What do your favorite shoes, favorite chair and favorite food have in common?

Posted on May 23, 2012 by Dee & Tom Cryer
Bonnie Brae Tavern 1934 to 2012

Bonnie Brae Tavern 1934 to 2012

I’ll tell you; Comfort!!  The Bonnie Brae Tavern is Comfortable, it’s just a comfortable place.  On June 10, 2012 the BBT will be celebrating 78 years of serving SE Denver and patrons far flung.  My first visit to the BBT was more than 30 years ago, and my last visit was last night.  Pizza and beer then, and Pizza and beer last night.  My wife and I had pizza and beer with the Priest that married us more than 30 years ago.  I wonder where Father Luke is now?  Last night, we had pizza with two of our three kids.  It was fun to pass on to them the stories from when we lived right down the street.

Bonnie Brae Bar Area

Bonnie Brae Bar Area

Bonnie Brae Tavern’s pizza doesn’t try to serve New York Style Pizza nor Chicago Style Pizza.  Here, they serve BBT Style Pizza in the same “Naugahyde” style booths year after year.  The only real change I mentioned last night was now there is “No Smoking“.  I was never a smoker, so the lack of smoke is a real plus for me now.

We sat, talked about the day, our lives and stuff.  Giggled, etc…  It’s always fun to get together with one’s grown kids.  It seems like friends rather than family.  the world has changed but the Bonnie Brae Tavern hasn’t.

Join their celebration on June 10th, 2012.  I know, I will be stopping by!

Posted in Denver, Denver Restaurants | Tagged , , , , , , , , | Leave a comment

Why Home Equity Beats Facebook Equity

Posted on May 4, 2012 by Dee & Tom Cryer
Be Contrarian Now

Be Contrarian Now

As one travels through life, attention to investments, lifestyle, employment and relationships becomes routine.  A lottery ticket here, a lottery ticket there, particularly when it the jackpot goes over $100M, but long story short, “It’s a rough go for the short dough”.  What choices will you make?

As Facebook’s IPO nears, it’s easy to get caught up in the notion of getting rich quick. But there’s no surer way to wealth than home ownership.

As Facebook’s IPO date nears, it’s easy to start traveling down that “what if” path:

“What if I had equity in Facebook?!? How rich would I be?”

If my parents had only bought me Berkshire Hathaway stock for my first birthday in 1962, I’d have made some serious money in stock equities.

Alas, they didn’t recognize the hot stock of their era any more than I would recognize the hot stock of mine.

Like most Americans, it’s home equity, not stock equity, that will pad my bank account when I hit the retirement finish line.

About two-thirds of Americans invest in home ownership, but only half of us invest in stocks. (I suspect this is in no small part because we have to make our mortgage payments every month or the bank comes and takes our houses back.)

The fact is, more of us are getting rich by buying and paying off our homes than by picking the next Facebook.

Here are some interesting facts from the National Center for Real Estate Research:

  • 6 in 10 of us have more home equity than stock equity.
  • One-fifth of Americans’ total net worth is home equity.
  • Home owners accumulate, on average, $167,000 in their lifetimes, compared to $42,000 for renters.
  • The median wealth for the poorest American home owners, those earning less than $20,000, is 81 times that of renters with similar income.

In a recent study that took into account falling home prices, buying was still more likely to generate wealth than renting, simply because renters are more inclined to spend instead of save and invest in stocks.

The bottom line is this: Even if renting appears cheaper on a spreadsheet, the forced savings of home ownership leads to wealth more reliably than renting. Many of us simply don’t have the willpower or motivation to save our discretionary income and invest it in stocks.

So unless you’ve got the inside track on the next hot future IPO, keep making your mortgage payments.

What’s worth more right now, your IRA or your home?

By: Dona DeZube

Published: May 3, 2012

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

Multiple Offers in Many Price Ranges and Denver Neighborhoods

Posted on April 24, 2012 by Dee & Tom Cryer

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

Posted in Denver Housing, Denver Residential Real Estate | Tagged , , , , , , , | Leave a comment

Get Your Bag On! Gardening in a Bag that is…

Posted on April 19, 2012 by Dee & Tom Cryer
Let’s face it, who isn’t strapped for space these days?  Everyone is doing more with less, and gardening in the bag is a natural to follow with Deck Gardening, Balcony Gardening, Rooftop Gardening and last but not least, Poolside Gardening…  It could happen…  Follow along!
Gardening In A Bag!

