Denver is THE Top Real Estate City for 2012
January 15th, 2012 categories: Real Estate News
Have you seen this recent news report about Denver real estate?
Denver is cited as the number one city to invest in real estate by Greg Rand of Own America.
Watch the clip as Greg covers the metrics that influenced his decision:
- Lifestyle and livability
- Relatively low unemployment as compared with the national average
- In-migration of people relocating to Denver
- A foreclosure rate that is half the national average
- A young population
- Low cost of living
- Fresh air
- 9 Fortune 500 companies and growing
Denver isn’t a secret any longer. The city is no longer a “cow town,” although you can attend the National Western Stock Show once a year to see cows and wear your boots.
We have a world famous art scene, great restaurants, bike trails and parks. Oh, and the mountains out back.
Come visit, and plan to stay. You’ll want to make your home in Denver!
Are you relocating to Denver? Check out area homes for sale on my GretchensDenver real estate web site. Contact me if you’re visiting and want to look for your next home.
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Denver Colorado Real Estate Statistics | November 2011
December 13th, 2011 categories: Market Trends
Imagine you want to move from your city, small town, or suburb to a new location.
This new city isn’t as large as NYC or LA, but it’s big enough to offer you the company of over 2 million residents metro-wide, all the major professional sports, plenty of arts and culture and great restaurants for foodies. Added to that, a fun outdoorsy lifestyle.
Now imagine that you begin your home search in this city, only to learn that there are a little over 12,000 properties to choose from. That’s the entire inventory – from suburban ranches to downtown highrise condos. That’s it. 12,634 homes in every price point, neighborhood and housing style.
Here’s how this phenomenon is currently affecting people in Denver:
- Buyers feel like they’re circling around the same old inventory over and over. When something new comes on the market, if it’s in tip top showing condition and priced well, it’s gone in a matter of days.
- Sellers are feeling the tide turning and aren’t as willing to negotiate as they once were. This is understandable when the Seller has a new listing just on the market, Pottery Barn cute and priced aggressively. But Sellers who won’t look at offers when their house has been on the market for many months or who have had more than one offer and keep waiting for them to go up isn’t facing the reality of their particular piece of property. With inventory and prices this low, Sellers need to understand that Buyers will wait for new properties to come on the market rather that do what they perceive as anathema – overpay.
- Many buyers are deciding to push their price range up a little at their high end. They can’t find what they want and reason that with rates remaining incredibly low, they may as well push at the edges of their comfort level.
- This seems to signal a change in consumer confidence. If Buyers are willing to push a bit toward the top of their price range, they must have a sense that prices will not dramatically fall any further.
Denver’s residential real estate inventory is over 36% below where it was last year, and close to 11% below last month. some of this is seasonal, but that’s not all of it. The Sellers who don’t have to sell have decided to take themselves out of the market. For sure, there will be an increase in inventory after January 1st. But thinking back to the days when we had over 28,000 properties on the market in Metro Denver illustrates just how remarkable this is.
The sold prices have a floor under them now, and are even up about 3% since last month. The days on market are coming down, close to 10% below last year. So houses are selling faster than they have been the past three years.
This month has been a busy one. It will be interesting to see if more buyers come out of the woodwork when the new listings hit the market next month.
Gretchen Faber, LifeStyle Denver author, is a local Denver real estate broker. Contact Gretchen for information on Denver area real estate.
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5 Things You Should Know About Relocating to Denver
November 29th, 2011 categories: Relocation Tips
If you’re moving into the Mile High City, there are a few things you may find helpful as you pull up stakes and head to the Rocky Mountains.
- Denver isn’t actually in the mountains. During college, one of my friends from home commented, “Wow! You must be in good shape to ride your bike in Denver!” It took a minute to realize she was under the impression I was riding over mountain passes. I explained that Denver is on the Plains, and suggested she come visit – maybe branch out from Santa Barbara.
- We do have traffic, but it’s not as bad as Chicago or LA. It will be worse during rush hour and definitely bad when the snow is heavy. Then the sun comes out and melts it all away (and creates our wicked pot holes.) If you want to keep your drive a certain time frame, use Map Quest or Google Maps. They’re both pretty accurate, but won’t account for rush hour or snow.
