to extend it again,” she said, “I think that they might even make it permanent.”  UMMMMM….NO.

Most industry specialists think that this is the last hurrah as far as Homebuyer Tax Incentives are concerned - it was difficult to push the extension through the last time, and there is absolutely no buzz that the credits will be extended any further.

SO, if you are considering a purchase, start looking NOW - inventory is LOW, and prices and interest rates are going up slowly but surely.  Most deals are taking 60-90 days to close right now, instead of the traditional 30 - and if you don’t close by that June 30 deadline, you are not going to get a tax credit.  I don’t know how to say it more clearly.

And, if you are thinking of selling your current home in order to take advantage of the offer for Move Up buyers - get your house on the market NOW.  For the same reasons as above - inventory is low, and your house will not have much to compete against.  Contact me if you have questions about what your house might be worth, what needs to be done in order to get top dollar, or if you are considering a move. 

If you would like more information about the Tax Credits, check out the official website at http://www.federalhousingtaxcredit.com/home.html - it’s a great resource and has loads of information about both the First Time Homebuyer and Move Up/Repeat Buyer Tax Credits.