Feb. 12, 2017

New Light Rail Line will open to Service Aurora CO

 

RTD light rail

RTD has been working diligently on opening the R Line for several months.    It was anticipated to open end of the year 2016, but was delayed a couple of months.    Now, on February 24th, the new R Line will be open and travel the 10.5 miles from Nine mile to Peoria Station.    This will connect to the A Line to the airport and at Nine Mile to the H Line which goes to downtown Denver.

Want to attend the grand opening?   Here is the link for the event.

There are 1,249 new parking spaces along the new R Line - here they are.

Wondering how much it will cost - check out the rates.

 

This will assist many and hopefully lessen the traffic that is on I-225.

Feb. 1, 2017

Relocating to Denver Colorado

 

Relocating to DenverYou have an opportunity to relocate to Denver, what happens now?    Make a reservation, and come to Denver to visit and see the "lay of the land".     Here are some things I always have a conversation with my relocation families to determine how to proceed.

 

 ~ Know what the top Seven items would be in a new property - such as distance to work, is the school district important, closing to shopping, in the country and away from traffic, square footage, beds/baths and style of home, age of home would be a few items to think about.   If time is short when you are in town, I will preview properties to be sure we utilize our time wisely.

 

~ Be sure to hydrate prior to your arrival in Denver.   We are at 5,280 feet high, very dry and if you don't drink enough, altitude sickness can kick in.   Keep drinking water throughout the trip too.   I recommend at least 32 oz. in the few days prior to arrival.

 

~ I always prepare my relocation families for our strong Seller's market, and let them know what is available, how long homes are on the market, how multiple offers could be prevalent, and share my market experience.

Relocating to Denver

 

~ Share the information on our crazy weather.    In one week we could experience all four seasons, and do often all year long.    Not surprising to see 50's and 60's in mid-winter, and snow in May.    This makes it fairly easy for outdoor activities all year long.  That is why we love to live in Denver!   Plus, did you see our gorgeous mountains to the West?  We are closer to the sun, so it is a good idea to wear sunscreen.

 

 ~ Have assisted families in finding entertainment for the family -- ice arenas for hockey, competitive softball teams, etc.   This is a bit more unusual, but have done this for my families.

 

 ~ Once you find the home, and preparing for closing, if you need bids on some updating or repairs, I can meet the contractors for you, knowing you are too far away.    If you close, and do not take possession right away, I check on the home periodically too to ensure safety of your home.  Need to set up cable, etc.   I will be there for you!   I love being your GO TO person in Denver!

 

This is a short list for my relocation ideas and thoughts.    So much more comes into play when I speak with a family and hear their needs.  

 

 

Posted in Buyer Tips, Relocation
Jan. 31, 2017

What to Expect with the Appraisal

 

Home appraisal inspectionIn the last year or so, the lender orders the appraisal once the Buyer has signed the "intent to proceed" with the loan, as the appraisal has taken much longer than in past years.    Since 2008, the "Appraisal Management Company" aka AMC is given the appraisal order, then they contact appraisers for the area of the home.    This could take up to two weeks.   Once the appraiser has the order, they contact the listing agent for access to the property.

 

The appraisal is for the bank/lender to verify the contract amount is what the home is worth.

 

Typically, the listing agent attends this inspection with the appraiser, providing documentation to support the contract price.   The appraiser takes photos of the home, including updates, and usually wants dates when the updating was completed.

 

For FHA & VA loans, the appraiser is looking for "conditions" which includes peeling & chipped paint, any exterior electrical with access to nature's elements.  (Water and electricity do not go together)  If there are any patios or decks with 30", they need handrails.    The appraiser is looking for items on the interior too - handrails on any stairs, insulation, they run the furnace and also checks the water in sinks and toilets.   If any items are found to be needing repair - this is marked as a "condition" on the appraisal, and Sellers will need to repair and the appraiser will need to do a "re-inspect" and the buyer will have an additional fee for the re-inspect.

 

Normally the lender will receive the appraisal about three weeks after it has been ordered.    This information is only given to the buyer and buyer's agent, not the listing agent.   If it came in at or above contract price, the lender will tell the listing agent it came in "at value".