- We have great public schools, great private schools, and our population is among the most educated in the nation. For school information go to the Great Schools website as a start. Always visit the school and meet the Principal and staff. Don’t choose based on web sites. That’s just a good place to begin. Like looking for houses on the internet. You’ll still need to visit, see it, smell it and look around.
- We name a lot of places “Cherry.” There is “Cherry Creek” (meaning Cherry Creek North and the Cherry Creek Shopping Center,) Cherry Creek Schools (down south by the Cherry Creek Reservoir,) Cherry Hills and finally there’s actually a Cherry Creek, with the Cherry Creek bike path along it that connects Cherry Creek Reservoir and Cherry Creek North. Confused? Come out to Denver and I’ll show you around.
- Westword and 5280 Magazines will fill you in on local flavor. 5280 is known for publishing annual editions on the Best Doctors, Best Neighborhoods and Best Restaurants. Westword is irreverent and edgy and publishes interesting exposes on Denver misadventures. We used to wait expectantly every spring for the annual summer concert edition.
There is so much more to know about Denver, but this gives you a start. Don’t be afraid to explore, we have many terrific neighborhoods and there’s something for everyone, except for a beach. Well, maybe you could call the dirt at edge of Cherry Creek Reservoir a beach… never mind.
Gretchen Faber, LifeStyle Denver author, is a local Denver real estate broker. Contact Gretchen for information on Denver area real estate.
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Why You Want Your Broker to Show You Properties
November 9th, 2011 categories: Market Trends, Relocation Tips
A few days ago I had a call from a buyer who wanted to see properties in Cherry Creek North. This seems to be a trend lately. Call the listing agent directly.
He found the homes on my web site, www.GretchensDenver.com, and gave me a list of what he wanted to see, which weren’t actually my listings. I asked if he was working with a broker. At first he said, “no.” Then he said, “well, my wife is, but the broker isn’t here this weekend.”
While I would love to grab new buyers, “double-end” a listing if it’s my listing and get another closing in before the end of the year, I also thought it best to warn him about why he should be represented, and what “procuring cause” is.
If you’re a buyer and you’re not real estate savvy or an attorney, then you should have your very own broker representing your best interests. If you have a broker who goes away for the weekend, then find out who is covering for him. If you call the listing agent directly, your broker will not earn a commission. Or you could be in jeopardy of paying your broker’s commission.
The same goes for builder properties and FSBO’s (for sale by owner.) Let your broker call them and set the appointment.
There’s more to real estate than checking out nice houses, and you need your broker involved to help you wend your way through complicated contracts, inspection issues and the appraisal. Not to mention the closing, settlement statements and other documents.
So when you find a property you like on the internet, call or email me. Or click the “contact” button at the top - if you don’t already have a broker representing you. If you do, have your broker call.
Thanks, Gretchen Faber
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221 South Garfield Street in Denver’s Cherry Creek
November 6th, 2011 categories: LifeStyle Listings
Denver’s Cherry Creek neighborhood has been called the “Gold Coast” of Denver real estate.
You can live the Cherry Creek lifestyle for a bargain in your own renovated condominium at 221 South Garfield Street #105. The price for 1,580 square feet in the heart of Denver is $319,900. The unit has 2 bedrooms, 2 full baths, 2 underground parking spaces and a lovely patio.
The owners have recently repainted, re-carpeted and added new kitchen appliances. You’ll be walking distance to the dining and shopping in Cherry Creek North, the Cherry Creek Shopping Center and only 10 minutes to downtown. Contact Me to check it out! And search for other Cherry Creek properties at www.GretchensDenver.com.
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1254 Monaco Parkway in Denver’s Historic Montclair
November 3rd, 2011 categories: LifeStyle Listings
Situated on the lovely and historic Monaco Parkway in Central Denver, the Montclair neighborhood is a classic. 1254 Monaco Parkway is a home you will not want to miss.
Step across the threshold and feel right at home. The modern conveniences combined with historic charm accentuate the architectural integrity and livability.
Wood floors, Wolf gas range and Sub-Zero refrigerator in the renovated gourmet kitchen and a formal dining room give the heart of the house warmth.
