Cash Deals on the Rise!

In 2013, especially through the months of June – August, the market has seen “all cash” deals rise to more than 40%. This increase, from 32% - 41%, is mostly attributed to sustained investors, rising interest rates and a tight inventory.

Rising interest rates are making it harder for buyers needing mortgages to get a loan; mixed with the low inventory, where in multiple offer situations cash offers win almost every time, it’s easy to see why cash deals are becoming more popular.

The growing number of foreclosure purchases at auctions, which are all-cash purchases, also contributes to the hike in cash deal percentages. Investors are feeling more comfortable entering back into the market place and selling properties they were sitting. This in turn is freeing up their cash flow to invest in other properties.

You can see more of Realty Trac’s report at http://www.inman.com/2013/09/26/cash-sales-share-of-total-purchases-skyrockets-by-nearly-a-third-in-2-months/

Online Dominance. How real estate brokers can become more relevant than Zillow and Trulia in the online marketplace?

Most real estate brokers know the pitfalls and shortcomings of sites like Zillow and Truila, but do consumers? More importantly, do they care? When consumers take to the internet to begin their home search or to just see what’s out there, they are looking for a few very important things and facts and accurate information aren’t always what they’re looking for.

The first thing most consumers are looking for is anonymity. Consumers want the freedom to search the internet for housing information, loan qualification guidelines, home improvement tips, and more without the onslaught of phone calls and emails following up or trying to gain their business. Online companies, like Zillow and Trulia, provide a free and hassle free environment for consumers to browse homes and collect the information they desire without having to commit to working with a professional. Many consumers that are gathering information aren’t quite ready to begin the home search or apply for loan, but may be 6 months to a year down the road. Consumers that are still in the pre-home searching phase want to have the freedom to see what’s out there on their own and are willing to settle for a semi-flawed search or slightly inaccurate information to do so. Having to contact a professional, either real estate or lender, creates a sense of commitment to most consumers that they just aren’t ready for.

Another important feature to the online seeker is the amount of information they can gather. Consumers want to be able to find all the information they feel is necessary to make the right decision in buying or selling their home. Three primary questions most consumers have when entering the real estate market are: Whether this is a good time to buy or sell a home? What homes are for sale in the area and price range they want? What is their home worth?

Successful internet sites, such as Zillow and Trulia, provide numerous pages of extensive information covering pertinent topics, including property details, pictures, tax data, area schools and information, crime activity, and transit information. Zillow sets itself apart by providing this information to the public, where other real estate sites only provide this information to brokers, forcing the consumer to interact.

The online marketplace has provided consumers with the ability to review, rate, and recommend different services and professionals, creating years of user-generated content that creates an in-depth perspective on a particular area or professional. Staying active in social networks and the blogging sphere allows brokers to create and share their own experience and expertise in particular neighborhoods and market conditions becoming more relevant to consumers.

Staying involved in the online marketplace and mobile environment helps to connect with the largest majority of consumers. Todd Carpenter’s article “Why online consumers love Zillow and Trulia more than you,” reports that 68% of home shoppers use mobile applications at the start and throughout their research. Also, 77% of respondents said they used mobile applications at home, demonstrating the power of the mobile marketplace and its virtual reach to consumers. Dominating this platform is essential to connecting with the new online customer.

Just being online and having an internet presence isn’t always enough. Engaging the consumer on multiple levels of their home search establishes a holistic real estate resource, ensuring the consumer’s needs are met from the start of their real estate life to the purchase of a home and beyond. Providing an open market place where consumers can estimate what their home is worth, search for a new home, manage their home financing, and make smart decisions on home improvements allow consumers to be connected to professionals and consumers in the areas they are interested in.

Brokers should create an unparalleled experience for their consumers where they can access the information they desire and when ready, can be connected to the professionals that will give them the best experience online and in person. In the end, the home search always requires face-to-face customer service, but staying relevant in the online marketplace will create a presence that captures those initial seekers.

