Denver Market Watch October, 2014

Denver Panorama Fall 2013

Denver Panorama Fall 2013

Highlights for October 2014

* Single Family Detached homes units sold: Up 1.2% from prior year. (3188 units sold)

* Average Sold price on SFD’s: Up 9.7% from prior year October 2013. ($361,923 for this year)

* Days on market for SFD’s: 36.2 days for October 2014.

* Condo/Townhome sales: Up 41.6% from prior year October 2013. (1340 units sold this year)

* Average Sold price for Condo/Townhome: Up 12.6% from prior year October 2013. ($233,086 this year)

* Days on market for Condo/Townhome : 30.1 days for October 2014.

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The Most Up To Date Denver Residential Market Data Is Here.

Click here for all the November, 2014 Data.

Supply vs. Demand

Supply vs. Demand

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9 Ways to Have Fun While Cleaning Up After Thanksgiving

Gobble, Gobble, GobblePersonally, I liked the last suggestion, but the Pilgrims were on to something when they planned a Thanksgiving potluck; here are other good ideas that’ll simplify your T-Day kitchen cleanup.

Want something to be thankful for? Check out these tips that’ll make your Thanksgiving kitchen cleanup faster and easier — and will give you more time to enjoy family and friends.

Plan a potluck: The first Thanksgiving was a potluck; so let your guests share the fun and bring dishes to share. Then make sure they take home their serving bowls and platters, which will cut down on dishes to wash and put away.

Decide on disposable: Leave Mom’s good dishes in the breakfront and set your table with disposable — and recyclable — place settings. Party stores sell plastic dishware that look like real china (12 dinner plates for about $13). After eating, collect and toss. If you can’t stand to set a table with anything but your best, use disposables for hors d’oeuvres and dessert.

Triple-duty cookware: Cut down on cleanup by selecting cookware that can go from oven to table to freezer. Or, serve food in edible containers, such as bread bowls or hollowed-out winter squash, which you can either consume or compost.

Empty fridge: Start your holiday with a clean slate, which will make the inevitable mess less daunting than piling clutter onto clutter. Before beginning Thanksgiving prep, pick up depressing home clutter and clean out your fridge to make room for ingredients and leftovers.

If possible, designate a shelf for Thanksgiving food, which should be empty when you start your meal, then filled with leftovers when you’re finished. In a week, clean out that shelf again. Make soup from leftover meat and veggies, and then freeze. Compost wilted greens. Toss old dairy products.

Prepare roasting pans: You won’t have to clean what you don’t get dirty. So line your turkey roasting pans with heavy-duty aluminum foil, or cook the bird in a bag. Pour drippings into a pot to make gravy, then throw away the liner.

Line garbage cans: Double- or triple-line garbage cans, which saves time when the cleaning campaign begins. After you toss a trash bag, there’s another waiting for action.

Soaking bin: Soak pots and pans as soon as you transfer food to platters. But instead of filling the sink with soaking pots, designate a small trashcan as the soaking spot. Fill it will soapy water and dirty pots, and hide it under a sink or in a mudroom. That way, your sink is free throughout the evening to clean as you go and rinse dishes on the way to the dishwasher.

Stop stains: Don’t let stains on carpet or rings on furniture set. While wine stains are still wet, dab with go-to cleaner hydrogen peroxide mixed with a few drops of dish detergent; blot with a clean cloth. Get rid of water stains on wood furniture with a dab of white toothpaste (not gel). Rub in the direction of the grain.

Pump up the music: Up-tempo music will give you a second wind for cleaning. So turn off the soothing dinner tunes and get rocking with our cleaning playlist.

Thank you Lisa…

Published: November 1, 2012

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10 Key Checklist Items for Fall Maintenance for Your Home

Fall Maintenance Checklist

Fall Maintenance Checklist

1. Stow the mower.

If you’re not familiar with fuel stabilizer, you should be. If your mower sits for months with gas in its tank, the gas will slowly deteriorate, which can damage internal engine parts. Fuel stabilizer ($10 for a 10-ounce bottle) prevents gas from degrading.

Add stabilizer to your gasoline can to keep spare gas in good condition over the winter, and top off your mower tank with stabilized gas before you put it away for the winter. Run the mower for five minutes to make sure the stabilizer reaches the carburetor.

Another lawn mower care method is to run your mower dry before stowing it.

