Did you know that if you fit into one of these four professions, (Doctor, Lawyer, Dentist or CPA) there is special financing for you at 100% LTV! Give me a call at 303-668-6490 to get more info.
Don’t forget that fall will be here before you know it. With the ever so slight chill in the air that Denver Metro has felt the last couple of days, it reminded me that fall is just around the corner. That made me think of all the “honey do’s” that need to be done around the house.
One very important chore is getting your furnace cleaned and serviced. I would most likely never remember to do this except that I attend a lot of home inspections. In just about every inspection, the inspector recommends that the furnace gets cleaned and serviced. It is very important to the long term health of your furnace and the cost usually runs around $100 to $150; a small price to pay for something that is so important.
You may also think about fixing any draft problems. I recently replaced the door that goes out to the garage. After 21 years of use, it wasn’t straight and was letting in a lot of cold air. Safety doors are not cheap, but well worth it to help keep heating costs down. Now, no more freezing air blowing into my house!
Let’s not forget about the exterior. You may want to start the yearly investment in winterizer for your lawn. The exterior curb appeal of your home is just as important. After all, it is the first impression of you!
Your home is your castle (and typically one of your primary investments). The nicer you keep it, the better it will sell when the time comes to move on.
We have all heard the old real estate saying: what are the three most important things in real estate? Location, Location and Location. Well, nothing has changed. Location is still king in real estate. According to the Denver area MLS, as reported by the Denver Business Journal, Boulder/Lousiville area home prices have risen more than 26 percent over the past year.
Another area doing well is Highlands Ranch and the surrounding area. Highlands Ranch has a great location, lots of great amenities and very few new homes being built. But, anyone who knows me well, knows that I have said for many years that Highlands Ranch will do well because it is the perfect suburban neighborhood. CNN Money rated it #12 out of 100 neighborhoods across the United States in 2008. That’s not too bad!
Bottom line: the “good” areas are doing well. Proving once again that Location is THE most important thing in real estate.
To find out more about these neighborhoods and any of the Denver Metro neighborhoods, go to www.5280FineLiving.com/neighborhoods.html
I spend a lot of time looking at what is happening in the Denver real estate market, but not much time talking about “fine living.” So today I thought I would talk about something that is fun…CARS! Specifically the new Porsche Panamera sedan. Yes, you read correctly; a 4 door sedan. Porsche has had great success with their SUV, Cayenne, so they have decided to take Porsche one step further into the “family friendly” zone.
The Panamera will be offered in three versions: the 400-horsepwer two-wheel drive Panamera S and all-wheel drive Panamera 4S, and the 500-horsepower, twin-turbocharged all-wheel drive Panamera Turbo.
Panamera will be loaded with the latest technology for fun and fewer harmful emissions. It will have an automatically shifting double-clutch transmission featuring an engine start/stop system. The engine will turn itself off when it is not needed! Fun, green and family friendly! What more can a Porsche lover with a family ask for? Going on sale this October in the U.S.
View more at http://www.porsche.com/usa/models/panamera/
Once again I am hear to spread the good word about the Denver home market. While some many cities are experiencing severe downward trends, Denver is showing the signs of recovery! One of the criteria is that sales across the metro area are evenly distributed showing proportionate activity. Forbes also determined that average price per square foot of housing space increased 5.7 percent in Denver between February and March of this year. Forbes also quoted Moody’s economist Christopher Cornell as saying. “It has better growth potential than most cities today.”
The stars are aligning folks. Now is the time to buy a home in Denver. Prices are are starting to rise again, but they are still low compared to where they were at the top of the market. Rates are still historically low as well. For those who qualify, you may be able to get the 8k tax credit also. There is no better time than the present! Don’t sit on the sidelines and wait until the market is expensive again. It’s only going up from here!
What is HVCC? The Home Valuation Code of Conduct was brought to life by New York State Attorney General, Andrew Cuomo. Cuomo prosecuted Washington Mutual for influencing appraisal values through their appraisal management company (AMC) in order to fund more loans. Once that was accomplished, he bullied Fannie Mae and Freddie Mac to adopt what is now known as HVCC.
In theory, it is meant to protect consumers and keep fraud out of the appraisal/valuation process. Well, as with so many well intended programs, it is not helping. The consumers are hurt, the lenders are hurt, and appraisers are especially hurt. HVCC prohibits consumers, Realtors and even lenders from having direct contact with the appraiser. So how does one get an appraisal if one cannot make direct contact with the appraiser? Through an appraisal management company (AMC)! Yes, the same set up that Cuomo prosecuted WAMU over.
