Colorado Mountain Real Estate | Luxury Home Sales Surge

The country may still be reeling from the over stated sub prime mortgage blues but in the Colorado high end luxury real estate market we are enjoying a boom that is really selling high end homes in the Mountains.

More specifically Eagle County Colorado, which is home to two of my favorite ski resorts Vail and Beaver Creek has seen record sales in 2007 and there are no signs it will slow down in 2008. Over all residential and commercial sales almost hit the $3 billion dollar mark in 2007, which surpassed the previous record set in 2005 of $2.8 billion in sales. This represents a 7 percent increase year over year from 2006 to 2007.

According to our experts at Legacy Real Estate Brokers, Inc., the end specialty market continues to lead the way as far as
Colorado real estate sales are concerned. We have seen as much as a 40 percent increase in sales of properties between $3 million to $5 million. This tells us there is still plenty of international money flowing into Colorado to purchase these trophy mountain homes. We are actively pursuing many very attractive projects we would like to share with our clients, visit www.discovercoloradorealestate.com to learn more about these real estate opportunities.

With several projects underway like the new Arabelle at Vail Square near the base of the Vail ski resort gondola showing continued increases in the price per square foot rising over the last two years. The continued push to build and sell high-end homes has increased and is part of Vail’s ongoing redevelopment surge, which continues to drive the high-end real estate market in these mountain towns.

There are over 70 million baby boomers who have ignored many issues in this market and continue to purchase ski in ski out luxury homes in Vail, Aspen and Telluride which are all prime real estate and ski destination locations. These people can afford the high end product and are looking for lifestyle choices without a lot of concern for price. At the same time with this market heating up they are also enjoying the appreciation of their investment as well, which makes it even more attractive as a real estate investment.

Other areas of the country may still be hesitating when it comes to buying or selling real estate but one market, the high end resort home market is experiencing an overwhelming growth unprecedented in this global market slow down. This niche market could prove to be some of the best opportunities anywhere in the country and make now a great time to discover the advantages and opportunities available in the Colorado mountain real estate market.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.

Denver Real Estate | Record Number of Foreclosures

Denver’s number of homes in foreclosure is about 3.65, which could mean breaking a record set back in 1988. Approximately 3.6% of the homes in the seven counties of Denver are in foreclosure compared to 3.8% in 1988. On the positive side our experts at Legacy Real Estate Brokers Inc. feel this along with exceptional mortgage interest rates has made right now a great time for a first time home buyer, investor or just anyone looking for an equity opportunity at these foreclosure levels.

Not surprising is that Adams County leads the area in number of foreclosed properties at about 5.9 % topping their previous record of 4.1 % in 1988. In most cases homeowners were forced to surrender their properties to the banks because they were unable to pay exorbitant payments due to inappropriate adjustable rate mortgage changes.

Property repossession by the banks and other financial institutions rose 90% from the same period just last year. Total overall foreclosure filings, which include default and auction, notices as well as bank seizures increased by almost 60% from the same period last year. In the past many homes became close to going through foreclosure process but managed to avoid total repossession. At this time many more homes are going through the whole process and becoming bank owned foreclosures. More then 233,000 properties went through the foreclosure process last month alone.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.

Northeast Metro Denver Real Estate | REUNION

In the northeast Denver real estate market there is a community some call a hometown called Reunion. This community offers tons of attributes like award-winning rec centers, over 8 acres of lakes, athletic fields and trails. Reunion really feels like a hometown neighborhood you can enjoy by taking long walks around the lake or playing basketball at the rec center it offers many advantages in the northeast Denver Metro real estate market.

The homes are built in the highest quality by some of the areas best known home builders like Berkeley, Brookline, Richmond and Shea to name a few of the best. Shea has a new collection called the Wildgrass collection encore Series. These homes are affordable starting at the mid 200’s and have packages, which a Legacy Real Estate Brokers would like to show you today. Come join the many who have already discovered this real estate gem in our northeast Denver Metro marketplace.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.

Denver Commercial Real Estate|Estates at Mira Vista Acquired for $30.15 million

A well-known national buyer acquired its first metro Denver commercial property with its purchase of The Estates at Mira Vista this past week.

Summit Management based in Ohio paid $30.15 million, or $125,625 per unit, for the 240-unit luxury community located at 10000 E. Alameda Ave. in Denver.

