Monthly Archives: April 2012

…First Fox, now CNN likes Denver.

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All we need is MSNBC to get on board and we’ll have the entire political media spectrum fawning over our fair city. This morning’s CNNMoney article is the latest in a series of articles giving Denver props on its stalwart real estate market. Multiple offers and short periods of time on the market is what Denver’s all about these days, regardless of neighborhood.

Remember a few months ago when Fox Business told everyone to get all Horace Greeley on Denver? There is little Denver is doing to change the minds of the financial gurus at CNNMoney. Writes CNNMoney’s Lisa Gibbs:

“In Denver the improved job market has led not only to falling inventory but also a boost in buying activity and an uptick in prices.”

 

Find out more about the Denver market by checking into my 2011 Real Estate Performance series, covering many of Denver’s core central neighborhoods.

Maybe, you, too, can have your kids high-fiving on your front porch as you hang your Sold sign. :)

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

 

…New Listing at Silver State Lofts! 2441 Broadway #206.

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At the crossroads of Lodo and RiNo (what’s up with all the hyphenization of Denver?), is Silver State Lofts. You want to be near the ball park, downtown, Lower Highlands, River North, food trucks, art galleries, awesome night clubs and experimental watering holes all at the same time? Look no further.

Straight outta MLS:

Hip, downtown loft living in the confluence of Lodo, Ballpark and RiNo! Spacious loft w/master suite, separate powder room, slab kitchen counters, gas range, stainless appliances and super high ceilings! Gleaming hardwoods, walk-in closet, huge kitchen island fit for three placesettings, washer/dryer in unit, double-basin master sink area, bench seating in tub and huge windows to bring in the sunlight. Secure, gated parking, lots of storage, and two rooftop decks for serious BBQs or simply to admire the city skyline. Great downtown crash pad or your ultimate first-time homebuying experience! Be in the middle of Denver’s most exciting neighborhood!

 

Word’s out on this place. Come downtown and stay downtown! Call for a showing. On MLS today.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

…Is De-Condoizing a word, yet?

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Recently  I wrote this about the condo market in Denver:

There has been a lot of news – mostly bad – in regards to the Denver condo market. Even though it comprises a significant segment of the Denver homeownership population, condos have been taking a beating, both literally and figuratively, from banks, the FHA, careless tenants and appraisers.

For the most part, that’s still true. For instance, I have two condo listings in hip parts of town that are going to be tough to sell to a buyer who needs FHA-type financing, i.e., low down payment. The first is at Baker Commons on Broadway, 277 Broadway, to be exact. It was under contract in a day last year, but the buyer couldn’t secure financing in any way, shape or form, because she used lenders that didn’t understand condo reviews or the new FHA guidelines. It’s a great top-floor, west-facing condo for only $200,000 in the hippest part of Denver.

The second unit is at the Silver State Lofts building, at 2441 Broadway. This is going on the market next week (pictures and video to come). The problem is that this unit, which is going on the market for $235,000 (includes parking and storage) is going to face significant scrutiny from any lender trying to give money to a buyer with less-than-stellar credit and less-than-stellar cashflow.

It’s easy to blame HOAs and management companies for not enforcing – actually writing! -  rules that prohibit changing more than 40% of a building into rental/investment property, and for sleeping at the wheel in terms of keeping their FHA status when they do meet the criteria. The reality is that rarely do condo buyers think ahead about their exit strategy if they do need to sell.

You can sell your condo in Denver, but in most cases, it’ll be to the cream of the borrowing crop or cash buyers. And, in these cases, these guys are looking to rent their new investment anyway.

Maybe it’s the start of a new trend of “de-condoizing” buildings back into multi-family apartment buildings.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

…Denver Home Prices Up From 2011.

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So the home prices in metro Denver are up from 2011, days on market are plummeting but housing inventory is still at record lows. It’s probably time to tell homeowners that it’s safe to put a sign in the yard.

Denver Post reports the S&P/Case-Shiller findings that January home sales in Denver actually dipped from December 2011, but were up year-over-year. Regardless of what you think of the Case-Shiller – mostly that its data actually lags anywhere from 1-6 months, depending on what expert you talk to – the facts are that Denver is experiencing some tangible growth and remains one of the most desirable places to live in the United States.

(Note: Detroit and Phoenix were the only other two cities to experience an uptick in their real estate markets. The only difference is that those two markets only had one way to go.)

Denver remains great and appears to only be getting better.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

 

Case Study… 755 Jackson Sells In Zero Days.

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755 Jackson sold for $375,000 (out of $375,000) before ever going on the MLS. The seller got full price without having hundreds of buyers march through her home, interrupting her day-to-day life. Nor did she have to look at a For Sale sign… just a Sold sign.

755 Jackson in Congress Park sold in zero days. That's less than one day.

This success doesn’t happen every time, but it’s indicative of the number of buyers looking to live in high-demand neighborhoods in Denver. Right now, there are buyers waiting for homes to go on the market in Congress Park, Washington Park and other neighborhoods throughout metro Denver because the current inventory isn’t keeping up with demand!
If you live in a high-demand area, give Karl a call to find out how you can get top dollar for your house.
Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.