Happy New Year!

Posted on December 31, 2013 by Dee & Tom Cryer

20131231-212349.jpg

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December, 2013 Denver Market Watch

Posted on December 30, 2013 by Dee & Tom Cryer

Market News

Denver enjoying a Goldilocks housing market!

The recent cold snap made us all appreciate the return to more seasonal weather, which felt absolutely balmy after braving below zero temperatures. Now, the cold-snap seems but a distant memory. The same is true about the Denver-area real estate market.

Goldilocks and the Three Bears

Goldilocks and the Three Bears

Denver is experiencing a Goldilocks housing market – not too hot, not too cold. Not long ago, the housing market, was in a deep freeze. It wasn’t just in Denver. Real estate markers across the country were ice cold during the Great Recession.

The only people in the market wanted to snap up distressed properties – either foreclosures or short sales, where the lender agrees to take less than the mortgage amount when the home is sold. Unfortunately, there was no shortage of those kind of properties, as unemployment rose and housing prices plummeted like the mercury in a thermometer. Too many consumers had overpaid for homes that were financed with risky mortgages.

Today, those type of distressed properties are far and few between in Denver. Most of the homes with subprime mortgages have worked their way through the system, much like an arctic front that has been replaced with more seasonal and less severe weather. Denver housing has been showing about a 10 percent year-over-year increase in value, while other markets, such as Las Vegas and Phoenix are red hot, experiencing home appreciation at two or three times that rate. Like extremes in weather, that is not good.

Denver is in a much more enviable position than those other markets, where values are rising so fast that they could be facing another bubble. When you look back at the dark days of 2009-2011, as bad as it was, Denver’s housing market never suffered as much as many other cities across the country. Denver and Dallas were the first major markets to return to pre-recession prices. Other markets are still below the peak prices they reached in 2006, despite their recent huge gains. Yet, housing affordability in Denver remains strong and if you are thinking of buying a home, Denver is the place to be.

A 25 percent or 30 percent year-over-year gain is not sustainable. You don’t want to buy a home in a market where your risk vastly overpaying, as the market corrects itself. Denver’s housing forecast is a lot like the weather. Yes, there will be some periods of dips, but the long term outlook is sunny skies and pleasant temperatures. But like the weather, the housing market is subject to change without warning.

Today, Denver is basking in a market where homes are still reasonably priced and interest rates are incredibly low by historical standards. If you want to take advantage of this Goldilocks market, please don’t hesitate to call.  Thank you!

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

November – 2013 Denver Real Estate Market Stats from Joe Hubert and Land Title

Posted on December 13, 2013 by Dee & Tom Cryer
Super Joe Hubert

Super Joe Hubert

This is the first month we are utilizing the new Matrix system from MLS. The report is a work in progress. A more complete version will be available in the New Year.

Residential Highlights:

  • 23% increase in the number of closed sales year to date
  • 22% decrease in average days on market (48 days in November)
  • 54% decrease in # of active listings
  • 4% increase in months of inventory available (2 months in November)
  • 9% increase in average price – sold ($333,992)

Attached Single Family (Condo and Townhome) Highlights:

  • 11% increase in number of closed sales year-over-year
  • 10% increase in number of closed sales year to date
  • 25% decrease in average days on market (43 days in November)
  • 56% decrease in # of active listings
  • 61% decrease in months of inventory available (2 months in November)
  • 5% increase in average price – sold ($204,044 in November)
Tax Wordie 2012

Tax Wordie 2012

Click here for Full report of entire MLS

Based on Information from Metrolist, Inc. for the period Jan 2010 through present via the Matrix System.
Note: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc. Does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market.

In The News
Stay on top of the pulse of the real estate market with weekly compilations of local and national news articles concerning the real estate industry. Click here for a PDF version.

