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  • A Sheltered Life / A New Denver Magazine
    A Sheltered Life Magazine This is their first edition in Summer of 2013. According to the Editor and Publisher, Elaine Marlier the magazine wants to help homeless animals that cannot help themselves. The magazine sells for $1.95 and 100% of every sale goes directly to the aid of homeless animals. Our current economy has had […]

Luxury home sales in Denver area rise in January over last year

Luxury home sales in Denver area rise in January over last year

 

There is limited inventory that is driving prices up. I  a property is in good condition and priced right it moves off the market quickly and at times with multiple offers to choose from.

On the other hand houses in the same area in need of extensive updating and listed for higher than the market will allow , SIT and SIT and SIT until the Sellers finally get the message that they are over priced.

This is true in Denver’s median and Luxury market. Please read article below by Denver Post’s Howard Pankratz.

 

I read an article By Howard Pankratz  of The Denver Post entitiled, “Luxury home sales in Denver area rise in January over last year.”

Luxury-home sales in the Denver metro area edged higher in January from a year ago, according to a new report released Tuesday by Coldwell Banker Residential Brokerage.

Forty-five homes in the region sold for more than $1 million in January, up from 41 in January 2012.

Meanwhile, the median sale price of a luxury home remained the same — $1.25 million.

On a monthly basis, January’s sales were down sharply from December’s 65 transactions, although a seasonal drop from December to January is normal.

The report said two other key indicators improved from the same period a year ago: Luxury homes sold faster on average, and sellers received a higher percentage of their asking price.

Chris Mygatt, president of Coldwell Banker Residential Brokerage, said the biggest challenge to the market in 2013 continues to be the shortage of inventory.

“We have highly qualified buyers ready to purchase luxury homes, but there just aren’t enough properties on the market to meet demand,” Mygatt said.

Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz “

 

Supply of Denver-area homes for sale at 23-year low

Supply of Denver-area homes for sale at 23-year low

I read and agree with the article that Dennis Huspeni, a Reporter for the Denver Business Journal wrote saying that the inventory in Denver is at a 23 year low. Because the supply is low the demand is high. This effects the price and the number days it takes to sell.

The length of time it took to sell a home here continued to decline as the days on the market average dropped to 78, which was 25 percent shorter than the 104-day average posted in January 2012.

Average sales price for those homes dropped 5 percent from December to $274,754, but that average was still 11 percent higher than January 2012’s $248,037.

“Prices are back up to pre-recession levels and homes that have been priced appropriately are receiving multiple bids and closing at much faster rates,” Kirby Slunaker, CEO and president of Metrolist, said in a release.

Pet Friendly Rentals/ Post Your Listings / Denver Dumb Friends League

Pet Friendly Rentals/ Post Your Listings /

Denver Dumb Friends League

http://www.ddfl.org/services/pet-friendly-rentals

Pets Are Welcome Rental Listings on the Denver Dumb Friends League Website

Denver Dumb Friends League Has a place on their website that allows you to look up rentals that allow pets. What a great service to the community ! Thanks Denver Dumb Friends League.

Opus Group closing Denver office, opening regional headquarters By Margaret Jackson The Denver Post

Opus selected Denver as the regional headquarters for Opus Development Corp. as the market is poised for recovery.

Opus Group closing Denver office, opening regional headquarters

By Margaret Jackson

The Denver Post

The Opus Group of Minneapolis is closing a Denver office while simultaneously opening a new regional headquarters for its development group here.

Opus Northwest is winding down operations, but Opus Development Corp. is rehiring the team that ran Opus Northwest. It has recruited commercial-real-estate veteran Marshall Burton from McWhinney, where he spent the past year as vice president of real- estate development.

Joining Burton is Celeste Tanner, who worked with him at McWhinney and Opus Northwest. With Burton and Tanner, Opus Development has a total of 10 people working at its offices in the Denver Tech Center.

Burton ran Opus Northwest before he left for McWhinney. Opus Northwest recently sold the condos it had remaining at the Pinnacle at City Park South. It still has a handful of condos in Lower Downtown.

