Mortgage Modification Help in Denver This Weekend
June 10th, 2011 categories: Real Estate News
From today through Monday, June 13th, the Neighborhood Assistance Corporation of America is at the Colorado Convention Center.
Stop by the convention center between 8 am and 8 pm if you’re a Denver area homeowner and need financial relief by modifying your mortgage. NACA is on a multi-city tour they’re calling the “Save the Dream Tour” in an effort to help troubled homeowners save their dream of owning a home and making their payments. Their web site provides more information.
Meanwhile, blame is being laid on the doorsteps of three of the largest mortgage originators for failure to help enter troubled homeowners in the Federal foreclosure-prevention program. Chase, Wells Fargo and Bank of America have been the hardest to deal with from a real estate perspective in terms of cooperation with short sales. Their response times are getting better, but it’s still a mystifying and frustrating experience to deal with these lenders. It’s not a surprise that they’re being called to the mat for doing little to assist borrowers who are close to losing their homes.
The banks’ systems are terrible, their staff is overworked and not invested in each individual borrower. It seems as if the homeowner isn’t a person in crisis, just another file on the desk. Real estate agents have been howling about the issues in dealing with the banks to get borrower modifications or short sales approved for a couple of years. Now, the Administration is echoing the concerns.
While the banks are no doubt hamstrung by the veiled “investors” in the background (when the loan has been sold, and the bank is only servicing it,) they need to be more transparent about the process. They should also disclose investors’ willingness to negotiate and whether there is insurance on the loan that makes it beneficial for the lender to just let a foreclosure proceed. No doubt, the Federal foreclosure-prevention program is a bureaucratic nightmare for the banks to deal with, but these lending institutions were a large enough lobby to have a voice in the conversation when the program was crafted. Now they need to get out there, like NACA is, and help homeowners stay in their homes. It’s beneficial for cities and neighborhoods – home ownership is an important part of the American lexicon.
| Discussion: No Comments »
Denver Colorado Real Estate Statistics | May 2011
June 9th, 2011 categories: Market Trends
We’re finally comparing Denver real estate sales this year with the time after the tax credit ended last year (for under contract properties.)
The number of homes under contract jumped 23% from May of 2010. This is the first month in 2011 where we’re not comparing under contract data to the tax credit time of 2010.
The average sale price for both single family and condo are up over 3%, reflecting stability in the market. While the recent Case Shiller numbers for March indicated a potential “double dip” housing recession, the Denver real estate market is truly hanging in there.
Sellers are realistically pricing their homes, Buyers are taking advantage of the drop in interest rates to incredible lows, and more investors are entering the market and snapping up properties for their portfolios.
Inventory continues to fall, which is one reason prices are steady, even rising. Buyers aren’t finding as many homes to choose from, so the great ones are going fast. The number of days on market fell nearly 3% from April. Days on market were dramatically less a year ago, perhaps an overhang from the tax credit frenzy that was wrapping up at the end of April 2010.
The Denver real estate market may be contracting in terms of number of available listings, it’s not contracting based on the buyers making offers on homes. With a 23% increase in under contract properties, we should see the number of June closings rise considerably. Stay tuned!
Consider an investment property. With prices and rates at an all time low, it’s a great time to buy a rental. Search Gretchen Faber’s web site at www.GretchensDenver.com.
| Discussion: 2 Comments »
LifeStyle Denver Takes an Overnight Detour to Winter Park
March 31st, 2011 categories: Life In Denver
Lovely Colorado. You never can tell what’s going to drop in on you.
We like to rhetorically say about the weather this time of year, “Well, it IS springtime in the Rockies…”
Yesterday began as a typically busy Wednesday. Sales meeting, then tour, then a broker open house. Afterward, I ran the leftovers to a friend who had severely sprained her wrist and bruised her face in a fall outside AT & T. (Note to AT & T: why would you put a store where there are concrete stairs outside the entrance, when you know we’ll be gazing down at our phones on the way in?!) She saved the phone – not a scratch on it.
But I digress… The day was lovely in Denver. Mid 50’s, a bit windy.
The plan was to run teenage LifeStyle Denver and a friend to my sister’s mountain place in Winter Park for a few days of snowboarding fun during Spring Break. Then immediately turn around and head back Denver. Teenage driver needed mountain driving experience, so he was behind the wheel when we pulled out. He did fine, but the weather was harrowing and the drive was a nail biter. Berthoud Pass can be a bear, but it’s usually not so bad. Yesterday, it was at its worst.
So after about 45 minutes at sis’s ski house, I turned back around to drive home. With my music on, not that rap stuff.