Hidden Costs Associated with Homeownership

It seems that there are hundreds of blatant costs that come with buying a home. You have the obviously ones, like your mortgage, closing costs, moving costs, etc. And most smart homebuyers go into this whole process feeling prepared and ready for any curve balls that might be thrown at them. But even the savviest of homebuyers may not see some of the most common hidden costs associated with purchasing a home. Below are a few costs that you might not expect, but are a very real possibility.

One of the most common costs that take people off-guard is utility expenses. When you initially move into a place, you may have a general idea of how much it will cost to heat and cool the place. But if you purchase in the summer, the other three seasons might throw you for a loop, especially in Colorado. Some winters are unusually brutal and can cause people to run up a high heating bill, while others are mild and do not require a lot to keep warm. Have some reserve money set aside for utility bills until you are fully knowledgeable about how much it will cost to heat or cool your home year round.

When moving to a different state, city, or even neighborhood, the cost of living can fluctuate greatly. And we are not just talking about your mortgage payment. The cost of common things like groceries, gas, and restaurants can change from mile to mile. Be sure to do your homework and thoroughly examine the area you are thinking of moving to and prepare wisely. There is nothing like breaking your budget with a grocery bill higher than you ever expected.

And while we mentioned above that moving costs seem to be a no-brainer, there are even hidden costs associated with that that could destroy your budget. There is more to take into account than just hiring the movers and truck. Like with most things in life, the small fees can add up. Take into account the cost of fuel, charges for not being ready when the movers arrive, and the long distance drop-off fees. But also keep in mind the small charges that occur once you move in to the house of your dreams. Most people do not unpack their kitchen immediately, so there goes money for eating out until you’re settled, and then the large cost of the first grocery bill. If you didn’t bring hardware and cleaning supplies with you, those can add up quickly too!

There are a lot of costs that go into home buying, but if you are well informed and smart about it, you can help to eliminate some of those surprise, hidden costs and keep to your budget.

Top of the Line Home in Observatory Park

Who would have guessed that one of Denver’s oldest neighborhoods is actually one of the liveliest and most youthful? The Observatory Park area was originally founded in the late 1800s, but today, it houses more students and young adults than any other neighborhood around Denver. Our newest listing is located on a quiet, tree-lined street just steps from the best things the DU area has to offer, making it a rare gem in this real estate market!

Located at 2319 South Josephine Street in Observatory Park, this house is truly breathtaking. It was built in 2006 and has all of the gorgeous features of new construction. The front façade boasts a quintessential, contemporary style, with fully-grown trees and a beautifully kept front lawn. Entering through the front door allows access to the open floor plan, complete with wide plank hardwood floors, towering ceilings, and plenty of light.

The main floor houses a great room, dining room, a bedroom that can double as a study, and a fantastically updated kitchen, equipped with Kitchen Aid appliances, two ovens, a convection microwave, a butler pantry with bar service, and a wine fridge.

The outdoor area is ideal for entertaining, with a built-in grill, stamped concrete, a wood overhang, and mature, extensive landscaping, complete with a drip line and sprinkler system. Additional storage can be found in the garden shed on the north property line.

The upstairs consists of three bedrooms, including the master suite. The five-piece, master bathroom in complete with surround sound, two walk-in closets, a four-nozzle showerhead with steam capabilities, and dual sinks. Two other bedrooms in the house are en-suite, providing ample privacy to everything.

A fifth bedroom and bathroom are located in the finished basement, including space for a game room. This area is plumbed and ready for a wet bar, offers great storage options including a space under the storage, and has an additional unfinished area ideal for a workout zone or a wine cellar.

This house is finished and upgraded down to every detail! There is surround sound throughout the entire space, a three-car attached garage, including a shop powered by multiple 220 outlets. With its amazing location to the shops, restaurants, and bars located in the DU area, this house has it all!

Gorgeous Uptown Condo for Sale

Denver’s neighborhoods each offer a unique, vibrant, and inviting atmosphere, helping to make this city a great place to live in. While Downtown is known for the trendy Larimer Square and the chic LoDo, Uptown has numerous local hot spots and an unforgettable, close-knit vibe. Our newest listing is within walking distance to everything great Uptown has to offer.