According to our research there was lots of interest in this property from both institutional and private equity buyers and a private equity buyer won the bidding war on this property. This is a significant purchase in the current Denver commercial real estate environment.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.

Denver Real Estate For Sale | Market Turnaround

According to local and national experts if we can change the doom and gloom attitude of the general consumer the facts will soon show a turnaround is eminent for the Colorado and more specifically Denver Metropolitan real estate market.

The most recent insight comes from Lawrence Yun, chief economist and Senior Vice President of real estate for the National Association of Realtors (NAR). Yun who recently presented data to the Jefferson County Association of Realtors said that real estate markets tend to be localized and the negative national situation does not represent what is currently an optimistic forecast for the Denver Metropolitan region. Mr. Yun noted that unemployment is lower in Denver and job creation is also becoming stronger.

Price increases seen elsewhere in the US where not as prevalent in the local Denver real estate market, according to Mr. Yun in his recent presentation to the real estate association. It takes a lot less money to purchase a home in Denver then in cities like San Diego or Miami.

A lot of the gloomy attitude stems from the huge quantity of attention the media placed on the collapse of the sub prime lending mortgage market. Wall street made a lot of money during this period and made some mistakes, those should not be translated to the currently much stronger buyer’s market we are currently experiencing. Accordingly it is expected that the Denver Metropolitan real estate market will see a 4 to 5 percent increase while other parts of the nation will experience a much flatter market over the next year. Mr. Yun also predicts that home prices in Denver will increase as much as 5 to 7 percent on average in 2009.

In summarizing Mr.Yun said that if there is a recession this year Denver should weather it much better than the country as a whole. In addition mortgage rates should be become better and this will also help the turnaround in the Denver real estate market he expects results in the very near future.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in
Denver Colorado. You can visit there website at www.discovercoloradorealestate.com

 

Colorado Real Estate For Sale | Is your Contractor doing their Job?

Hiring a contractor is often a difficult decision and the most important question you expect to be answered along the way is: Is your contractor doing their designated job correctly? Your expectations when employing a contractor maybe too high but as a home owner you expect that he or she will do the best job possible. When it comes down to it, you need to make sure that you are paying a contractor that is capable of doing what you ask. After all, if they are not able to complete your job, there is no chance that you are going to be happy about the end result. This is why it is so important for you to make sure that you research and screen several contractors before choosing the one that you are going to hire. As someone who recently hired a fantastic contractor to do a massive home remodeling project I can offer some insight from a personal perspective. Interview as many contractors’ as you like and ask to speak with previous clients who they have recently worked for to see current projects that are similar to what your future project will look like. Go to a current job site and see what type of management style they have and how well their team works together with the project manager and architect. Take pictures of their current projects and if time permits go back and see if they are on schedule as agreed upon with the current homeowner 

How do you know if your contractor is doing the job right? This can be a difficult question to answer for a number of different reasons. Simply put, the best way to determine this is to look at what you asked for, and then watch the contractor as the proceed to work on the job. If they are doing things as outlined in your contract, it is safe to say that they are doing the job right. On the other side of things, if you are beginning to see some problems, ask to have a meeting with your project team including your contractor so you stay on top of any possible issues and continue on the right path together.

Of course, there may be a very good reason that it appears that your contractor is off track. And although you may think that you know what is going on, until you ask, you may not be right. It is very important to understand where your contractor is coming from and learn his plan specifically before you accuse him of any wrongdoing. It could be a simple problem then when explained will be better understood by you. As you probably know, each and every contractor has their own way of doing things. And even if you do not agree with it, you need to respect their work schedule. The main thing that you should be concerned with is how the job is going to turn out in the end.

As discussed earlier if you suspect contractor is not doing the bext job possible you need to schedule an appointment to sit down and discuss the current issues and get everyone back on track. Again, you may find out that they are more on track than you believe.  