Featured Article this week is the results from the National Association of REALTORS Profile of Home Buyers and Sellers 2013. Click here for the article and click here to view the webinar and presentation from the NAR.
Some interesting findings from the survey which include:

  • 88% of sellers were assisted by a real estate agent when selling their home.
  • Sellers typically sold their homes for 97% of the listing price and 47% reported they reduced the price at least once.
  • 36% of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.

Approximately 9 in 10 recent buyers were at least somewhat satisfied with the home buying process.

Posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Denver, Denver Housing, Denver Market Watch, Denver Residential Real Estate, Greenwood Village | Tagged , , , , , , , , | 1 Comment

If You Were Selling Today, Would You Have the Home That Buyers Want?

Posted on November 21, 2013 by Dee & Tom Cryer

 

A Yurt in your backyard?

A Yurt in your backyard?

Knowing what appeals to today’s home buyers, and considering those trends when you remodel, can pay off years from now when you sell your home.

Two new surveys about what home buyers want have me feeling pretty smug about my own home choices. Maybe you’ll feel the same.

Privacy from neighbors remains at the top of the most-wanted list (important to 86% of buyers), according to the NATIONAL ASSOCIATION OF REALTORS’® “2013 Community Preference Survey.” Privacy is no doubt the best feature of my mid-century ranch home, since I can only see one neighbor’s house and it’s a couple hundred feet down my driveway.

It may not be practical to move your neighbors farther away (although I’m sure many people wish they had that superpower), but you can increase your home’s privacy (and therefore its resale value) by planting a living privacy screen of trees and shrubs or by physically screening off your patio.

Related: Trees Contribute to Property Value, Energy Savings, and More

3 More Takeaways for the Next Time You Remodel

1. More and more generations are living together. Another NAR survey, the “2013 Profile of Home Buyers and Sellers,” found 14% of buyers purchased a home suited to a multi-generational household due to children over the age of 18 moving back into the house, cost savings, and the health and care-taking of aging parents.

I did that back when my parents were still alive, and it worked out great for everyone. I didn’t have time to let my infant daughter nap on my shoulder all afternoon, but my mom did. She couldn’t drive to church meetings at night, but I could take her. And neither of us liked cleaning the gutters, but my husband didn’t mind that chore.

Even if you’d rather live in a cardboard box or a yurt in the backyard than with your mother, you might want to consider the multi-generational living trend when you’re remodeling. For instance, opting for a full bath when finishing the basement could offer more convenience for you now and boost your home’s resale value by making it more appealing to a multi-generational family.

2.  On average, homeowners live in their home for nine years. That’s up from six years in 2007. Since you’ll be in your home for a long time, it makes sense to remodel to suit your taste but also with long-lasting marketability in mind. After all, you don’t want to have to redo stuff. For instance, you can go for trend-defying kitchen features, like white overtones and Shaker-style cabinets, which work with a variety of styles.

I feel compelled to caution against going so far out of the norm for your neighborhood that it’ll turn off potential buyers even nine years from now. (It never hurts to get your REALTOR®’s opinion on your remodeling plans.)

Related: Home Upgrades with the Lowest ROI

3.  Home buyers love energy efficiency. Heating and cooling costs were “somewhat” or “very important” to a whopping 85% of buyers. If your home could use an energy-efficiency upgrade, go with projects that have a solid return on investment, like sealing your air leaks and adding attic insulation. You’ll save money on your utility bills now and when you’re ready to sell, your home will appeal to buyers looking for efficiency.

By the way, to take back your energy bills, you need to do at least four things. One to two fixes won’t cut it, thanks to rising energy costs.

About two-thirds of survey respondents also thought energy-efficient appliances and energy-efficient lighting were important. Tuck away your manuals and energy-efficiency information when you buy new appliances and lighting. When you’re ready to sell (in nine years) you can pull those out and display them where buyers will see them.

Related: Which Light Bulbs are Best?

By: Dona DeZube Published: November 8, 2013

Posted in Buying or Selling Real Estate, Denver Residential Real Estate | Leave a comment

Industrial Art or the Consequences of a Modern Lifestyle?

