Denver Colorado Real Estate | May 2010 Market Statistics
June 10th, 2010 categories: Market Trends
What an interesting time to be a real estate broker. Is the market sizzling or softening?
The Home Buyer Tax Credit had a lot more to do with our March and April sales than I expected it to. I naively thought there was enough pent-up demand to see us through the end of the year.
I thought buyers weren’t going to sacrifice the “right home” for a tax credit. In retrospect, I may have been wrong on that count.
One thing I was right about was the trickle up effect, boosting sales in the higher price ranges that didn’t qualify for the credit.
Now, all price ranges have slowed down. Showings have dropped off and it seems that we pushed the June and July business forward into the first quarter of 2010.
What does this mean for Buyers? Great time to buy. You’re a wanted quantity. But do your homework and don’t assume you can just negotiate the Dickens out of any deal. Some houses are already priced right. My partner just had buyers go $15,000 over asking in a bidding war - in the low $400,000 price range. The house was on the market for 5 days, was in a unique and beautiful setting and nothing else like it was on the market. It had also been updated and was ready to go. They still need to get it to appraise, but the buyers saw the value.
What does this mean for sellers? Stay on the top of your game. Showing condition has to beat out the competition and the price has to be aggressive enough to launch you to the top of the list.
Last month we had 3,883 properties under contract, which bodes well for June closings. But this is a 41% decline from April! We were busy in April. These numbers didn’t actually come as a complete surprise. We expected a slowdown when the credit ended, but not 41%.
Look at sold properties year-over-year. Denver experienced an increase in sales of 20%. The market in 2010 is very different from 2009 and 2008. We’re plugging along - the tax credit helped. Low rates are helping. When employment picks up steam, property markets will continue to pick up too and that’s when we’ll see prices rising.
I’m happy to be in my chair and looking back at last year. I’m happy that sales are up 20% since then. I’m also hopeful that the drop from April to May will be a slight bump in an otherwise excellent real estate trend.
If you’re a buyer looking for the “right home” look no further than www.GretchensDenver.com.
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Memorial Day 2010
May 31st, 2010 categories: Life In Denver
This year, I pause to honor the men and women of our armed forces who have sacrificed their lives protecting our nation.
Take a few minutes and put yourself in their places, their families’ and friends’ too. Shopping the sales is an American tradition, but let’s not forget our servicemen and women while we hunt for a bargain or grill the first summer meal.
Private property rights and the mortgage interest deduction are uniquely American and are the cornerstone of the dream of home ownership. I am particularly thankful for these, as I see the benefits daily in the practice of real estate.
It’s a day to remember and be thankful. It’s a day to enjoy the beginning of summer, and it’s a day to never forget.
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5320 South Marshall Street, Littleton, CO - Presented by Gretchen Faber
May 23rd, 2010 categories: LifeStyle Listings
This amazing home, located in prestigious Belvedere in Grant Ranch exudes craftsmanship. Hand crafted mill work greets you as you enter the dramatic foyer.
Look left to the formal living room and dining room, look right to the comfortable and elegant study. The kitchen includes a large island with slab granite, a butler’s pantry and a charming eating area framed by windows.
The family room is immediately off the kitchen and provides a comfortable place to hang out. Views to the professionally landscaped back yard are gorgeous.
Upstairs, you’ll find a master suite, 5-piece master bath with walk-in closet and three additional bedrooms plus two additional baths. One a jack-and-jill bath.
The basement is professionally finished and offers another family room or sitting area, a viewing room, a bedroom and bath plus ample storage.
This is a truly special home, and you’ll be thrilled to call it yours.
Priced at $970,000 with 5 bedrooms, 5 baths and over 5,800 square feet.
View the full internet presentation at www.5320SMarshallSt.com.
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6199 W. Chestnut, Littleton, CO - Presented by Gretchen Faber
May 23rd, 2010 categories: LifeStyle Listings
This charming home has been lovingly maintained by the owners. The back yard is a summer oasis, with plenty of additional space for a garden or play area. The huge lot and mature trees add a truly Colorado feel to the home.
Inside, there is a terrific floor plan for entertaining or spending time with family or hobbies. The home has a good variety of living spaces and large rooms. The family room has a fireplace as its center piece, and the kitchen offers an eat-in area. Enjoy the formal dining room for holidays or parties.
You can move right in and enjoy the Colorado summer in one of Metro Denver’s mature and lush neighborhoods.
Priced at $250,000 with 3 bedrooms and 3 baths and over 2,500 square feet.
