Builders offer better value at Year End Sales!
Denver metro builders have done a very good job of gauging the need of the market. We are under stocked (as per the national average) for new home inventory.
Still there are new homes that are existing inventory homebuilders want to move by year-end. If a homebuyer were in the position to purchase by year-end, he could realize a nice savings by purchasing (and closing) by the end of December.
It’s best not to wait too long. Many builders want their inventory gone, but they cut off the “year-end” before the actual calendar year-end. The time frame differs with each builder, but if you don’t want to wait until Christmas and expect to close this year.
Your best bet is to grab your agent and find out what s/he knows about the various builders close out specials. If you don’t have an agent,
call The Berkshire Group, REALTORS 303-513-1436 or e-mail for the savings scoop!
Denver Real Estate Market Update - November 2004
Metro Denver Prices:
| Single Family Average Price:span | Nov. 2004 - $290,366 |
| (Detached Dwelling) | Oct. 2004 - $289,983 |
| Nov. 2003 - $283,517 | |
| Condo Average Price | Nov. 2004 - $182,676 |
| Oct. 2004 - $185,804 | |
| Nov. 2003 - $175,292 | |
| Combined Average Price | Nov. 2004 - $265,795 |
| Oct. 2004 - $265,834 | |
| Nov. 2003 - $258,532 |
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Percent of Sales Price Change:
Prepared byLarry D. McGee, CRS, CRBThe Berkshire Group, REALTORS |
Denver Realtor Offers Extra Services to Homebuyers
Statistics show that 78% of homebuyers start their Berkshire on the Internet. The availability of homes on the Internet and the ease of searching has been an exciting plus for many.
Now to add to the convenience, Kristal Kraft of The Denver Group, Realtors has added My Buying Buddy feature for her customers.MBB is an exciting new system that enables buyers to log into their own personal website. At this website, they can search the entire IDX database of the relocation MLS.
Not only can the consumer search freely the entire data base, they can also develop a specific search or a series of searches and have email alerts sent to them, without having to login to the system.
Once the customer has found their “hot neighborhood” they can set up a search, then relax, knowing they will be notified when a new property gets put on the market. No need to worry about “missing something” because someone forgot to search that day!
The system also works great for buyers relocating to the area. With a simple consultation over the phone, the buyer’s criteria can be determined then added to the system. As a home search specialist, Kristal can discuss the features and benefits of several neighborhoods in the area that will fit the homebuyers needs then input these criteria into My Buying Buddy. This personal touch with the local real estate broker, can help a buyer get focused on areas much quicker than searching on his own.
When the homebuyer finds a home of interest, all it takes is a “click” of a button to notify the broker for an appointment, or additional information delivered to your email box.
Not ready to purchase yet? No problem! As a buyer in the distant future, you will also find this service beneficial. Monitor the Denver real estate market, while you wait for your move. Remember, this is “your site” you can manage it as much or as little as you please.
Many future buyers like to watch the activity in an area. My Buying Buddy will send you updates on your favorite property; this means you “tag” a property and wait until it sells. Once it’s sold (and closed) ask Kristal what it sold for…that will give you a good idea of what to expect when your time comes to purchase a home in Denver!
The service is available on a “trial basis” to see if you like it. You are allowed to search without registering twice. After that you will need to register to use the system with all the features as described.
To try it out go to: Come2Denver
Optimism prevails in Denver Real Estate
November statistics are coming in looking better than they have in awhile. November saw the largest number of homes sold; 2,731 houses sold in 2004 vs. 2,074. The years to date numbers are ahead by 11.8% for properties sold in Denver metro market.
Average prices are above last year; Single Family (detached) this year are $289,891 vs. $278,190 for 2003. Condos rose more significantly to $180,701 this year to $174,657 last year.
Industry leaders have a variety of opinions as to why the market continues to rise. The continuing low interest rates are responsible for much of the activity. Another factor that seems to be playing a part are couples divorcing prefer to jump back into a home rather than rent. So what was one household now becomes two, doubling the score without increasing the population. Once again low interest rates factor! Many homeowners view the low interest rates as a great opportunity to move up or down size. In any event the Denver real estate market continues to drive the local economy.
Home ownership is a good club in which to be a member. Buy Sell Denver Homes
Denver Hospitality increases
Now that the "new" expanded Convention Center is almost finished the hospitality industry is announcing plans to increase the room supply in Downtown Denver by 35%.
The new 50 story tower that includes a Four Seasons Hotel and high-end condos was announced by Jeff Selby, the developer. As part of the Convention Center Complex a 1100-room Hyatt, currently under construction will open December 2005. Additionally, the more economic players the Hampton Inn and Residence Inn by Marriott have planned to develop new projects.
To keep up with the competition, most of the existing hotels have been under going renovations.
Downtown Denver continues to attract visitors from all over the world. We live at the base of the greatest playground on earth. No wonder people want to live here!
Denver RTD ~ Light Rail and property values
The Governor was against it. The Mayor was for it. The People spoke and 4A won! In the not soon enough future, Denver will be home to an increasing important network of tracks.