 

Will the home appraise way over contract price if the value is there?    I have had several buyers get quite the deal on a home (even in this strong Seller's market), but the appraiser has a copy of the contract, and knows what the value is they need to achieve.    In years prior to 2008, we did see appraisals come in at the true value, and sometimes it was way over.   NOT TODAY!     Appraisers are on the hot seat, and can lose their license if anything should happen with this buyer down the road, so we may see $5,000 over contract price, but not more.

 

Appraisal does not come in at valueWhat happens if the home does not appraise?   This can be a sticking point between the Buyers and Sellers!   Three things can happen - the Seller can reduce the sales price, the buyer can pay this difference at closing, this amount can be split between Buyer and Seller, or the Buyer can terminate contract.    The Buyer will get their earnest money returned.   In this strong Seller's market, we are seeing more creative situations, and not always does the Seller reduce the price.    With low inventory, the next Buyer may bring this extra amount to closing.

 

Before the appraisal is approved, the underwriter needs to review it as well, and they could have some requirements of the appraiser, so it is not final until they have done their review.   Once this process is complete, usually the file goes into final underwriting, and is nearing closing!

 

If you have any other questions regarding an appraisal, give me a call at 720-231-6373.

 

 

 

Posted in Buyer Tips
Jan. 23, 2017

Luxury Home Sales - Denver, CO December 2016

 

Luxury home in the Denver metro area
The luxury market in the Denver metro area saw a slight dip in luxury home sales for the month of December, which is normal for the Holiday season.  We are seeing many more cities across the metro area attaining the million dollar mark with the home values increasing.  Are you looking for a view from every window in your home?                                                                                                  **Photo courtesy of REColorado

 

Days on market increased from 81 days in November to 89 in December.   The average sales price decreased from $1,334,670 to $1,226,484.   (Homes in this report are derived from homes listed over the price of $1 million.)  

  

There are 685 current active luxury listings in the Denver Metro area, which is a slight increase over last month's active listings (679), which is normal after the Holidays are over.    There are no short sale properties available and one bank foreclosure available.  ($1,485,000 in Hilltop - Denver)  There are 151 properties listed at $1 million+ under contract as of today.

 

 

Are you looking for a kitchen that is the gathering spot for a family gathering?

 

Luxury home with a gourmet kitchen
                                                          ** Photos courtesy of REColorado

 

Looking at the sales in December 2016, there were no short sales and no bank foreclosures sold with eleven new builds sold.

 

 Here are the sales by City within the Denver metro area -

 

 Luxury home sales - Dec 2016 Denver

 

We are seeing more and more cities around the Denver Metro area seeing $1,000,000 sales and as home values increase.   

 

Only five homes remained on the market for longer than a year, with one home lingering for over just over three years in Lakewood.   On the opposite end of the spectrum, there were nine homes that sold in less than a week.   THIS EQUATES TO  1% of the luxury market sold in December went under contract in less than a week!  (this number severely decreased, as we have seen 15-20% over the last several months on a consistent basis.)  Each month we see a few homes were sold without being put into MLS, and entered only for appraisal purposes.   Homes in the luxury market are still moving quickly!   

 


Denver's highest sale Dec 2016

**Photo courtesy of REColorado

 

The top sale in Denver this month was a gorgeous home originally built for the founder of Chipolte in the Denver Country Club and sold for $3,390,879 that was built in 2001.   The home has 4 bedrooms, 5 bathrooms, 4,838 total square feet with a 3 car garage on .29 acres.   This home was sold in 111 days.  

   

 

Here is the data for luxury home sales for the 2016 to-date to show the comparable activity month by month at a glance.   As expected, the summer is the time most homes (including luxury homes) are sold.   Sales in the month of June 2016 surpassed every month in sales for a few years.

 

Denver luxury home stats for June 2016

 

December stats for luxury home sales

 

If you are looking to buy or sell a luxury home in the Denver metro area, please give me a call, or if you would like any information on attached luxury homes!

