Tag Archives: Country Club

…2011 Cherry Creek North Real Estate Performance

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From most angles, there was very little difference between 2010 real estate sales and last year’s in Cherry Creek North. But, for the second year in a row, it wasn’t 2009. Or, as it’s known, The Year That Shall Not Be Named.

For example, 55 homes sold last year in Cherry Creek North, 15 of them being detached single family homes averaging $1.25 million. That would have been three more units that sold in the entire year of 2009, attached and detached single family homes combined. In fact, if it weren’t 411 and 415 Cook, which each sold just above $2M in 2009, there would have been less than $20 million in total real estate sold in Cherry Creek North during that dark year. Compared to the $46 million of inventory that changed hands last year, you can understand why nobody likes to talk about 2009 at Cherry Creek Grill or Second Home (unless you’re the seller of 411 and 415 Cook).

The year 2010 was an amazing turnaround in terms of volume, although all other major factors dipped, reflecting an urgency to not have a repeat of 2009, where only 22 units sold in Cherry Creek North. All told, 52 units sold in Cherry Creek North in 2010, the majority of them – 37 – traditionally being attached single family (ASF) homes. Those homes decreased in value nearly 20% from ASF homes in ’09, but Days on Market dropped from 232 to 202. Both numbers were terrible compared to the entire Denver market, but it started a trend that continued into last year.

In 2011, Days on Market (DOM) plummeted to only 89 days while jumping in value almost 10%. ASF homes sold in 2011, on average, for $711,000, up dramatically from the average price of $617k in 2010.

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Here is the list of homes that sold in 2011 in Cherry Creek North:

55 homes sold in Cherry Creek North in 2011

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While detached single family homes don’t exactly fly off the shelves – normally, they carry a 7- to 9-month sale cycle – their DOM actually went down to 212 days. Unfortunately, so did their average sale price. Detached single family (DSF) home prices didn’t come close to the 2010 average of $1.718M, coming in at $1.25M. For comparison, read how Denver’s Country Club neighborhood fared last year. Part of that can be attributed to the lack of million-dollar homes sales. In 2010, 17 homes sold for more than $1M, accounting for a third of the inventory; last year, only 13 (25%). Even in 2009, a third of anemic inventory was more than $1M.

What does this mean moving forward? The good news: there are 8 homes under contract in Cherry Creek North – 4 of them more than $1M; one over $2M! The bad: the average DOM is at 321, which means some of these houses were originally listed in 2010.

More bad: currently, there are 41 homes for sale (24 ASF, 17 DSF). You can find all of them here. That’s 9 months’ worth of inventory, and with more homes coming on the market this spring, all the overpriced homes in Cherry Creek North will quickly grow stale (currently, averaging 7 months on the market). But, for now, Cherry Creek Grill is still packed, Second Home still has terrible seating, and 2012 is looking less and less like 2009 every day.

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’s Driving Park Real Estate Performance for 2011

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Those in CCN (which stands for Country Club Neighborhood) would prefer it if the folks in Driving Park Historic District wouldn’t call themselves Country Club North. They’re not. No fancy gates on 6th Avenue or big floral pots to mark the entrance. And no Do Not Enter signs, like the one off Jospehine, which are a welcoming touch.

What the CCN folks didn’t get in 2011 is the volume of sales that DPHD had. For a tiny 18-block neighborhood in the middle of CCN, 7th Avenue and Alamo Placita, DPHD sold 24 homes this year with an average sale price of $632,000 (median price $550,000).

The following homes sold in DPHD in 2011:

This list is courtesy of Metrolist Inc., and doesn’t reflect any quiet sales. Also, four homes are currently in negotiation: 542 Downing Street, 440 Lafayette and 561 Franklin. These may close before the end of the year, but they are likely to close in January.

Currently, there are four homes active in DPHD, a rarity for such a desirable neighborhood in Denver: 509 Marion, 467 Franklin, 541 High and 461 Humboldt Street. (Follow the link if you want more details on these homes.)

Last year, only 19 homes sold, although the average sale price was about 10% higher at $698,000. In 2009, the average sale price was $675,000, but only 11 homes sold.