Passing through Fraser, then Winter Park, I couldn’t help but notice that the snow was coming down harder and I figured it would be a slow drive. Still, I could make it home before 9 p.m. for sure. By the time I hit the Mary Jane side of the ski hill, I noticed brake lights and then a big overhead sign flashing Berthoud Pass Closed!! Turning around, I called my Brave Ski Mom sister and asked if she had a toothbrush and a bottle of wine. I was heading back for the night! (yes wine, no toothbrush.) Turned out to be an avalanche. Right after we passed through the first time.
We had a great time catching up. Sis lives just a few miles from us in the Lowry neighborhood, but we’re always running 40 different directions. I even got to play a 5 year-old’s version of Go Fish! She won. It was rigged.
Winter Park, Colorado is a great alternative to some of Colorado’s other ski locales. It’s a more low-key town than most, and the terrain has something for everyone. The actual resort is owned by the City of Denver. In a brilliant move during the 1930’s George Cranmer (namesake of Denver’s Cranmer Park) made the purchase of Winter Park possible by Denver’s Parks and Recreation Department. Even today, Denver has steadfastly held on to that asset.
With nearly 3 feet of fresh powder this week, Colorado’s spring skiing looks to be fabulous. Head up to Winter Park for a day and hopefully you won’t end up on a surprise overnight!
Here are a few resources about Winter Park:
And LifeStyle Denver? Why that’s local Realtor Gretchen Faber.
| Discussion: No Comments »
Denver Colorado Real Estate | September 2010 Market Statistics
October 9th, 2010 categories: Market Trends
September 2010 Denver market snapshot
In September 2009 there were 19,834 homes on the market in Denver which was down nearly 2% from the month before and over 17% fewer than September 2008.
Today’s inventory is quite a bit higher, at 22,880 homes currently on the market in Denver.
We’re almost back up to the 2008 number of active listings, having posted a 15.36% gain over same time last year. So there are still plenty of great homes on the market for buyers to choose from. Buyers – you do not need to wait to find your next home, and in fact you shouldn’t wait.
September and October have been two of the busiest months since the tax credit ended. While deals are trickier to hold together – with inspection, appraisal and underwriting issues causing heartburn to Buyers, Sellers and Brokers – there are deals to be had.
The line “You could be in your next home by the Holidays!” couldn’t ring truer. Rates are so low, there’s barely a cost to borrow money. You may as well borrow it and hold the property until values rise again, because you certainly aren’t earning much on your CD’s.
Denver’s average sale price is down from a month ago, but still up over last year. Prices will stay low while inventory stays high. By the first of the year, prices should be creeping back up. Maybe not enough to give Sellers back any ground they lost since the Great Recession began, but enough to give Buyers pause.
Here’s the news that should wake Sellers up. Days on Market is getting longer. As I said in August, Days on Market is looking back, but looking forward we’re now at 7.73 months of available inventory. The current number of homes on the market 22,880 divided by closed sales last month, 2,958, gives us 7.73 months to sell off the current inventory at today’s rate of sales – and with no new inventory being added.
We’ll need to accelerate the rate of sales or curb the addition of new homes to market to get back down below 6 months of inventory. 6 months inventory is considered a “balanced” real estate market. If you’re thinking of putting your home on the market soon, have a discussion with your broker about how to get it in “first place” with buyers.
In coming months, watch what happens to our inventory, our average sales price and how long it’s taking to sell a house. These are all great snapshots in time to tell us what’s happening in the Denver real estate market.
To take a look at nearly all of the homes on the market in Denver, you can search Gretchen Faber’s web site. It’s easy to sort by drawing a circle on the map or by typing in your search parameters – you won’t need to look at all 22,880 homes!
| Discussion: No Comments »
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. 
| Discussion: 2 Comments »
2009 Denver Fireworks On 3rd & 4th!
July 3rd, 2009 categories: Life In Denver
If you’re planning on watching fireworks for this year’s Independence Day, take note – many municipal fireworks shows are tonight, July 3rd.
Here’s a list of fireworks around Central Denver. We particularly love the Glendale fireworks, and plan on checking the show out tonight after a neighbor’s bar-be-que.
Glendale
- Infinity Park – 950 S. Birch St. – Glendale; July 3 : 9 p.m.
Coors Field
- Coors Field – 2001 Blake St – Lodo; July 3 : 6:10 p.m.
Edgewater
- Citizens Park – 2431 Chase St. – Edgewater; July 3 : 4 p.m. – 10 p.m.
Invesco Field
- Invesco Field at Mile High – 1701 Bryant St. – Denver; July 4 : 7 p.m.
(Fireworks begin after the Outlaws game.)
Four Mile Historic Park
- Four Mile Historic Park – 715 S. Forest St.; July 4 : 10 a.m. – 4 p.m.
Have a fun and safe 4th of July.