In most cases, if your contractor has all the details of your project, they will not have any problems doing things right. But of course, as the buyer you want to make sure that you are watching the progression of the project. I personally have developed a strong relationship with my contractor and we meet at least once a week to discuss our progress and often talk daily to make sure we are continually following the same vision. If you follow these steps outlined above we know you will be able to keep a close eye on the progress your contractor is making and feel confident the ultimate job will be done correctly.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit there website at www.discovercoloradorealestate.com

 

Denver Colorado Real Estate For Sale | 24^th Street Townhomes 

We at Legacy Real Estate Brokers Inc. have found a hidden urban housing gem in the 24^th street townhomes project. This eleven-unit complex provides a modern feel for the most discriminating urban homebuyer. Each home will have a fireplace, private roof deck and balcony as well as two floors of living space above individual garages making these exceptional units to explore as either a second city home or investment property. Energy Star guidelines were used as well to help contribute to improved homeowner comfort and reduced air pollution, and are designed to be more energy efficient than Federal and State energy code standards require.The goal of the project was to design both the site and the individual unit layouts in order to make a design statement and distinguish this project from any other in the Denver Metropolitan townhome market.After many consultations with project architects, landscape architects and residential brokers they have produced an exceptional development program that we are excited to bring to the market and show to our urban upscale clientele.Most unit plans provide three floors of efficiently planned space, with open living areas on the second floor, and sizeable master and second bedroom suites on the top floor. Access to outdoor living areas are also featured prominently in the unit designs, with each home provided with a generous balcony off the living room and a large roof top deck from which to enjoy the striking Front Range views. As opposed to other city projects where outdoor space is at a minimum this project has made sure that the natural environment has been incorporated into the design of these very special units. There is professional landscaping and design for each unit making this an exciting and unique project to consider in the Denver Metro real estate market.

 Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit there website at www.discovercoloradorealestate.com

 

Colorado Real Estate | How is the current real estate market? 

If you look at Legacy Real Estates current market conditions in our local Colorado offices we would say the market looks excellent in terms of real estate transactions. We have experienced as much as a 25% increase in some sales numbers over last year.

Like any market stock or real estate there will be some fluctuation in certain areas of the market. Markets tend to move up and down depending on a lot of factors like the economy and interest rate figures. If you look at the numbers over a longer period of time you will see a consistent uptrend and we think that will continue over the next few quarters. Particularly if you are on the buy side of the market right now that is where the values can be found. Have the markets gone down for a while in the recent past the answer is yes but we feel that a correction is always a natural progression of any cyclical market cycle.

Let’s address another area, which seems to have been in the spotlight recently, which is subprime mortgage lending and foreclosures. Generally, subprime mortgages are for borrowers with credit scores under 620. Credit scores range from about 300 to about 900, with most consumers landing in the 600s and 700s. Someone who is habitually late in paying bills, and especially someone who falls behind on debts by 30 or 60 or 90 days or more, will suffer from a plummeting credit score. If it falls below 620, that consumer is in subprime territory. Subprime loans have higher rates than equivalent prime loans. Lenders consider many factors in a process called risk-based pricing when they come up with mortgage rates and terms. This makes it impossible to generalize about subprime rates. They are higher, but how much higher depends on factors such as credit score, size of down payment, and what types of delinquencies the borrower has in the recent past. The point here is yes homes which started with subprime lending products are in some cases heading towards foreclosure and becoming in some cases bank owned properties but if we look at the numbers they are small compared to the overall wealth of the nation and our state as a whole.

With help from the federal reserve, who keeps a close eye on these numbers we should be able to stay the course and see some positive signs soon in our real estate market numbers. The other point to keep in mind is real estate markets are not national they are local and center on neighborhoods. Some areas are decreasing in value; some stay even and others are showing good increases in numbers.

The media likes to portray drastic changes in numbers and create some hysteria in the real estate markets. Some of our older more seasoned brokers remember times in the 70’s and 80’s when interest rates soared to unbelievable numbers as high as 18-19%. Foreclosures were sky high and homes prices took a big hit and the economy was in the dumps. However those same brokers will tell you that markets shift and they saw increased home prices and better market conditions soon after these periods. By falling victim to the hype and media generated news you too will fall prey to the doomsayers of today’s real estate market. We at Legacy Real Estate Brokers Inc. feel that if we stay the course markets will gradually turn upward and we will have a myriad of real estate opportunities in the coming months and years ahead.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit there website at www.discovercoloradorealestate.com

