Best September for home contracts

October 11, 2013 by John Marcotte

Best September for home contracts

YTD closings. Source: Gary Bauer, Metrolist.

You don’t have to tell Lydia Lin that last month was a record September for home sales activity in the Denver area.

Last month, she put about 10 homes under contract in as many days, despite being on vacation for five of those days.

“It’s crazy,” said Lin, owner of One Realty in Denver. “I’ve sold almost 50 homes this year, while in all of last year I sold 32.”

Reports by independent broker Gary Bauer and Metrolist showed 5,337 homes were placed under contract in September, the best September on record.

A total of 4,730 homes were closed, the third best September for closings. Closings reflect homes that were placed under contract in previous months.

Bauer said some Realtors he talked to, like Lin, had a fantastic September, while others saw a steeper than normal decline.

Indeed, while contracts were up 19.7 percent from a September 2012, they were down 16 percent from August, which also was a record, with 6,353 contracts being written.

Closings showed the same trend, falling by 16.1 percent from August, but rose 19.8 percent from August 2012.

Part of the drop was the normal seasonal decline, which likely will continue for the rest of the year, Bauer said.

Lydia Lin

“Right now, we’re still seeing a lot of activity in hyper-local neighborhoods like West Highland, LoHi, Berkeley, Sunnyside and other neighborhoods,” Bauer said. “What is happening in Berkeley is just amazing.”

Also, he and others said if the governmental shutdown continues, it also will hurt the market more than normal.

Lin said September started out slow, but picked up in the middle of the month when mortgage rates fell.

“It seems like the last couple of weeks, things are just going kind of gangbusters,” she said.

Falling rates have been key, said Peter Niederman, CEO of Kentwood Real Estate. Read full article here

John Marcotte

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Flooding taking toll on tight market

September 22, 2013 by John Marcotte

Flooding taking toll on tight market

This photo is making the rounds on Facebook and elsewhere on the Web.

The torrential rains that damaged or destroyed close to 20,000 homes will have a profound impact on the Front Range housing and rental markets. Floods can wreak havoc on your home, necessitating urgent attention and expertise in water damage remediation services. Water damage restoration services, such as DrierHomes logo, play a crucial role in restoring the damages caused by floods.

“No. 1, this is not just going to effect our market for the next few weeks or a month, but this will have an impact for six months or a year from now,” said Chris Mygatt, president of Coldwell BankerResidential Brokerage in Colorado.

Some people, after dealing with their home insurance companies and the government, will decide to rebuild.

“We don’t have a handle yet on how many people will want to remain a homeowner at that location; that is something we still need to quantify,” he said.

Some may want to remain homeowners, but not at their current locations, he said.

“Existing homes available along the Front Range will become more available, because there will be fewer homes,” he added.

Rebuilding won’t be easy.

Even before the flooding, new home builders already were struggling to find construction workers.

“Now, homebuilders and people who lost their homes will be competing with each other for workers,” Mygatt said. “That is going to mean a lot of new construction jobs available, which will be good for the economy.

“That is maybe one silver lining to this terrible tragedy.”

Also, almost everyone displaced will need some kind of short-term to long-term housing, even if they plan to move back to their exiting home. One woman in Lyons, who was evacuated, for example, said she may not be able to return to her home for a year, even though it escaped any major damage.

“That is going to put a lot of pressure on an already tight apartment rentalmarket,” Mygatt said. InsiderRealEstateNews.com

John Marcotte

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What’s Your Favorite Color? Monty Python – This Saturday!

August 22, 2013 by John Marcotte

What’s Your Favorite Color? Monty Python – This Saturday!

It’s the moment you’ve been waiting for.

If you thought Rocky Horror Picture Show was good, this is (inarguably) better.

Bring your quips and quotables, song lyrics and cardboard swords. Oh — and don’t forget the shrubbery.

That’s right. This Saturday at Boulder Outdoor Cinema, it’s time for Monty Python’s The Holy Grail.

How long has it been since funny has been this clean yet this memorable? The Monty Python legacy stretches from generation to generation, finding audiences who are ageless and ready for smart laughs. There’s nothing better than hearing an 11-year-old kid spout lines from the Black Knight (or k-niggit, as the movie would say) or catching a conversation where two folks are regaling the exploits of the African Swallow. It’s nearly impossible to believe that this movie was released in 1975 (!) and remains a favorite.