To see more of Gretchen Faber’s listings, visit www.GretchensDenver.com.
This home was leased for one year in August 2010. The property is available to investors who would purchase it with the lease in place.
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Denver Farmers’ Markets in 2010
May 18th, 2010 categories: Life In Denver
Have you been to a Farmer’s Market in Denver? The local markets are every weekend in the spring and Summer with amazing produce, florals, specialty items and a great vibe.
Here’s a list of the local Farmers’ Markets in 2010:
- Cherry Creek ~ First Ave and University ~ Saturdays 8 am - 1 pm and Wednesdays 9 am - 1 pm
- City Park ~ Colfax and Columbine ~ Sundays 9 am - 1 pm
- Old South Pearl ~ 1500 S. block of Pearl ~ Sundays 9 am - 1 pm
- Tamarac ~ Tamarac and Hampden ~ Mondays 11 am - 3 pm
- Stapleton ~ 29th Ave and Roslyn ~ Sundays 8:30 - 12:30
- Belmar ~ Alaska Dr and Teller St, Lakewood ~ Sundays 10 am - 2 pm
- Wheat Ridge ~ 4260 Wadsworth Blvd ~ Thursdays 11 am - 3 pm
- Golden ~ 10th Street and Illinois ~ Saturdays 8 am - 1 pm
- Highlands Ranch ~ 9288 Dorchester Street ~ Sundays 10 am - 2 pm
- Southwest Plaza ~ mall SE parking lot ~ Saturdays 8 am - 2 pm
- Littleton ~ Aspen Grove Shopping Center ~ Wednesdays 11 am - 3pm
- Aurora ~ 1470 S. Havana ~ Tuesdays 11 am - 3 pm
Look for me on my pink cruiser bike! I’ll be filling my basket with organic veggies and flowers for my table.
I’m not ready to show houses on my bike, but who knows? Could I still write off the miles?
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Denver Colorado Real Estate | April 2010 Market Statistics
May 11th, 2010 categories: Market Trends
Busy. Swamped. Slammed. Insane!
Real estate in Denver, Colorado is different. It’s different and the same.
Different than last year, and really different from 2008. We fell off a cliff that year, and we’d been dangling from it for a few months prior.
Ever since the 2008 correction, it’s been a slow climb back. Real estate in Denver has felt a little better every month. Many transactions are fraught with difficulty, but overall Denver real estate seems more and more on solid ground.
Now this. A complete frenzy. It’s been a busy month, with sales, closings, price reductions, tax credits.
Will the end of the tax credit signify the end of the recovery? Not likely. Most of the buyers and sellers I’ve been working with wouldn’t have qualified anyway. Or else they didn’t want to sacrifice “the right house” for a tax credit.
Look at the April market statistics. Pending sales have increased nearly 28% from this time last year. 28%!
We’ve seen an increase in closed properties of over 23%. The days on market has dropped by nearly 23 days, meaning it’s taking less time to sell a house.
Trends indicate we’re in a “value” driven market. Buyers are searching for value, and pricing must meet their expectations. If the price doesn’t meet with buyers’ value model, a seller will be faced with two scenarios:
1. No offers for weeks or months while other homes in the neighborhood are selling.
2. An offer so low that sellers feel it’s not realistic.
In fact, it may be realistic, or at least close to realistic. Sellers should always counter an offer. Never reject. You’ve lost control of the deal if you refuse to counter, and you aren’t engaging with someone who actually liked your house enough to bother making an offer.
The next two months will be interesting. We probably pushed some of the late spring and summer buying forward with the tax credit. Even if things slow a little, we’re still in good shape from this time last year.
Search Denver Real Estate at Gretchen Faber’s web site: www.GretchensDenver.com.
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1220 South Milwaukee - Bonnie Brae South
May 1st, 2010 categories: LifeStyle Listings
This exceptionally well-built home exudes warmth and comfort. Offered at $900,000 and in one of Denver’s premier in-town neighborhoods. Walk to schools, restaurants, parks and public transportation.
Built in 2004 as a custom home, the upstairs is defined by 4 roomy bedrooms each with a private bath. The open kitchen and great room offer easy living with all the modern comforts and conveniences. A main floor study/den adds to the functional floor plan.
The three car garage (2+1) and the stylish Prairie design are standouts in the South Bonnie Brae neighborhood and this lovely home awaits your personal touches!