If you’re hanging around wanting to look at pictures of homes for sale, check out GretchensDenver.com for the most up-to-date available listings in the Denver Metro area.
| Discussion: 2 Comments »
Denver, Colorado – Stability in Home Prices Predicted
January 18th, 2009 categories: Market Trends, Real Estate News
The PMI Mortgage Insurance Company, located in Northern California, issued their quarterly “Market Risk Index” this week.
Denver, Colorado is listed among 10 U.S. cities as those posing minimal risk of housing prices being lower in two years than they are today. This report doesn’t make assertions as to whether housing prices will rise, but it’s a good bet that stable or rising prices are more likely in our future than lower prices are.
Combine this news with historically low mortgage rates, and you see what a great time is is to get off the fence if you want to buy property in Denver. Denver housing is picking up steam in a massive way. Our office’s showings are way up. Just on my own listings (click LifeStyle Listings to see them all) I’ve had more showings in the past week than in the prior three months.
If you’re waiting for home prices to fall, just consider that a 1% change in rates (from the 6’s we had a few months ago to the 4’s and 5’s now) can drastically reduce your payment, more than if prices were to drop a little further in the coming months.
My childhood home of Riverside, California didn’t fare so well in the report. They are among the top 3 areas where prices are most likely to drop. I’m glad I live in Denver now.
Denver real estate appears to be a better investment than nearly everything else besides gold. Maybe it will turn into gold if you hold onto it long enough. Stay tuned here to find out more!
| Discussion: 1 Comment »
Denver, Colorado Gets a Real Estate High Five in Wall Street Journal
December 2nd, 2008 categories: Market Trends, Real Estate News
So the U.S. is in a recession. I got that important text message to my BlackBerry yesterday from the NY Times while I was sitting in a meeting. I was flabbergasted, couldn’t believe it.
Actually, I’ve been helping real estate brokers in my office and sellers whose properties I have listed weather this recession since about December 2007. Surprise – the official pundits tell us the recession started in…. December 2007.
In today’s Wall Street Journal I found an interesting article, “The Future For Home Prices.” The author, James Hagerty, discusses where home prices will trend in the future, and whether a home should be considered a sound investment. Hagerty’s research suggest that prices will remain flat in some areas, trend down some more in others, and trend a bit up in a few. Overall, we won’t see double digit appreciation again in the near (or probably far) future.
Does this mean that people won’t be buying houses? Is there no longer a market for homes like there’s no longer a market for railroad stocks?
Here’s the piece that many people seem to be missing, something I’ve told my clients for years when they asked me if that
property they wanted to offer on would make a “good investment.” Houses are where people live, have families, celebrate and mourn. Houses are not simply an investment like a stock or a bond. If you’re buying your primary residence then you should plan to stay there awhile if possible, if you’re looking to own rental properties make sure they cash flow and are in a strong resale area.
Sure, we all hope not to lose money on our home, and we even want to see a gain. We will see a gain over time, and while it may barely out pace inflation now that the “bubble” has burst, we’ll still have lived there. And if you’ve borrowed on a sensible mortgage that you can afford you’ve actually had the additional benefit of leverage. You’ll receive any upside increase on the total amount of the value of the home while only paying on the amount borrowed. That’s why it’s best not to take out a 100% loan unless your financial adviser sees reason why you should, why it’s best to get that sensible loan that fits your financial picture.
Just like in stocks, the loss isn’t realized until the investment is sold. If your home is worth less than you paid for it, hopefully you can hold on, make the payments and stay there until it comes back. You’re at least living there. Enjoy the laughter around the Christmas tree or Hanukkah bush. Those memories are important and this too, shall pass.
We’re cautiously optimistic here in Denver, and in fact, in today’s WSJ article Denver is mentioned as a city to watch:
“Among metro areas that Mr. Rosen expects to do well in the long run are Albuquerque, N.M.; Boise, Idaho; Salt Lake City; Seattle; Portland, Ore.; Denver and Colorado Springs, Colo. He says those places generally offer “urban vitality” and “easy access to outdoor activities” combined with affordable housing and good job-growth prospects from modern industries, such as biotechnology.”
Denver real estate has been counter cyclical for as long as I’ve lived here – 26 years. We’ll be the canary in the coal mine signaling a recovery. But remember that real estate is local one city’s boom may not be seen in another and one recovery may not signal them all. If you don’t have a mortgage you can afford and you can’t hold out until our Colorado recovery is gaining steam, then talk to the people at the Colorado Foreclosure Hotline. They can be an invaluable resource.
| Discussion: 5 Comments »
In Defense of the Turkey
November 26th, 2008 categories: Life In Denver
I have a friend, Diana, who happens to be a vegetarian. Not like me, a partial vegetarian who doesn’t eat red meat or pork. Diana doesn’t eat any meat at all.