Posted on November 6, 2013 by Dee & Tom Cryer
Industrial Art

Industrial Art

I thought I would offer up the fodder for a little debate.  There are at least 10 things I could argue as Industrial Art, but you could just as well argue the opposite.

  1. For example, I could argue the engineering of High Tension Power Lines are a modern marvel carrying the power that lights our homes and runs our businesses.  Of course you could argue they are a scar on natures pristine pastures and mountainsides.
  2. I could argue that chair lifts and gondolas provide access to millions for people to the tops of mountains where they ordinarily would never venture allowing them a greater sense of natures greatness.  And you could argue they interrupt the natural migration of natures 4 legged friends and ultimately serve to force to much traffic onto natures delicate carpet.
  3. Our Interstate Highway System is another marvel of industrial art offering us a level of mobility that no other nation provides, and allows the distribution of goods and services on an uninterrupted basis across this great land.  You could argue as Joni Mitchell did, that we’ve “paved paradise and put up a parking lot”.
  4. The great dams and the reservoirs behind them offer amazing recreation, storage of our natural resources and power generation never seen before the last century.  Or, you could argue that they are killing our fish and wildlife, they are filling with silt and they change ecosystems.
  5. There are many other examples but how about trains?  They are marvels of industrial art.  Their fabulous network links cities, counties, states and countries together all over the world.  They bring people together in strange places and over long distances.  But, their tracks, their burning of fossil fuels, their vehicular mass and of course their noise could easily become arguments for their demise.

I could go on, but you get the idea.  The Ying and Yang of our daily life has pitted one idea against the other.  No longer as a nation do we yearn for our “manifest destiny”.  No longer do we support public ventures into space, no longer do we even try to have the worlds best rail system.  We wade in the minutia of daily life, we fall over each other in the quest for the next worthy social issue flavor of the day. and we chomp at the bit to praise leaders that don’t understand the unintended consequences of their own actions and votes.  We worship sports figures that can’t even get to court on time to pay their traffic fines.

I’m not here to ridicule the social condition of mankind or the human condition to which we are confronted.  I’m here to make the comparison of what was once considered progress, industrial art or a modern marvel is now the basis of argument.

I can give you one more.  My quiet little home in the suburbs is now “suburban sprawl” and your vertical living is “green”.  Who knew?

I’d have to disagree with Kris Kristofferson or as sung by Janis Joplin.  “Freedom is (not) just another word for nothing left to lose”, but when we have lost our freedoms we will have paid the ultimate price.

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Joe Hubert of Land Title Guarantee Fame Is Back with the Denver Market Scoop

Posted on November 5, 2013 by Dee & Tom Cryer
Super Joe Hubert

Super Joe Hubert

Hi Tom,

Many things to be thankful for this month as Thanksgiving is just a few weeks away.  Last month was the best October on record for Denver-area home sales and housing prices according to reports released. The numbers continue to show that Colorado is growing and flourishing. Our state has become a top market in the United States for many commercial, residential and building projects.

Land Title is extremely thankful for the relationships we have built this past year and being a part of the many real estate transactions across the state of Colorado. We thank you for your business and support of Land Title.

Sincerely,

Joe

October – 2013 Real Estate Market Stats

Entire MLS (All Areas)

Residential Highlights:

  • 10.8% increase in the number of closed sales year-over-year
  • 19.3% increase in the number of closed sales year to date
  • 31.3% decrease in average days on market (46 days in October)
  • .2% increase in # of active listings
  • 11.0% increase in # of new listings (4073 new listings in October)
  • 9.2% increase in average price – sold ($332,184 in October)

Condo Highlights:

  • 21.3% increase in number of closed sales year-over-year
  • 26.2% increase in number of closed sales year to date
  • 39.3% decrease in average days on market (37 days in October)
  • .1% increase in # of active listings
  • 21.8% increase in # of new listings (1079 new listings in October)
  • 13.9% increase in average price – sold ($204,808 in October)

Click here for Full report of entire MLS

Posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Colorado, Denver, Denver Housing, Denver Market Watch, Denver Residential Real Estate, Greenwood Village | 1 Comment

Kentwood Real Estate – Denver Market Watch News – October 2013

Posted on October 18, 2013 by Dee & Tom Cryer

The Denver-area housing market has been on a tear.