Gardening In A Bag!

Now we’ve heard everything: Plant your garden in bags of topsoil! Might be a better idea than it sounds. Here’s why.

Gardens often benefit from out-of-the-box thinking, so we were intrigued by an out-of-the-bag planting method we read about on Pinterest.

Tired of fighting bad soil and annual chickweed, Pinterest poster Lois Ruskell bought nine bags of topsoil on sale, laid them flat in her garden, cut slits in the top and bottom, and planted seeds and plants directly in the bags.

Ruskell says her “garden in a bag” eliminated weeding altogether and “left me with better soil at the end of the season.”

Here’s what we love about this method:

1. It’s inexpensive. Home Depot’s selling 40-lb. bags of topsoil for $1.37, so you can create a 20-by-3-ft. garden for less than $40. (Unlike the soil in your yard, bags of soil are tilled and ready to plant.)

2. Not only will few or no weeds grow around your plants (weeds typically result from seeds and spores in your soil that are dormant until spring), the bags will smother existing weeds under the plastic.

3. Next year, you can empty the topsoil into the garden and begin building up the beds. Use the plastic to suppress weeds in garden paths.

But here’s what gives us pause about Ruskell’s brainstorm:

1. It’s only good for shallow-rooted plants, like lettuce and tomatoes. Root vegetables, like beets or carrots, need a deeper growing medium, though I guess you could stand the bags up and plant root veggies that way, if you can figure out how to keep the bags from toppling over.

2. There are no worms in the bags, and worms are natural fertilizer and aeration machines.

3. Topsoil needs fortification from compost, manure, or peat moss, which help retain moisture and add nutrients.

4. Will just a couple of slits provide a large enough opening for water to get in and out of the bag? We’re not so sure.

5. But our biggest concern is that a plastic bag garden doesn’t look so hot, which won’t do much for your home’s curb appeal.

So if you try this method (and I’m going to), cover the bags with mulch.

What do you think about gardens-in-a-bag?  Thank you:

Published: April 12, 2012

Posted in Home & Garden, Home Ownership By Age Group, Homeownership | Tagged , , , , , , , , | Leave a comment

Super Joe Hubert Is Back with March, 2012 the Denver Residential Market Update

Posted on April 11, 2012 by Dee & Tom Cryer

Joe is right on the money this month.  For the last 60 days, it’s been nothing but multiple offer transactions and bidding wars under $350K.  Activity in the higher price ranges is also ahead of last year.  I’d love to hear from you on what you have observed…tc

Super Joe Hubert

Super Joe Hubert

Hi Tom,

Spring has arrived and it’s time to sell more homes! Take a peek at this month’s eNewsletter for up-to-the-minute industry news and real estate stats.

For even more information to help you with your marketing, visit LandTitleMarketingSolutions.com. There you’ll be able to peruse past Referral Marketing archives, plus new articles are added every month from our knowledgeable sales reps.

You can also Like us on Facebook so you’ll have fast access to new information as we post it.

Sincerely,
Joe

1st Quarter Summary for the following areas:

March – 2012 Real Estate Market Update
Entire MLS (All Areas)

Residential Highlights

  • 12.0% Increase in closed sales year over year
  • 45.0% Decrease in Absorption Rate (4.2 months)
  • 39.4% Decrease in active listings year over year (8,303)
  • 3.7%    Increase in average sold price ($284,035)

Condo/Townhome Highlights

  • 7.7%  Increase in closed sales year over year
  • 49.4%  Decrease in inventory year over year (2,022)
  • 1.2%    Increase in average sold price ($161,848)
  • 23.0% Decrease in average days on market (97)

Click here for Full report of entire MLS
For individual area reports, please scroll to the bottom

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

Denver Market Enjoys New Normal

Posted on April 4, 2012 by Dee & Tom Cryer

The Market of Old Almost Forgotten

After nearly 4 years, Denver‘s residential real estate is rapidly creating a “new normal”.  Declining values, lengthy marketing times and virtually no new construction, 2012 has seen a new and exciting market emerge.