Opus selected Denver as the regional headquarters for Opus Development Corp. as the market is poised for recovery.

Opus Development will focus on developing buildings for specific clients, building apartments and buying existing buildings. “We’re bullish on the recovery of the leasing market,” Burton said.

Burton returned to the Denver office of Opus Northwest in the fall of 2009, taking over for John Shaw when Shaw left to join McWhinney. Prior to that, Burton worked for Opus East LLC in Washington, D.C., a job he took after a previous stint leading the Denver office of Opus Northwest.

Burton joined Opus in 1996 after serving as associate director of the Downtown Denver Partnership Inc., where he was responsible for business-development initiatives. Also, he co- founded Denver Capital Corp., a multibank community-lending organization.

Lower your real estate taxes

Lower your real estate taxes

ValueAppeal says about 25% of homes are over-assessed

BY ANDREA V. BRAMBILA, MONDAY, MARCH 14, 2011.

Inman News™

About a quarter of the nation’s homeowners pay more than their fair share of property taxes every year, by the estimates of Seattle-based ValueAppeal, a company that charges a fee to assist customers in appealing their tax assessment. The fee is refundable if the appeal is unsuccessful.

ValueAppeal analyzes whether a particular home is over-assessed compared to nearby, similar properties. The company’s proprietary algorithm takes into account several factors, including a home’s number of bedrooms and bathrooms, construction quality, age, condition, square footage, grade, and whether it has amenities like a golf course or an exceptional view.

Property-tax assessments are created by running an automated valuation model over homes in the county, said Charlie Walsh, ValueAppeal’s founder and CEO.

“That model will spit out values for all those homes. Anytime you do a model like that … on one end you will have 25 percent over-assessed, and on the other 25 percent under-assessed, and 50 percent are about right. And that’s what we’ve found,” he said.

Homeowners who believe their county has over-assessed their home can appeal the decision themselves at no cost. In California, for example, homeowners can submit evidence from comparable sales of similar properties to their county assessor’s office.

If the homeowner and the assessor cannot agree, the homeowner can file an appeal form with their local appeals board and submit similar evidence at a hearing. Some homeowners choose to hire an attorney or other advocate to represent them at the hearing.

For a $99 fee — a fraction of the cost ValueAppeal says it would take to hire an attorney or an appraiser — the company will create a custom report to mail in to the county assessor’s office, including a prefilled appeal form and data for five to eight comparable homes consumers narrow down from 15 homes ValueAppeal preselects for them.

If the appeal is unsuccessful, the company refunds the $99 fee. Thus far, about 80 percent of ValueAppeal-generated appeals have been successful and the remaining 20 percent have gotten their money back, the company said.

“We developed ValueAppeal to level the playing field for homeowners who otherwise would not appeal their assessments because it is too intimidating, too confusing, and too hard to find the data they need to win their appeal,” Walsh said in a December press release.

The release announced the company had raised $560,000 in funding from individual investors, in addition to an initial $1 million round raised in early 2010.

Walsh started the company in January 2009 and officially launched the service in July 2009. Since then, the 10-employee company has grown to cover single-family homes, condominiums, and townhomes in 39 states that comprise 80 percent of the U.S. population.

ValueAppeal doesn’t cover every county in a particular state because some counties, especially in rural areas, don’t have enough of a population or housing stock to generate comparable properties, Walsh said.

The company has built a $300 threshold into ValueAppeal’s algorithm.

“If we analyze your house and (the algorithm) says you’re over-assessed but only by $200, we actually tell you you’re not over-assessed because we charge $99 and figure it’s not worth it (to the customer to appeal). Our average customer so far saves $839,” Walsh said.

ValueAppeal gleans its data from local county assessor’s offices.

“That’s an important piece of the pie — we are using the same data that (the offices) are in the analysis,” Walsh said.

ValueAppeal’s algorithm takes into account how many data points are available in a certain county and the preferences of the local board of equalization or appeals board. For example, some boards do not allow tax appeals to compare one-story homes with two-story homes, while other counties don’t track stories at all, Walsh said.