The fact that more buyers have come into DPHD in the last 12 months than in year’s past shows a receptive balance of pricing, not to mention a stabilizing of other factors, such as Days on Market. In 2009, it took an average of 124 days to sell a house. That length has dropped approximately 10% since then, with 2010 DOM coming in at 107 and this year’s DOM averaging at 111 (this year’s figure includes two homes that sat on the market for more than a year, as well).

When inventory is low, demand goes up. And when demand goes up, prices tend to follow. Which then should give homeowners a reason to sell again.

Country Club tomorrow.

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+.

2011 Denver Real Estate in Review

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It’s that time of year again where, now that Christmas is over, we hope that nothing crappy happens in the last week of the year and we can torch 2011 on our way out of town and into yet-to-be tainted 2012. And what better way to kick off the year in review than with some depressing real estate statistics?

Kidding!!! Actually, if you live in central Denver, it’s not that bad. Over the next few posts, I will be laying some better-than-expected news about the core Denver neighborhoods on you: Washington Park – East and West -  Congress Park, Park Hill, City Park (anything with a Park in the name, really), Country Club, Baker, Lohi, Highlands, and Cherry Creek North and East. If you would like to request a specific neighborhood – or street for that matter – drop me a line and I’ll be sure to include it (or just email you directly, depending on your pain tolerance… just kidding!).

My statistics will include number of houses sold, number of homes active and currently under contract, along with the addresses. We’ll compare 2011 to 2010 and 2009, and we’ll give a little forecast on what to expect based on historical data and what I’m hearing from banking and lending experts.

First off is my old neighborhood, Driving Park Historic District, bounded by Downing and High Streets and 4th and 6th Avenues. That’s today’s neighborhood. Tomorrow is Country Club, and from there, we’ll hit the Parks! Search for homes here, but stay tuned to this roll for your neighborhood news in the next few weeks!

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+.

 

 

Hot activity in historic central Denver

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552 Humboldt – new listing in Driving Park Historic District (Country Club North).

Karl Lueders presents 552 Humboldt St.

Listed for $498,000, this beautiful 3BD/2BA bungalow is currently active but seeking back-ups for the offer we currently have in place. This is a short-sale scenario, and we have overcome much of the time issues that come into play when working with the financial institutions. Any back-up offer that comes in within the next 14-20 days has the best chance of being entertained by the bank. For more details on this property, go to 552Humboldt.com.

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448 Ogden – sold for 98% of list price in 60 days. Beautiful Alamo Placita Victorian.

448 Ogden - Alamo Placita gem sold in 60 days

Sold by Karl Lueders, Realtor with The Kentwood Company of Cherry Creek. To learn more about why this beautiful home sold quickly and for a good price, contact Karl Lueders today.

And, if you would like to help pets and their owners stay happy and healthy, visit my personal charitable foundation helping raise money for Colorado’s largest non-profit veterinary clinic.

Driving Park Historic District Sales Stats 2007 – 2008

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If you want only good news about home sales these days, stop reading at the end of this paragraph. Driving Park Historic District average sales prices skyrocketed 20% from 2007-2008!

But you know there’ll be a catch.

I will get to that, but allow me to remind you of how wonderful your neighborhood is. Driving Park Historic District (DPHD) has and always will possess significant recession-resistant qualities: age of homes and the neighborhood is inimitable; so is our proximity to downtown and Cherry Creek. And, for better or worse, we are protected by the Landmark Preservation Committee that has prevented – somewhat – AFS (artificial stucco disease) from infiltrating our little doughnut hole.

And, for the record, the catch isn’t as bad as you think. As you might expect, we sold more homes in DPHD in 2007 than we did in 2008: contrary to what was previously reported from other sources, 17 homes sold in DPHD last year while 22 sold in 2007, a 22.7% drop. Of those Driving Park homes sold in 2007, 32% of them sold under $500,000; that price range comprised only 17% of the total in 2008.

While lower price points tend to attract a larger buying audience, the drop-off in volume is likely more attributed to the world in which we live: in 2007, only 4 homes in our entire neighborhood didn’t sell. Last year, 14 homes didn’t sell and only three of those are back on the market. Currently, there are 7 homes for sale in DPHD and two that have recently accepted contracts on them. Days on market also increased, but that’s usually indicative of higher price points.