French doors to the patio from the large formal living room perfectly frame the charming outdoor space.
A large master suite with renovated bath, built-ins for books and TV and a large closet is unusual for this era of home. The laundry is in the master suite, adding convenience. And each of the upstairs bedrooms offers unique charm.
Not only will you find the indoor-outdoor family room, this home also boasts a main floor formal living room and a main floor study with fireplace. The basement offers excellent storage space, and a place to set up an exercise room.
- Year built: 1891
- Lot Size: 12,000 square feet – oversized and lovely!
- Square feet above grade: 3,768
- Basement Square Feet: 849
- Four Bedrooms, Four Baths and Three Fireplaces
- Detached 2-Car Garage
Priced at $950,000. Email Gretchen Faber through the Contact Button to schedule a showing.
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Denver Colorado Real Estate Statistics | June 2011
July 19th, 2011 categories: Market Trends
June 2011 was the month we were waiting for. Real estate professionals all over the U.S. were predicting that year-over-year sales from June 2010 would rise in June 2011.
In 2010, the Homebuyer Tax Credit ended in April, and at the time all under contract or pending properties were required to close by the end of June to qualify. The closing date was later pushed out to September, but in April everyone thought June 30 was the final date for the credit.
Which makes June and July 2011 interesting months to observe trends. In Denver, Colorado real estate, the trend is that closings are up, Pending and under contract properties are up and inventory is down.
Since May, 2011 our local Denver area residential real estate inventory has increased a little – just shy of 1%. But we’re still seeing a much lower number of homes on the market from this time last year.
Less available inventory theoretically translates to increasing prices. Historically low interest rates also historically work to firm up real estate markets. But since last year, prices are still dramatically down. From May, 2011 prices to see to be firming a little, increasing 3.62%.
The market is stable, sales continue, but prices will not increase as fast as Sellers would like. It will take many months to make back any losses, but if your goal is to buy or sell a home, there could be worse times. Last summer was much slower than this year, and Buyers seem enthusiastic about the prospects of owning a home in Denver!
To search for your next Denver home, go to www.GretchensDenver.com. Gretchen Faber’s real estate and relocation web site.
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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.
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Denver Colorado Real Estate | November 2010 Market Statistics
December 27th, 2010 categories: Market Trends
Off the grid.
I haven’t stopped by here since Thanksgiving. Real estate in Denver has been sailing along these last couple of months in 2010. It’s been a busier than usual fourth quarter. The November market statistics for Denver real estate have been out for a few weeks, my take on it 
has been delayed by a busy December and the holidays.
So before we hit 2011, let’s talk about November 2010.
City-wide, sales dropped off from last year by nearly 26%. That’s interesting, considering we have 10% more inventory. Properties under contract have dropped by nearly 10% since November 2009, and over 16% since last month.
Most interesting – average price is up year-over-year. Sellers may think this translates to increasing prices. It’s really an indication of which price-point is selling, and less an indication that overall prices are heading up.
In November 2009, the first-time homebuyer tax credit was about to expire (for the first time.) Buyers in the entry-level price-point were rushing to complete their transactions to make sure they qualified. That activity drove down the average price in Denver and throughout the nation.
This year, sales have slowed due to the natural holiday pull-back. The average homes selling are more in the mid-range and even higher-end than last year.
Buyers? You have more to choose from than buyers did a year ago. Rates are bouncing around, but lower than any other time in recent memory. Prices will be firming up, but there’s still negotiating opportunity.
Sellers? You’re already competing against more inventory than you would have been last year. In January and February, sellers who decided to wait out the holidays will be placing their houses on the market too. Expect to see an increase in inventory through Spring. Increases in inventory generally translate into pricing pressure. This will happen on a neighborhood-by-neighborhood basis, and may not be reflected in the city-wide statistics. It’s all dependent on the mix of homes that will be selling. Higher end sales will translate into a higher average sale price, even if those high-end sellers have drastically reduced their prices to effect a sale.
With Days-On-Market increasing by over 37 days, plan to wait a bit for your buyer to walk through the door, and plan to price your house so that it’s the one that gets noticed and sold. Prepping, painting, staging are all helpful in making your house the one that gets an offer in January.