Here’s my advice for this weekend’s show: arrive early. Get comfortable. Bring the kids and show them a film worth remembering. Hannah Montana’s got nothing on this flick.

By Erika Napoletano

John Marcotte

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Historic Boulder

July 18, 2013 by John Marcotte

Historic Boulder

It’s true that Boulder is on the cutting edge of scientific research. And you can bet the University of Colorado’s students and grads have their sights set on the future. But reminders of historic Boulder – from downtown’s lovely brick facades to crumbling cemeteries with surprising bits of history – whisper tales of a distant and fascinating past, inviting you to take a peek back into the events that made Boulder the place it is today.

Day One

Start your day exploring the Colorado Chautauqua District, an area that is a favorite of weekend revelers for its hiking trails winding up into the iconic Flatirons. The adjacent grounds of Chautauqua Park were actually developed in 1898 as a place for cultural and educational summer retreats. Today, Chautauqua continues to offer workshops, lectures, live music and plenty of hiking. Visit the Chautauqua Ranger Cottage for suggested hikes or a great spot to photograph the majestic Flatirons. After your hike, relax on the patio of the historic Chautauqua Dining Hall for lunch. And if you’re visiting during summer, be sure to take in a concert at the acoustically delightful Chautauqua Auditorium, a favorite stopping place for musicians such as Shawn Colvin and the Indigo Girls.

Check into the Hotel Boulderado for a unique stay at Boulder’s oldest hotel. The hotel’s name is a combination of the words “Boulder” and “Colorado,” reportedly coined so that no guest would forget where they had stayed. Built in 1909, the Hotel Boulderado has become a National Registered Landmark and is a member of the National Trust’s Historic Hotels of America. A magnificent stained-glass ceiling nooks filled with Victorian furniture and dark, oiled woodwork throughout reveal the hotels early roots.

After check-in, spend the evening exploring Pearl Street Mall [possible to link to in historic downtown Boulder. Stroll along the popular pedestrian mall, lined with the city’s acclaimed restaurants, bookstores, boutiques and sidewalk cafes. Take note of the informational plaques along the mall, which highlight the area’s history and show photographs of what Pearl Street looked like centuries ago.

Day Two

Start your day with a tour of Boulder’s historic neighborhoods. This self-guided tour explores six different historic neighborhoods, all within walking distance of the Hotel Boulderado. Free guides are available at the Boulder Visitor’s Center, located one block south of the hotel at the corner of 13th and Pearl Street.

Banjo Billy’s Bus Tour is another way to discover Boulder’s historic districts and is a one-of-a-kind experience in itself. Hear ghost tales, crime stories and accounts of Boulder’s colorful past while sitting on a couch, recliner or saddle.

In the afternoon, visit the Boulder History Museum located in the Harbeck-Bergheim House in The Hill neighborhood. The museum features topical exhibitions and artifacts from its collection of over 35,000 historic objects donated by Boulder-area families over the past 60 years. In addition, the museum offers kids ages 4-10 a fun, interactive experience in the Discovery Room. The room includes a 19th-century schoolroom where children can dress up in clothing and complete schoolwork just like children 100 years ago.

Consider a twilight tour of Columbia Cemetery to end today’s explorations of historic Boulder. Located on Ninth Street between College and Pleasant streets, Boulder’s first permanent cemetery dates back to 1870 and contains the graves of prominent Boulder pioneers and notable figures such as Mary Rippon, the University of Colorado’s first female faculty member and one of the first women professors in western America. Take some time to simply walk among the granite and sandstone gravestones in the shadow of the Flatirons, and read fascinating gravestones commemorating those who died in mining accidents or of more unusual means, such as “a broken heart.”

Day Three

Start today’s tour by traveling up Boulder Canyon (Highway 119) to the town of Nederland. While in Nederland, visit one of the many historic sites including the Gillaspie House Museum, Nederland Mining Museum, Bucyrus Steam Shovel and Nederland Town Hall.

Continue your journey on Highway 72 (Peak to Peak Highway) to Estes Park (about an hour-long scenic drive). While in Estes Park, visit the grand old Stanley Hotel, made famous in part by the movie “The Shining,” and take a ghost tour. The charming town of Estes Park offers plenty of shopping and dining options for lunch. You may even see elk wandering through town!

