2012 Denver Real Estate Statistics – Congress Park

In terms of real estate values, I have always thought of Congress Park as central Denver’s bellwether neighborhood. It’s far from Washington Park‘s irrational exuberance (I shall prove this about Wash Park shortly) and Cherry Creek‘s roller coaster resale; it’s a smaller swath of land than Park Hill so it’s easier to define, and with the emergence of 12th Avenue as a destination for people outside the boundary (for purposes of this argument, 8th Avenue to Colfax and Josephine to Colorado Blvd mark the territory; different than last year), Congress Park is starting to lose its best-kept-secret sheen.

Which is great for real estate. Consider these simple statistics: in 2011, 105 homes sold in Congress Park. Last year, 135 homes sold. That’s easy, happy math. Interestingly, the difference came in the form of attached homes, duplexes, if you will. Detached single family homes remained constant from 2011 to 2012: 101 to 104. But duplexes increased 750% from 2011! Only 4 sold in 2011; 31 duplexes sold last year.

We haven’t talked about double-digit

increases for a long time, much less 12.2%.

Part of this increase can be attributed to low interest rates and buyers coming out of their bomb shelters from the last few years. We are also seeing buyers recovering from the foreclosure scars suffered in the mid-2000s, ready to get back in the game. Traditionally, duplexes are about 25% cheaper than their detached counterparts. And while duplexes enjoyed a modest increase in value year over year (from $282k to $295k in 2012), detached homes skyrocketed in comparison.

In 2011, the average Congress Park home sold for $381,313 (the most expensive home award going to 1044 Milwaukee), but in 2012, 936 Fillmore sold for $765,000 – the highest in Congress Park – helping raise the average sale price to $434,069. We haven’t talked about double-digit value increases for a long time, much less 12.2%.

It wouldn’t hurt to mention that it average days on market (known by real estate nerds as DOM), have dropped by about half the time for Congress Park. So, is it a good time to move in or out of Congress Park? How about both?

Karl Lueders is a Denver Metro Association of Realtors Million-Dollar Roundtable honoree, as well as a 5280 Five Star Realtor. He can be found in traditional ways: if Twitter, G+ and LinkedIn are the new traditions. Calling Karl Lueders 720-971-8267 also works. Especially if you’re planning on living in or leaving Congress Park.

Denver’s Start-Up Community Adding Steak to the Local Sizzle

The karmic payback for Denver following such a crappy ski season last winter might have been worth the pain of brown ski runs and early closings. Now that the resorts are opening up (finally!), let’s remember a couple highlights of 2012:

  1. This January, FOX News called Denver the place to live and buy real estate. Not a bad prediction: real estate sales have benefited tremendously from supremely low interest rates (albeit artificially sustained) and oddly low inventory (too many homeowners with not enough positive equity). Yet for those fortunate enough to sell, they were welcomed with multiple offers often higher than asking price. Of course, selling a house will turn quickly turn someone into a buyer, relegating them to the shark tank of homebuying. There haven’t been too many complaints about this climate from my end, though.
  2. Colorado has become a battleground state. Not five years ago, Colorado was just another swath of the great midwestern sea of red on every election big board visited by presidential candidates from about 30,000 feet. Of course, now we can’t get them to leave.
  3. Apparently, Colorado will also see a rise in flavored corn and potato snack consumption. Unless, of course, Governor John Hickenlooper convinces the feds to buy out the state’s entire supplies of Cheetos and Goldfish, thereby discouraging recreational users statewide from the cause by denying them the oh-so delicious effect.
  4. More importantly, and curiously close to yours truly, is the emergence of the start-up and requisite incubators to the Denver business landscape. Most notably, although not alone, is the recent arrival of the Galvanize tech campus to the Golden Triangle (my ‘hood), giving entrepreneurs a place to create and reap the rewards of immersing themselves amongst other starts-ups. Some more (oxymoron alert) established start-ups like Forkly and Roximity have already snatched up private suites, but the traditional bullpen atmosphere is what’s being promoted heavily.
  5. And, of course, I would be remiss if I didn’t mention the major free-agent football pick-upduring the off-season. Cornerback Tracy Porter, Super Bowl hero for the New Orleans Saints from three years ago and proud Indiana University alumnus, has helped shore up the local football team’s secondary.