Best wishes for a terrific 2011!
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A New Generation Of Homebuyers is on the Scene! Part 2
November 14th, 2010 categories: Real Estate News
In Friday’s post, I was discussing whether Generation Y will value home ownership the way Baby Boomers have.
There was much discussion at the recent Realtor’s convention about this topic. In the airport, waiting to fly home to Denver, a group of us were discussing it again. A little while after we settled in to wait for the flight, I felt a tap on my shoulder and an, “excuse me…”
Rachel Krill, a Realtor from Yuma, Arizona said, “I couldn’t help but listen to your conversation. I’m 23 and I sell a lot of homes to Gen Y’ers!” Rachel was (and is) an impressive young woman. She exuded a confidence and business savvy that is rare for someone without the benefit of years’ of experience and hard knocks. She is enthusiastic about her chosen profession, and I can tell she’ll be a force to be reckoned with.
Rachel wrote me a guest post to reflect her sentiments about home ownership:
A few days ago, I was sitting in the airport, and overheard a few Realtors talking about the real estate market and trends. I was leaving New Orleans after the National Association of Realtors conference. There was one conversation that my ears could not turn away from. The agents were talking about the real estate trend for Generation Y!
I am a Gen Y Realtor (23 years old), and have been for five years, so I was intrigued by this conversation! They were talking about a blog by Tinus Swanepoel (son of a well known real estate speaker and trend writer, and a Gen Y’er himself.) In his blog he says there is a current market shift taking place, as Baby Boomers desire to sell off their real estate, but Gen Y’ers are not interested in buying (at least not in the same numbers and at a later age,) thus creating a stand off. He states they (Gen Y’ers) are “too into” their fast paced life style, taking their focus away from home ownership. He says home ownership simply is not on the top of their list.
I disagree with the premise! I am a Gen Y’er who owns 2 houses and I sell a majority of homes to Gen Y’ers (40-50 percent). I have a few reasons why I believe Generation Y’ers will not abandon home ownership:
1. Generation Y does care about wealth and making money. As much as we are into our smart phones, $300 jeans, Sushi, and fast paced lifestyle, our end desire is to have money to pay for this lifestyle. Buying a home is the fastest way to create and build wealth. When a Gen Y’er is educated about the benefits of being a homeowner, including building their asset portfolios, most of them are on board immediately with asking how do I do it?!
2. No matter whom you are, Baby Boomer or Gen Y’er, you need a place to lay your head. With home prices down and interest rates at a record low, owning a home is very cost effective. When a Gen Y’er is shown the cost of owning vs. renting, in some states it is much more beneficial to own, or very close to the same price as renting. When they see the comparisons they jump on board with the home ownership philosophy.
3. Because Gen Y’ers live this fast paced lifestyle, our idea of home ownership is not that of our parents. Please don’t compare us! We don’t dream of the plot of land with a home and the white picket fence, but it doesn’t mean we are abandoning home ownership all together. Our idea in owning a home is how much money we can make on it and how fast, while still having a place to lay our heads. We see it more as an investment ~ rather then a dream.
I am not lumping all Gen Y’ers in this category; however, from my experience most Gen Y’ers are interested in owning a home, but their reasons for purchasing a home, and their emotions involved in doing so, differ dramatically from that of the Baby Boomers. I speak to young people in our local schools and talk to them about owning vs. renting. 90% of them say they WANT to own a home one day…and soon!
Yes, times are changing, life is fast paced, Gen Y’ers seem to be glued to their gadgets, but they still want to own homes. Maybe for different reasons, but I do not believe Generation Y will abandon home ownership! And I, for one, will work my hardest to make sure it doesn’t happen!
So there you have it. Differing opinions. It will be interesting to see how this plays out in the future. I’m signing off now because I need to go into the MLS and begin a search for Denver homes for my newest clients. I received a web inquiry yesterday from a 27 year-old woman. She and her fiancee are ready to buy their first home. They need a single family house with a yard for their two dogs.
Gretchen Faber is a real estate broker in Denver, Colorado. She sells homes in all price ranges and to any generation.
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