Located in the Grant Park condo complex, Unit #427 is a real gem. Updated finishes and stylistic touches give this unit a modern living-in-the-city ambiance. It has two bedrooms, two renovated bathrooms, an open and flowing floor plan, and a private balcony with breathtaking views of the city. All of these elements are situated in 886 square feet on the fourth floor of a glamorous building.

To add to this condo’s convenience, there is an on site gym, two private parking spaces, available storage, and community meeting areas, all within the building. The 16th Street Mall is just blocks away, allowing anyone to get around the city in minutes, and a local Safeway grocery store provides the amenities any homeowner would need. Delicious restaurants and engaging bars make this location perfect for any city-dweller!

For more information and photos, please visit: 1975 Grant Street, #427. Call us today to set up a showing of this fabulous unit!

Denver Real Estate Market Strengthening

There are concrete, solid stats that support everyone’s hopes-the Denver real estate market is recovering. According to the Real Estate Market Trends, released by the Denver Metro Association of Realtors, as of September 2012, there is the lowest inventory per capita that Denver has ever seen. In general, there are only about 2.7 months of inventory and more buyers than there are sellers. And compared to 2001, there are about 20% more people in Denver, but we still have the same inventory levels as 2001. And for the first time since the housing market crash in 2008, the September average sale price has beat levels from six and seven years ago, surpassing those levels from 2005 and 2006. These are sure signs that the market is making a strong comeback! So if you wanting to sell your house, now is the time!

LoHi Row Update

If you take a drive down West 32nd Avenue in the Highlands, you’ll notice quite a bit of construction between Wyandot and Vallejo streets. The visible framing and foundation is for a new, 12-unit townhouse project called “LoHi Row”. LoHi Row was dreamed up and designed by Sproket Design/Build, an architectural firm based out of Denver. Known for their excellent use of form, function, and quality, Sproket is incorporating all three into LoHi Row. These modern and chic townhouses will only add to Highland’s growing popularity and trendy gentrification. According to the DenverInfill blog, the wood framing is up to the second floor on six of the units, while the foundation work for the last six has started. Everyday, more progress is made on the project, inching it closer to its scheduled completion date in March 2013. Priced in the low $400k, the units are going fast, as 11 of the 12 units are already under contract. But with one unit left, LoHi Row promises to be modern living in Denver’s new up and coming neighborhood!

Denver’s Up and Coming Trendy Neighborhood

It is clearly evident that the Highlands neighborhood, west of downtown, is the new up and coming neighborhood in Denver. With new condominiums and row houses springing up overnight, this area is getting a modern update. LoHi (the eastern edge of Highlands) even caught the attention of Men’s Journal, who said that “Colorado’s capital finally has its own Brooklyn.” But what truly makes this neighborhood so appealing is the accessibility to everything one might love about Denver, yet maintaining its own, unique flare. In spite of all of the new development and modern additions, LoHi still clings to its older, cultural feel. The authentic Mexican grocery stores and taquerias still flourish and co-mingle with newer restaurants, like the high-end Mexican place, Lola and the mod-retro, Root Down. Brick brownstones and sleek townhouses fuse with the aged, yet distinguished, character of the existing homes, creating an interesting and diverse climate. And one of the highlights of the area is the pedestrian bridge that directly connects the Highlands to downtown. Crossing over I-25 and connecting 16th Street on both sides, walking from either neighborhood has never been easier. With its easy accessibility, trendy, yet historic, vibe and red hot real estate market, it is no wonder that the Highlands are Denver’s “it” neighborhood.

Charming Congress Park Home!

