9276 East Vassar Avenue
July 23rd, 2008 categories: LifeStyle Listings, Real Estate News
Wood and tile floors, stunning mill-work and slab granite kitchen counters. The house backs to the 2nd fairway with views off the deck to the southwest and the mountains.
Visit the home’s custom website for specifics and interior photos.
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Market Headlines - Are You Worried?
July 14th, 2008 categories: Market Trends, Real Estate News
Yesterday afternoon, I got a text alert from The New York Times about the federal government’s plan to shore up Fannie Mae and Freddie Mac. Strange to get a NYT alert on a Sunday, just after their big edition hit the doorstep.
Maybe Not so Strange
The government worries about markets all over the world, not just in the U.S. They often time announcements around the opening bell at the Hong Kong market. After Hong Kong opens, markets begin opening in succession. Clearly, the government wanted to send a signal - don’t sell off U.S. securities, we’re handling it.
Eye on the Media
Today was a day we all kept our eyes on the market. What would happen to stocks? Bonds? Banks? Indy Mac was taken over by the FDIC, Fannie and Freddie needed government intervention and predictions of more bank failures followed.
As I said in my recent post The Good News and the Bad, I’m not so sure I always trust what the media has to say regarding the housing market. They do seem to have a bad news ax to grind. Today was an important day to pay attention though. Ax or not, when George Soros speaks, people listen. Soros was interviewed by CNBC and clearly believes that our economy is faltering. While times are definitely uncertain, remember that the more bad news we hear and read, the more likely it will become a self-fulfilling prophecy. Isn’t that what a bank run is? If you see 3 people lining up to withdraw their funds, don’t you line up too? Then there are four in line, then there are five. No one (understandably) wants to be the last one in line - and thinks, “I might as well be safe as sorry.”
The public good is served by the Fannie Freddie handout today. These quasi-public institutions bolster nearly all of the mortgage and housing markets. Left to falter, there would certainly be a crisis of unpredictable proportions. I read one article today stating that some home buyers are rushing to lock their loans thinking that mortgage rates will be going up soon. Put into perspective - I bought my first home for 9.5% and thought that was great - rates will probably tick up rather than race up. And hopefully won’t hit the highs of the 70’s and 80’s anytime soon. That will depend on the Fed’s reaction to inflation along with this banking crisis.
At the risk of sounding Pollyanna and head-in-the-sand, I’ll repeat what I’ve written here several times. Real estate is local and Denver’s market is out pacing most of the U.S. Our days on market are shrinking for certain segments of the market, and there have been several instances where I’ve heard of multiple offers.
People need a place to live, to call home. Worry too much and you may make uninformed decisions. Let the headlines inform you, not paralyze you.
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Denver Real Estate Stats - June ‘08
July 11th, 2008 categories: Market Trends, Real Estate News
Where is the Denver real estate market headed?
We’re asked this on a daily basis, and with the frenetic pace of the news reports, it’s sometimes a moving target. What I can tell you is that in my office, we’re processing more under contract files in the $300,000 to $800,000 range these days. Last year, it seemed like the high end properties were sustaining us. This year, the mid-range properties are selling best. Perhaps the jumbo loan rates has slowed down the high end market a bit, perhaps some people are electing to stay in their homes and remodel them.
That’s not to say high end isn’t selling at all, just that the more mid-range homes are the properties that are getting multiple offers and are moving more quickly.
In-town residences are still selling more strongly than suburban homes - In the medium and entry prices.
If you’re interested in finding out the walkability of any address just go to the Walk Score web site and enter an address. Central Denver residences are more walkable, and the price of oil will undoubtedly continue to influence the home buying decision.
The Metrolist market stats are out for June and you can see that we’ve shaken out a lot of the inventory we were carrying last year with actively marketed properties dropping 13.72%. With prices adjusting downward, numbers of pending sales are improving.
The number of closed properties increased from May, but decreased from this time last year. I’m betting the decrease year-over-year is due to a lesser amount of inventory. With the rising number of pending sales, we’ll likely see that number go back up next month.
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Colorado in Top 5!
July 9th, 2008 categories: Market Trends, Real Estate News
America’s Top States for Business
CNBC announced this morning that Colorado ranks #5 for top states doing business. This is the first time ever that Colorado has been in the top five. We love our state, our lifestyle and those of us who sell real estate here can tell you that we feel the optimism and enthusiasm in the market.
Colorado’s ranking qualifications were:
- Business friendly
- Energy economy
- Wind and solar
- Unemployment 4.9% compared to the national average of 5.5%
- Corporate tax rate 4.63%
- Largest industry - corporate and professional services (even without Arthur Andersen)
- Largest employers - Allstate Insurance and Lockheed Martin (Space Systems Divisions)
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The Good News and The Bad
July 6th, 2008 categories: Market Trends, Real Estate News
My husband is fond of saying, “I’ve got good news and bad news, which one do you want first?” Now, I tell him it’s all news to me, just deliver!
I think the Denver real estate market is full of good news and bad news too. About a week ago, I was asked to appear on ABC’s World News Tonight in a story about the real estate market. They told me it was a story stemming from the Case Shiller Report issued earlier that day. Denver was up nearly 1%, so they wanted a broker from Denver in their story.
Silly me, I thought it was going to be about the “turning” real estate market. That’s even what the assistant producer said to me on the phone. I gladly participated, and submitted to a lengthy interview. Fun and nerve wracking! Yes, it’s true, the camera does put on an extra 10 lbs. Or maybe those extras were already on…
They talked to me in front of one of my listings that had just received two offers, and then they followed me around another home nearby with a buyer in tow. 15 - 20 minutes of camera time was boiled down to 15 seconds in the story. My son and I sat down to watch - it was the lead story. In the intro they said, “Worst Real Estate Market Ever!”