Foreclosures are generally not considered comparable homes when filing an appeal “because those are not considered arms-length transactions,” Walsh said. “That’s one of the things that those who try to do this on their own get tripped up by.”

“We haven’t found a pattern with foreclosures and distressed properties. In reality, that actually has nothing to do with it. Whether the housing market went up or down has nothing to do with whether a house is over-assessed. It depends on how your assessor responds and that varies from county to county,” Walsh said.

For example, the Maricopa County Assessor’s office in Phoenix has noted steep declines in housing values for the past few years, starting with its 2009 tax year valuation, and has adjusted property-tax assessments accordingly. Consequently, that county has a low share of homes that have been over-assessed, Walsh said.

While homeowners are the end users of ValueAppeal’s platform, real estate professionals can also partner with the company to offer their clients a unique coupon code for 20 percent off the $99 fee. The coupons can help real estate professionals “stay front of mind” for past clients and provide value even after that initial transaction, Walsh said.

The real estate professional would get a $20 referral fee for offering the coupon, but at least half of the “several hundred” real estate professionals that have signed up end up waiving the fee or passing the savings on to their clients, he added.

Agents and brokers also have the option of putting a ValueAppeal widget on their site. Users would interact with the widget and only click over to ValueAppeal’s site if they found out their home was over-assessed. The agent or broker would get a percentage of revenue from conversions, Walsh said.

Most counties only allow homeowners to appeal their tax assessments during certain parts of the year. ValueAppeal offers to generate an appeal solely when these windows are open, or will be within a month. If a window is not open, the service tells homeowners how much they would have saved the previous year and suggests homeowners sign up for a free monitoring service.

That service would alert them to when their appeal window is open and invite them to return to the site. The appeals process varies from county to county.

“Generally, when you file an appeal, there’s a review process when the assessor takes a look at your evidence and might approve the appeal right then and there. If not, he might call you up and haggle. If you can’t agree, then you would go to a hearing,” Walsh said.

“Right now, we don’t have an option where we would represent you at the hearing, though we plan to have that option in the future. In our experience, less than half (of appeals) have to go to a hearing, but that varies from county to county. For some, 100 percent have to go to a hearing.”

In some states, an appeal must be decided within 60 or 90 days, but in other areas of the country — in Washington’s King County, for example — an appeal can take as long as a year and a half, Walsh said.

“In that case, you have to keep paying your property taxes in the meantime,” he said.

States also vary in their re-assessment cycles. In some states, such as California, homeowners who apply for a lower tax assessment based on a decline in home value can choose to re-apply every year. In North Carolina, however, homes are only re-assessed every eight years.

“In that case it’s even more important to do an appeal,” Walsh said, because a home’s value is likely to have changed dramatically since 2003 or 2004.

Only in California does a home’s purchase price become its property tax basis; all other states use purchase price as a factor, but rely more on comparable sales, Walsh said.

“It’s not like you’re evaluating two shares of Microsoft that are exactly the same. You’re evaluating two homes,” he said.

Lowering a home’s assessed value won’t affect how much that home might sell for in the future, Walsh said.

“I have yet to meet a real estate agent who has recommended (a seller) use the county’s assessed value as a data point. They know it’s out of date or just out of touch with reality,” he said.

However, “if I’m trying to buy a house and I see that the property taxes are very high, then that’s a negative for me. A lot of people pay their property taxes into escrow every month and the lower they are, the bigger mortgage they can afford,” he said.

The following lists counties with the largest share of over-assessed properties in the U.S., as of March 2 (the chart only includes counties with appeal windows that are open or will be open within a month):

