All Blog Entries by Mic Ortega

There are currently 451 blog entries published by Mic Ortega.

What will the Denver Real Estate market do as we head into fall and winter of 2016? I write a blog post about the market with the change of each season since the Denver market has become so seasonal. I've heard lots of talk around my office of how slow the market is right now and when we hear this, it's easy to freak out and think the market is slowing and perhaps a bubble is about to burst. But we have to remember that for the past four years, this exact same slow down has occurred in August and September and by next spring, the craziness we have gotten used to will return. To better understand the market, let's look at these very informative numbers courtesy Megan Aller with Land Title here in Denver.

As you can see, the number of active listings

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What is the cost of waiting to buy a Denver home? This is a blog that I try to do twice a year and every time I write it, I think there is no way these numbers will come to fruition. But every time I've written it, the projected average price for a Denver single family home has always met or exceeded the projection and I don't expect it to be any different this time.

Based on job growth, the number of people moving to Denver, lack of inventory and sustained demand, it looks like the average price for a home in May of 2017 will be pushing $500K, right around $491,606. This is an incredible increase and evidence that we are not in a bubble and even more reason why it's still a great time to buy in Denver. 

 

I wish I could take credit for these

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New Denver condos. Meet the Mirador at Tennyson. Since there have been almost no new condos built in Denver the past 7 years, it's nice to finally see some new ones pop up. There aren't any huge projects like the Spire, but there are some smaller ones popping up that offer some really good options. I will keep posting new ones like these as I find them and as always, please let me know if you have questions about these and if you would like to take a look.

The Mirador at Tennyson building was originally built by the Shriners in the 1920's and is being thoughtfully restored to combine high-end, modern conveniences with a touch of historical charm. The Mirador is located across from Willis Case Golf Course in the Regis Berkeley neighborhood, roughly

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Ditch the I-70 Ditch. For those that aren't familiar with this slogan, it refers to Denver's plans to expand I-70 east bound and a grass roots effort to find a better solution than expanding the highway 3 times wider and putting it 40-45 feet below ground level, hence the ditch. There are so many reasons why most Denver residents feel this is a bad idea. Some major concerns are that it will be below the water table in a contaminated ASARCO SuperFund site, it will displace at least 50 families and significantly increase pollution to some of Denver's most depressed neighborhoods and of course cost. The proposed plan will cost Colorado $1.2 billion or $65 million per lane per mile. 

A very dedicated group, Ditch the I-70 Ditch, has fought against this

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When does the light rail line to DIA start running? It's a question I hear all the time from clients looking to move to Denver and from everyone around Denver in general. After years of anticipation, I'm glad to say that on April 22nd, the first light rail train to Denver International Airport, The A Line, will start running. 

There is plenty of info available about the new A Line on the RTD website, click here. I'll point out some of the highlights of the line as well. This is an exciting time for Denver and is going to continue to transform our city and increase property values along the line so if you are looking for a good place to invest, let's talk. 

- 37 Minutes from DIA to Union Station.

- $9 each way.

- Train runs every 15

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What is the cost of waiting to buy a Denver home?

If the projections prove correct, then the cost of waiting is very significant.

The last time I wrote a blog post like this, the projections were actually conservative, as you will see below.

The average price for a single family home in Denver right now is about $415,000. By this summer, it should be closer to $455,000. Let that sink in for a minute, then get in your car and start looking at every home on the market if you are a buyer. Start looking for Denver area homes online.

If you are a seller, and have even remotely thought of selling sometime soon, we should talk.

Here is a similar graph that I had made in 2014. All numbers provided by Denver Real Estate stat expert Megan Aller

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How do I buy a Denver home without selling mine first?

It's a very common question that I get and I certainly don't blame people for asking. With inventory so slim right now, there is always the risk that if you sell your home before finding another, you might not find the right home in time and then have to find a rental to bridge the gap. So in an ideal world, if you can buy your new home, and then sell your current home after you move, why wouldn't you? 

Just like most aspects of buying a home, it all depends on financing and if you can qualify for two mortgages at the same time. To get the best answers, I turned to one of my favorite lenders, Tracey McVicker with SWBC Mortgage.

He offered a number of options to make this work:

1. If

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What is going to be Denver's next hot hood? Green Valley Ranch is the answer. I know that is hard to believe for anyone who is familiar with Green Valley Ranch's history, but it is a neighborhood that is already taking off and soon will be booming. I never thought I would write something like this about Green Valley Ranch, I remember showing homes there in 2009 when homes were selling for $100,000 less than they were six months ago. But with some major additions coming to the area, two light rail stops going direct to the airport and Downtown, this is an area that is going to see some major growth in the next 10 to 20 years and now is a great time to get in before prices take off.

I started to see Green Valley Ranch heat up late last year when I had

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How are students assigned to Denver Public Schools? It is a question I hear a lot this time of year as the deadline to choice into Denver Public Schools quickly approaches. For those that do not know, you have the option to choice into any Denver Public School regardless of where you live. The question is, what are the odds you will actually get into the school of your choice if you don't live in that district and how are students assigned to these schools if they live out of the boundaries?

Ten years ago there were a handful of schools that everyone wanted to be in and owning a home in those school districts was a big deal. Luckily there are a lot more highly performing schools in the district now, but also a lot more grade school competing for

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What will the Denver Real Estate market do in 2016? Every year about this time, I collect all the data I can, read every article I can find about the Denver market the year before and predictions for the following year, poll all the agents I know, and then try my very best to predict what will happen with the market that year. 

For 2016, I fully expect that the Denver Real Estate Market will be bullish once again. All the major Real Estate researcher companies with people much smarter than myself predict that Denver will be the top Real Estate market in the country in 2016. According to Clear Capital's Home Data Index, the Denver Metro area is expected to see 7.7% appreciation in 2016 which will be highest in the nation, just down from 11.7% we saw…
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