Estes Park is located at the entrance of Rocky Mountain National Park. You may want to spend some time driving or hiking around the park to view wildlife such as elk, mountain sheep and many smaller high altitude critters. As evening nears take a leisurely drive back to Boulder on Highway 36. For a night out on the town visit the historic Boulder Theater, a favorite Boulder landmark whose oft-photographed art deco exterior dates back to 1936.

Read Entire Article here: Historic Boulder

John Marcotte

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July Economic Snapshot

July 10, 2013 by John Marcotte

July Economic Snapshot

A look at the current real estate market; provided by RE/ MAX ALLIANCE

July/2013

Over the course of the past eighteen months the Boulder Valley real estate market can be characterized as one of demand exceeding supply. Spawned by low mortgage interest rates and improved economic conditions, the Boulder Valley real estate market has flourished. The direct result of that is an increase in home values. All geographic segments of the marketplace have benefitted, with the core area of Boulder and those outlying areas closest to Boulder showing the most improvement.

Below is a brief overview of the housing market in our area by locale for single family homes from IRES (the Northern Colorado MLS).

2012 (Thru June) 2013 (Thru June)

Area Average Sales Price Average Sales Price % Change

Boulder $666,232 $749,116 +12.44%

Superior $410,166 $469,584 +14.48%

Louisville $421,352 $504,165 +19.65%

Lafayette $399,302 $423,943 +6.17%

Longmont $255,818 $280,923 +9.81%

Suburban Plains $546,327 $571,726 +4.64%

Suburban Mountains $394,289 $427,505 +8.42%

Broomfield $357,499 $391,432 +9.49%

======= ======= =======

Average … $442,418 $476,568 +7.71%

As the economy has shown signs of stabilization, home mortgage interest rates have trended up slightly over the past sixty days. The traditional thirty-year fixed rate loan that could be had for under 4%, now resides closer to 4.5%. All indications are that mortgage rates will continue to hover around that mark for the foreseeable future.

Sales activity for single family homes and attached units across Boulder County continues to outpace 2012 numbers through June of each year. Single family home sales are up 6.43%; attached unit sales are up 15.23%; and the cumulative market is up 8.71%. The Absorption Rate for single family homes across Boulder County is at 144 days through June/2013. That number was 182 days in June/2012. The inventory level of available single family homes in Boulder County crept up 5.20% in June/2013 vs. May/2013 (1,355 vs. 1,288).

Faced with the dog days of summer, the Boulder Valley real estate market is experiencing continued improvement in sales activity over 2012, an increase in home values, an upturn in home mortgage interest rates, and fewer days on the market. With the possible exception of the somewhat higher mortgage interest rates, the Boulder Valley real estate market is healthy. Look for another upward push in sales activity before we drift into fall, when buyers and sellers typically begin the process of settling in for the start of the school year and the holiday season. This year may be a little different with continued pent up demand potentially fostering a more dynamic fall selling season.

John Marcotte

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Boulder Hiking Trails: the Paths Less Traveled

June 25, 2013 by John Marcotte

Boulder Hiking Trails: the Paths Less Traveled

When the sun is shining, there is a warm breeze in the air and the masses of people on the Chautauqua, Sanitas and Boulder Creek hiking trails look like they are being herded – keep driving. Keep driving to some off the beaten path destinations that Boulder and the surrounding area has to offer.

There’s plenty to be found in the area — Boulder hiking trails are a-plenty. Here’s the scoop on a few that might not be on your radar.

Walker Ranch

Head West on Baseline Road past Chautauqua and follow the windy, steep street to the summit of Flagstaff Mountain. Walker Ranch is a few miles after you start descending on the right-hand side of the road.

Previously one of the largest cattle ranches in the region – Walker Ranch has over 3,500 acres filled with wildlife, various landscapes and a rich history told through plaques scattered along the trails.

For a nice stroll and perhaps with a picnic basket in tow – jump on The Meyers Homestead Trail – a moderate 5-mile trail along an old roadbed with grassy meadows, Aspen groves, springtime wildflowers, views of the Continental Divide and not so many travelers.

For more challenging terrain in the Boulder area, take the Walker Ranch Loop Trail – a 7.6 mile journey up, down and around the open space area with fabulous views of the snow-capped Rocky Mountains and of interesting rock formations.

Dream Canyon

A wonderfully tranquil trail winds through Dream Canyon – hugging a cliff wall on one side and Boulder Creek on the other (if the water is too high the path can get washed out sending you scrambling on rocks for higher, dryer ground). The sound of nothing but rushing water, big rock walls sheltering you on both sides and the smell of pine in the air makes you feel like you are far away from civilization, though Boulder proper is only a few miles away.