My heart sank, “what have I done?” I asked. I’ve participated in prolonging the media obsession with how terrible the market is. The silver lining to the entire story is that I was the “silver lining”. Denver’s real estate market isn’t as unhealthy as other areas and buyers are making offers. The well priced, well located and beautifully staged homes are even getting multiple offers.
The media is going to pick up on the bad news and gloss over the good. Ask your Realtor what the true lowdown is, and get to know your own particular market. There’s good news and bad, but the truth lies somewhere in the middle.
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Cheesman Park Masterpiece
June 21st, 2008 categories: LifeStyle Listings, Real Estate News
This was the era of quarter sawn oak, tasteful Craftsman workmanship, large and gracious rooms designed for daily living and lovely entertaining. From the moment you walk up onto the large front porch and enter the grand oak and beveled glass doorway you know you’re in for a treat.
The sun filled entry features oak floors and a fabulous staircase. Sit awhile on the built in oak settee or stash your umbrella and boots in the hidden compartment and continue into the formal living room. The large oak trimmed windows invite you into a lovely room to entertain or just luxuriate in charming space with your family or friends or with a good book.
You can receive emails of other listings and comments about the Denver lifestyle by clicking on “Email Subscription” to the right. Enjoy viewing all Denver homes for sale at www.gretchensdenver.com.
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Denver Real Estate Stats - May ‘08
June 18th, 2008 categories: Market Trends, Real Estate News
The Denver real estate market is like the old saw about a riddle wrapped in a conundrum wrapped in an enigma. I wish my crystal ball was working better, but I’ll have to rely on instinct, experience and my best guess.
Here are some statistics taken from the Denver MLS for May 2008:
The upshot is that we have 9 1/2 % fewer properties on the market than we did a year ago, and just .62 % more than the month before. The dreaded “over-supply” of inventory seems to be diminishing during the season one would expect to see more properties coming on the market, not less.
Days on Market
The number of days homes are on the market is shortening as well. The average number of days a house is on the market right now is about 100. This equates to a 3 month supply - what analysts consider a balanced market.
In the late 1980’s our market really took a tumble, mainly because the oil shale business dried up. As we look back on that time now, one of the leading indicators that the market was beginning to turn the corner was when number of days on the market shortened. First - fewer days on the market, next - less inventory, finally - prices stabilized.
Multiple Offers
One of the statistics you won’t see in the chart is that many homes are getting multiple offers. In fact, last night I received two offers on one of my listings. Check out LifeStyle Listings and see if you can guess which one, but I can’t tell you yet. One agent wrote a decent offer that still needs to be tweaked a bit, but we can work with it. Another agent brought an offer in excess of $100,000 off of the offering price. She said her clients wouldn’t reconsider their offer because they’d read in the papers that it’s a buyer’s market. I wonder how many offers that agent will be writing up for them…
Average Price
Yes, the average price is still down from last year. We’re pulling out of the slump, but we’re not out of it yet. It’s just a turning of the corner right now. We’ve also experienced a lower price point of homes getting offers than we did in 2007. In our office, the price point of homes that are selling quickly has recently been between $300,000 and $800,000. Last year our higher priced listings were selling much better. This fact alone could be what’s driving down the average sale price, rather than an actual decline of prices.
Stay tuned, these updates will follow monthly! If you like what you see at LifeStyleDenver, subscribe by email or RSS. It’s easy - just click on the buttons at the right of your screen.
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Historic Park Hill Home
June 18th, 2008 categories: LifeStyle Listings, Real Estate News
Surround yourself with the grace and elegance of days past in this stately Park Hill Grande Dame. It isn’t every day that you’ll find this quality of Denver’s historic architecture surrounded by an enormous treed lot on one of our city’s timeless boulevards. From the entry foyer to the third floor you’ll love discovering what this home has meant to countless generations of residents ~ including former Mayor Richard Batterton. This lovely home exudes its original charm and the architectural significance hasn’t been compromised.
Offered for $959,000.
For a full tour and to view more homes, visit www.gretchensdenver.com
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Bonnie Brae Gem
June 16th, 2008 categories: LifeStyle Listings, Real Estate News
Stroll through one of Denver’s loveliest neighborhoods and you’ll fall in love.
Bonnie Brae - or pretty hill - is just east of the Washington Park neighborhood, and is famous for it’s elliptical park and curving streets. Not only can you walk to “Circle Park” and Washington Park, but the Bonnie Brae neighborhood center and Old South Gaylord Sreets are just a few blocks away. Enjoy the local library, Bonnie Brae Ice Cream and restaurants and shops.
If you’re looking to relocate to the Bonnie Brae neighborhood, look no further than 985 South Columbine Street. This gorgeous home is on one of the premier blocks in the neighborhood, and has a beautifully remodeled kitchen, fabulous yard with deck and a finished basement. Offered for $975,000, you can move right in.
Check out this house and others at www.gretchensdenver.com! You can also get email updates from this site by clicking on the “subscribe email” button to the right.
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Denver Modern Home in Krisana Park
June 9th, 2008 categories: LifeStyle Listings, Real Estate News
Have you ever desired a mid-century modern home that was in pristine condition?
Do you know what an Eichler-inspired home is and wish you lived in one? How about opening the doors to the outside and feeling like the outdoors and indoors were all one-in-the-same?
Don’t wait! Check out this phemomenal home in Krisana Park in Central Denver. On the market for a mere $400,000, this home will not linger!
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