2012 Snapshot - Denver Real Estate

As we routinely begin to experience multiple offer scenarios below $400K, we look for explanations of this dramatic change in our market dynamics.  I hadn’t heard the term in at least 10 years when while discussing the Denver Market with one of my clients, velocity came up in conversation.

In round numbers we’ve seen Denver Real Estate turn on a dime.  From slightly more than 14,000 listings little more than a year ago to just barely over 8,000 today!  All while this was happening, our transaction volume slowly crept up on us until Pow! Wam! Bam! we are actually discussing appraisal issues, and how will they keep pace with this “New Normal”?

Click on the chart above, in just the first two months of the year, we’ve seen still more dramatic market changes.

I’m telling sellers now is the time to get into the market with that long awaited move.  I’m telling buyers, “you still have rates, but inventory is no longer your friend”.

Enter an even newer player, New Construction!  After hitting a 40 year low for residential starts during this painful time, we now see an explosion of infill, tract and even the return of the custom homes build to suit.  One can’t expect the new home market to be a dramatic impact on our market over night, but with developed dirt, an eager market and some quality infill locations new home starts will be a force to be reckoned with during this time of New Normal.

Next, enter the confident seller!  With multiple offers on the kitchen table, those picky inspection objections from buyers are being slapped hard by this market inspired confidence.

Denver Real Estate is not the perfect market, it still has some very troubled neighborhoods that were ill advised, unprotected and in some cases abandoned, but it is clearly making a serious attempt at righting the wrongs of the past.

Posted in 2011 YEAR END DENVER MARKET WATCH, Buying or Selling Real Estate, Centennial, Cherry Hills Village, Colorado, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village | Tagged , , , , , , , | Leave a comment

Centennial, Colorado Update by Andrea Suhaka

Posted on March 25, 2012 by Dee & Tom Cryer
Let me tell you about living in Centennial, CO.

Let me tell you about living in Centennial, CO.

Dear readers,

It’s certainly time for another issue of this newsletter. Things have been happening in the City of Centennial. I’ve got a passle of news to pass along.

So without further ado, here’s the news.

Andrea Suhaka – standy@ecentral.com

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Andrea Suhaka (303-770-0058)

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Tickets on sale now for the Mayor’s State of the City Address (4/12)

The Rotary Club of Centennial and the City of Centennial are pleased to announce Centennial’s 8th annual “State of Our City” luncheon scheduled for Thurs., April 12, at the Embassy Suites Hotel. The keynote speaker will be Centennial Mayor Cathy Noon. The event will be emceed by CBS 4 reporter Jennifer Brice, a Centennial native.

The mayor will report on the milestones the City reached this past year, as well as the challenges still ahead and her vision for the City’s future.

“Our Centennial Rotary always hosts a wonderful event and I really appreciate their tremendous effort. I enjoy the opportunity to visit with the business community and residents to receive feedback about the City. The “State of the City” luncheon provides another way for Rotary to get the word out about the amazing projects they do in the community, nationally and internationally, and to hopefully get more people involved,” said Mayor Noon.

The event host is the Rotary Club of Centennial, a chapter of Rotary International formed shortly after the founding of Centennial.

The “State of Our City” luncheon will be at the Embassy Suites Hotel, 10250 E. Costilla Ave., Centennial, on Thurs., April 12. Registration begins at 11 a.m. Individual tickets are $40, with sponsored tables also available. The event is open to the public; seating is limited and reservations are strongly encouraged. Tickets are available through Black Tie of Colorado, a ticketing service for nonprofit organizations, at www.blacktie-colorado.com. Proceeds of this event go to the Centennial Rotary Club Foundation. The foundation assists local charities and community service organizations.

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29 March, Prior Authorization Bill

What’s in the Prior Authorization Bill?

How does it affect your access to care? Join us for this informational seminar hosted by the Arthritis Foundation and Pfizer. There is no charge to attend.

Thursday, March 29, 2012

11:30 a.m. to 1:00 p.m.

Registration begins at 11:00 a.m.

Arthritis Foundation, 2280 S. Albion St., Denver, 80222

Lunch will be provided.