1. When the mower is cool, remove the spark plug and pour a capful of engine oil into the spark plug hole.

2. Pull the starter cord a couple of times to distribute the oil, which keeps pistons lubricated and ensures an easy start come spring.

3. Turn the mower on its side and clean out accumulated grass and gunk from the mower deck.

2. Don’t be a drip.

Remove garden hoses from outdoor faucets. Leaving hoses attached can cause water to back up in the faucets and in the plumbing pipes just inside your exterior walls. If freezing temps hit, that water could freeze, expand, and crack the faucet or pipes. Make this an early fall priority so a sudden cold snap doesn’t sneak up and cause damage.

Turn off any shutoff valves on water supply lines that lead to exterior faucets. That way, you’ll guard against minor leaks that may let water enter the faucet.

While you’re at it, drain garden hoses and store them in a shed or garage.

3. Put your sprinkler system to sleep.

Time to drain your irrigation system. Even buried irrigation lines can freeze, leading to busted pipes and broken sprinkler heads.

1. Turn off the water to the system at the main valve.

2. Shut off the automatic controller.

3. Open drain valves to remove water from the system.

4. Remove any above-ground sprinkler heads and shake the water out of them, then replace.

If you don’t have drain valves, then hire an irrigation pro to blow out the systems pipes with compressed air. A pro is worth the $75 to $150 charge to make sure the job is done right, and to ensure you don’t have busted pipes and sprinkler head repairs to make in the spring.

4. Seal the deal.

Grab a couple of tubes of color-matched exterior caulk ($5 for a 12-ounce tube) and make a journey around  your home’s exterior, sealing up cracks between trim and siding, around window and door frames, and where pipes and wires enter your house. Preventing moisture from getting inside your walls is one of the least expensive — and most important — of your fall maintenance jobs. You’ll also seal air leaks that waste energy.

Pick a nice day when temps are above 50 degrees so caulk flows easily.

5. De-gunk your gutters.

Clogged rain gutters can cause ice dams, which can lead to expensive repairs. After the leaves have fallen, clean your gutters to remove leaves, twigs, and gunk. Make sure gutters aren’t sagging and trapping water; tighten gutter hangers and downspout brackets. Replace any worn or damaged gutters and downspouts.

If you find colored grit from asphalt roof shingles in your gutters, beware. That sand-like grit helps protect shingles from the damaging ultraviolet rays of the sun. Look closely for other signs of roof damage (#5, below); it may be time for a roofing replacement.

Your downspouts should extend at least 5 feet away from your house to prevent foundation problems. If they don’t, add downspout extensions; $10 to $20 each.

6. Eyeball your roof.

If you have a steep roof or a multistory house, stay safe and use binoculars to inspect your roof from the ground.

Look for warning signs: Shingles that are buckled, cracked, or missing; rust spots on flashing. Any loose, damaged, or missing shingles should be replaced immediately.

Black algae stains are just cosmetic, but masses of moss and lichen could signal roofing that’s decayed underneath. Call in a pro roofer for a $50 to $100 eval.

A plumbing vent stack usually is flashed with a rubber collar — called a boot — that may crack or loosen over time. They’ll wear out before your roof does, so make sure they’re in good shape. A pro roofer will charge $75 to $150 to replace a boot, depending on how steep your roof is.

7. Direct your drainage.

Take a close look at the soil around your foundation and make sure it slopes away from your house at least 6 vertical inches over 10 feet. That way, you’ll keep water from soaking the soils around your foundation, which could lead to cracks and leaks.

Be sure soil doesn’t touch your siding.

8. Get your furnace in tune.

Schedule an appointment with a heating and cooling pro to get your heating system checked and tuned up for the coming heating season. You’ll pay $50 to $100 for a checkup.

An annual maintenance contract ensures you’re at the top of the list for checks and shaves 20% off the cost of a single visit.

Change your furnace filters, too. This is a job you should do every two months anyway, but if you haven’t, now’s the time. If your HVAC includes a built-in humidifier, make sure the contractor replaces that filter.

9. Prune plants.

Late fall is the best time to prune plants and trees — when the summer growth cycle is over. Your goal is to keep limbs and branches at least 3 feet from your house so moisture won’t drip onto roofing and siding, and to prevent damage to your house exterior during high winds.

For advice on pruning specific plants in your region, check with your state extension service.