A few years ago, she told me they were going to have something called a “tofurkey” for Thanksgiving. It didn’t much surprise me, Diana has introduced me to the best vegetarian restaurants in Denver, so I thought she could whip up a mean tofu turkey. We’ve been to Water Course and found a lively delight of a restaurant. I was a bit concerned that the main course was going to be water, judging from the name on the door, but ate the most inventive dish of tofu ever on the planet. A couple of times, Diana has taken me to Govinda. I won’t provide you a link there – this happens to be the restaurant inside the Hare Krishna temple and it takes a strong sense of self to walk in there for lunch.
Growing up in Laguna Beach, California afforded me an intimate view of the Hare Krishnas. They danced around the town every weekend banging their tambourines and chanting. This was 1970’s California, so we just figured everyone was stoned. One year, I had to do a research paper on religion and chose the Hare Krishnas to study. I was curious about who they were and why they danced around in packs every weekend. The only thing I remember from my research is that they shave their heads except for the little pony tail in the middle so that God can yank them to heaven. I pictured how much that would hurt, God yanking you by a little pony tail, ripping out your hair as you fly up to heaven.
You can imagine that when Diana suggested we try Govinda for lunch, I had a little trepidation. I like my hair just like it is, thank you. I hoped we’d come out unscathed, since Diana is closer to a Southern Baptist rolled into a Zen Buddist, and not anything remotely resembling a Hare Krishna. Lunch was a buffet of unrecognizable lentils and vegetables that tasted absolutely fabulous. Truly a fun dining experience. No one proselytized us, no one came at us with a razor to shave our heads and everyone is welcome.
When I later asked Diana how the tofu turkey was, she said lousy. I couldn’t believe it – she couldn’t get the tofu turkey to cook up right, and she said the taste and consistency were disgusting. Their family has no plans for fake turkey in the future. They’re experimenting every year with how they can celebrate Thanksgiving “turkey free.”
I really don’t think you can. You can celebrate Passover brisket free and Christmas ham free, but you can not celebrate Thanksgiving turkey free. At least I can’t. I can skip the sweet potatoes, the pumpkin pie and even the mashed potatoes (if I really had to,) but the turkey and stuffing are beyond blissful.
My mother taught me to cook a turkey, but the first few attempts were a challenge. My father loves to remind me every year to “turn on the oven” with a grin. He lords it over me that my first turkey didn’t finish cooking until 10:30 at night. You can guess why. My sister cooked her first turkey upside down. I thought that was funnier than forgetting to turn on the oven, but she didn’t. The best way to cook a perfect turkey? Get a cooking bag and bag it up. It bastes itself and you do nothing until it’s ready to pull out of the oven.
So enjoy your Thanksgiving, remember to turn on the oven, and pass on the tofu this time of year.
Lifestyle Denver is a local Denver Real Estate blog loaded with real estate and lifestyle information about the Denver, Colorado region.
| Discussion: 5 Comments »
Colorado Real Estate Bloggers Talk about Denver, Colorado Real Estate
November 17th, 2008 categories: Real Estate News
Denver and Colorado real estate agents are full of great information about what’s going on in our city and state. You may not have read some of these people, and I wanted to introduce you to a few of my favorite local voices:
Denver Modern Homes – Todd Carpenter isn’t a real estate broker, he’s more focused on the mortgage industry and being a consultant for internet communication and marketing. Todd also has a passion for Mid-Century Modern architecture, and he puts up really interesting information about modern homes for sale and events in Denver.
Kristal Kraft has been blogging since blogging began. She writes Denver Real Estate and is very knowledgeable about mortgage programs, short sales and golf courses. Kristal is also a fabulous photographer, so you’ll enjoy her pictures.
Larry Hotz is a colleague of mine at The Kentwood Company in our DTC office (a different office from my Cherry Creek office). Larry has also been writing his blog for a very long time, and he includes interesting guest posts from real estate pros in other areas of Denver. You can also catch the official Kentwood Companies blog at Kentwood blog.
I’ve never met Ken, but I’ve been reading his Denver Infill Blog for months. He’s apparently a city planner (rumor has it) and this is the go-to blog for information about what projects are on tap in Central Denver.
Interested in Colorado Springs real estate? Check out Mariana Wagner’s blog – she fills it with important market updates on her area.
Thanks for reading my blog, and I hope you enjoy these as well. Another great read is a recent post here on the Eight Home Closing Essentials.
You can easily search for homes in the Denver Metro area on my web site, which includes state-of-the-art mapping so you can plot out your favorites.
| Discussion: 6 Comments »
; ?>/images/MatoChiclet.gif)