Listed at: $549,000

-1979 square feet + finished basement 350
-4 bedrooms
-3 full baths

Charming Congress Park home with soaring ceilings, an open floorplan, remodeled kitchen and master bath will not disappoint. 4 bedrooms and 3 full baths, 2 car garage, tons of windows and natural light, and an intricately landscaped yard complete with a flagstone patio and ornamental grasses, this home contains the best of form, function, and a top notch location. Walk to Congress Park, The Botanical Gardens, Cheesman Park, Snooze, Barolo Grill and much much more.

http://www.lizrichardsrealestate.com/1025_Cook.html

Colorado Homes Prices Up 7.3%!

In the U.S. over the last year, homes prices have jumped up a staggering 3.8%. This increase is reason for cautious optimism, considering how weak the real estate market has been. And this is the biggest year-over-year increase in the last six years, a Denver Post article reports.

Ready for some better news? Colorado’s home prices are up 7.3%, ranking as the fifth state with the biggest gains. It falls behind Arizona, Idaho, Utah, and South Dakota. Since July 2011, Arizona’s home prices have risen nearly 16.6%.

Although the housing prices remain below where they were in April of 2006, the market has been slowly recovering in 2012. Builders are starting work on more homes, the sales of new and previously occupied homes are up, and mortgage rates are close to their lowest levels in the past 60 years. The recovery may be slow, but it is happening!

Denver’s Strong Economy Profiled in New Report

The Metro Denver Economic Development Corporation recently published its Metro Denver Economic Profile report, a publication that highlights Metro Denver’s accomplishments in business development and key economic factors. The report is often used as a marketing tool to persuade companies to locate business operations here, but it also reminds us that Denver’s economic conditions continue to grow and prosper when compared to other markets across the country.

Some of the important, and optimistic, highlights mentioned in the report include:
• In 2012, major company headquarters such as Coleman Company (outdoor products) and TriZetto Group (healthcare technology) decided to relocate their headquarters in Metro Denver.
• Forbes ranked Metro Denver fifth among the 25 “Best Places for Business and Careers” in 2012. Criteria for the ranking included costs of doing business, educational attainment, and projected economic growth.
• Metro Denver is a magnet for young, smart, and diverse workers. In fact, the region of 2.9 million people is one of the fastest growing in the country and is the top location for relocating adults ages 25 to 34.
• The City of Denver has one of the largest public parks system of any U.S. city.
• Metro Denver was listed among the Brookings Institution’s nine “Next Frontiers,” or metro areas with the highly educated and diverse population needed to support future growth in a technology and diversity-driven economy.
• Metro Denver students have access to a wide range of higher education options including world-class research institutions, graduate and professional schools, and a broad spectrum of undergraduate programs.
• Metro Denver ranked third among 116 metro areas for smallest decline in median home price between 2010 and 2011.

“Metro Denver has a national reputation as a place that stimulates business. There is continued interest in our region from international and national C-level executives, thanks to our pro-business environment, highly educated workforce, and status as a high-tech hub,” said Tom Clark, CEO of the Metro Denver Economic Development Corporation.

East Colfax Development

The shattered, and nearly forgotten, stretch of East Colfax Avenue is getting an updated makeover, thanks in large part to Sprouts Farmers Market. A massive project is in the works for the site of the long-vacant Rosen-Novak and Elway car dealerships, near Colorado Boulevard, reports a recent Denver Post article.

The site was originally set to host a Sunflower Farmers Market, but when the two companies merged, Sprouts was the surviving name. The Sprouts Market, estimated at 26,000 square feet, will take up the north side of Colfax between Garfield and Monroe. The adjacent block, what is now used as a parking lot for National Jewish Health, is going to see the addition of numerous restaurants and shops, according to plans unveiled by the retail developer, Evergreen Development, and the landowner, the Rosen family of Denver.

The big picture for the grocery store is to help boost the neighborhood’s redevelopment, while maintaining a low impact on the people. Small details are being taken into big consideration, as Sean Mandel, a part of Rosen Properties, wants the parking lot hidden behind landscaping and a brick wall. Other architectural features were designed with the public in mind.

Demolition for the new Sprouts was scheduled to begin on August 20th of this year, with completion in April of 2013.