County State Total properties analyzed Over-assessed properties % Over-assessed
Lucas Ohio 135,279 81,975 60.6%
Franklin Ohio 276,742 153,605 55.5%
Mesa Colo. 39,733 20,120 50.6%
Cuyahoga Ohio 332,385 123,313 37%
Montgomery Ohio 163,969 77,666 47.4%
Summit Ohio 167,340 74,987 44.8%
Denver Colo. 123,953 54,051 43.6%
Boulder Colo. 73,088 31,514 43.1%
Adams Colo. 92,479 38,620 41.8%
Bergen N.J. 241,862 97,608 40.4%
Lake Ohio 70,426 28,153 40%
Butler Ohio 99,274 38,634 38.9%
Pueblo Colo. 48,803 18,755 38.4%
Ocean N.J. 223,173 84,873 38%
El Paso Colo. 148,529 55,546 37.4%
Larimer Colo. 78,738 29,133 37%
Jefferson Colo. 141,447 51,748 36.6%
Douglas Colo. 73,760 26,876 36.4%
Beaufort S.C. 50,172 18,176 36.2%
Delaware Ohio 48,341 17,158 35.5%
Davidson Tenn. 146,529 50,928 34.8%
Broomfield Colo. 13,115 4,396 33.5%
Shelby Tenn. 262,156 85,434 32.6%
Durham N.C. 61,368 19,550 31.9%
Cumberland N.C. 82,271 26,111 31.7%
Berkeley S.C. 40,646 12,329 30.3%
Hamilton Tenn. 99,618 28,569 28.7%
Morris N.J. 146,643 42,023 28.7%
Arapahoe Colo. 119,125 33,946 28.5%
Monmouth N.J. 192,555 54,531 28.3%
Richland S.C. 100,661 28,362 28.2%

Source: ValueAppeal

Counties with the smallest share of over-assessed properties in the country (as of March 3). This list only includes counties whose appeal windows are open or will be within a month:

County Name State Total Properties Analyzed Over-assessed Properties % Over-Assessed
Fayette Tenn. 18,836 109 0.6%
Cumberland Tenn. 52,600 430 0.8%
Walton Ga. 34,260 281 0.8%
Sumter S.C. 41,838 584 1.4%
Cheatham Tenn. 16,268 253 1.6%
Hunterdon N.J. 42,375 774 1.8%
Hall Ga. 49,881 953 1.9%
Gaston N.C. 62,445 1,278 2.1%
Coweta Ga. 39,558 875 2.2%
Union N.C. 65,331 1,529 2.3%
Barrow Ga. 22,336 690 3.1%
Cape May N.J. 68,538 2,146 3.1%
Warren N.J. 32,673 1,088 3.3%
Sullivan Tenn. 74,918 2,747 3.7%
Randolph N.C. 34,902 1,324 3.8%
Rockdale Ga. 27,155 1,224 4.5%
Gloucester N.J. 87,795 4,173 4.8%
Dickson Tenn. 18,698 904 4.8%
Somerset N.J. 99,641 5,470 5.5%
Tipton Tenn. 25,738 1,433 5.6%
Harnett N.C. 26,439 1,473 5.6%
Clayton Ga. 82,271 4,770 5.8%
Florence S.C. 38,389 2,526 6.6%

Source: ValueAppeal.

Denver-area home sales rise 3.4% in Feb. over previous month By Margaret Jackson The Denver Post

Denver-area home sales rise 3.4% in Feb. over previous month

By Margaret Jackson
The Denver Post
As consumer confidence increased in February, so did the number of homes sold in metro Denver, according to data released Wednesday.

The number of homes sold rose 3.4 percent in February to 2,229, compared with 2,156 the previous month, according to an analysis of Metrolist data.

Meanwhile, the Conference Board’s Consumer Confidence Index, which had increased in January, improved further in February. The index stands at 70.4, up from 64.8 in January.

“People are starting to feel better about the large investments,” said David Simonson, a broker with ReMax Professionals Inc.

The number of homes sold in February was still down 8.5 percent compared with February 2010, when 2,436 sales closed.

The year-over-year decline is largely a result of the first- time-homebuyer tax credit expiring last year. The credit on home purchases drove about 40 percent of sales activity a year ago, said Gary Bauer, an independent real-estate consultant.

“Take that out of there, and look at what we have today, and it’s really positive,” Bauer said. “I’m very happy with what the numbers show. We’ve got activity.”

The median price for a single-family home declined 2.2 percent, from $225,000 in January to $220,000 last month. In February 2010, the median price was $220,750.