For additional information please contact:

Jill Lysengen,  jlysengen@arthritis.org, (303) 756-8622 x 222

Complete your registration online at: http://PriorAuthorization.kintera.org/

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Deadlines: April 13 & 16, Applications for positions on some of Centennial’s boards & commission

The City of Centennial is currently accepting applications to fill openings on the Board and the Planning and Zoning Commission. Application forms may be obtained on the City website, www.centennialcolorado.com, or from the City Clerk, 303-754-3302 or bmadison@centennialcolorado.com. All terms are for a period of three years, for which a stipend of $25 per meeting will be paid to each attending board member. Meetings are at 13133 E Arapahoe Rd, Centennial, 80112.

Planning and Zoning Commission – a commission which considers land use applications and other land use matters. Meets at 7:00 p.m. the 2nd and 4th Wednesdays of the month. Application deadline: 5 p.m. April 13, 2012

Board of Review – a board who considers appeals to the Building Code. Meets at 4:30 p.m. the 1st Tuesday of the month on as-needed basis. Application deadline: 5 p.m. April 16, 2012

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15 April: Firefighter Appreciation Night at the Nuggets

To benefit the Colorado Fallen Firefighter Foundation

An invitation from Cunningham Fire Chief Jerry Rhodes, serving the east side of our City, to attend the Nuggets vs. the Houston Rockets.

Sunday, April 15, 2012 @ 6:00pm

Denver Nuggets vs. Houston Rockets

Everyone who purchases tickets will be able to shoot around on the Nuggets court immediately following the game!

Fundraising Challenge – CFFF (Cunningham) vs. DFD (Denver) Running Team – whichever group sells the most tickets will be able to “Pass the Boot” on the Pepsi Center courtyard before the game to raise more money for their organization!

Tickets:

$45 Corner Loge – normally $80

$24.50 Upper Center Balcony – normally $39

$5 FROM EVERY TICKET GOES DIRECTLY BACK TO THE CFFF

Order Tickets online at: www.pepsicenter.com/groups/nuggets/cfff/

Tickets are limited for this special promotion. At a certain point Nuggets management may hold the rights to cancel the certain promotion due to a lack of inventory. DON’T WAIT TO ORDER!

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Deadline: 16 April, Centennial Business Climate Survey

Engaging the Centennial business community in a meaningful way is one of the City’s top economic development priorities for 2012. To better understand the business community’s challenges and opportunities, every business in the City is encouraged to complete the 2012 Centennial Business Climate Survey. The results of the survey will be released as compiled data sets. Responses are vital to ensuring Centennial’s future economic development efforts remain innovative.

The 2012 Centennial Business Survey is available at online at http://centennialcolorado.com/index.aspx?nid=123. Visit the “Economic Development” page under the “Departments” heading at centennialcolorado.com. You will find a link to the survey on the Economic Development landing page. To complete a paper copy, download survey and fax or mail it in. Responses are due no later than Monday, April 16.For more information, contact the Economic Development Manager, Corri Spiegel, at (303)754-3351 or cspiegel@centennialcolorado.com.

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16 April, 6 – 10 pm: Weather Spotting class

Do you have an interest in weather spotting and helping the USGS keep track of our Colorado weather?

The Sheriff’s Office is hosting a Weather Spotting class on Mon., April 16 from 6 – 10 pm at 13101 E. Broncos Pky. If you would like to attend, please, RSVP to Cassandra Stelter at 720-874-4186 or E-mail at cstelter@co.arapahoe.co.us

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17 and/or 26 April, 4 – 7 pm: Centennial Transportation Master Plan Open House

If you care about moving around the City of Centennial, please, plan to attend one of these open houses. A Citizen Advisory Committee has been working for over a year to plan for transportation issues in Centennial in 2025-2030. A plan has been created for the citizens to view and it might contain some interesting changes to our transportation system: vehicle, bicycle, pedestrian, mass transit. It will be on display for public comment on these two dates:

*  17 April, 4-7 pm, City of Centennial

*  26 April, 4-7 pm, South Metro Chamber of Commerce in the Streets at SouthGlenn

Make sure your voice is heard!

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28 April, 10 am – 2 pm, 2 locations: National Drug Take-Back Day

The Drug Enforcement Administration (DEA) has scheduled another National Prescription Drug Take-Back Day which will take place on Sat., April 28 from 10 am – 2 pm.  This is a great opportunity for those who missed the previous events, or who have subsequently accumulated unwanted, unused prescription drugs, to safely dispose of those medications.