HGTV Host Gives Advice for High Style on a Low Budget

Sabrina Soto hosts HGTV’s “The High Low Project,” a show where she helps people find affordable solutions to add cool, unique design elements to their homes. A recent article in the Denver Post highlighted some of Soto’s secrets and advice on finding bargain items and creating stylish settings.

• Bargain shop. Soto's favorite haunts are thrift stores, but she also frequents online auctions, Craigslist, etsy.com, Overstock.com, Target, and HomeGoods.
• Look for new uses for common items. Next time you see an old birdcage, imagine, ooh, a cool chandelier. Likewise, when you find an ugly glass table at a thrift store, buy it for the glass, which is often worth more. Put the glass on a new, fun base. Look twice at ugly lamps. Many can be transformed with a new shade. Buy bad art if it has a cool frame.
• Read the reviews. Because pictures can be deceiving, when buying a product online, read all the customer comments. "When I've made a mistake, or been disappointed in an online purchase, I often find the warning was in a review," she said. "Right there, it will say, color not as it appears! Now I religiously read them."
• Search for design features, not names. When searching for low-cost alternatives to high-end-looks, don't search for the item by store name. For instance, don't search Restoration Hardware Tufted Headboard. Search for tufted headboards with bronze nail heads. "You may find one that has the same character, only it's covered in microfiber not Belgian linen, and it costs a lot less. Also try searching by manufacturer, not store, and see if the item shows up elsewhere for less,” says Soto.
• Only make what you can't find or afford. "I'm very time-sensitive," says Soto, whose first choice is to find ready-to-go deals locally. When she can't, she shops online. If she still can't find what she wants, then she gets crafty.
• Worst corners to cut: Spend real money on upholstered items that look and feel good, said Soto, who doesn't like to buy upholstered items used, unless they were very gently used. She has bought bargain furniture off of film sets where they were used for a shoot.
• Best corners to cut: Wood furniture. "The most awful looking pieces can be sanded down and painted." She talked a friend, who was expecting a baby, out of buying a vintage wood dresser for her nursery that cost over $1,000. "It's insane to spend that on nursery furniture." Instead, Soto told her friend to buy an unfinished dresser and paint it high-gloss teal like the dresser she wanted. The friend reluctantly took her advice. They added vintage knobs from Anthropologie, "which we spent a little money on," and it looked gorgeous — for $125.

Natural Bamboo Artwork at the Denver Botanic Gardens

The Denver Botanic Gardens is always a great weekend destination to escape to and surround yourself with natural beauty. This Garden’s signature exhibition for the summer is Kizuna: West Meets East, which highlights two prominent installation artists working in bamboo: Tetsunori Kawana and Stephen Talasnik. Using different working methods, both artists employed this versatile natural material to create large site-specific works for the Gardens.

Related to this exhibition, the Denver Botanic Gardens will unveil the newly expanded Japanese Garden, Shofu-en, with the additions of the new Bill Hosokawa Bonsai Pavilion and Tea Garden in June. These expanded areas will feature living displays that illustrate the diversity of bamboo species.

If you’re planning a visit to see the bamboo exhibition, here are a few things to keep in mind:
• Kizuna Exhibition Tours: Join docents on an interpretative walk to explore and appreciate the works of Kawana and Talasnik. For more information or to make a reservation, please contact tours@botanicgardens.org or call 720-865-3539.
• Japanese Tea Ceremony for Families: Saturday, July 21, 2012 - 10 a.m. to 12 p.m.; Come experience the centuries-old Japanese tradition of chanoyu - the Japanese Tea Ceremony. Discover the four principals that guide a ceremony, learn about the purposeful design of the Ella Mullen Weckbaugh Tea House and observe a real tea ceremony. Cost is Member Adult/Child $30 or Non-Member Adult/Child $35.
• Bonsai Workshop for Families: Saturday, August 4, 2012 - 10 a.m. to 12 p.m.; Bonsai is an ancient Japanese art form where miniature trees are grown in containers. Come explore a variety of bonsai in the new Bill Hosokawa Bonsai Pavilion, discover the techniques used to form bonsai and start your own jade plant bonsai to take home. Cost is Member Adult/Child $30 and Non-Member Adult/Child $35.