10. Give your fireplace a once-over.

To make sure your fireplace is safe, grab a flashlight and look up inside your fireplace flue to make sure the damper opens and closes properly. Open the damper and look up into the flue to make sure it’s free of birds’ nests, branches and leaves, or other obstructions. You should see daylight at the top of the chimney.

Check the firebox for cracked or missing bricks and mortar. If you spot any damage, order a professional fireplace and chimney inspection. An inspection costs $79 to $500.

You fireplace flue should be cleaned of creosote buildup every other year. A professional chimney sweep will charge $150 to $250 for the service.

Posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village | Tagged , , , , , | 2 Comments

Arapahoe Road Improvements Are Finally Happening!

After years of waiting, residents on the east side of Centennial and the southeast corner of Aurora are going to benefit from the ease of travel and safety that comes along with the widening of Arapahoe Rd.  Could this be true?  “Trees that are slow to grow bear the best fruit.” ― Molière  Either way, the fruit of this geographic boundary being removed can’t help but make residents happier, safer and maybe even friendlier…

Public Invited to View Plans for Arapahoe Road Improvements

City Schedules September 4 Public Open House, 5 to 7 p.m. 

Following years of increased congestion, lack of left turn lanes, and bottlenecks, the City of Centennial is moving forward with a $15 million project to widen Arapahoe Road from Waco Street to Himalaya Way. Citizens are invited to a Public Open House to learn about the Arapahoe Road Improvements Project Thursday, September 4 at Grandview High School, 20500 E. Arapahoe Road in Aurora. Citizens, commuters, businesses and residents of adjacent neighborhoods may drop by the school cafeteria anytime between 5 and 7 p.m. to view the project design and ask questions.

The primary goal of this long awaited project is to improve safety and mobility by reconstructing and widening Arapahoe Road from Waco Street to Himalaya Way. This stretch of Arapahoe Road is currently a two-lane roadway designed to handle 20,000 vehicles per day, but actually handles about 23,900 vehicles per day with significant peak hour volumes. Traffic along this busy segment of Arapahoe Road is anticipated to further increase in the coming years. The City of Centennial and its project partners are collaborating on this project that will increase capacity and improve safety and mobility through this segment of the corridor.

For more information visit www.ArapahoeRoad.com .

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Centennial, Colorado Is Among The Best US Cities for First-time Home Buyers!

Let me tell you about living in Centennial, CO.

Let me tell you about living in Centennial, CO.

WalletHub conducts an in-depth analysis of 300 largest U.S. cities 

The City of Centennial ranks as the 8th best city for first-time home buyers in the country according to a recent study from WalletHub, the leading personal finance social network. To determine which housing markets most favor first-time home buyers, WalletHub assessed the affordability of homes, the conditions of the real estate market and community environment in the 300 largest U.S. cities. The in-depth analysis used 17 key metrics, ranging from median housing prices and real estate taxes compared to median home price appreciation and price-to-rent ratios. 

First-time home buying in Centennial (1=best)

•         4th – Property crime rate per capita 

•         6th – Median household annual income (adjusted for cost of living)

•         13th – Median home price appreciation 

Read the full report

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7 Good Reasons to Own Your Home

A Man's Home Is His Castle...

A Man’s Home Is His Castle…

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village, Highlands Ranch, Home & Garden, Home Ownership By Age Group, Homeownership | Tagged | Leave a comment

Month over Month/Year over Year/Denver Market Update 8-2014

Supply vs. Demand

Supply vs. Demand

The traditional prime “selling season” is wrapping up – yet the pent-up demand for housing remains very strong and does not appear to be cooling off as we head into fall.

Unfortunately, with only three weeks of inventory in the $100,000 to $300,000 price ranges –which typically represents the first-time buyer market – finding enough to choose from continues to be a major challenge for buyers & brokers alike.

The Median and Average SOLD prices for Single Family Homes remained unchanged from June.

The Condo market saw a slight uptick in Median price, while the average price remained unchanged during that same period.

Interest rates remained stable in July – hovering in the low-to mid 4% range for a 30-year fixed loan.

First-time home buyers are lining up to get into the market and new household formations are happening.

Our month-over-month market comparison of Single Family Homes showed a sharp drop in actual sales for all price points except the luxury market from the $1,000,000 to $1,999,999 range which saw a 15.7% spike from the previous month. The Condo market showed improvement in the number of sales in the $200,000 to $299,999 and $400,000 to $499,999 ranges respectively.