Denver Real Estate For Sale | Pleasant Hill

Exposition, Mississippi, South Steele and University are the streets that have hemmed in Bonnie Brae, the name of the neighborhood that means “Pleasant Hill” in Gaelic, since the 1920s. Among its curvy streets, reminiscent of the Scottish villages that inspired them, is circular central park, and an atmosphere as charming as its real estate. Born in the roaring ’20s, Bonnie Brae enjoyed an initial growth spurt, followed by some stunted growth until the mid-’30s, when the development of Ellipse Park gave home builders and buyers their second wind. The neighborhood is a living, 3-D hieroglyphic of Denver’s own coming of age story, with some of the most interesting architecture in the city, including some well-known examples of International and Art Modern styles, as well as Cape Cod, English Tudor, and ranch-style homes.Today, Bonnie Brae is an old neighborhood with new blood. The Bonnie Brae Tavern on South University, open since 1934, is just a brisk walk from a sushi bar. One of my favorite Italian restaurants is the Saucy Noodle Ristorante, The median age in Bonnie Brae is 37, making for a comfortable social scene for just about everyone. If you’re a college student you would feel right at home at the Campus Lounge.But if Bonnie Brae is one of the most sought-after neighborhoods in Denver for what’s in it, what’s around it seals the deal. What’s around it? Just about everything. The Cherry Creek Mall and Washington Park are just a quick drive or bike ride away, as is the Denver Country Club and the amenities that scale the distance between parks and recreation and fine dining. The median home price in Bonnie Brae is in the mid- to upper-700s, a steal compared to sister neighborhoods Country Club and Polo Club. Its proximity to Colorado Boulevard makes reaching I-25 a breeze–without the fishbowl effect that too often accompanies neighborhoods with lickety-split access to major highways. And get a load of the views.

Colorado Real Estate | Three Ways to Stop Foreclosure on your Home

With record numbers of foreclosures across the country many home owners are finding themselves in the horrible position of losing their homes due to lack of payment on their mortgage for a variety of reasons. One of the most common reasons is being placed in the wrong type of loan like an ARM (Adjustable Rate Mortgage) and finding when interest rates changed so did their monthly mortgage payment.  

They either took out a mortgage that was too big, got mixed up with the wrong type of loan, or are simply out of money due to a job loss through layoff’s or other unfortunate reasons.  Once a homeowner misses as little as one payment their loan company often turns up the heat on receiving their payments and they quickly get sucked into the foreclosure process. Although this is a scary experience if you are faced with it, there are some ways that you can get around it if you try hard enough. This is not to say that your lender is going to let you slide time and time again, but there are some things that you can do in order to stop foreclosure. As a real estate professional one of the most disconcerting things to see is have one of our clients buy their dream home only to see their investment possibly lost due to their inability to make their mortgage payments. 

At Legacy Real Estate Brokers Inc. we have compiled a list of suggestions listed below which can help you rescue your important investment and save you from the brink of foreclosing on your property. These are not guaranteed to work for you and your situation, but they are at least worth trying out before your loan officer or bank representative comes knocking. 

1. One of the best ways to stop foreclosure is to make sure that you are never faced with this situation. In other words, make sure that you have all of your finances in order before you move forward with buying a home. The main reason that people get stuck with a foreclosure process is that they did not research their purchase. In essence be a smart well-prepared homebuyer and make sure you have at least several months of mortgage payments available in case of emergency. Have assets likes stocks, bonds or mutual funds earmarked for liquidation if you need to access extra finances in case you lose your job. Speak with you accountant and or investment advisor to have funds available for a rainy day. 

2. You may be able to stop foreclosure by getting in contact with your lender as soon as your first missed payment pops up. As you can imagine, lenders do not look into foreclosure just because you missed one payment. But with that being said, they will want their money, and if you ignore them foreclosure is on the way. It is important that you communicate with your lender if you are worried about foreclosure. This way, they can help to work out a deal with you. Like any business transaction you want to be up front and honest with your lender and understand from the beginning what your options are if you are faced with a foreclosure situation. 

3. If foreclosure is imminent, you may want to speak with your realtor and explore the options of selling your home to recover your initial investment and protect your financial future from credit or liability damages by attempting to sell your home before things get too bad. Selling during the pre- foreclosure process is a great idea for some people. This allows you to get some money out of your home, even if you only get enough to pay off a small portion of your loan. Remember, if a foreclosure takes place you are not going to have the chance to take advantage of these benefits. 

If you fear you may lose your job or find you are looking at financial troubles in the near future follow these tips and get in touch with your realtor and loan officer as soon as possible and you may be able to avoid the unfortunate experience of losing your most priced possession to the foreclosure process.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit there website at www.discovercoloradorealestate.com