The median price for a condo dipped 0.17 percent to $124,780, compared with $124,995 in January. In February 2010, the median price was $132,500.

“When you look at it as far as pricing goes, 71 percent of the condos closed this month were less than $200,000,” Bauer said. “That’s very positive.”

With 18,685 homes on the market last month, the inventory has remained stable, declining 0.6 percent from January and 3.4 percent from February last year.

“There’s always the fear that inventory will rise much faster than the market can handle,” Bauer said. “We’re about a month away from the start of our prime season, so people are putting their homes on the market at the right time.”

Margaret Jackson: 303-954-1473 or mjackson@denverpost.com

Deadline Tuesday for all Colorado HOAs to register with state – The Denver Post

Deadline Tuesday for all Colorado HOAs to register with state

The Denver Post
All Colorado homeowner associations must register by Tuesday with the state under a law passed last year. The aim is to better gauge how many exist in Colorado and how many people live in HOA-controlled areas, and to gather basic information about the associations.

There is speculation that there are 10,000 to 12,000 HOAs in the state.

The law also created the HOA Information and Resource Center, which is under the Division of Real Estate. HOAs must also file corporate reports with the secretary of state’s office.

The HOA center is intended to serve as a resource for consumers to understand basic rights and duties under the Colorado Common Interest Ownership Act. To register: www.dora.state.co.us/pls/hoa /hoa.logon. Ann Schrader, The Denver Post; Denver Post file photo

Boomers Expected to Change Housing Priorities

It is MY opinion that main floor Masters and walkability scores will become more in demand.  People want to walk or have easy access to mass transit instead of driving every where.

Daily Real Estate News  | February 17, 2011 

Boomers Expected to Change Housing Priorities

Developers and builders expect baby boomers to re-emerge in the real estate market soon, but they say boomers likely will come with a simpler agenda when it comes to what they’re looking for in a home.

“We have an opportunity to rethink a lot of the things we’ve done” in designing communities and homes that are intended for that age group, says Douglas Van Lerberghe, a land planner in Denver, who spoke during the National Association of Home Builders conference in Orlando, Fla., last month.

Housing experts predict retiring boomers will want a greater variety of housing styles, smaller homes, and developments that are restricted to older buyers.

Other high priorities they expect from this age group:

▪ Younger boomers will want to continue to work so homes close to job hubs will be important and home offices in floor plans.

▪ Walking trails are a No. 1 amenity desired by this age group.

▪ Gated access to communities and security is important.

▪ Expanded storage into garages.

Denver area Jan 2011 market reports

Volume is down BUT average sales prices are up !

Jan 2011 market reports were released this afternoon.  Please find below a three year comparison with % Change 2009 vs 2011 and % Change 2010 vs 2011.

It is important to know that the Active figures for 2010 and 2011 include Pending listings for an accurate comparison of inventory beyond 2010.  We have broken out the Pending listings on our Market Snapshot and on the Monthly Comparison reports so that Realtors have accurate reports from which they can see exactly how many listings were Active and how many are in Pending status.  Our reports for the public consumer and media, however, combine these numbers so that comparisons between 2011 and 2009 and back are as close to “apples to apples” as possible.

% Change
Jan-09 Jan-10 Jan-11 09 vs 11 10 vs 11
Single Family (Res + Cond)
Active* 19,748 17,785 18,804 -5% 6%
Under Contract 3,831 3,690 3,147 -18% -15%
Sold 2,469 2,353 2,156 -13% -8%
Avg Price $      213,330 $      238,155 $      252,307 18% 6%
Avg DOM 101 89 121 20% 36%
Residential
Active* 15,047 13,305 14,456 -4% 9%
Under Contract 3,134 2,883 2,514 -20% -13%
Sold 1,943 1,841 1,724 -11% -6%
Median Price $      181,500 210,000 225,000 24% 7%
Avg Price $      230,878 $      260,530 $      277,922 20% 7%
Avg DOM 99 90 120 21% 33%
Condo
Active* 4,701 4,480 4,348 -8% -3%
Under Contract 697 807 633 -9% -22%
Sold 526 512 432 -18% -16%
Median Price $      113,000 $      130,500 $      124,995 11% -4%
Avg Price $      148,509 $      157,701 $      150,085 1% -5%
Avg DOM 107 85 123 15% 45%
*2010 and 2011 figures include Active and Pending listings.