Americans that participated in the DEA’s third National Prescription Drug Take-Back Day on Oct. 29, 2011, turned in more than 377,086 pounds (188.5 tons) of unwanted or expired medications for safe and proper disposal at the 5,327 take-back sites that were available in all 50 states and U.S. territories. When the results of the three prior Take-Back Days are combined, the DEA, and its state, local, and tribal law-enforcement and community partners have removed 995,185 pounds (498.5 tons) of medication from circulation in the past 13 months.

“The amount of prescription drugs turned in by the American public during the past three Take-Back Day events speaks volumes about the need to develop a convenient way to rid homes of unwanted or expired prescription drugs,” said DEA Administrator Michele M. Leonhart. “DEA remains hard at work to establish just such a drug disposal process, and will continue to offer take-back opportunities until the proper regulations are in place.”

“With the continued support and hard work of our more than 3,945 state, local, and tribal law enforcement and community partners, these three events have dramatically reduced the risk of prescription drug diversion and abuse, and increased awareness of this critical public health issue,” said Leonhart.

*  Streets at SouthGlenn (last year it was in the parking lot north of Macy’s)

*  Centennial Medical Center, 14200 E. Arapahoe Rd.

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19 May, 7am – noon: Arapahoe Sheriff’s Office Shred-a-thon

I don’t have much more information on this except that it will be at the Arapahoe Sheriff’s Office, 13100 Broncos Pky, in their parking lot. I do know there is a limit on the amount of material you may bring for shredding (2 legal boxes?) My next newsletter may have more information on this.

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From Twitter, @RTMetroDenver (Rebuilding Together): Know a low-income senior that is in need of home repairs? Have them apply to RTMD. http://t.co/HG7fwm2Q

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Andrea: Though Centennial has decided not to go for a bond issue right now, this is always welcomed news.

Centennial receives strong credit rating

The City of Centennial has reaffirmed the City’s AA+ credit rating. These ratings recognize the City’s strong general fund balances, low debt burden, and an affluent residential population.

According to the report provided by Standard & Poors “ The city’s management practices are considered “strong” under Standard & Poor’s Financial Management Assessment (FMA). An FMA of “strong” indicates that practices are strong, well embedded, and likely sustainable. We revised the city’s FMA score to “strong” from “good” due to the city’s adoption of a debt management policy. Although the city currently has no debt outstanding, the policy includes parameters for the uses of debt, debt structures, and debt administration and procedures.”

“The City of Centennial strives to be good stewards of our citizens tax dollars. I am proud that Standard & Poors has acknowledged the City’s lack of debt, appropriate cash reserves and strong financial management. Our citizens should be pleased with this recognition of their government’s solid financial position,” says Centennial Mayor Cathy Noon.

The City has maintained this credit rating since 2008.

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A tip from the Tweet stream of @ArapahoeSO (Arapahoe Sheriff’s Office): BURGLARY PREVENTION TIP: Install motion sensitive lights to increase your home’s visibility, by limiting hiding places

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Council Member Keith Gardner appointed Mayor Pro Tem
On March 5, 2012, Judge Ford Wheatley swore in Council Member Keith Gardner as Mayor Pro Tem for the upcoming year. The pro tem position is elected annually and serves mayoral functions during any temporary absences of the mayor.

Council Member Keith Gardner was recently re-elected to serve as District 2. Gardner’s term will end in 2016.

“I can’t thank my council colleagues enough for allowing me this opportunity, and I’m truly honored and thrilled to serve our community in this way. I’m looking forward to learning more about our City with this position, especially as the City’s representative on the Urban Drainage and Flood Control District Board,” says Mayor Pro Tem Gardner.

Keith is a Software Quality Assurance Specialist and graduated from the University of Northern Colorado. He serves as a City representative on the Centennial Airport Community Noise Roundtable, a liaison to Littleton Public Schools and the South Metro Fire Protection. He is also a member of the land use committee

Keith serves on a number of community organizations, including:

* City Representative Centennial Airport Community Noise Roundtable

* Liaison Littleton Public Schools

* Liaison South Metro Fire Protection District

* Member Centennial’s Land Use Committee

* Represents Centennial on the Centennial Airport/Community Noise Roundtable

* Centennial Council of Neighborhoods (CenCON)

* Iota Phi Theta Fraternity

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Arapahoe County Sheriff’s Office CITIZEN ADVISORY