 

Jan. 16, 2017

Denver Market Update - December 2016

 

 

The Denver real estate market reflected a slight dip in home sales, inventory significantly decreased from November's numbers, the number of under contract homes decreased also, all very normal this time of year.   The election is over, winter has set in and we are seeing snow almost every week but serious buyers are out looking for their dream home.    Home values have been increasing, but for the month of December, the average sales price reflected a 2% decrease over November.  The following data is courtesy of  Joan Cox - Metro Brokers - House to Home, Inc.

 

Denver saw a 21% decrease in listings over the prior month, a 26% decrease in under contract homes  and 1% increase in sold property.   We are seeing a few new listings hitting the market this time of year, as the Holiday season is over, but Sellers are fearful of the snowy weather.  With so few listings, and buyers already out looking, we really need more listings!   Sellers are seeing fewer showings, but homes are still going under contract quickly.   Here are the current active listings in Denver.   At one point in February 2016 we had less than 4,900 listings available, which is crazy with so many buyers moving to Colorado and looking for a home.   The days on market  for December were only 34 days (increase from 30 days last month).

 

Here is a chart showing what the days on market versus median sales price from 2011 to current -    (sure shows how the inventory has decreased)

 

 

Denver sales - days on market

 

 

Buyers do have a few homes to view in every price range, even though we are not seeing many coming on the market.  The price range between $200,000 and $400,000 is still the "sweet spot" and are quickly going under contract.  This is really tough for relocating buyers in for a short period of time.  From February through June most buyers were competing with 10+ other offers with sellers seeing purchase prices way over list, but we are not seeing this as much now.  Most often a seller will put their home on the market near end of week, on the market for the weekend, and under contract by Monday.

 

Sellers - there are serious buyers out there viewing and buying homes!   It is a great time to list, as there are less homes on the market this time of year!    If you are thinking of listing, I can always put a contingency in the MLS with the requirement of finding a replacement property.

 

The following data included both detached and attached properties across the Denver metro area.    If you need more detailed information for your neighborhood, give me a call.  Real estate is and always will be local.

 

Denver Sales - December 2016

 

 Like to know how this years' sales compare to last year?  The new listing inventory significantly decreased this last month giving buyers less options to view.    The lowest the inventory got was 4,968 in February 2016, and with so many buyers out looking for a home, this made it a very tough market for buyers.     Here is the Market Snapshot for the year to date information -

 

Denver Sales - YTD December 2016
  ** Market data courtesy of REColorado

 

Denver's unemployment rate is 2.9% (December 2016) with the national average at 4.6%, so Colorado's economy is still strong.   Colorado's population is 5.363 million, the Denver metro area is 3.011 million and Denver proper is 683,096.   In the last five years, we have seen an 11% growth in the city and topping the list of population gain in 2015.   We are seeing more corporations relocating to Denver creating job openings, which is keeping the economy on a good path.   With the thriving economy and influx of new residents, it will be a while before we can say Denver's housing is "in a bubble.".

 

 

Homeowners - if you have thought about selling and would like a home evaluation, please let me know, I will contact you right away.    Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

Jan. 10, 2017

Tax Evaluation Year - Denver Metro area

 

Property TaxesEvery couple of years the counties look at home values and adjust the tax base.     This is the year this will happen, so be prepared in March or April to expect your tax bill in the mail.    This is not to be paid, it is a notice only.    Most homeowners have their taxes paid through their mortgage.

 

With Denver's home values increasing on average of 9-10% per year (varies by neighborhood), you should expect a pretty good increase in your taxes this year.    The values will be for two years!

 

May is the month for protests, and the county will accept any comparables you may find to adjust your taxes.   They will only use SOLD properties for this purpose.   You can protest on line, in person and by fax, and all this information will be on your tax notice! 

 

 

Posted in Homeownership Tips
Jan. 3, 2017

Luxury Home for Sale - Aurora, CO 80016

 

6679 S. Robertsdale Way, Aurora, CO  80016

This stunning home in Southshore has a grandiose two story entry, main floor master bedroom and laundry and custom upgrades throughout.    Enjoy a cup of coffee or a glass of wine on the covered back deck and enjoy the sunset over the Aurora Reservoir.