On a separate note, you will notice that the Market Snapshot shows increases in Pending listings between Jan 2010 and Jan 2011 of almost 200%.  Please bear in mind that the Pending status came into existence late December 2009 combined with the new MLS Rules & Regulations that recently took effect; these factors would lead to the dramatic percentage increases that you see in the Snapshot.

METRO DENVER RESIDENTIAL SURVEY / FOURTH QUARTER 2010

METRO DENVER RESIDENTIAL SURVEY

FOURTH QUARTER 2010

by
Gordon E. Von Stroh, Ph.D.

The Metro Denver Area Residential Survey covers housing units with one to four units including single-family, condominium, townhome, duplex, triplex, and fourplex units. See the attached list of definitions for explanation of various terms.
The overall vacancy rate for the metro area for the fourth quarter of 2010 was 2.0 percent, down from 2.9 for the third quarter of 2010. It was 5.5 percent in the fourth quarter of 2009, 4.9 percent for the fourth quarter of 2008, 3.3 percent for the fourth quarter of 2007, 5.5 for the fourth quarter of 2006, 5.3 for the fourth quarter of 2005, and 7.0 percent for the fourth quarter of 2005.
Vacancy rates for the respective counties were: Adams, 3.6 percent; Arapahoe, 1.3 percent; Boulder/Broomfield, 0.0 percent; Denver, 3.0 percent; Douglas, .09 percent; and Jefferson, 1.3 percent. Five counties showed a decrease, one an increase.
Vacancy rates by number of bedrooms were: one bedroom, 1.7 percent; two bedroom, 2.2 percent; three bedroom, 1.7 percent; four bedroom, 2.2 percent; and five bedroom, 1.5 percent. The vacancy rates by age of housing unit were: 1949 and before, 2.0 percent; 1950-59, 0.9 percent; 1960-69, 3.6 percent; 1970-79, 2.0 percent; 1980-89, 2.3 percent; 1990-99, 1.5 percent; and 2000 up, 1.9 percent.
For those units that were vacant, the average days on the market was 38.2 up from 36.0 for the third quarter of 2010. It was 53.9 days in the fourth quarter of 2009, and 45.4 days in the fourth quarter of 2008.
Average rents decreased to $1,029.82, down from $1,041.05 for the third quarter, but up from $1,016.77 for the fourth quarter of 2009, up from $995.24 for the fourth quarter of 2008. It was $966.01 for the fourth quarter of 2007, and $944.75 for the fourth quarter of 2006, $912.54 in the fourth quarter of 2005, and $927.88 in the fourth quarter of 2005.
Average rents for the respective counties were: Adams, $1,108.57; Arapahoe, $983.51; Boulder/Broomfield, $1,600.59; Denver, $976.33; Douglas, $1,369.09; and Jefferson, $981.44. Average rents by number of bedrooms were: one bedroom, $648.73; two bedrooms, $868.45; three bedrooms, $1,193.29; four bedrooms; $1,378.99; and five bedrooms, $1,648.94. Average rents by age of housing units were: 1949 and before, $973.60; 1950-59, $949.31; 1960-69, $958.00; 1970-79, $994.74; 1980-89, $941.83; 1990-99, $1,319.54; and 2000 up, $1,330.82.
Median metro area rent was $975.00, and for Adams, $1,135.00; Arapahoe, $920.00; Boulder/Broomfield, $1,307.50; Denver, $900.00.00; Douglas, $1,350.00; and Jefferson, $895.00.
Average rents per square foot for housing units with above grade living space were 83 cents, same as for the third quarter of 2010… The average rent per square foot was 81 cents in the fourth quarter of 2009.
For this quarter, the survey included 3,271 housing units in the metro Denver area.