Another Reason to Love Denver:

Yves Saint Laurent Exhibit at DAM

Few names top the list of fashion icons like Yves Saint Laurent. The French-born designer is often described as one of the most influential designers in the last fifty years and upon his death in 2008 at age 71, the New York Times described him as “the designer who arguably did more to advance fashion than any other of his generation pointed the way to the future by consistently reviving the past. His enduring fascination with more gracious or, perhaps, more vital times, informed his refined, theatrical aesthetic and made him the most influential designer of his day. His celebrated fashions of the '60s and the '70s continue to inspire younger generations.”

To celebrate his life, a sweeping retrospective of the designer’s 40 years of creativity, Yves Saint Laurent: The Retrospective features a stunning selection of 200 haute couture garments along with numerous photographs, drawings, and films that illustrate the development of Saint Laurent's style and the historical foundations of his work. And the Denver Art Museum (DAM) happens to be the only venue in the U.S. that will be hosting the exhibit.

Organized thematically, the presentation melds design and art to explore the full arc of Saint Laurent’s career, from his first days at Dior in 1958 through the splendor of his evening dresses from 2002. The exhibit runs through July 8 at DAM, so plan your trip there soon to catch a glimpse of this once-in-a-lifetime presentation.

If you’re planning a night out to see the exhibit, you might also consider making reservations at Palettes, the on-site restaurant at the museum. In honor of Yves Saint Laurent, the restaurant is featuring a three-course prix-fixe Retro-French Tasting menu for $26.

Cherry Creek North Development Project Put on Hold

A recent Denver Post article said that a proposed redevelopment along Columbine Street in Cherry Creek North is on hold while Denver finalizes the area plan for the neighborhood. According to the article, the proposed project by Western Development set forth plans for “an eight-story, 70,000-square-foot office building on the northeast corner of Columbine and East Second Avenue. The $100 million development would step down gradually as it approaches Third Avenue, where a three-story building would include about 80 condos. The development also includes 38,000 square feet of retail space.”

Western Development is facing opposition from the Cherry Creek North Neighborhood Association, in terms of building scale, traffic and parking associated with the project. The Association will be hosting a General Resident Meeting on Tuesday, May 22th at 7pm at the Daniels Fund Building. The Meeting will provide residents with highlights of the Cherry Creek Area Plan and present specific information from two of its important working groups 1) Urban Form and its work on BID zoning modifications and 2) Transit with its views on future Cherry Creek transportation issues and improvement recommendations.

Denver Botanic Gardens Summer Concert Series

There’s nothing like a gorgeous summer night in Denver set to some live music in an amazing setting. Maybe throw in some wine and cheese too. All of these things come together at the Denver Botanic Gardens Summer Concert Series and this year’s line-up is pretty stellar with music that runs from classic R&B to traditional South African harmonies.Tickets went on sale Monday for Garden members and then open up to the general public on May 1. Here’s the line-up of concerts:• July 11—Nanci Griffith with special guest Greg Brown• July 16—Marc Cohn with special guest Joan Osborne• July 17—Natalie Merchant with the Colorado Symphony• July 23—Al Green• July 25—Mary Chapin Carpenter• August 6—Diana Krall with special guest Denzal Sinclaire• August 9—Ladysmith Black Mambazo and The Johnny Clegg Band• August 10—Shawn Colvin and Loudon Wainwright III• August 16—Kenny Loggins• August 17—Wynonna & The Big Noise• August 21—Gipsy Kings• August 30—Bruce Hornsby & The Noisemakers with special guest Nicki Bluhm & The Gramblers• September 7—Pat Metheny Unity Band
And if you don’t feel like packing your own food, pre-order a meal by Catering by Designs and you’ll have an amazing basket of culinary delights waiting for you at the concert.