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!

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.

Only Charlotte, N.C., with a 1 percent drop, and Dallas, with a 3.2 percent drop, fared better.

Phoenix was the worst performer, with homes losing 27.9 percent of their value.

Overall, the 20-city composite showed a 15.9 percent drop from June 2007 to June 2008, while the composite of 10 of the cities showed a 27 percent drop.

“While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s.

But Lou Barnes, principal of Boulder West Financial in Boulder, argues that a large number of distressed homes on the market - foreclosures and sales in which lenders take less than the mortgage amount - has lowered the overall value of homes sold.

Julie Montgomery, a broker associate with RE/MAX Masters Inc. of Greenwood Village, said the key to selling a home in Denver is to make sure it is in perfect condition and shows well: “You have to update the kitchen and bathrooms and get rid of tired carpets. Today’s buyer just wants to bring a toothbrush and clothes and move in.”

Has Denver hit bottom?  I do think that it is at least getting close.  Once the banks can clear their underpriced, undervalued, run-down inventory of foreclosed properties, we might start to see even greater appreciation.  Those reos are keeping things down for now, making it a good time to buy or invest if you don’t have to sell a property to do so.  In neighborhoods like Highlands and Cherry Creek, Wash Park and Park Hill, values continue to rise at a progressive pace. 

I know I have linked to this map before, but I just think it’s great - updated constantly and full of important local Denver Real Estate info! http://www.denverpost.com/ci_6797508

The Sunnyside Music Fest is back next weekend with great music, shopping and eating, as well as fun stuff for the kiddos and cute new merchandise.

Stop by the LIVE Urban booth and say hi - we will be there throughout the event, from 10 am to 8 pm at Chaffee Park, which is at 44th and Tejon.

Get your Sunnyside groove on!

From the show’s website…

Hope for Your Home is a new half-hour series that takes on the tough circumstances so many homeowners in this country are facing today.  Hosted by real estate expert Kirsten Kemp Becker (TLC’s Property Ladder), Hope for Your Home lends a hand to homeowners in financial need, by giving them critical resources to make improvements to their property.  The goal is to add enough value to their home so they can either refinance their mortgage or make the best possible sale.  Kirsten advises the homeowners on what improvements will actually increase a home’s value, while a contractor ensures that all projects are done properly and safely. Once the improvements are complete, a real estate agent and a mortgage broker tour the home, examine the upgrades, and determine a market value. In the end, the homeowners are empowered to decide if they should stay in their newly-renovated home, or sell their home and find something more affordable for their family.

I think there are so many families who could benefit from the examples set by the situations on this show.  Even if TLC doesn’t come in and hand them 10 grand to make improvements on their place, anyone can declutter, paint, and clean up their home in an effort to recapture its value - if they can then either refinance and lower their monthly mortgage payment or sell without a short, they can also salvage their future, their credit, and their lives.

Anyway, we hired a couple who seemed grateful for the work, and they showed up right on time on Saturday to powerwash and prep so that they could paint on Monday. Monday came and went with no paint crew.  Tuesday, one painter showed up in the mid-afternoon and ran out of primer within an hour, he left and didn’t come back.  Wednesday, they were here for another hour before the spray gun clogged, which apparently made it necessary to leave for the rest of the day.  Thursday, they promised me again that they would have the ceiling and floor finished by Saturday, since my husband’s 30th birthday is Sunday and I have 100 people coming over to enjoy our newly painted patio.

Friday, they finally finished priming the ceiling, no paint yet, plus they have covered the floor in overspray and drips, as well as any nearby plantlife, including Ori’s prized tomotoes and our grape vine!

Saturday, scheduled to show at 8, they rolled in around 12 and painted about 1/3 of the ceiling before leaving.  On top of that , I realized that they taped on top of the area that should be painted, so every edge will have to be hand-painted 2 or 3 times.

I am finally through.  If they ever answer their phones again (conveniently, they don’t even have VOICE MAIL - who doesn’t have voice mail?!) they are really going to hear it, and I will be asking for a full refund of the labor costs that I paid upfront, as well as for any materials that they don’t have receipts for.

