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Denver real estate,Real Estate,Second Homes

August 27, 2012

Denver housing market second in nation for quick sales

Denver housing market second in nation for quick sales

Metro Denver’s real estate market, not long ago a buyer’s domain, suddenly has shifted to a seller’s paradise, at least in some neighborhoods and price ranges.

Denver is No. 2 in the nation for the shortest length of time that a home is listed before being sold — 33 days — far below the national median of 89 days.

In particularly high demand are homes priced from $250,000 to $400,000 and in central Denver neighborhoods such as Park Hill, Congress Park, Curtis Park, Mayfair and the Highlands.

Even though metro Denver homes have shown only marginal price appreciation so far this year, realty analysts say strong demand and multiple offers could soon push values higher in lower to moderate price ranges.

One factor that makes price predictions difficult is foreclosures.

Sellers of homes listed for more than $500,000 generally aren’t enjoying the market heat.

What can be a frustrating endeavor for buyers is a pleasant relief for sellers.

Steve Raabe: 303-954-1948 or sraabe@denverpost.com
Read more: Denver housing market second in nation for quick sales – The Denver Post http://www.denverpost.com/business/ci_20429074/denver-housing-market-second-nation-quick-sales#ixzz24mdV44L2

 

Uncategorized

August 21, 2012

Denver Colorado Homes

One of the best web sites I’ve seen for some of the most beautiful, interesting, (and expensive) homes in Denver, Colorado and the resort towns.

http://www.huffingtonpost.com/news/denver-real-estate/

Enjoy,

Denver real estate,Real Estate,Second Homes,Second Homes in Colorado

August 16, 2012

Vacancy rate for Denver area rental residential units up slightly

posted:   08/16/2012 07:35:04 AM MDT

The overall vacancy rate for rental residential units in the Denver metro area in the second quarter of 2012 was up slightly to 2.0 percent compared to 1.6 percent for the first quarter of 2012, according to the Colorado Division of Housing.

In a report released Thursday, the division said that the residential vacancy rate was 2.6 percent for the second quarter of 2011; 3.8 percent in the second quarter of 2010; 5.2 percent for the second quarter of 2009, and 4.2 percent for the second quarter of 2008.

The report, called The Metro Denver Area Residential Survey, covers housing units with one to four units, including single-family, condominium, townhouse, duplex, triplex and fourplex units.

The report noted that in the second quarter of 2005, the residential vacancy rate was 9.5 percent.

Boulder/Broomfield had a vacancy rate of 2.6 percent; Jefferson, 2.5 percent; Denver, 1.4 percent; Douglas, 1.8; Adams, 2.2 and Arapahoe, 1.9 percent.

The highest vacancy rate was for five-bedroom residences at 5.5 percent while two-bedroom and four-bedroom residences had a vacancy rate of 1.8 percent. One-bedroom homes had a 1.9 percent vacancy.

The median metro area rent was $995. For Adams County it was $1,087; Arapahoe, $950; Boulder/Broomfield, $1,312; Denver, $946; Douglas, $1,400 and Jefferson, $950.

For those units that were vacant, the average days on the market was 25.8 in the second quarter down from 28.7 for the first quarter of 2012; and up from 15.7 for the second quarter of 2011.

Average time on the market were 47.2 days in the second quarter of 2010, and 54.7 days in the second quarter of 2009.

Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or

Denver real estate,Real Estate,Second Homes,Second Homes in Colorado

August 7, 2012

Denver home prices up again

Date: Tuesday, August 7, 2012

For the fifth month in a row, metro Denver’s home sale prices saw a year-over-year increase, according to a CoreLogic home price index (HPI) report released Tuesday.

The Denver-Aurora-Broomfield area HPI grew 7.2 percent in June over June 2011’s HPI. That was also a larger gain than was seen with May’s http://www.bizjournals.com/denver/news/2012/07/02/denver-area-home-prices-up-65-in-may.html 6.3 percent HPI increase (revised slightly with additional public-records data, according to CoreLogic). Those numbers included distressed sales, which are foreclosed or real-estate owned (REO) homes.

Excluding those distressed sales, metro Denver’s HPI increased 6.3 percent in June over a year ago. Nationally, the HPI excluding REOs stood at 3.2 percent in June.

Denver beat both the national HPI in June, 2.5 percent, and the statewide HPI average of 6.2 percent, according to the Santa Ana, Calif.-based business-data company’s report. Excluding distressed sales, the state’s HPI rose 5.4 percent year-over-year in June.

CoreLogic (NYSE: CLGX) data includes resales of single-family houses and condos. The company provides consumer, financial and property information and analysis to business and government.

Denver Business Journal by Dennis Huspeni, Reporter

Denver real estate,Real Estate,Second Homes,Second Homes in Colorado

July 31, 2012

Colorado Housing Market Update

According to the Colorado Association of Realtors, April single-family home sales were up 10% vs. the same period last year across the state, with an increase of 11% in the Metro District. Median price is up 3 percent statewide to $215,000 and 10 percent in the Metro District to $249,211. “It is no longer just the investors who are taking advantage of high affordability conditions” said Lawrence Yun, NAR chief economist of the country at large [NAR May 22/12]. “A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices.”

