Kentwood Blog

Tom Cryer

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From: “Kentwood Real Estate – Denver, Colorado” <amiles@kentwoodrealestate.com>
Date: April 29, 2010 6:49:45 PM MDT
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Kentwood Blog


Kentwood CEO Responds to Inaccurate Article

Posted: 29 Apr 2010 06:42 AM PDT

Kentwood CEO Responds to Inaccurate Article

on Denver Real Estate Posted on Forbes.com

 

Other Civic, Industry Leaders Prompt Follow-up

Article by Forbes Reporter Francesca Levy

 

          In response to an April 5th article on the Denver real estate market posted on Forbes.com, Kentwood CEO Peter Niederman wrote Forbes reporter Francesca Levy regarding inaccuracies in the article.  Niederman’s letter, coupled with other objections from civic and industry leaders in the Denver area, resulted in a follow-up article posted on Forbes.com on April 19th. 

            The Denver Post reported on April 21st that objections from Denver’s real estate community, in addition to Mayor John Hickenlooper, Forbes.com decided to limit its use of data provided by real estate website Zillow.com, which was the primary source of the April 5th article.  Niederman’s letter to Levy included the most recent real estate statistics for Denver, including single-family home inventory, closed sales, average price, and median sales price. 

            “Listing inventory is down, sales are way up and prices are up as well,” said Niederman in his letter.  “We are enjoying a very healthy, stable and positive real estate market in Denver.” 

            Niederman’s letter was copied to Bob Golden, CEO of the Colorado Association of Realtors, and Barbara Lambert, CEO of the Denver Board of Realtors.  In an email message from Levy to Niederman on April 20th, Levy said her story was based on a fairly narrow set of metrics in which Denver showed a big change over time. 

            “The inventory data came from Zillow.com, which has a few limitations to the information it collects,” said Levy.  “The numbers represent only homes sold on Zillow, and includes condos and possibly some foreclosures, in addition to single-family homes.  I’m always looking for new data sources, and I would like to be able to compare the same metrics from different data providers.  I appreciate the feedback and am open to any suggestions that would enhance future stories.”

            The Denver Post reported that Forbes.com has decided to limit its use of data provided by Zillow.com.  In Levy’s follow-up article, she reported that many felt that Zillow’s numbers, which cited an inventory of more than 42,000 unsold properties from January 2009 to January 2010, were inflated.  Metrolist, on the other hand, showed an inventory of 20,073 for March 2010.  “It can be difficult to derive any assumptions about market conditions from the year-over-year numbers,” said Levy.

            Levy also included comments from Metrolist spokesperson Melissa Olson, John Rebchook of InsideRealEstateNews.com, Denver Mayor John Hickenlooper, and Donna Reichle, spokesperson for the National Association of Home Builders. 

            “We don’t expect the Denver market to be either best or worst, but rather to be pretty middle of the pack,” said Reichle.  “Our forecast for the Denver housing market is for recovery continuing this year from the early 2009 bottom and gaining momentum through 2010 and beyond.”

            The Denver Post’s article said that according to local data, there were 17,785 homes for sale in January, down 9.9 percent from January 2009. 

            “Though Zillow’s numbers allowed us to compare the numbers of homes for sale across the country’s metros, we recognize that these numbers may not have given us an accurate look at local inventories,” said Lucy Maher, Forbes executive editor in a story posted on Forbes.com on April 19th.

            Kentwood Real Estate is dedicated to its legacy of being “Colorado’s Premier Real Estate Company” through the highest producing, most knowledgeable, caring and experienced sales team in the country, offering the highest quality customer service experience.  Kentwood Real Estate is an innovator known for unparalleled marketing strategies and superior Internet technology that places its clients in the best possible position. 

            Kentwood Real Estate is comprised of The Kentwood Company in the Denver Tech Center, Kentwood Company at Cherry Creek, and Kentwood City Properties in downtown Denver.  For more information, visit Kentwood Real Estate online at www.DenverRealEstate.com.

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About Tom & Dee Cryer

Your Friends in the Homeownership Business!
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