To get to this utopia drive West on Canyon Boulevard making a right on Sugar Loaf Road. After three miles take a left on Lost Angel Road and continue straight for one mile until there is a fork in the road, head left. The dirt parking lot will be within another half-mile. Several trails from this parking lot lead to the base of Upper Dream Canyon. The most defined trail starts about 100 feet past the parking lot – right before a private property sign on the left hand side of the road.

Other less traveled Boulder hiking options

The DeLonde Homestead Trail and the Bluebird Loop – both moderate hikes located in Caribou Ranch. This property is closed until June 30th to protect animals in the area.

Heil Valley Ranch and Hall Ranch also have many less-traveled trails zig-zagging through them.

Happy, peaceful, trails to you! By Katie Drucker

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John Marcotte

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Things to Do in Boulder

April 26, 2013 by John Marcotte

Things to Do in Boulder
Located 35 minutes northwest of Denver, Boulder is a captivating community enriched with natural beauty, hip urban culture and a vibrant love of the outdoors. Visit Boulder and experience its distinctive lifestyle overflowing with world-class restaurants, inspired shopping and art, and unbeatable people watching.

SHOP

The Pearl Street Mall is a four-block-long pedestrian area in historic downtown Boulder. It is the heart and soul of Boulder and where 85% of stores are independently owned. Spend time ducking in out of art galleries and independently owned shops and stroll along sidewalk cafes. Pearl Street Mall is also the place to watch Boulder’s street performers. The new Twenty Ninth Street retail district is full of the best national retailers and The Hill is the place to shop alongside college students.

EAT

Boulder’s restaurants and chefs have been highlighted in Bon Appetit, Wine Spectator, Gourmet, Food and Wine, the New York Times, USA Today, on Top Chef and at the James Beard House. Boulder might feel like a small town, but its sophisticated lifestyle demands a rich dining diversity that rivals any major metropolitan area. Many of our restaurants embrace the idea of local, seasonal, artisanal cooking. The Farm-to-Table movement is strong.

SEE GREEN

Boulder has what it takes to make a town green – a strong recycling program, green hotels, organic restaurants, a network of trails and fresh thinking. You’ll probably notice alternative energies – you’ll see cars that are fueled with bio-diesel and shops along the Pearl Street Mall are wind powered and its Wi-Fi is solar powered. Also, many climate change scientists work in Boulder – 40 of them were members of Former Vice President Al Gore’s team that won the Nobel Prize on climate change in 2007.

BIKE, HIKE, ALONG THE CREEK

Renting a bike is a fun way to see the town and experience Boulder as a local. Bike shops rent cruiser bikes or the fastest racing bikes for an hour or a day. There are easy trails for picnics and strolls along Boulder Creek or hard core trails if you’re looking for something tougher.

BE INSPIRED

While Boulder is known to be one of America’s most enthusiastically outdoor-recreation-focused communities, our arts scene is vigorous and diverse. At the Colorado Shakespeare Festival you can sit under the stars and watch a play. The Colorado Music Festival performs in a hundred-year-old wooden auditorium and the acoustics are still perfect. Downtown is full of galleries and free outdoor concerts. Boulder is consistently named as one of the best art towns in the country.

Courtesy of www.bouldercoloradousa.com

John Marcotte

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Short Sale Secrets Most Realtors (and Banks) Will Never Tell You

April 16, 2013 by John Marcotte

Short Sale Secrets Most Realtors (and Banks) Will Never Tell You

Short sales have become a recurring theme in my recent posts, but for good reason. Almost half of the homes for sale in the Denver Metro MLS are distressed, meaning a foreclosure or a short sale.

For Buyers

1. The List Price is Arbitrary –The list price on a new short sale is almost always based on the listing agent’s best guess at what will (1) attract an offer and (2) the bank will approve. When you see that new listing or price reduction with a price that is so low you think it’s a typo, it doesn’t mean the bank will actually approve it for that price. Often, this is done to get an offer FAST.