Features -

Five Bedrooms plus study/den and loft

Six Bathrooms (3 full, 2-3/4 and 1-Half)

3,695 finished square feet on upper two floors plus 2,463 finished in the walk-out basement - total 6,158 total finished square feet

Enjoy the hardwood flooring on the main floor, nine foot ceilings on the main floor, central vacuum system, oversized granite island in kitchen with additional storage, butler's pantry, rock accent walls, dual master closets with cedar trim and so much more!  

Huge vaulted main floor master bedroom with views of the reservoir, luxurious five piece master bathroom and dual walk-in closets.   All secondary rooms have their own en-suites, and the 5th bedroom in the basement could be a true bedroom or an exercise room.  

The basement is very impressive with a huge gathering area for media room/game room/playroom and racking for bottles with accent rock & lighting along with the pool table area.   Enjoy the wet bar with sink, dishwasher and wine chiller.    Pool table included.

Oversized 3 car split garage with storage, fully dry-walled and lots of room for additional cars in the driveway!

Covered patio in front, and covered trex deck in back to enjoy the mild Colorado evenings with views!

NOTE:   Model home a few doors down the street sold for $950,000 with only 5,240 finished square feet in December 2016!

 

 

 

Call today for your private showing and start the New Year out right!    Joan Cox   720-231-6373

 

 

 

Posted in New Listings
Dec. 26, 2016

Parker Homes for Sale - Market Update November 2016

 

 

 Town of Parker - Parker real estate

 The Town of Parker is Southeast of Denver approximately 30 miles with a population just over 47,000 (2012).    The City of  Parker is a quaint town that is commonly called a bedroom community.    It has the small town feel, yet has lots to offer.   You will find many locally owned businesses and restaurants.    

 

Buyers looking for Homes for Sale in Parker will find sales in November 2016 saw a  slight increase in sales from October, which is abnormal for this time of year.   In 2015, sales were 167 for October and 143 for November.    Sales were up over 2015.  Listing inventory has decreased over the previous month.   Let's look at the sales data from the month of November 2016 for sales of detached single family homes that were recorded for the Town of Parker - 

 

Sold Information:                                    Previous month:

 Total Sales - 167                                                                                 156

 Average Days on Market - 27                                                             16       

 Average Price -   $450,000                                                            $428,250                  

 Avg Price/Avg List - 99.34%                                                             99.33%  

Highest priced home sold for  $1,790,000                                   $1,219,815

 

 

Looking at the early winter buying season, we are seeing serious buyers out and writing on homes quickly.  

  Active listings in the price range of $400,000 and less - 

there are currently only TEN listings with 13 days on market.   Most active listings come on the market on Thursday or Friday, and accept showings (and offers) through Sunday evening, with responses on Monday.

 


 


 

 

                                     **Photos courtesy of REColorado

 

 As of today you will find 217 active homes for sale in Parker (ranging from $284,500 to $3,900,000).    There are 181 currently under contract (ranging from $274,900 to $2,395,000.

   

Looking for a brand new home?    There are 57 homes for sale by a builder ranging from $392,000 to $2,490,000 detached single family homes.    Here is the link for new construction for sale in Parker.     Here is a link to all builders, to see who is building in Parker, and what is available.  

 

If you would like more information on active listings within the Town of Parker, please give me a call or visit my web site and search for homes that may fit your criteria.    Having sold many homes in Parker over the years, please call with any questions. 

 

Map of Parker CO

 

 

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Dec. 14, 2016

Denver Real Estate Market Update - November 2016

 

 

The Denver real estate market reflected a dip in home sales, inventory decreased from October's numbers, the number of under contract homes decreased also, all very normal this time of year.   The election is over, and serious buyers are out looking for their dream home.    Homes are increasing, and the average sales price reflects a 2% increase over October.  The following data is courtesy of  Joan Cox - Metro Brokers - House to Home, Inc.

 

Denver saw a 15% decrease in listings over the prior month, a 16% decrease in under contract homes  and 6% decrease in sold property.   We do not see many new listing hitting the market this time of year, as the Holiday season is just too busy for most families.  Right after the first of the year, this will change.   Sellers are seeing fewer showings, but homes are still going under contract quickly.   Here are the current active listings in Denver.   At one point in February 2016 we had less than 4,900 listings available, which is crazy with so many buyers moving to Colorado and looking for a home.   The days on market  for November were only 30 days (increase from 26 days last month).  This seasonal slowdown is quite normal this time of year, where families are focused on the Holidays, not home buying/selling.