Denver real estate,Real Estate,Second Homes

July 23, 2012

Denver housing market second in nation for quick sales

Metro Denver’s real estate market, not long ago a buyer’s domain, suddenly has shifted to a seller’s paradise, at least in some neighborhoods and price ranges.

How fast is the market moving?  Denver is No. 2 in the nation for the shortest length of time that a home is listed before being sold — 33 days — far below the national median of 89 days.

In particularly high demand are homes priced from $250,000 to $400,000 and in central Denver neighborhoods such as Park Hill, Congress Park, Curtis Park, Mayfair and the Highlands.

Even though metro Denver homes have shown only marginal price appreciation so far this year, realty analysts say strong demand and multiple offers could soon push values higher in lower to moderate price ranges.

One factor that makes price predictions difficult is foreclosures.

Lenders hold an estimated 1,650 foreclosed properties in metro Denver that haven’t been put on the market. Sellers of homes listed for more than $500,000 generally aren’t enjoying the market heat.

Elsewhere, inventories are low and urgency among buyers is high.

Steve Raabe: 303-954-1948 or sraabe@denverpost.com
Read more: Denver housing market second in nation for quick sales – The Denver Post http://www.denverpost.com/business/ci_20429074/denver-housing-market-second-nation-quick-sales#ixzz21UHatlCI

 

Denver real estate,Real Estate,Second Homes

July 16, 2012

It’s Time to Buy Your Home in Denver

The 30-year fixed averaged 3.56 percent (0.7 point) for the week ending July 12, down from 3.62 percent the previous week. At the same time in 2011, the 30-year fixed averaged 4.51 percent. This week marks the 16th straight week that the 30-year average has stayed below 4 percent.

The 15-year fixed also fell, averaging 2.86 percent (0.7 point), a drop from 2.89 percent last week. A year ago, the 15-year fixed averaged 3.65 percent.

The 5-year adjustable-rate mortgage (ARM) also fell, averaging 2.74 percent with a 0.6 point (down from 2.79 percent the week before). The 1-year ARM inched up a bit, going up to 2.69 percent (from 2.68 percent a week ago).

Frank Nothaft, VP and chief economist at Freddie Mac, attributed the falling rates to easing Treasury bond yields following June’s disappointing jobs report.

“Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week, allowing fixed mortgage rates to reach yet another record low,” said Nothaft. “Only 80,000 net new jobs were added to the economy last month, not enough to lower the unemployment rate from 8.2 percent. This was the concern of the Federal Reserve’s monetary policy meeting held June 19-20. Minutes released from that meeting on July 11 revealed that a few members felt further monetary stimulus was needed to promote satisfactory growth in employment to meet the Committee’s goal.”

The jumbo 30-year fixed fell to 4.44 percent, while the 15-year fixed drop to 3.05 percent-both record lows. The popular 5-year ARM also fell to a new record low of 2.95 percent.

“Between the European debt crisis and evidence of weaker economic growth both in the U.S. and around the globe, investors have had plenty to worry about,” a release from Bankrate read. “And when investors worry, they gravitate toward secure investments like U.S. government bonds, to which mortgage rates are pegged.”

Tory Barringer, DSNEWS.com

Denver real estate,Real Estate

July 9, 2012

Denver commercial real estate posts strong quarter

The second quarter brought good news for metro Denver’s commercial real estate market, according to the most recent MarketView report.

For the first time in years, all three CRE submarkets showed positive numbers in the three most important indicators: Vacancies were down, lease rates were up, and more space was rented than released to the market.

In the industrial market, total vacancy stood at 6.3 percent in the second quarter, down both year over year and quarter over quarter.

The overall lease rate averaged $6.21 per square foot, up from the previous quarter and Q2 2011. There was 1.4 million square feet more industrial space leased than vacated.

In the retail market, total vacancy stood at 8.2 percent, lower than the first quarter’s vacancy rate and Q2 2011.

The overall lease rate averaged $16.57 per square foot, up quarter over quarter and year over year. There were 114,000 square feet of positive absorption.

In the office market, total vacancy stood at 14.8 percent, down from last quarter and from the same quarter in 2011.

The marketwide lease rate averaged $20 per square foot, up from Q1 2012 and Q2 2011. There were 606,000 square feet more office space leased than vacated.

Here are highlights from the report, broken down by market sector:

• Industrial market — MarketView report authors were impressed by the 1,474,693 of square feet absorbed in the industrial market, saying “tenant demand currently stands at a three-year high.”

• Retail market — The biggest splash in metro Denver’s retail market in Q2 was Wal-Mart Stores Inc. (NYSE: WMT) opening four new Walmart Neighborhood Market stores here, creating some 400 jobs.

• Office market — For the fifth straight quarter, there was more office space leased in metro Denver than was vacated.Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog.