Lesson learned, and I will be up on a ladder until partytime tomorrow, touching up the crappy paint job and trying not to scream!

So, I was relieved to read in The Hub today that the Gold Line is good to go and will be completed in the next few years!

1.

1.  Do not sign the back of your credit cards.  Instead, put                                             

           “PHOTO ID REQUIRED” or “ASK 4 ID.”

2.      2. When writing checks to pay your credit card accounts,
     DO NOT put the complete account number on the “For” line. Instead,
     Put the last four numbers. The credit card company knows the rest of
     the account number. This will prevent anyone who might be handling your

3.           check as it passes through all the check processing full account numbers.

3.     3. Put your work phone # on your checks instead of your home phone.
      If you have a PO Box use that instead of your home address.  Never have your SS#  
      printed on your checks, anyone can get it. 

4.   Make 3 sets of photo copies of the contents in your wallet an your passport;

      1) Keep 1 copy in a safe place at home. 2) Keep a travel copy when you are on

      vacation.  3) Leave a copy with a good friend or family member when you

      are traveling.  Copy both sides of each license and credit cards.  Copy all  

      personal  information from passports. If your wallet is lost or stolen you will 

      have copies of the account numbers and phone numbers handy.

     What to do if your wallet is stolen:

1.  Cancel credit cards immediately.

2.  File a police report immediately in the jurisdiction where your belongings

     were stolen. This proves to credit providers you were diligent. This is also the first

     step toward an investigation if one is ever required.

3.  Call the 3 national credit reporting organizations immediately and the Social Security    

     fraud line to place a fraud alert.  This should prevent new accouts from being      

     opened. Companies will also have to contact you directly to open new accounts, and 

     verify or change information.

Equifax:             1-800-525-6285

Experian:           1-888-397-3742

Trans Union :     1-800-680 7289

Social Security Administration: 1-800-269-0271

On Friday, my client called me SO excited to see a listing right around the corner from the LIVE Urban office.  I pulled up the listing and met her there within minutes - it had just gone on the market that morning and seemed too good to be true.

We toured the property, a cute little bank-owned half-duplex with a garage and shady deck, private backyard, and nice, open layout.  There were other buyers going in as we were leaving, so I walked straight back to the office, pulled comps, and we decided to offer almost $20,000 above the list price - my buyers LOVED this property and the comps showed that market value was higher than the property had been listed.

We submitted an offer within the hour, and I called the listing agent and his office several times to make sure that they had everything they needed to submit the offer to the bank.  I was told that the listing agent was out of town, but that the offer would be submitted to the bank immediately - I had a feeling it would not.  We spent the weekend waiting it out, but I knew that the bank would still be accepting offers over the weekend.

Yep, same old story - there were 20 offers on the property - and my buyers didn’t get it - too bad they also didn’t have a chance to enter the bidding war or even receive a counteroffer, because both the listing agent and the bank sat on the offers until there were so many on the table they were rolling in them.

Maybe the banks have the right idea - create a frenzy by pricing the property so low that dozens of buyers fall in love and submit offers, cross their fingers, and then….wait, only to be disappointed by the entire process.  Should homeowners wishing to sell their homes quickly be doing the same thing?  Listing their property at 20-30K below market value?

Maybe.  Maybe this is what the confused market has finally come to - but it’s a rough game for Buyers, and for their agents!

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.

This was me and Rylie’s favorite room, in the house with a definite Parisian influence.  I also really loved this little vanity!

My favorite feature in every single home was the stackable washer/dryer in the Master Bedroom closet.  That’s what I want for Christmas! 

There is one home on the tour with a very modern feel, and this is the Master Bath - Love. It.

This was my favorite outdoor space, it was in a front entry courtyard and was so peaceful, shady and relaxing.  I want this for my birthday!

Rylie said that if her bedroom looked like this she would even share with Elliot - we might have to take her up on that offer to make room for the new baby!

So, two old, shabby chairs and a leftover can of yellow paint became a fun, free project that kept Hudson and Elliot busy for a whole hour, and they turned out great!

Next up, the hand-me-down tables that are sitting in the basement…