And, if you must know, there is only one house currently facing a short sale out of the nearly 400 homes in Driving Park.

Still, if Driving Park Historic District’s home values are truly recession resistant, we will find out this year. Despite our size and relative newcomer status to the historic designation (compared to our surrounding neighborhood groups), we have withstood several challenges in the real estate market since 2000. Let’s hope we continue that trend.

My official stance is that I am cautiously optimistic about selling homes in 2009 for fair market value. If you are thinking of selling this year, I recommend doing so if you plan to upgrade. Numbers work in your favor, especially if the next home is your long-term home. If you’re looking at making a lateral move, it might be best to hold on. And, if you’re looking to downsize or liquidate, you need to be aware of the market conditions that you will face.

When you’re ready to buy or sell, it’s important to have a finger on the pulse of the market, and hopefully, this information will help. Please contact me if you have any further questions about the data on the chart below. You can reach me at 720-971-8267 or visit me at Karl Sells Denver.

Karl Lueders is an award-winning Realtor with The Kentwood Company at Cherry Creek. The Kentwood Company is Denver’s top real estate company, with the highest volume-per-agent ratio in Denver. The Kentwood Companies also boast the highest ranking Web site among retail real estate companies in Denver. Karl’s Web site, KarlSellsDenver.com, is the most searched agent site in Kentwood. If you require a strong online presence to buy or sell your home, consider working with Karl Lueders.

Driving Park Historic District Sales 2007-2008

Driving Park Historic District Sales 2007-2008

The above chart was provided by Metrolist, Inc. If I missed your home on this list, let me know immediately. I deem this information reliable, but cannot guarantee its accuracy.

Summer’s Over, But Not the Buying Season

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When I travel out of state, I inevitably strike up the same conversations that I do when I meet new friends here in Denver. Which start with something like this: “How’s the market in Denver? Is it bad as it is here in (enter another city here)?”

Usually, my answers are, “Not as bad you think,” and “Definitely not as bad as (enter same city here).”

Let’s not look past the fact that 2008 is acting consistently to 2007 in terms of homes sold per month.

This August

  • 765 homes were sold in the city of Denver, a dip of 8.3% from this time last year.

But, this past July

  • 925 homes were sold in the city of Denver, an increase of 11.3%!

While there was discrepancy between the months as they compare to those same dates in 2007, the overall tally remains effectively the same over the past 60 days! And the drop-off from July to August is considerably higher than the rally the Denver market usually runs through from August to September.

The MLS reported 613 homes sold in September 2007. Let’s try to break that, starting with one of these:

2749 South Cook Street

2465 South Sherman Street

613 Brentwood St.

1008 Corona St. #306


Karl Lueders is a Denver Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720-971-8267.

Open House this weekend!

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2465 South Sherman is going to be open this weekend… lucky for you! We actually were under contract for about a minute on Thursday before the buyer got cold feet. So here we are, ready for you to fall in love with it!

The house will be open 1-4 pm and is currently available for $325,000. Don’t miss it! Karl Lueders will be hosting the open house, so don’t hesitate to introduce yourself to him. He’ll be happy to answer any questions about the house, himself, The Kentwood Company at Cherry Creek or about anything in real estate.

2465 S Sherman - Cute in Harvard Gulch!

2465 S Sherman - Cute in Harvard Gulch!

Are You Picking Up What I’m Setting Down? Denver’s Doing Work!

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I’m not sure if Colorado has truly deserved the maligning it’s received for being a cesspool of foreclosures and slimy lending practices (there’s plenty of blame to go around for either topic) but when you’re a national punchline for so long, regardless of whether it’s true or not, sometime it’s nice for the truth to come out. CNBC just named Colorado as one of the top 5 states to do business in the US!

Wow, how do you go from the outhouse to the penthouse in one fell swoop? First off, it’s not one fell swoop. Second, Colorado was hardly in the outhouse to begin with… first and foremost, Colorado’s faulty definition of a foreclosure is partially to blame for what now could be said are inflated foreclosure rates. According to the Colorado Springs’ Gazette, the state records a foreclosure when the lender files the paperwork, not when the property is sold. The difference is that when a lender files, the homeowner (or lienholder) still has ample time to redeem.