Denver Panorama Fall 2013

Denver Panorama Fall 2013

The market recently wrapped up three quarters of record-breaking housing activity. By a number of metrics, the Denver housing market has surpassed where it was during the same time a year ago; it has even topped where it was during the go-go housing boom days of 2005 and 2006, a distinction only one other city, Dallas, can claim.

While housing markets in cities such as Phoenix and Las Vegas, were crushed during the Great Recession, recently they have been showing year-over-year appreciation north of 20 percent — roughly twice Denver’s appreciation.

Yet, those cities have not yet returned to where they were when they peaked seven or eight years ago.

By the numbers, here is a snapshot of some records set in Denver:

In the first nine months of the year, there have been 56,063 homes placed under on the market – 25 percent more than during the same period in 2012, 42 percent higher than in 2011 and 6.2 percent higher than in 2006.

Year-to-date, 42,370 homes have sold and closed – 20.2 percent more than during the same time last year, 41.6 percent higher in 2011, and 10.3 percent higher than in 2006.

MyTownCryer Denver Real EstateThe average sales price of a single-family home in the first nine months was $333,508 – 10.1 percent higher than during the same period in 2012, 18.4 percent more than in 2011 and 4.7 percent higher than in 2006.

The median, or middle, sales price was $278,000, 11.2 percent higher than in 2012, 20.9 percent higher than in 2011 and 11.2 percent higher than in 2006.

However, perhaps the most staggering record number in the first three quarters of 2012 was the total dollar volume in sales. Year-to-date, buyers have purchased $13 billion in homes, 33.4 percent more than in the first nine months of 2012, 64 percent more than in 2011 and 14 percent more than in 2006.

Despite the increase in prices, homes also sold at a faster clip than ever.

Homes spent an average of 51 days on the market in the first three quarters – a 36.4 percent drop from 2012, a 52 percent drop from 2011 and 46.3 percent faster than in 2006. Can this torrid pace last? Certainly, the market is facing a lot of headwinds, from the government shutdown to unrest in the Middle East.  But owning a home is a long-term proposition with most people. Historically, most people have owned their homes for seven years, although many people buying today plan to stay put for an average of 10 years, according to some estimates.

102511_1725_DenversPosi1.jpgThese numbers show that buying a Denver home has been a good deal in the short-term and the long-term, even when the market had weathered the worst housing crisis in memory.

You can’t really ask much more from a housing market.

Residential Market Data
September 2013 This Month Prior Month Year Ago
Active 8,635 8,787 8,700
Under Contract 4,177 4,981 3,548
Sold 3,714 4,386 3,147
Average Sold Price 331,382 345,487 306,633
Monthly Supply 2.32 2 2.76
Condominium Market Data 
September 2013 This Month Prior Month Year Ago
Active 1,713 1,800 1,770
Under Contract 1,160 1,372 909
Sold 1,016 1,249 802
Average Sold Price 208,364 196,292 186,843
Monthly Supply 1.69 1.44 2.21
*Based on information from Metrolist, Inc. for the Denver housing market for the period 9/1/13 to 9/30/13. This representation is based in whole or in part on content supplied by Metrolist, Inc.

