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Archive for the 'Real Estate News' Category
August 31st, 2008
I had a closing Friday (yay!) and I agreed with the mortgage broker who had referred the client to me, that we really needed to blog about this situation - which ended up being a win for everyone involved, because it was such a perfect example of why it’s really important to be fully prepared and pre-qulaified when you find the property you want.
My clients are first-time investors (both accountants) who are, luckily, extremely organized with great credit. Although they weren’t completely sure what type of property they wanted at first, or in what neighborhood, they did know that they wanted a great deal (of course) in a popular Denver area, and they knew they wanted to keep it as a rental property.
We looked at over 50 properties, all over the Denver area, from flipped condos to foreclosed duplexes, and wrote 4 contracts that didn’t go through.
I was out previewing some new listings for them when the client called - a new listing on a great street in Lower Highlands had just come up in the MLS, and the price seemed ridiculously low for a 3 BR 1 BA on an 8000 SF lot - and there was no picture. Assuming that it was too good to be true, I drove by to take a look.
A cute little stuccoed bungalow on a great lot, the house was a bit run-down but had great curb appeal, and the location couldn’t have been better. Right up the street from the new Pasquini’s and Duo Restaurants, as well as all of the little cafes, coffee shops, and charm of the shopping district, and within blocks of the Pedestrian Bridge, this house was a charmer - and a steal. Listed at $129,900, there is nothing that would even try to comp in that area for less than $200,000.
I scheduled a showing and the clients raced over to meet me. They wanted that house. (So did I!)
We wrote an offer after I spoke to the listing agent, who told me that they had a few offers in but that he hadn’t presented them yet. We offered more than the list price, but here is what clinched the deal - we were able to close in two weeks. Because my clients had all of their documentation in, and the mortgage broker had everything they needed for a quick close, the sellers went with our offer, which wasn’t the highest, because they wanted the closest closing date possible.
So, lesson learned - even if you are pre-qualifed, keep in close touch with your lender and make sure that your file is completely up to date as you look for that perfect property - a little organization and diligence might just win you the prize!
Posted in Denver Real Estate, Mortgage News, Real Estate News, What's going on?! | No Comments »
August 30th, 2008
I always like to read some good news - that’s why I like the site http://www.happyrenews.com/ - and why I was psyched to come across this article in the Rocky Mountain News:
Good news for Denver-area housing market By John Rebchook
The Denver area housing market showed the most appreciation of 20 metropolitan areas tracked by the closely watched S&P/Case-Shiller Home Price Indices from May to June.
The Denver area showed a 1.5 percent gain in that period. Boston, with a 1.2 percent increase, was the only other metropolitan area to show an increase.
The average percentage change in that one-month period was a loss of 0.5 percent for all 20 cities, and a loss of 0.6 percent for 10 of them.
Denver and Boston have shown three consecutive months of positive returns. Denver homes showed a 4.7 percent decline from June 2007 to June 2008, the third best of the 20 cities. Read the rest of this entry »
Posted in Arvada Real Estate, Denver Real Estate, Golden Real Estate, Lakewood Real Estate, Real Estate News, Westminster Real Estate, What's going on?!, Wheatridge Real Estate | No Comments »
July 27th, 2008
We checked out the Parade of Homes on Friday, so I thought I would put up a quick photo tour:
The villas on the tour have breathtaking views of the foothills as well as Soda Lake and Red Rocks, taking full advantage of the unique location, which is only about 15 minutes from Downtown Denver. Read the rest of this entry »
Posted in Denver Real Estate, Golden Real Estate, Lakewood Real Estate, Real Estate News, What to do in D-Town, What's going on?! | 1 Comment »
July 19th, 2008
This article in today’s Rocky is really inspiring. I often have buyers ask me about the Denver Public School system, and I usually send them to school review sites like GreatSchools.net or the district’s website, because, as much as I can talk about different neighborhoods, shopping, amenities, home and location values, I haven’t been in every DPS school.