Elder Watch

www.co.arapahoe.co.us/citizeninfo/ElderWatch2012.pdf

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Arapahoe County Sheriff’s Office

CRIME PREVENTION TIPS

Robbery Prevention

www.co.arapahoe.co.us/citizeninfo/RobberyPrevention2012.pdf

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Via Twitter, @ColoradoAARP: Learn about federal and state financial assistance for seniors: http://t.co/t4SW7VlL

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Arapahoe County Sheriff’s Office

CRIME PREVENTION TIPS

Home Security – Burglary Prevention

www.co.arapahoe.co.us/citizeninfo/BurglaryPreventionMarch.pdf

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Via Twitter, @South_I_25_TMA: We have almost reached 100,000 miles in the Million Mile Challenge! Join the challenge today at http://t.co/Ak6UQgwf

Andrea: I think April is the last month to take advantage of discounted RTD tickets.

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Arapahoe/I-25 Interchange Environmental Assessment

Outwardly not much has been happening with this project. Key committees are continuing to meet, but there is very little news. For current information, you may always turn to: www.centennialcolorado.com/index.aspx?nid=708 or www.i25arapahoeroadea.com/

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Explore Centennial – Shop Local

For the latest deals, please seer www.centennialcolorado.com/index.aspx?NID=543

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And now for some news about TRANSPORTATION

Via Twitter, @Transpo_Issues: Could Creating this Federal Transportation Program Save $200 Billion A Year? http://t.co/47Ur385Q

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Via Twitter, @TransportNation: 10.4 billion riders took public transit in 2011 — second highest year ever!

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And now for some briefs from Bill Spriggs of The Back Fence:

CampaignStops.blogs.nytimes.com

The New Suburban Poverty
By Lisa McGirr, Mar 19, 2012

In many of America’s once pristine suburbs, harbingers of inner-city blight – overgrown lots, boarded up windows, abandoned residences – are the new eyesores.  READ MORE…

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DC.StreetsBlog.org

Feeding the Beast: The Backdoor Ways Transit Subsidizes Roads 

By Angie Schmitt, Mar 16, 2012

We’ve done our share of commentary on this blog about how transit is underfunded in the first place. So it’s all the more upsetting to see highway projects pick the pocket of transit agencies. But that’s exactly what’s happening, in different forms, in different places throughout the country, writes Alon Levy at Pedestrian Observations.   READ MORE…

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ThisBigCity.net

The Future of the City: Density, Sustainability, and Citizen Happiness 

By Sharon Gochenour

After an hour and a half of driving, I was pretty thoroughly disgusted with the whole idea of suburbs. I became more and more unreasonable as I became more and more lost. What’s the difference between “96th Street” and “96th Street Terrace?” Why were there so many parking lots?   READ MORE…

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ThisBigCity.net

World’s First Vertical Forest Under Construction in Milan 

Forum, March 01, 2012

In Milan, a forest will soon be planted in the sky. Building works for a pair of skyscrapers that will become home to the world’s first vertical forest is underway.  READ MORE…

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Andrea: I offer this because if the I-225 corridor is completed, it will meet with the line to DIA and give us a way to take trains to the airport.

TheDenverPost.com

T-REX Company Offers Plan to Finish Aurora FasTracks Segment

By Karen Augé, Mar 14, 2012

The company that built the T-REX transportation project wants to be part of RTD’s current behemoth, and it has surprised the transportation district with a confidential, unsolicited bid, most likely to bring the FasTracks Interstate 225 light-rail project northward.  READ MORE…

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You’ll notice I’ve also included a number of items I got from Twitter. Those URLs probably look pretty strange, but they are fine for you to click. A new “fad” on the internet is services to shorten URLs.      Andrea

Posted in Centennial, Colorado, Denver Residential Real Estate | Tagged , , , , , , , | Leave a comment

Warren Buffet Touts Home Ownership Over Stocks? Really?

Posted on March 19, 2012 by Dee & Tom Cryer

Warren Buffet Touts Home Ownership Over Stocks? Really?.

Posted in Uncategorized | 1 Comment

What Can You and What Can’t You Deduct When You Have a Home Office?

Posted on March 10, 2012 by Dee & Tom Cryer

Have  you ever wondered what tax advantages a home office would provide when April, 15 rolls around.  Thanks to Donna Fuscaldo and HouseLogic, this question and more are answered here.