View Gretchen Faber’s listings at GretchensDenver.com! A full internet presentation for this home can be viewed at www.1220S.MilwaukeeStreet.com.
SOLD - July 2010.
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Denver Spa Tops in Service - elements is Elegant
April 18th, 2010 categories: Life In Denver
My friend recently received a gift certificate for a massage from her brother. She doesn’t like massage. I, however, love to get the kinks in my neck pounded out. So we traded - her massage for my facial gift certificate.
I’d never been to elements. This is a small storefront on 6th Avenue in Denver, and I’ve probably driven by 1,000 times.
Last week, I stopped in. Actually, I made a reservation, and then stopped in.
I was greeted by a nice young woman who explained the spa services I would receive while offering me a glass of cucumber water with the paperwork. The masseuse was Chris, who listened with care to my neck and back issues, and took the information into consideration during the massage.
I left feeling relaxed, rejuvenated and with a cute little baggie of Epsom salts and instructions to soak out the toxins on a regular basis.
Elements is worth a visit. If you enjoy massage, and would like to relax at a local Denver spa, try them out. And tell them Gretchen Faber sent you!
Once you’re relaxed and ready to look for your next house, send me an email or search on my Denver real estate web site. 
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Denver Colorado Real Estate | March 2010 Market Statistics
April 8th, 2010 categories: Market Trends
The statistics have arrived! What does the past foretell about the future? Not much, but we certainly do learn from patterns and trends.
Denver, Colorado’s real estate market has been exhibiting signs of stability in certain price points for several months. The Case Shiller report, out two weeks ago, put Denver at #6 in housing price increases, year-over-year for January.
This wasn’t too much of a surprise to the real estate brokers in Denver who are feet-on-the-ground every day. More contracts and more closings are in 90 days or less and brokers are busy. One surprise is the increase of sales in the million dollar plus price point. I’ve said for months that when we see stability in the lower prices, there will begin to be a trickle-up effect to the higher prices. But it’s also the price reductions high end sellers realize are a must to get their houses sold.
Negatively impacting our recovery in high-end prices is the continued expense and difficulty in obtaining jumbo loans. Without competitive jumbo mortgages and with appraisals still dicey, sellers are feeling the pinch.
Look at our under contract numbers. An increase of 22 1/2% from last year and nearly 34% since last month is nothing to sneeze at. This will portend well for closings this month and next.
What then? The tax credit will end and most bets are on a gradual interest rate increase over the next several months. A lender I know told me of 3 rate increases in one day last week. Unheard of in the past couple of years.
But prices are up in Denver. Over 7% since this time last year, and our inventory of available properties is still down by nearly 3%. And look at Days on Market. Way down! Homes are selling faster and for more money.
If your house has been on the market for months and isn’t getting a bite - time to face some tough decisions. Is it price? Probably. The buyers are out there and they’re placing value on something. Is it location? Could be. Is it the size of the yard or the living room? Perhaps. But at the end of the day - those are just disguised price objections. A buyer who values your property compared with what else she’s seeing will make an offer. If you’re not getting offers, then you’re justifying to buyers why they’re making an offer on your competitor’s listing.
Colorado offers an easy-going western lifestyle. Denver’s housing market continues to shine a light on our local real estate recovery.
Gretchen Faber is a broker with The Kentwood Company at Cherry Creek in Denver, Colorado. Visit www.GretchensDenver.com for the latest inventory in the Denver real estate market.
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Homebuyer Tax Credit Ends in 30 Days. Buyers Get Off the Fence Today!
April 1st, 2010 categories: Real Estate News
This isn’t an April Fool joke. It’s a serious money matter.
Could you be at risk for losing out on an $8,000 tax credit, or a $6,500 tax credit? Could you be risking interest rate increases?
Those are your risks if you aren’t under contract for a property by the end of this month. Properties must be contracted for by the end of April and must close by the end of June to qualify for the tax credit. And the longer you wait, the more likely you’ll fall victim to rising mortgage rates and lose out on your own version of the white picket fence.
Spend some time researching Denver Real Estate on the internet, get pre-approved with a qualified and knowledgeable mortgage lender and then get a Buyer’s Agent to help you wade through the process of buying a home.
We are a nation of homeowners. Despite the recent hit real estate has taken, and the legions of homeowners who have lately become renters, buying a house is still the American Dream. Just don’t use your house as a cash-machine. It’s a place to hang your hat, kick off your boots and close out the world. It’s a place that if you’re frugal, you could own free and clear by retirement. Now wouldn’t that be the American Dream?
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