Read the rest of this entry »
Posted in Real Estate News, What to do in D-Town, What's going on?! | No Comments »
July 19th, 2008
A college savings plan doesn’t always have to come in the form of a savings account or a 529. With three kids and another on the way, I’ve been giving some serious thought to how we will be able to support four kiddos as they get through school. We haven’t started any kind of savings strategy as of yet, but I know that we need to.
Read the rest of this entry »
Posted in Arvada Real Estate, Denver Real Estate, Mortgage News, Quick Hits, Real Estate News, Westminster Real Estate, What's going on?! | No Comments »
July 16th, 2008
I grew up near Westminster Mall, and, I have to admit, spent more than my fair share of time “cruising” the mall in high school. Back then, it was the cool place to be. Now, it’s a hole. Dark and dingy, it’s a place where retail goes to die.
I am so psyched to hear that it is finally going to be redeveloped into a Belmar-like environment. It’s in such a good location, and there is a ton of reasonably-priced housing available very nearby. It’s also right between Denver and Boulder, has easy access to Highway 36, and I really hope that Old Navy and H&M move right in.
Read the rest of this entry »
Posted in Real Estate News, What's going on?! | No Comments »
July 15th, 2008
Your credit score: did you know that you have to have a credit score of 700-plus to qualify for a low-rate mortgage?
First, your credit score is a number assigned to your creditworthiness.
Your credit score indicates how well or how poorly you’ll repay a debt. The higher the number, the more likely you’ll repay on time.
Your bill paying information on credit reports provides the basis for your credit score.
Consumers who take the time to obtain their credit score, for only about $15 under most circumstances, are more likely to have a better understanding of the scores.
That includes knowledge that mortgage lenders rely heavily upon credit scores to approve or reject home loan applications. Read the rest of this entry »
Posted in Mortgage News, Real Estate News | 1 Comment »
July 9th, 2008
OK, we all know it is a serious pain in the booty to have your house on the market. Real estate agents call at the last minute and want to show it, sometimes they are even sitting outside, waiting for the lockbox code with buyers in their backseat - while you are trying to get the kids breakfast and clean up after last night’s supper. Read the rest of this entry »
Posted in Real Estate News, Uncategorized, What's going on?! | 1 Comment »
July 5th, 2008
Houses aren’t free in Denver. You can’t even find very many for $1. But there are certainly crazy good deals to be found if you are looking to buy a fix-up and hold for at least 2-3 years.
This article in CNN Money does a good job of explaining the best strategy for today’s investors:
Rock-bottom home prices have finally begun to lure vulture real estate investors into the fray.
Sharon Restrepo, a broker in South Florida, where home prices have dropped nearly 27% over the past 12 months, recently bought a three-family home in Cape Coral from a very motivated seller for a mere $65,000. It listed for $195,000.
She can rent the three apartments out for about $1,500 and turn a profit, while she holds on to the property until the market recovers.
“The savvy investors here,” she said, “are buying up everything they can.”
Read the rest here.
It’s a really unique time for Rehab and Rent-ers in the Denver Metro Real Estate game: vacancies are at an all-time low, and home prices continue to drop. I really think that now is a great time to start or build your Real Estate portfolio - whether you have a long or short-term strategy for the properties.
In Denver, flipped properties continue to sell, but only if they are priced reasonably - those investors who are buying bank inventory at rock-bottom prices and renovating SMART - meaning that they are not over-improving for today’s market, no matter what price range they are in.
The same goes for Rehab and Rent-ers — if you can snap up a cute little property that looks like crapola, and put only enough money into it to make it a nice little rental, you are playing the game SMART - in a couple of years, when the market stabilizes and buyers outnumber renters, you can always make a few more improvements to get top dollar.
Ready to start looking for Denver Real Estate? Connect with your inner vulture and get in the game!
Posted in Real Estate News, What's going on?! | No Comments »
July 1st, 2008
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?!
Posted in Real Estate News | 1 Comment »
