August 2010

There are 21 blog entries for August 2010.

It sounds too good to be true, but can I really buy a house in Denver for less than I am paying in rent?  With these interest rates so low right now, the answer more often than not, is in fact, yes, you can buy for less than you are paying in rent.  How could this be you ask, it all has to do with the interest rates and prices being so competitive in Denver right now.

Ever since I have been in Real Estate, I have heard agents and lenders throw this phrase around, "you can buy for less than you rent."  Sometimes that proved to be true, but when interest rates were at 6%, it wasn't always the case.  But welcome to 2010 and interest rates in the 4 to 4.5% range.  Now payments start to change dramatically and this whole buy verse rent scenario starts to make

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What to do in Denver this weekend?  How about the Hawaiian Highlands Pub Crawl this Saturday, 7pm to 12 am, Highlands Square.  For only $20, you will receive punches for food and drink at all the participating restaurants along Highlands Square and qualify for some amazing door prizes.  A great way to support your local community, businesses and schools.  Tickets available at Ooh! Aah! Jewelry at 4216 Tennyson Street until Saturday at 5 pm.  For more information, visit http://www.facebook.com/HawaiianHighlands

  

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I'm buying a house in Denver.  Do I need to worry about the FHA anti-flipping rule?  The answer to this question I am learning is much deeper than it appears.  As of last year, I would have said yes,  you do need to be cautious of it.  Now, I would say no.  But after today, I have learned that the answer is still yes.  Confused yet?  You're not the only one, let me explain.

For some reason that probably made sense at one point, FHA would not lend on a home that had been flipped in the past 90 days.  This meant that if the current owners had bought the home, fixed it up, and immediately put it back on the market, FHA would back a loan on the house until 90 days had passed from the time the current owners bought the home until a contract was written on the

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Late last year and early this year there was a lot of press about the $8,000 Tax Credit for home buyers.  After that expired you might have felt like you missed a great deal and decided not to buy.  Believe it or not, interest rates are so low right now that you can save more in the first five years of owning a new home than you could have received from the Tax Credit. 

This deck (and the house attached to it) is For Sale at 1993 S Marion

Let’s take a look at how these two situations compare for a buyer named Bob.  Just for fun, let’s call him “Tax Credit Bob” and “Low Interest Rate Bob”  in these two scenarios.  

Tax Credit Bob bought a $208,000 home.  He put as little money down as he could ($8,000) leaving him with a $200,000 loan.  At the time

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Did you miss taking advantage of the $8,000 first time buyer tax credit in April?  While it certainly was a great deal that would have been nice to take advantage of, don't sweat it too much if you did.  With the insanely low interest rates available right now compared to when the tax credit was in effect, you can save more than three times as much as the tax credit offered by buying now with these great rates.

 An article out today in the Denver Post outlines how these low mortgage rates can outweigh the benefits of the tax credit.  For example, someone taking out a $240,000 mortgage today at a 4.42 percent interest rate could save $33,287 in interest costs over the life of a 30-year loan. That's four times the $8,000 credit used by a first-time

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We're so proud of six of our agents who were selected by 5280 Magazine as some of the best real estate brokers in Denver. Congratulations to Susie Best, Jan Bonnett, Pam Catania, Lisa Hoskins, John Skrabec, and Nicole Winsauer. They were all named as FIVE STAR Agents. Check them out in the September 2010 Edition of 5280 Magazine!
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FIVE STAR Real Estate Agents scored highest in overall satisfaction by their clients.

The FIVE STAR Real Estate Agent Program is designed to identify and showcase real estate agents in Denver that score highest in overall satisfaction. As part of an in-depth research process, real estate agents are evaluated by their customers and real estate industry professionals based on customer service, integrity, market knowledge,…
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I’m actually pretty excited about the Parade of Homes this year.  There is a new format, and I think it’s very smart considering what has happened in housing over the past twelve months, and the state of the market in general.

From The Parade of Homes website:

From August 14th – Labor Day, instead of seeing a few homes in one place, you can see 58 homes located throughout the metro area from Loveland to Castle Rock with no tickets to buy. And with homes in all price ranges, you may even find one you can’t resist. If seeing luxury is what motivates you, this year’s eight Dream Homes will be right up your alley. The Dream Homes are located throughout the metro area and your $5 (or more) donation for entrance will benefit the Muscular Dystrophy

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How do I read the New Denver Zoning Code?  Last week, we looked at what the first part of a three part naming system for the new code entails, the neighborhood type.  This week we will look at the other two parts of the code, the use and form section and the lot size.

If we take as an example the code of U-SU-B, we would interpret this code as an Urban designated neighborhood (U), a Single Unit (SU) structure is allowed, and the lot size is (B) indicates the minimum lot size to be 4,500 square feet.

So to recap, here is a cheat sheet for reading the new code.  While this all can be confusing, the Zoning Code website, click here, offers a very thorough breakdown and explanation of the code.

Naming Convention:

The initial letter designates the

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Hot Denver Neighborhoods - Lowry median sales price up 44%

Lowry Field median sales prices 

The median sales price for homes in Lowry Field for May 10 to Jul 10 was $399,015. This represents an increase of 14%, or $49,015, compared to the prior quarter and an increase of 44.3% compared to the prior year. Sales prices have appreciated 62.3% over the last 5 years in Lowry Field, Denver. The median sales price of $399,015 for Lowry Field is 100.51% higher than the median sales price for Denver CO. Average listing price for homes on Trulia in Lowry Field was $406,565 for the week ending Aug 11, which represents a decline of 3.7%, or $15,689 compared to the prior week and a decline of 10.5%, or $47,595, compared to the week ending Jul 21. Average price per square foot for homes in Lowry

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Hot Denver Neighborhoods - Belcaro up 15%

Belcaro median sales prices 

The median sales price for homes in Belcaro for May 10 to Jul 10 was $524,000. This represents an increase of 4.8%, or $24,000, compared to the prior quarter and an increase of 14.8% compared to the prior year. Sales prices have depreciated 9.7% over the last 5 years in Belcaro, Denver. The median sales price of $524,000 for Belcaro is 163.32% higher than the median sales price for Denver CO. Average listing price for homes on Trulia in Belcaro was $999,852 for the week ending Aug 11, which represents a decline of 1.7%, or $16,828 compared to the prior week and was unchanged compared to the week ending Jul 21. Average price per square foot for homes in Belcaro was $317 in the most recent quarter, which is

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