To find more information, photos, and current real estate market data for popular cities across the Denver Metropolitan Area, please visit our Metro City Info page on DenverRealEstate.com

Denver Market Watch

Denver Market Watch

Market Movers

  • There were more under contracts written last month in Denver than any September in history.
    Read more >>
  • The Denver area could enjoy record home sales this year, predicts respected economist Patty Silverstein.
    Read more >>
  • Permits for new housing permits in the Denver area rose by 28%, but builders can’t build homes fast enough to meet the expected demand from flood victims.
    Read more >>
  • Ravenna in Douglas County has emerged from bankruptcy and hopes to take advantage of a strong luxury housing market.
    Read more >>

← Back

Thank you for your response. ✨

Posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village | 1 Comment

SoBro, It’s Happening in South Central Denver!

Posted on October 14, 2013 by Dee & Tom Cryer
South Broadway Street Scene

South Broadway Street Scenes

Once the “redheaded step child”, South Broadway (SoBro) in South Central Denver offer a little bit of everything for everyone.  Forget the images of the past.  The ribbon of commercial malaise is quickly being replaced with a fresh new look.  Easy pedestrian access on wide new sidewalks with a boulevard of landscaped center medians completely breaks up the once monotonous drive of SoBro from I-25 to Old Town Englewood.

Sure, your cannabis stores are still prolific along the way, and car lots still sprinkle the drive, but now for many blocks on either side of SoBro affordable homes with all the comforts of the “burbs” are offered.  For instance, just a few blocks southeast of Broadway on E. Iliff is the recreation of Harvard Gulch (Golf, Swimming, Exercise), Rosedale Park (with is fabulous public garden) and Sherman & Vassar Parks.  The University of Denver, Porter Hospital and Light Rail (Fast Tracks) access are just moments away.

Denver 1920's Bungalow

Denver 1920’s Bungalow

Conveniently located between the University of Denver and Old Englewood there is a mix of everything from Mid-Century Modern to Bungalows to Cape Cod to the now infill Hybrids of new construction.  And, the gentrification continues on almost every block in between.

Illegal Petes S. Broadway

Illegal Petes S. Broadway

But, the big news is SoBro!  Forgotten  and newly constructed commercial buildings along Broadway are becoming the incubator for an entire new generation of fun new eateries.  Billy’s Gourmet Hot Dogs, The Copper Pot, Illegal Pete’s and more.

You owe it to yourself to consider SoBro in your home search!
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Posted in Buying or Selling Real Estate, Denver, Denver Housing, Denver Residential Real Estate | 1 Comment

Denver Regional Council of Governments – DRCOG MetroVision2040 CAC

Posted on October 3, 2013 by Dee & Tom Cryer
Denver Panorama Fall 2013

Denver Panorama Fall 2013

Hello Everyone,

I currently serve on DRCOG’s Metro Vision Citizens Advisory Committee (CAC).  It is a volunteer group of citizens and business leaders focused on MetroVision2040.  In other words, what can we do for our great Metropolitan area today, which will impact it positively in the year 2040?  We want Denver to be the cream of the crop in 2040.

One of the areas identified as a focal point is Parks and Open Space.  If you would be kind enough and concerned enough to answer three easy questions on this subject, you could be making an impact for all of our futures.

This is the link to the Parks and Open Space Survey: https://www.surveymonkey.com/s/Y7KZVC2

Attached is the link to the Metro Vision Overview: This is a great overview of what Metro Vision 2040 is and why the survey is important for us to obtain.  http://www.drcog.org/index.cfm?page=MetroVision2040

Also, if you would like me to carry a message to our committee meetings for you, please do not hesitate to let me know.

Last but not least, if you would just leave me a note telling me you completed the survey, I would appreciate it greatly.  Our leaders are seeking the most efficient and timely methods of attracting survey results.  This will help me to determine if this is an efficient way.  I am also hoping this starts some discussion among us from which I can carry to the committee leadership. 