The effects of HVCC are devastating an entire industry. AMC’s are taking up to 40% of the appraisal fee; putting many good, experienced appraisers out of work or cutting their pay almost in half. Think about it this way: you just spent the last 20 years building a business. You have fought hard and worked hard to make a name for yourself. You are honest and trustworthy in your dealings with borrowers, lenders and Realtors. Now imagine that Uncle Sam steps in and tells you that you no longer have the ability to solicit business. Your name will be added to a list, if you are lucky, and if your number comes up and if you happen to answer the phone at that moment, then they will grace you with a transaction. You could equate this to standing in an old Soviet bread line and hoping that there will be some bread left when you get to the front of the line.
As a consumer, you no longer have a choice. It doesn’t matter that you would prefer to use the services of an appraiser that you trust to give you a fair and honest appraisal. You cannot choose an appraiser that has years of experience and knows and understands your community. No, sorry! So what if you get the completely inexperienced guy who just got his license last week. Does that really matter? Does it matter that your surgeon just graduated from Med School yesterday?
What if your loan needs to get transferred to a new lender? Most lenders are not allowing that appraisal to be transferred, resulting in you having to pay for a second appraisal fee. I could go on and on and on. I seriously do not know of one individual that has found anything good with HVCC.
It would seem that only a few blind politicians, which do not have a clue about our industry, are now running our industry. I equate that to me trying to fly a jet without ever taking a lesson. Maybe these politicians that keep coming up with insane ways to fix our industry stayed at a Holiday Inn Express for an evening, and now they think they can fix all of our woes! Mr. Cuomo, now that you have “fixed” the appraisal industry and have put thousands of honest, hard working folks out of business, please go find someone else to pick on. Only this time, try not to kill or severely wound an entire industry.
Please help us STOP HVCC. Go to www.hvccpetition.com. Thanks!
According to the S&P and the Denver Business Journal, Denver’s existing home prices have climbed a tenth of a percent in March! This is just one more bit of evidence that Denver is on the rebound. Again this goes along with other experts and what I have been saying for some time now.
What everyone misses in these articles is that Denver was in a decline before any other city. We hit our peak in 2001…in my opinion…even though the article states that we hit our peak in 2006. Maybe that was true for the luxury market, but not true for the regular folks. We were first in foreclosures before anyone else. So it only makes sense that we bouncing before most everyone else.
Although the market here in Denver Metro is doing better, the luxury market will lag behind. First time home buyers are bidding up! Luxury buyers are still bidding down. How long until it catches up? Who knows, but it feels good to see folks buying!
For all of your home needs, see www.5280fineliving.com . Setting the standard in luxury.
According to real estate expert, Barbara Corcoran, Denver is the #1 city in the nation to rebound from the house slump. Of course it shouldn’t take an expert to read the tea leaves. I have been saying for years that Denver / Colorado would be the first out of the slump. Really, if you know Denver well enough, it just makes sense. Denver (and all of Colorado) is an incredible place with great weather, a young population, every major sport, hip/trendy, fantastic dining and a wide variety of neighborhoods in the metro area for urban and suburban lifestyles.
This, of course, enforces what I have previously blogged about; that the market is brisk for homes at 250k and under. First time homebuyers are crawling out of the woodwork. Despite lending being a bit more difficult, there seems to be no shortage of buyers in that price range with money to put down. It’s the perfect recipe: great city, good job market, home prices are reasonable, interest rates are great. Add that all up and you get buyers. It’s actually quite basic.
Also, the luxury home market has been declining for some time now and prices are looking attractive. This segment of the market may take longer to rebound, but with prices falling on luxury, now is the time to jump in if you have been waiting. I have seen some luxury areas that have dropped home prices as much as 600-700k! Don’t wait. Take advantage of the low prices and rates and get the luxury you have always dreamed about!
One of this months “Top Shelf” winners in Wine Enthusiast magazine is Woodward Canyon’s 2006 Estate Red Wine. Since I am not good with describing good wine myself, I will quote directly from Wine Enthusiast Magazine: “…the best lots of Cabernet Franc, Petit Verdot, Cabernet Sauvignon and Merlot create this very limited-release wine. It is built to age, and reflects the tight and muscular style that Rick Small has developed over the years. There is a strong mineral/metal vein running through the black and blue fruits.”
5280 Fine Living is dedicated to bringing you all that is good in Denver and beyond. When only the finest will do! www.5280fineliving.com
If you are looking for a great restaurant this weekend, I recommend Bistro One. Located at 1294 S. Broadway, Denver 80210, just about 3 blocks South on Broadway from I-25. This place has a hip, cool atmosphere; perfect for a date or hanging with some friends. So far I have tried the Cheese Plate appetizer, which is awesome. For my entree, I have had the Cowboy Beef Rib-eye…twice! It was so good the first time, that I had to get it again the second time (me and a friend enjoyed it so much that we came very close to licking the plate clean…but we refrained). Check out their website at www.bistroonedenver.com
For more great restaurant ideas, see our Restaurant Guide and Taverns Guide at http://www.5280fineliving.com/food.html