2. Not All Offers Get Submitted (or even presented to the seller) – You have heard of the term “gatekeeper”? Well, the Listing Agent is the gatekeeper in a short sale. Yes, legally the agent must present all offers to the seller, but not all agents do. It’s not right (and is even illegal), but some agents wait until they find their own buyer to double end the deal and then have their owner/seller accept that offer. Shady? Yes. Does it happen? Unfortunately yes. Make sure your buyer agent is barking up the right tree to confirm your offer is presented. However, at the end of the day, if the gatekeeper doesn’t want to go with your offer, it’s just not gonna happen.

3. Cash Is King – As noted above, in Colorado, the listing agent and the seller determine which offer to accept and send to the bank for short sale approval. Many times a lower cash offer will be accepted in favor or a higher financed offer. Why? Because there is a lessor chance of the deal falling out. If the seller and agent believe the offer is still within range that the bank will accept, they would prefer to go through all the hoops only once with one offer instead of a 3 month ordeal to get an offer approved, and then the buyer can’t qualify for a loan and they start all over.

For Sellers

1. The Owner Is Still The Boss (not the bank) – When an offer comes in, YOU DON”T HAVE TO ACCEPT IT! You can treat it like a normal sale and reject it, counter it, or accept it. Often, when I receive an offer on one of my short sale listings, we counter it. We take out inclusions like refrigerator, washer & dryer, etc. We move up dates for inspection, appraisal, closing, etc. Everything is still negotiable just like a normal sale and only once you and the buyer have accepted/signed a final contract or counter does it become a binding contract and get submitted to your mortgage holder for approval. The banks are notorious for playing hardball, but you Mr & Mrs Seller still have control in what offer, terms, inclusions, etc that you will accept.

2. It’s Based on Hardship, Not Being Underwater – When a bank reviews the offer submitted above and determines if they will approve it/counter it/etc….they are really looking at the seller’s financial hardship. They want to know with certainty that the seller does not have other alternatives based on their financial situation. Just because someone is under water and owes more than it will sell for is not the main reason a bank will approve a short sale. It is based on a valid hardship as to why a short sale is necessary for the owner.

3. Your Debt Isn’t Always Forgiven – It pains me to write this one, but not all short sales forgive the amount owed. If you owe $300k and the bank gets $250k from the sale, many people assume that the bank will write off that $50k as bad debt. Well, nowadays banks are sometimes asking for the seller to bring a % of that to closing. Some are also asking the seller to sign a promissory note for the % of that deficiency and make monthly payments after closing. Does it happen a lot? No. But it does happen sometimes, and often on a non-owner occupied short sale (investment property). These terms are not known until the short sale has been reviewed and approved by the bank. They will send an approval letter outlining the terms. If you (the seller) don’t like the terms, YES you can negotiate to get more favorable terms…and NO…you don’t have to go through with the sale if you can’t get terms that you like.

4. It’s Not Always Best To Accept The Highest Offer – Sounds silly but here’s why (from a real life example I had) We received an offer on a short sale listing, accepted it, and sent it to the bank for short sale approval. We received approval on it, but at the same time, received two other offers that were both higher than the first. We then called for a “highest and best” from all offers, meaning they all give us their best and final offer and we would determine which we would go with. One of the subsequent offers gave us a highest and best higher than the first was willing to increase to. We kicked out the first offer and submitted this new higher offer to the bank. The bank now approved that higher price. Life is good right? Wrong. We told the winning offer they are approved and those buyers got impatient and bought another home. Neither of the other offers were willing to increase their offer to the new approved price so I told the bank we need to re-issue the approval on the lower priced offer we initially had. Guess what they said? NO!

Why did this happen. Once the bank sees an offer price, they feel that is what the home is worth. If that high offer price falls out and no other buyer will pay that much, you are stuck because the bank thinks the home is worth the higher price and won’t approve a lower price until MONTHS go by and the home fails to sell at the higher price they want.

What’s the moral to this one….I may get in trouble for saying this….but sending in the highest offer is not always the best strategy for a seller. Many buyers on short sales get impatient and often the first buyers walk away before you have approval. So, the offer you submit should be at a price that, if approved, you are confident another buyer will be willing to pay too.

5. Submitting More Offers To The Bank is Not Better – There are several reasons for this. First, See#4 above. Second, the bank then feels it’s a highly competitive property and they negotiate harder with both the buyer AND seller on terms of the short sale. Third, you want the bank to focus on one offer and take it from start to finish with approval. Every time a new offer is submitted to the bank they start the 60-90 day process over and these are the stories you hear about short sales taking a year or longer for approval.

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John Marcotte

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