It’s good to be in Denver.

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

 

 

Karl Lueders Presents… It’s Official, LoHi is no Longer Hip

Say what you want about Forbes magazine and its subscribers, but I doubt many of  them are leafing through a copy in LoHi coffee shops such as Metropolis or Shangri-La.

Which is to say that Forbes may not be the most accurate barometer of things hip. More accurately, Forbes is the exact opposite of hip. It is the proverbial “man” that hipsters love to loathe (while they’re still poor). And Steve Forbes is the proverbial “man.” He doesn’t hire skinny jean-wearing punks to help shape his editorial platform.

But there it is, in full digital color. Forbes named the 20 Hippest neighborhoods in America, and for what it’s worth, LoHi is 17th. It’s behind the obvious: LA’s Silver Lake, NYC’s Williamsburg, etc., but ahead of Boston, Miami and Houston. To be fair, Forbes‘ digital content is decidedly less corporate than its monthly print version, but Maxim doesn’t really analyze Wall Street, either, so consider the source.

Back in my journalist days, we used to joke that once a daily newspaper “discovered” a trend, it was likely already played out. I think in this case, however, Forbes is merely stating the obvious: LoHi arrived a long time ago and congratulations if you saw it coming.

Karl Lueders is one of Denver’s top residential Realtors. He has been selling homes all over the metro area, but in 2012, 25% of his business has been in LoHi.  Find out more about Denver’s most popular neighborhood (see what I did there?), search for homes, or get info on where Denver’s truly hip spot is by calling Lueders 720.971.8267, emailing Lueders, karl@denverrealestate.com or by blowing him up @KarlLueders or on LinkedIn.

Karl Lueders Presents.. Tejon Square – Another Sold in LoHi!

It’s all connected. A house I sell in Highlands Ranch this past April leads to a sale on this rare Tejon Square townhome in LoHi, just a couple of months later…  Karl Lueders

Tejon Square

Karl Lueders Sells Another Home in LoHi... Tejon Square

Sitting at the closing table for my Highlands Ranch buyer, I was killing time with the buyer’s lender, lamenting (bitching and moaning, actually) how low Denver real estate’s inventory was, and how few condos and townhomes were available for sale downtown and in the Highlands. I would call other top Denver agents, but I was coming up empty for this buyer. Coincidentally, the lender happened to know quite a few people at Tejon Square and suggested I contact a couple of owners who had been considering selling their places.

It didn’t happen overnight, but a couple of letters and a few phone calls later, my buyer bought a hot property in Denver’s best neighborhood without waiting for the property to come on the market.

Karl Lueders is an experienced residential real estate agent who goes the extra mile for his clients. Find out more about Karl or listen to his past clients and find out why the best service comes from the best Denver real estate agents. Call Karl at 720-971-8267 or dial Karl up on LinkedIn.

 

Big Changes to Denver’s Landmark Designation Process?

(Ed. note: Karl Lueders lived in Driving Park Historic District for more than 10 years and served on that neighborhood board as well as acted as a liaison to the Landmark Preservation Commission during that time.)

On September 18, 2012, the Denver Landmark Preservation Commission (LPC) will hold a public hearing to address the Community Planning and Development‘s proposal to change the process in which LPC reviews landmark designation applications.

Some of these proposed changes are administrative in nature, such as raising the fee for non-owner applicants to potentially designate certain historic structures (plus raise the buy-in). A more notable proposal, however, will require each application be sponsored by three people who either own or live in the City or County of Denver. This revision is likely in response to the current liberty that allows any Denver resident or property owner to submit a landmark designation application on any property in the city. There have been recent well-publicized accounts of this occurring, where the applications have allegedly been filed by non-owners to slow or stop potential development of certain Denver properties that did not have landmark designation protection.

There are several other proposals within the Community Planning and Development’s draft. If you live in one of Denver’s 50 historic neighborhoods, you should read the above proposal and consider attending the meeting on September 18, 2012, at 1 pm in Room 4.F.G in the Webb Building, 201 W. Colfax.