 

Here is a chart showing what the days on market versus median sales price from 2011 to current -    (sure shows how the inventory has decreased)

 

 

Denver's inventory versus median sales price

 

 

Buyers do have a few homes to view in every price range, even though we are not seeing many coming on the market.  The price range between $200,000 and $400,000 is still the "sweet spot" and are quickly going under contract.  This is really tough for relocating buyers in for a short period of time.  From February through June most buyers were competing with 10+ other offers with sellers seeing purchase prices way over list, but we are not seeing this as much now.  Most often a seller will put their home on the market near end of week, on the market for the weekend, and under contract by Monday.

 

Sellers - there are serious buyers out there viewing and buying homes!   It is a great time to list, as there are less homes on the market this time of year!    If you are thinking of listing, I can always put a contingency in the MLS with the requirement of finding a replacement property.

 

The following data included both detached and attached properties across the Denver metro area.    If you need more detailed information for your neighborhood, give me a call.  Real estate is and always will be local.

 

Denver sales - November 2016

 

 Like to know how this years' sales compare to last year?  The new listing inventory decreased this last month giving buyers less options to view.    The lowest the inventory got was 4,968 in February 2016, and with so many buyers out looking for a home, this made it a very tough market for buyers.     Here is the Market Snapshot for the year to date information -

 


  ** Market data courtesy of REColorado

 

Denver's unemployment rate is 2.9% (December 2016) with the national average at 4.6%, so Colorado's economy is still strong.   Colorado's population is 5.363 million, the Denver metro area is 3.011 million and Denver proper is 683,096.   In the last five years, we have seen an 11% growth in the city and topping the list of population gain in 2015.   We are seeing more corporations relocating to Denver creating job openings, which is keeping the economy on a good path.   With the thriving economy and influx of new residents, it will be a while before we can say Denver's housing is "in a bubble.".

 

 

Homeowners - if you have thought about selling and would like a home evaluation, please let me know, I will contact you right away.    Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

Dec. 12, 2016

Zoo Lights - Denver 2016

 

Denver Zoo 

The Denver Zoo has a special event that will definitely boost your Holiday spirit!    The whole family will enjoy 70 acres (expanded from 38 acres from last year)  of brilliantly illuminated lights and  animated animal sculptures.    Kids & adults will enjoy the animals swinging through the trees, jumping across the lawn, they hide in the bushes and appear when you are least expecting. 

 

 

Dates:    December 2 - January 1, 2017    Open nightly from 5:30 pm to 9 pm

Check out all the different NEW displays -

  • Winter Wonderland
  • Electric Jungle
  • Festival of Lanterns
  • Sea of Lights
  • Northern Lights
  • Zoo Year's Eve
  • North Pole

 

Admission:  Value Night Rates  12/2-12/15/16

General (Non-Members) Admission Fees
Adults (Ages 12-64) $13
Children (Ages 3-11) $9
Seniors (Ages 65+) $11

Members' Discount Admission Fees
Adults (Ages 12-64) $11
Children (Ages 3-11) $7
Seniors (Ages 65+) $9

 

Peak Night Admission - 12/16-1/1/17

Non-Member 

  • Adults (Ages 12-64) $17
  • Children (Ages 3-11) $12
  • Seniors (Ages 65+) $14 
  • Online Discount: $2                              

Member

 Adults (Ages 12-64) $15

  • Children (Ages 3-11) $10
  • Seniors (Ages 65+) $12
  • Online Discount: $2

 

 

Daytime admission does not include Zoo Lights.   Zoo will close at 5:00 and re-open at 5:30 pm.   Buy your tickets online -  purchase tickets on line.

 

 

If you have not been to Zoo Lights, here is a great video to give you an idea of what you have been missing.   This was 2014's event.

 

 

Courtesy post by Joan Cox, Realtor® - Metro Brokers - House to Home, Inc.