Our year-over-year market comparison of Single Family Homes showed significant drops in actual SOLD properties from $0 to $299,999, but improvements across the board over $300,000 and an astounding 17% rise in properties over $2,000,000. The Condo market showed improvement in the number of SOLD units in every price range – in particular the $500,000 to $699,999 range where SOLD units have skyrocketed 161% year-over-year. The exception to the strong condo market is in the under $99,999 range, but that can be attributed to the fact that prices are increasing, and therefore it’s becoming more and more challenging to find condos in this price range.

Posted in 2010 Mid Year Denver Market Watch, Buying or Selling Real Estate, Centennial, Cherry Hills Village, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village | Leave a comment

Time to be Bullish about Homeownership!

I captured this from my A Team lender, Marilyn Barrett.  It makes sense.  Supply and Demand are constant reminders of how simple our world can be.  It’s no difference with shelter.

Supply vs. Demand

Supply vs. Demand

We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now may be the best time to sell your house. Let’s look at the data covered by the latest Pending Home Sales Report and Existing Home Sales Report.

THE PENDING HOME SALES REPORT

The report announced that pending home sales (homes going into contract) “surged” by 6.1%. The increase was “the largest month-over-month gain since April 2010, when first-time home buyers rushed to sign purchase contracts before a popular tax credit program ended”. Lawrence Yun, NAR’s chief economist, expects improving home sales throughout the rest of the year: “Sales should exceed an annual pace of five million homes in some of the upcoming months behind favorable mortgage rates, more inventory and improved job creation.” Takeaway: Demand is beginning to increase dramatically compared to earlier in the year.

THE EXISTING HOME SALES REPORT

The most important data point revealed in the report was not sales but instead the inventory of homes on the market (supply). The report explained:

  • Total housing inventory climbed 2.2% to 2.28 million homes available for sale
  • That represents a 5.6-month supply at the current sales pace
  • Unsold inventory is 6.0% higher than a year ago

There were two more interesting comments made by Yun in the report:

  1. “Rising inventory bodes well for slower price growth and greater affordability, but the amount of homes for sale is still modestly below a balanced market.” In real estate, there is a guideline that often applies. When there is less than 6 months inventory available, we are in a sellers’ market and we will see appreciation. Between 6-7 months is a neutral market where prices will increase at the rate of inflation. More than 7 months inventory means we are in a buyers’ market and should expect depreciation in home values. As Yun notes, we are currently in a sellers’ market (prices still increasing) but are headed to a neutral market.
  2. “New home construction is still needed to keep prices and housing supply healthy in the long run.” As new construction begins to be built, there will be increased downward pressure on the prices of existing homes on the market.

Takeaway: Supply is about to increase significantly. The supply of existing homes is already increasing and the number of newly constructed homes is about to increase.

Bullish on Homeownership

Bullish on Homeownership

Bottom Line

If you are going to sell, now may be the best time.  Let’s be Bullish!

Posted in Buying or Selling Real Estate, Centennial, Cherry Creek State Park, Cherry Hills Village, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village | Leave a comment

Record Apartment Sales Levels Likely to Result in Property Tax Shock Next Spring

All quadrants of our real estate market interconnected. This is great information to share!

kmalnati's avatarKyle Malnati Blog

FOR IMMEDIATE RELEASE
CONTACT: GREG JOHNSON
(303) 343-8333

RECORD APARTMENT SALES LEVELS LIKELY TO RESULT IN PROPERTY TAX SHOCK NEXT SPRINGAvg Price graph

DENVER, July 15, 2014 – A review of recent sales data for Central Denver apartment properties points to shocking news ahead for property owners. Veteran apartment brokers, Greg Johnson and Kyle Malnati of Madison Commercial Properties studied data for all multi-family property sales in Denver’s core neighborhoods this year, and found prices have increased an average of 89% over the last two years.

“We analyzed the data for apartment buildings with 10 or more units, focusing on Capitol Hill, Washington Park, Congress Park, Uptown and Mayfair neighborhoods. In the first half of 2014 there have been 38 transactions, representing just over 1,000 apartment units. The average price this year has been $138,980 per unit,” explained Mr. Johnson. He went on to note that in the first six months of…

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