Tax Wordie 2012

Tax Wordie 2012

Working from home can offer many advantages including tax deductions. Just take care what you try to write off for your home office on your return.

Passing the IRS litmus test

To meet IRS guidelines, your home office must be your principal place of business, or the place you see clients in the normal course of business. Parts of your home you use to store products or equipment for your business also count. That doesn’t mean that all your work has to be done from home. If you’re an outside salesperson, you probably spend most of your work time elsewhere. But if you do you billing and return customer calls primarily from your home, your home office should qualify.

You can also qualify for the deduction if your employer requires you to work from home, as long as you don’t charge your employer rent. One big catch is that you must maintain the at-home office for your employer’s convenience, not your own, such as to complete reports at night or on weekends. Self-employed workers use IRS Form 8829 to calculate the deduction, which they list on Schedule C.

Measuring your home office

The amount you can deduct for your home office depends on the percentage of your home used for business. Your work space doesn’t need to be a separate room—a table in a corner qualifies. But it has to be an area that’s used solely for business. The tax break also covers separate structures on your property, like a detached garage you’ve converted to an office. Unlike an office inside your home, a separate structure doesn’t have to be your main place of business to qualify for a deduction. That’s because the IRS believes your family is less likely to use a separate structure as a part-time play area or den, says Mark Luscombe, principal analyst for tax and consulting at CCH.

To calculate what percentage of your house the home office occupies, divide your home office’s square footage by the total square footage of your home. If your home is 3,000 square feet and your office is 150 square feet, for example, you’d use 5% to calculate your deductions. Not sure how big your house is? Check the documents you received when you bought your home—there’s probably a detailed rendering—or measure the outside of your home and multiply length times width.

What can you deduct?

Once you’ve figured out what percentage of your home you use for business, you can apply that percentage to different home expenses. These include:

  • Mortgage interest
  • Utilities (heating, cooling, lights)
  • Home owners insurance premiums

Just take each expense and multiply it by your home office percentage (the 5% mentioned above). That’s the amount you can deduct as a business expense. So if you spend $150 a month on electricity, you can deduct $7.50 as a business expense. That adds up to a $90 deduction per tax year.

Save bills or cancelled checks to prove what you spent in case of an IRS audit. Take an hour a week to file them away. Also, only repairs can be expensed; improvements must be depreciated.

Don’t forget depreciation

Depreciation is based on the idea that everything—even something like a home—wears out eventually. To figure home office depreciation, start by calculating the tax basis of your home: generally the purchase price plus the cost of improvements, minus the value of the land it sits on. Next, multiply the tax basis by the percentage of your home used for work. This gives you the tax basis for your home office.

Usually, depreciation deductions for a home office are figured over a 39-year period. There are caveats. For a crash course, read IRS Publication 946 or talk to a tax pro.

Keep in mind that depreciation deductions on your home office increase the amount of profit on a home sale that is subject to taxes. There’s an exclusion of $250,000 of profit if you’re a single filer, $500,000 for joint filers. Consult with a qualified tax professional on how depreciation deductions affect your tax liability when you sell.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

By: Donna Fuscaldo

Published: January 3, 2012

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Super Joe Hubert Is Back With a Denver Market Update for February, 2012

Posted on March 7, 2012 by Dee & Tom Cryer
Super Joe Hubert

Super Joe Hubert

Hi Tom,

February – 2012 Real Estate Market Update
Entire MLS (All Areas)

Residential Highlights

  • 13.7% Increase in closed sales year over year
  • 45.5% Decrease in Absorption Rate (4.2 months)
  • 39.7% Decrease in active listings year over year (8,202)
  • 2.1%    Increase in average sold price ($270,821)

Condo/Townhome Highlights

  • 11.6%  Increase in closed sales year over year
  • 49.5%  Decrease in inventory year over year (2,004)
  • 3.5%    Increase in average sold price ($161,143)
  • 21.7% Decrease in average days on market (101)

Click here for Full report of entire MLS

“Thanks again Joe, and a big thank you to Land Title too!  I am able to confirm this rapid change in our market.  Multiple offers, showing traffic increases and page views on my web site are all substantially up over 2011. If you have been holding off on a buy or sell decision, now is the time to pick up the phone and call me…tc”

 

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