Of course, this is the same state legislature, that up until the beginning of 2008, didn’t require any sort of licensing for mortgage brokers operating in this state. I remember finding a home for a couple that moved here from Chicago and was going to use one of their “boys” to do the loan. When I spoke with this lender to get a pre-approval letter, not only was there no letterhead from his company, but he spelled the name of my firm (at the time, the most recognized real estate company in the world) incorrectly.

When I called him out on it, his reply was, “Hey, it’s Denver. It’s the Wild West out there. Who cares?” I asked my clients if they wouldn’t mind finding a local lender, which they did, and everything went smoothly from that point forward. That was a couple of years ago, but you get the point. Reputations die hard. Which is why CNBC’s article, combined with the DNC’s impending arrival is giving this town a much-needed shot in the arm. I’m reserving judgement on how the city and state capitalize on these invigorations (think Chicago after their DNC hosting, not Montreal after their Olympics).

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How Dare You Low-Ball My Overpriced House?

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Have you heard this tender real estate axiom before? “If buyer and seller both feel like they’re getting screwed, then it must be a fair deal.” This horribly depressing statement works on the principle that if I’m not getting mine, at least you’re not getting yours. Take it from me: I’ve been miserable before and hanging out with other miserable people doesn’t make me feel any better.

What could possibly set a homebuyer or homeseller off like that? Well, in this market, it apparently doesnt’t take much. A buyer’s incredulity when a seller refuses to fix nickel-and-dime inspection items; delays in response time (albeit within the parameters of the contract); a seller’s reluctance to allow a showing at a certain time or a buyer who won’t back off their 2-hr window. And on and on and on…

… however, during a testy market, such as the one we’re all basking in right now, the big “diss” usually comes down to price. For buyers, it’s seeing a house with a price tag that’s out of whack with the neighborhood (sellers aren’t serious, hence they won’t negotiate); for sellers, it’s getting a low-ball offer (“Are they high?” is a common refrain from some of my clients). My colleague Betty Jung in Portland, OR has some sage words on this topic, which you’ll find in Betty’s blog, but the answer, once again, lies in what how well your Realtor can read between the lines of a listing. And trust me, it’s not that hard in this market.

SELLER’S LAMENT

As I alluded to in my “This Lovely Market” post, if you’re selling in this market, it’s likely you HAVE to sell, which means that the SALE of the house is the top priority vs. the PROCEEDS from that sale. (Getting in touch with how your house ranks on the market could mean touring the other active listings with your Realtor.) If the comps reveal a $300,000-$310,000 list price, why would you list your house at $325,000? To end up at $310,000? That’s not a great strategy, unless you’ve been keeping up with your updating and you’re presenting a turn-key house to the buying public. Otherwise, when you go market with a stale, overpriced product, buyers can see you from down the block. There’s also no law against holding firm to your price if you feel it’s competitive; just don’t ignore buyer feedback.

BUYER FEAST or FAMINE?

Having been to Las Vegas a few times in my life (when I say few, I mean quite a few), I can attest to the dull ache of “winner’s remorse.” The pain of losing is swift and painful, don’t get me wrong, but I think the syndrome of wishing you had bet more on a winning hand, game or roll is the true business model that supports Vegas. Ever been the guy/girl at the craps table who had the puniest bet during a hot roller’s streak? Everybody around you is raking it in and you’re getting stack envy. So what happens? You get out fo your comfort zone, stop listening to reason and overcompensate to the point where you actually think you understand horse racing. Today’s buyer is not unlike the modest Vegas winner; the market has provided him with a healthy buy opportunity but he’s pretty sure he can squeeze these “desperate sellers” even more.

The problem is that while sellers shouldn’t be angry at low offers on their overpriced house, buyers can’t expect sellers to roll out the red carpet for any offer, especially when they’re priced fairly.

Good Realtors understand how the market has moved and where it’s headed; at least, they’re in a position to react quickly to it. And since the goal of real estate is to sell and buy homes, not win, reacting to the market is a very good skill to have.

-Karl Lueders