FasTracks We Aren’t Done Yet…
Denver metro residents remember passing the FasTracks the rapid-transit buildout that will integrate buses and trains. Liz Rao, the new director says her biggest challenge will be to keep the whole project on time and under budget.
The time table for the project is 10 years. That seems like a mightly long time. We have the permission to get the money….why so long?
Go Liz, let’s pick up the pace. We want it all now! Pretty please?
Read the whole story the The Rocky Mountain News
Wall Street Journal Pumps Denver Real Estate Market
As previously reported here and now confirmed by the Wall Street Journal, Denver’s real estate market is in line for an up swing.
Driven by the strengthening energy, financial and professional-service sectors, employment is rising.
Area improvements, FasTracks is putting Denver on the public transportation map. The historic Denver Union Station is being renovated and looks forward to being a hub of transportation.
Commercial real estate is being soaked up. Rent concessions for apartments are going away, vacancy rates are dropping.
Denver continues to have a strong demand and low levels of new supply in the apartment conversion department.
Oddly enough the high level of foreclosures have driven the vacancy rate down. Investors are looking at Denver area foreclosures favorably. And why not…the Denver metro area is a place people WANT to live in.
For the whole Wall Street Journal Story…
Denver Real Estate & Relocation
Denver’s Airport Neighborhood
Blogging is a great way to speak what’s on my mind. There are tons of topics, but sometimes I wish there was a forum where I could speak to the readers questions. Each day I troll through my blogs to see how my blog is being called up via the search engines.
Today I noticed a search for "Brighton’s airport neighborhood". This search term came up on several different engines. I suspect the searcher was not finding what she/he was looking for. I will attempt to answer it.
Denver’s airport neighborhood could be 3 totally different answers;
- Denver’s old airport of over 10 years ago was located at the site of Commerce City. The airport was relocated to a new location and changed it’s name to Denver International Airport or DIA. On the former airport site is a brand new community called "Stapleton". This awesome neighborhood has housing to fit all price ranges. It’s a hot community to live it and is located about 12 minutes to downtown Denver.
- There is a new neighborhood being built near the new airport (DIA) it is called Reunion. The area is being developed by Shea homes and features new homes built by a variety of builders. The closest towns are Stapleton to the south and Denver to the north.
- There is a neighborhood called Lochbuie, located just north of Brighton over the county line in Weld County. This neighborhood was designed for flying enthusiasts who own their own airplanes. Homes have hangars and instead of the normal cul-de-sac you will find a runway.
So which of these answers fits the question? I don’t know, but I hope one works…if not drop me a line!
Kristal Kraft specializes in relocation to the Denver Metro Area.
Denver’s Blackmail boxes ~ we aim to serve!
Walking around the city, art can be found everywhere. Some I understand, others I scratch my head and chuckle.
These three black mail boxes each have a different saying on them.
"I told you never to call me here someone will find out"
"I have evidence of your secret life"
"I’ll send the negatives to the police if you don’t send money"
Scratching my head and laughing, humor is good. But what does this mean?
Ah I get it! Blackmail boxes.
Foot Bridge to Denver
The pedestrian bridge from Northwest Denver to Riverfront is currently under-construction over Interstate 25. Residents of the area on both sides of the walking bridge are excited for the convenience the bridge will bring to their neighborhoods. Crossing over at 16th Street connecting the Denver Highlands with a pedestrian path to the 16th Mall and the Free bus.
Our Denver Metro Area is Changing
In a few weeks, DTC Metro’s $1.7 billion TREX Light Rail line will open up. It’s a wonderful addition to our much needed public transportation system. The new light rail will service SE Denver Metro’s suburb communities all the way to Lone Tree.
Along the Light Rail line, many new urban villages have popped up. As Realtors we have been busy learning about each new area and what it has to offer. We are also working on remembering where the Light Rail stations and parking are located. Having this knowledge readily available is very helpful when working with clients who plan to use the Light Rail to commute to Downtown Denver, Denver - Denver Tech Center or any of the light rail stops along the way.
Lone Tree to add Goburb Village…
At the end of the line, in Lone Tree a development company just announced they plan to build an energy-efficient, transit-oriented development just south of Park Meadows Mall. The plans are to build 2 million square feet of office space, 2,000 residential units and 50,000 square feet of retail space.
Developers of the area believe this concept will be used as a model for other cities. They have coined a new term, "goburb village" to describe it’s location, between urban and suburban.
Components in building the goburb village will encorporate green sustainable building and a higher density population; 3 times the amount of a suburban area. The project will be completed over 8 years.
Cats on a plane
I flew from JFK last night to DIA, via Jet Blue. While I enjoyed Jet Blue, their convenience, service, space, TV and value, I didn’t enjoy the fact a passenger had two cats in the cabin.
It wasn’t me that cause a ruckus with the hostess, but I was close enough to hear the limit for cats and dogs in the cabin is three. I never knew that before. It seems more and more people are flying with pets.
Is this a popular trend that just happened? Or has it been going on a long time and I never noticed.