Owning a home in one of Denver’s landmark neighborhoods carries an additional responsibility from those that don’t, and as a homeowner or resident, you need to be aware of the policies that govern those areas.

Karl Lueders is a residential Realtor with Kentwood Real Estate. He has intimate working knowledge of the LPC and what it takes to make home improvements within those neighborhoods. Please give Karl a call if you have questions about whether you live in a historic area, are considering buying in a historic area or plan to make improvements to your home. You can reach him at 720-971-8267. You can also follow him on Twitter or find him on LinkedIn.

Read about the benefits of landmark designations by visiting Historic Denver.

Stop the Presses… Condo Sold in Denver… With Conventional Financing… Less than 20 Percent Down!

Karl Lueders, along with the help of BBVA Compass in Park Hill, Denver, sold a unit at 2441 Broadway last week. This sharp 1BD condo in the Silver State Laundry building, just north of LoDo (make sure to capitalize that D), faced other competition in the same building, but had better staging, better “curb” appeal (in a condo, it’s what you see when you walk into the main living area for the first time) and a realistic seller. Demand is high across the board for Denver real estate, but buyers are savvy and won’t be willing to overpay for much (save east Washington Park).

Karl Lueders Presents Another Condo Sold

Karl Lueders Presents 2441 Broadway #206 - Another Condo Sold... Quickly.

What also helped Lueders and his sellers was the ability of BBVA Compass to create a loan product that give buyers the opportunity to become primary residents in condos, giving these great buildings a chance to reclaim a greater percentage of owner-occupancy and the ability to be recognized by FHA as a viable condo building.

Undoubtedly, Denver’s real estate surge has been fueled by recent news items, as well as the low inventory, but as we just told one client looking to relocate from Idaho: Denver has three things totally buzzing right now: city life, outdoor life and the economy.

Don’t hesitate to contact Karl Lueders or his friends over at Denver Condo Help to find out how you can not only list your condo, but sell it to a qualified buyer who can actually close!

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+.

Karl Lueders Presents: 2525 15th Street #3A… LoHi Loft Living


 

Dial into Denver’s hottest neighborhood from this amazing LoHi loft! 2 bedrooms (w/master suite on the main level), 2 bathrooms, washer/dryer in unit, open kitchen and ceilings the way a city loft should be! The only deck in LoHi with better views of the city and mountains is at Linger, but yours is private with plenty of room to entertain just as well! No more parking next to your neighbors; this unit comes with a private 2-car garage and entry into the building. Extra large storage unit, central AC, end unit, island kitchen, tons of closet space, in-unit storage and built-in cabinets. Check out the crowd at Forest Room 5 from your living room windows, get a sandwich from Jays or Masterpiece or go to Cellar for amazing wine and antipasti. And those are only the hot spots on your block. Go a little further and youre at Lola, Vita, Shangri-la, Little Man, the list goes on. The Overlook is also FHA approved so we welcome low down-payment buyers! Get here quick!

…First Fox, now CNN likes Denver.

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.

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+.

…Now Is It Time to Sell?

Here’s what’s been happening in the Denver market since January 1.

  • Overall, 8,379 homes have gone under contract since January 1, 2012.
  • Of those 8,379, more than 60% of these went under contract in less than 90 days! The average days on market for the Denver market has been hovering around 120 days for several years. More than 40% had contracts on them in less than a month!
  • This is more fun: currently there are 1,046 homes in central Denver with contracts in place. More than a third of them went under contract in less than 14 days! 110 of them had offers accepted in two or less days!*

If you’ve been thinking of selling your home for a while but didn’t think you could because buyers aren’t out there looking, consider what you just read. I have been involved in several competing offer situations for my buyers in areas from Highlands Ranch, to DU to Broomfield!

There are high-profile neighborhoods in the city where there is so little inventory available that many houses will sell before they even appear on the market. Recently, I sold 755 Jackson Street in Congress Park for full price before ever putting the house on the MLS.

If you’re interested in selling your house quickly for a price that may be more attractive to you than it may have been in recent years, give me a ring and I’ll tell you what your house is worth 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+.

*All information courtesy of Metrolist, Inc.