Thank you and safe travels,

Tom Cryer

Posted in Centennial, Cherry Hills Village, Colorado, Denver, Denver Housing, Denver Renters, Denver Residential Real Estate, Denver Restaurants, Denver Resturants, Denver Transferees, Greenwood Village | Leave a comment

Denver Market Watch September, 2013

Posted on September 17, 2013 by Dee & Tom Cryer

Coors FieldGuess which part of the Denver-area housing market is showing the most strength?

If you chose the luxury market, congratulations – You are right on the money. The overall housing market is doing fine as well. In August, there were 4,386 single-family homes sold and closed in the metro area, a 17.59 percent increase from the 3,730 sold in August 2012. Not bad considering that interest rates have risen from their all-time lows by more than a full percentage point, although they remain low by historical measures.But the percentage gains for the sale of luxury homes, those priced at $1 million or more, rose by 28.6 percent in August from August 2012, according to an analysis by Kentwood Real Estate. That is a full 10 percentage points higher than the overall market! The dollar volume for seven-figure homes grew even more. The dollar volume rose by 30.9 percent for luxury homes to just under $93 million in August, compared with $71 million a year earlier. Granted, the luxury housing market is a small part of the overall market. The dollar volume accounts for about 6.1 percent of all of the single-family homes sold.

So why should the 94 percent who can’t afford to buy a million dollar home care that the upper-end of the market is booming? First, luxury home buyers tend to represent the so-called “smart money.” Often, these are the people who see value when others do not, whether they are snapping up stocks, commercial real estate, or houses. Bargain hunting among the well-off was certainly a driving force earlier in the year. In many hot, high-end neighborhoods, however, the demand far outstrips the supply, driving up prices.

Yet, the luxury housing rally has continued, even as the prices of high-end houses have risen. Year-to-date, well-heeled buyers paid $731.4 million for luxury homes, a 41.7 percent jump from $516 million in the first eight months of 2012, according to Kentwood.

Finally, when someone spends a million or more on a dream home, it is a safe bet the spending doesn’t stop with the mortgage payment. After they sign on the dotted line, buyers will continue to open their check books to truly make the home theirs, often gutting the home and filling it with new furniture and appliances. And you know they are not shopping at thrift stores. That kind of spending is good for the economy and helps creates jobs for those who can’t write a seven-figure check.

In other words, you may not be able to afford your 7-figure dream home, but it is a good thing that people who can are taking the plunge.
Residential Market Data
August 2013 This Month Prior Month Year Ago
Active 8,787 8,286 9,060
Under Contract 4,981 5,752 4,191
Sold 4,386 4,857 3,730
Average Sold Price 345,487 346,254 311,893
Monthly Supply 2 1.71 2.43
Condominium Market Data
August 2013 This Month Prior Month Year Ago
Active 1,800 1,739 1,766
Under Contract 1,372 1,654 1,005
Sold 1,249 1,247 955
Average Sold Price 196,292 203,794 183,359
Monthly Supply 1.44 1.39 1.85
*Based on information from Metrolist, Inc. for the Denver housing market for the period 8/1/13 to 8/31/13. This representation is based in whole or in part on content supplied by Metrolist, Inc.

To find more information, photos, and current real estate market data for popular cities across the Denver Metropolitan Area, please visit our Metro City Info page on DenverRealEstate.com

Market Movers

  • Home sales were up more than 20 percent in August from August 2012, shows the latest report from Metrolist. In fact, it was the best August on record by several metrics.
    Read more >>
  • Lower Highland, or LoHi, is welcoming a dozen new additions to the hot neighborhood. Look for LoHi Place Townhomes to open in about a year.
    Read more >> 
  • Good news for the Denver-housing market. Home prices in Denver are at an all-time high according to the closely followed Case-Shiller report. Only Denver and Dallas homes prices are now higher than they were before the Great Recession.
    Read more >>
  • Builders in the Denver area are constructing a lot of townhomes to meet demand from buyers. Building activity for townhomes is outstripping activity for single-family, detached homes, in fact.
    Read more >>
Posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Colorado, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village | 1 Comment