Currently, the Light Rail line runs from Santa Fe Dr through downtown to Five Points. When The People were debating it’s merits prior to being built a few years ago, the same naysayers were convinced the Light Rail would be a failure.
It won, and within days of opening it became very clear the only "failure" about the system was the lack of available parking. DUH.
So now, as part of T-rex the next generation of Light Rail is nearing completion. Along I-25 the parking structures are already built as are most of the stations. Observed along the line are clusters of new construction, apartment, loft and shopping complexes all patiently waiting to be "connected" to the city.
Do you suppose these homes will appreciate in value?
Commuting to work ~ keep it short!
Urban neighborhoods are booming in popularity; buyers want to lessen their commutes according to the 2004 American Community Survey sponsored by the NATIONAL ASSOCIATION OF REALTORS and Smart Growth America.
Neighborhood that hold their value
Third quarter 2004 statistic reports indicate the hottest resale areas in the Aurora metro market.
| ZIP codes | Location | Number Sold | Average price |
| 80015 | Broomfield/Centennial | 496 | $238,222 |
| 80013 | Aurora | 434 | $196,223 |
| 80134 | Commerce City | 391 | $305,782 |
| 80020 | Ken Caryl/Littleton | 337 | 283,517 |
| 80126 | Louisville | 285 | 330,437 |
| 80127 | Parker/Southwest Plaza | 280 | 308,239 |
| 80123 | Thornton | 267 | $274,423 |
| 80220 | East Denver (Hilltop/Crestmoor/Mayfair/South Park Hill) | 245 | $308,829 |
| 80229 | Denver/Welby/Highlands Ranch | 244 | $169,073 |
| 80219 | Southwest Denver | 239 | $164,833 |
Source: RE/MAX International
DAM
This past weekend we found our selves with some time on our hands, so we went to see how the new extension to the Denver Art Museum was coming along. As Larry turned the corner, I gasped, "Wow!" It really pleased me to see the progress and how amazing it looks!
Locals as well as art and architect fans around the world are watching the construction of this magnificent building. Designed by Dan Libeskind this one of kind building will become a significant landmark on Denver’s ever changing face.
| Photos taken November 14, 2004 | |
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New Urbanism in Denver
The ad said "we build neighborhoods with front porches, so neighbors can sit on the porch talk across the yard". My inner voice said, "hype! It’s just a marketing/sales speak to justify the extremely small lots with extremely large price stickers!
The buzzword is now "new urbanism". What is it? New communities being designed with the old time "town" feeling in mind. Home buyers are expressing an interest to be close to shops, schools, grocery, the doctor, dentist and public transportation. Cars are being parked and the baby buggies and bikes are coming out.
The composition of today’s families are not like the traditional "Ozzie and Harriet’s" of the ’50’s. But like Ozzie & Harriet, homeowners of today are looking for a connection and community.
Telecommuters don’t have to get dressed to "go to work". Their job can be done from anyplace that has a modem and electricity. Rush hours are optional and time clocks are foreign.
These trendy home buyers are looking to builders to provide an atmosphere of the best of the old, but with a new feel. Is it a fad? I don’t think so. Buyers are flocking to the new urbanism neighborhoods in droves.
For example, Lone Tree has two huge plots of ground given back to the city for development, the first one, Westminster, was once an old Air Force Base. Today, it is the most interesting collection of lofts, flats, single family homes, estate homes, duplexes, patio homes all combined new a totally new town center. The town is almost totally populated with restaurants, retail shops and a grocery store. The locals have taken to buying beach cruiser style bikes (from the local bike shop of course) and riding them through the neighborhood.
The largest tract of land was formally Lowry Airport. For years, millions of flights took off and landed here. Now, the only thing that reminds us of an airport’s existence is the flight tower; it’s an historic monument. The totally "green built" neighborhood is a delightful collection of a dozen different builders homes. All carefully chosen to provide high standards for the neighborhood.
Stapleton’s town is still being populated, but is very promising. In the summer on weekend’s you can visit the farmer’s market in the park. It’s all within walking distance of a very diverse neighborhood.
Other Urban Villages are popping up in the suburbs, along the Light Rail line (proposed and existing). Stapleton in Douglas County to the south of Denver has an aggressive city plan. Last year Sky Ridge Medical Center was completed, giving the County it’s first hospital. The area surrounding the hospital is now being developed with the New Urbanism in mind. Single Family homes in the upper price ranges will be blended with the brand new "Ultimate Super Target" store and many other shops.
Certain areas of the city that once were The Place to be, like Cinderella City (one of the country’s first indoor malls), Villa Italia and Denver Mall have became blighted over the years. Space was so dated it was hard to find a tenant to use it, so it was demolished. Now, risen in its place is a very cool urban area with polished new shops and high density housing all conveniently blended together.
The Denver Metro area is not afraid of change. Our city leaders, builders, planners and population welcome improvement and look for every opportunity to better the beautiful city we are fortunate enough to live in.
Hype? Perhaps, but I think Ozzie and Harriett would buy a home here.
This site brought to you by Kristal Kraft, a licensed Colorado Real Estate Broker