Denver real estate,Real Estate

July 2, 2012

Denver, Fort Collins among Forbes’ 5 best places for business

Wednesday, June 27, 2012

Colorado has placed two cities in the top five of Forbes’ latest ranking of America’s “best places for business and careers,” published Wednesday.

The 14th annual list places Fort Collins at No. 3 and Denver at No. 5.

Both rankings are improvements over last year, when Fort Collins places No. 5 and Denver No. 9. Fort Collins was rated No. 4 in 2010 and No. 2 in 2009; Denver was No. 6 in 2010 and No. 14 in 2009.

Forbes evaluated the nation’s 200 largest metro areas on job trends, business costs, income growth, quality of life and the educational level of the labor force, among other factors.

“Many high-tech companies including Hewlett-Packard, Intel, AMD, Amago, among others, have relocated to Fort Collins to take advantage of the resources of [Colorado State University] and its research facilities,” Forbes says of Fort Collins. “Up and coming industries within the area include clean energy, bioscience, and agri-tech businesses.”

Of Denver, Forbes says the Mile High City’s “relatively central location makes it a natural location as a distribution hub for the American west, while also supporting a number of growing industries in technology and telecommunications. Its location just east of the mineral-rich Rocky Mountain range encouraged mining and energy companies to spring up in the area, making the energy industry another staple of Denver’s economy.”

Forbes also notes that Denver offers museums and performing arts centers, bustling neighborhoods and nightlife, and nearby mountains.

Other Colorado cities in this year’s ranking of 200 cities: Boulder, at No. 27 (up from No. 44 last year); Colorado Springs, at No. 42 (down from No. 30); and Greeley, at No. 46 (down from No. 42).

Mark Harden, Denver Business Journal

Denver real estate,Real Estate

June 25, 2012

House sales hampered by appraisers who fail to recognize appreciation

Are some appraisers failing to see the improvements in real estate values underway in local markets that have recently bottomed out and turned positive? When multiple bids push a house price thousands of dollars above what the seller is asking — not unusual in neighborhoods where demand is particularly robust — are appraisers still coming in with values below the agreed-upon contract number?

Yes. Growing numbers of mortgage loan officers and realty agents say appraiser reluctance to report local appreciation is becoming a significant complication in sales transactions. In a new poll of its members, the National Association of Realtors found that 33 percent of them reported appraisal problems during the month of May. Moe Veissi, president of the association, said poor appraising “in markets that are no longer in decline is the single most important” valuation obstacle “to seeing a real recovery.”

Even appraisal experts concede this is a troubling issue. Frank Gregoire, former chairman of the Florida Real Estate Appraisal Board and an appraiser in St. Petersburg, says that many appraisers are reluctant to make the upward adjustments they know to be justified by recent positive appreciation trends because they fear criticism that they are potentially overvaluing the property — exposing lender clients to costly “buy-back” demands by Fannie Mae or Freddie Mac, or to future litigation.

“Even if they have the [local] data to support” adjustments reflecting positive trends that affect value — pending home sales and new listings of similar houses at higher prices, for example — “they take the easy way out” and go with a lower valuation so as not to upset hyper-cautious reviewers at the appraisal management companies that now control the bulk of all home real estate appraisal assignments, Gregoire said in an interview.

One appraiser in his area recently assembled strong supporting data to make an upward adjustment to a valuation based on recent sales activity on comparable houses. When he delivered the report to the appraisal management company that had hired him, however, an official of the firm sent it back immediately with instructions to “revisit” the upward adjustment — i.e., get rid of it.

Joseph Petrowsky, owner of Right Trac Financial Group, a mortgage company based in Manchester, Conn., says too often valuations in upward-trending markets “aren’t catching up with the new values, let alone a property that was involved in a bidding war.” He cites a series of recent loan applications where the appraisal was thousands of dollars below the agreed-upon final contract price, endangering or blowing the deals. In one case, the buyer signed the contract at $312,500 but the appraisal came in at just $280,000, despite readily available evidence that the local market has experienced appreciation in recent months.

“Appraisers are scared to death” to report rising values, said Petrowsky. “I talk to them and they are beside themselves. They feel they have to [deliver] appraisals they know should be higher.”

Much worse, though, is the impact on sellers and buyers. When an appraisal comes in much lower than the mutually agreed contract price, the buyers typically need to revise their loan request by increasing the down payment — which may not be feasible — or renegotiating the contract price with the unhappy seller.

Sara W. Stephens, president of the Appraisal Institute, the largest association in the industry, says it is every appraiser’s professional duty to arrive at valuations that “reflect the market,” including recent changes — whether positive or negative — if they can be verified with authoritative and accurate data.

How can buyers and sellers guard against the see-no-appreciation problem? Tops on the list: Make sure the realty agents on both sides of your transaction have assembled accurate data on “comparable” sales or pending sales that demonstrate how the market has changed in the past six months or less. Then make sure the appraiser sees the data.

Your purchase or sale doesn’t have to be jeopardized simply because the appraiser doesn’t have — or chooses not to collect — all the relevant recent facts.

Washington Post, June 21, 2012

Ken Harney’s e-mail address is kenharney@earthlink.net.