For people like me who are very sensitive (allergic) to cats, I wonder why it is allowed…
Flipping Mistakes
USA Today had an article about a real estate investor who was regretting his past actions. He is a 23 year old investor who got very carried away on the investment scene. After buying Carleton Sheets’ No Down Payment and Russ Whitney, The Millionaire Real Estate Mindset, and others, he got himself into major debt.
He made the following mistakes and would like to tell others to avoid doing the same:
- Using "liar loans"
- Overpaying
- Lacking cash
- Quitting your day job
- Hiring an unlicensed contractor
- Buying sight-unseen
- Buying out of state
- Buying too many properties too fast
- Underestimating remodeling costs
- Having a poor exit strategy
Any of the mistakes can be overcome in the right situation. Having more than one or all, are fatal. Get rich quick schemes are just that…schemes. The guys that sell the books are the ones that make the money.
Investing in real estate should be a long range plan for wealth. Anything less cannot be guaranteed and should be approached with caution.
Moderation is the key.
Facing Foreclosure? Don’t Walk…call for help
In troubled times homeowners sometimes go into denial, thinking if the situation is ignored, it will go away. The fact is, if you are having trouble making your mortgage payment sooner or later you will have to face up to the situation. It’s best you face up to it as soon as possible.
Consulting a real estate professional is a good place to start. Perhaps with some help and planning you can get your home sold and avoid a foreclosure and further negative remarks on your credit report.
How can a REALTOR help?
If you have equity in your home (the difference between your loan balance and your "net" after sale), an agent may be able to sell your home. If you are "upside down" on your loan, meaning you owe more than it is worth, you may qualify for a "short sale" with your lender.
What is a "short sale?"
A short sale is generally defined as a sale in which the lender permits the property to be sold for less than what is owed on it. Short sales are another form of pre-foreclosure sales. The purchaser on a short sale gets the property for a lesser amount than the seller’s mortgage. The buyer finances the home however he chooses much like any other real estate transaction.
Who can qualify for a short sale? It is up to the lender to decide if a borrower is eligible for a short sale. There are many factors the lender considers some of these factors are: The borrowers overall financial condition The cost to get the property into resale condition The property’s value…repaired The properties "as is" value The cost of marketing and selling the property
Homeowner Hardship Test Any homeowner who wants the help of a short sale in lieu of foreclosure will have to pass the lender’s hardship test. Tests vary according to lender, but the borrower must be experiencing some of the following:
Illness of the borrower or immediate family, causing havoc on family finances.
Death of a spouse, with financial implications rendering inability to make mortgage payments
Transfer out of area without being able to sell home
Active duty personnel without income to make payments Borrower experiences a disability, rendering work impossible
Unemployment of borrower with no foreseeable employment future due to local economic conditions
Insolvent borrower
Be prepared to present documentation Borrowers will be required to provide the lender information for consideration of a short sale.
A hardship letter defining what the issues are to prove the claim. A financial worksheet of net income & expenses
Copies of 2 years Federal Tax returns
Copies of last 2 months payroll stubs
Copies of last 2 months bank statements for all accounts
A copy of the signed sales contract Net sheet showing breakdown of all projected costs, including Realtor commissions.
After completing and submitting the above documentation to the lender, it could take 1 to 6 months for approval (timing is dependent on the lender). Being proactive and getting an early start is critical to the success of a short sale. The lender is in total control, the proof is up to the homeowner. Cooperation, honesty and communication are basic elements for completing a short sale.
What is a "deed in lieu of foreclosure?"
On occasion a lender will offer a homeowner a "deed in lieu of foreclosure" on a mortgage that is in default. This situation is often times more cost efficient as opposed to going through a foreclosure. The advantages to doing a deed in lieu of foreclosure (at least in Colorado) is the amount of time it takes to complete. Colorado foreclosure laws have statutory time lines, whereas "deed in lieu of foreclosure" can be accomplished much quicker, as both parties agree to the timing. For the homeowner it is more private, no public notices are published in the newspapers.
An important fact to remember, if the homeowner is successful in obtaining a short sale or a deed in lieu of foreclosure, these are a taxable event in the eyes of the IRS. The homeowner may still have a tax obligation, it is wise to consult a tax professional to determine the amount of tax due.
The above information is to be used as a general guide and is by no means to be used as legal advice.
Denver Welcomes the Urban Land Institute
More than 6000 of the world’s leading developers, architects, planners and others are attending a conference in Downtown Lone Tree through this week.
These leaders focus on developing with smart growth and transit oriented, sustainable neighborhoods. Timing is everything. In this arena, Denver is offering a tour of the new FasTracks transportation plan.
Some of the attendees will be offered a tour on the new, not yet open to the public, Light Rail. Denver aims to impress!
Speakers at the ULI conference are Robert Redford, who’s topic is whether environmentally friendly development is possible. Colin Powell, retired general and former secretary of state, will present on "Diplomacy: Persuasion, Trust & Values".
This conference is the biggest ever for the ULI, with attendees coming from all over the world, including Europe, China and Japan.
ULI…Welcome to Denver! We are happy to be your hosts, please enjoy your stay.
<photo is the Light Rail Stop in Denver ~ still under construction, copyright 2006 Kristal Kraft>
This site brought to you by Kristal Kraft, a licensed Colorado Real Estate Broker
