Our Bloggers
Denver & Suburbs
Larry Hotz - Selling nearly 1000 homes since 1978, Former Managing Broker and Faculty Member, Colorado Association of Realtors. Follow me on Twitter
Littleton & SW
Dennis Martin - Another Dad/Daughter Real Estate Team sells homes throughout Denver's Southwest Suburbs. Dennis also managed a real estate company and sold homes for over 30 years.
Erie, Niwot, Northwest
Paula King
- a Certified Residential Specialist helping folks in Denver's north suburbs.
West Denver
Melody Rivera
- and Rivera Team sell homes in Highlands, Lakewood, Westminister. She is also President of The Denver Board of Realtors.
Downtown Denver
John Ludwig - Lo-Do, Business District, City Park, John lives in and knows the city.
Longmont & North
John Callis -
Broker since 1982 in Denver's northern suburbs. Lives in Boulder.
First Time Homes
Elizabeth Hotz
- Purdue grad and broker since 2005, Liz has lived in both the City and Suburbs. She know the best places for first-time buyers.
Aurora Co Suburbs
Maureen Moore
- Lives here and loves South Aurora, Maureen has been a Realtor here for 22 years.
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Cherry Hills Village Lots
by Larry Hotz, All Denver Real Estate
Could it possibly be that an acre in Cherry Hills Village is smaller than an acre in every other Denver suburb? After all, this is the most expensive neighborhood in Denver.
Yes it is! Cherry Hills actually measures its lots differently than other area cities. By local ordinance, lots are measured to the mid-point of the street rather than just to the property boundary. So, a lot that is only .8 acres within its own boundaries is 
counted as a full acre because some of the street is included in the measurement.
Why would this possibly be? The best explanation
Greenwood Village Moves Closer to Denver
It is hard to imagine that a city can actually move. Well, it can. At least the perception of its residents. And, Greenwood Village real estate is now percieved as being closer to downtown Denver.
Why? Commuting downtown is now much easier than it was even last November. Driving downtown then during rush hour took anywhere from 35-60 minutes depending on traffic, weather and accidents. Since the new lanes on I-25 opened in mid-November last year, traffic has at least 2 additonal lanes in each direction all the way downtown. That has lowered the commute in rush hour to 20-25 minutes.
Adding to change in commutes is the new DTD light rail service along I-25. It also opened in November, 2006. Now, Greenwood Village residents have a choice of two stops at Belleview and Orchard stations. Commute time on the train is less than 25 minutes.
Lone Tree Elementary School
Some of the finest homes in Douglas County are located in the close-in suburb of Lone tree. Heritage Hills, Heritage Estates, The Fairways and Carriage Club offer luxury homes at more affordable prices.
However, the one impediment to selling a home here has always been what has been perceived as the mediocre elementary school test results at Acres Green which serves the area. All that is changing now that Lone Tree Elementary School Opens for the 2007-2008 school year.
Kentwood Company Sold
Can history repeat itself? My firm, The Kentwood Company, is in processing of transitioning to new ownership. It was acquired by Bill Moore, former Partner in the firm and former President of The National Association of Realtors, and his son-in-
law, Peter Niederman.
Fact is that Mr. Moore was a 50% partner in the elite firm in 1988 until 1998. Mr. Niederman was Chief Operating Officer of Moore and Company for many years before it was sold to NRT. It is now known as Coldwell Banker in the Denver area.
"We will not touch
Denver Relocation Increase
In a meeting today, The Kentwood Company announced a dramatic increase in the number of Denver relocation tranferees buying homes. So far this year, 36% of all transactions have been to people moving into Denver.
This is a dramatic increase from the prior year and 2005 where only 22-24% of all homes sold were to relocation buyers.
That bodes well for the Denver market. So, does the May sales figures for the Greenwood Village office. In near record setting pace, the 52 agents in my office sold almost $94 million in residential real estate in just the month of May.
All this belies the popular notion that Denver real estate is in a slump.
Denver MLS Sales
Denver Real Estate Market Improves Slightly
The Denver real estate market continues to "level-off" according to statistics just released by Metrolist, the local reporting multi-list reporting agency.
Under contract sales increased for single-family homes by about 5% from the previous month. However, sales were still down 1.66% from the year ago period. That suggests that the market has consolidated much of previous losses.
One important statistic to consider is not reported. It is absorption. Absorption is
Kentwood Company Market Share
SINGLE FAMILY RESIDENTIAL
KENTWOOD COMPANY 2006 MARKET SHARE
Sales of METRO AREA LISTINGS
HOMES EXCEEDING $1,000,000
Denver Southeast * South Suburban Central * Southeast Suburban * Highlands Ranch/Lone Tree
* Castle Pines Village * Pradera * I-25 Corridor Including Castle Pines North –
Surrey Ridge, Charter Oaks and Oak Hills
The Kentwood Company continues to lead in market share of luxury real estate sold throughout the south metro Denver area.
|
LISTING COMPANY |
# Listing Sides |
% |
# Listing Sides |
% |
# Listing Sides |
% |
# Listing Sides |
% |
|
$1M - $2M |
$2M - $3M |
$3M & ABOVE |
TOTAL |
|||||
|
KENTWOOD COMPANY |
90 |
24.2 |
21 |
31.8 |
10 |
32.3 |
121 |
25.8 |
|
Fuller Towne & Country |
64 |
17.2 |
16 |
24.2 |
8 |
25.8 |
88 |
18.8 |
|
Coldwell Banker |
51 |
13.7 |
10 |
15.2 |
7 |
22.6 |
68 |
14.5 |
|
Prestige |
19 |
5.1 |
1 |
1.5 |
2 |
6.5 |
22 |
5.0 |
|
Keller Williams Realty |
10 |
2.7 |
2 |
3.0 |
0 |
0 |
12 |
2.6 |
|
Prudential |
8 |
2.2 |
2 |
3.0 |
1 |
3.2 |
11 |
2.3 |
|
Perry&CO |
8 |
2.2 |
0 |
0 |
1 |
3.2 |
9 |
1.9 |
|
Distinctive Properties |
3 |
.8 |
0 |
0 |
0 |
0 |
3 |
.6 |
|
All Metro Brokers |
28 |
7.5 |
1 |
1.5 |
0 |
0 |
29 |
6.2 |
|
All Re/Max |
38 |
10.2 |
7 |
10.6 |
2 |
6.5 |
47 |
10.0 |
|
All Others |
53 |
14.2 |
6 |
9.1 |
0 |
0 |
59 |
12.6 |
|
Total |
372 |
66 |
31 |
469 |
SOURCE: Metro Denver Multi-List2006 Sold Reports
NOTE:EXCLUDED AREAS: BOULDER, BROOMFIELD,
EVERGREEN, ERIE, GOLDEN, JEFFERSON COUNTY
SOUTHWEST AND NEW HOME MARKETING (ON SITE)
Denver Market Statistics
Denver Real Estate Market Improves Slightly
The Denver real estate market continues to "level-off" according to statistics just released by Metrolist, the local reporting multi-list reporting agency.
Under contract sales increased for single-family homes increased by about 5% from the previous month. However, sales were still down 1.66% from the year ago period. That suggests that the market has consolidated much of previous losses.
One important statistic to consider is not reported. It is absorption. Absorption is the number of months it would take at current sales levels to sell all the homes currently on the market. Professional sellers such as relocation companies and lenders rely on absorption to determine the true condition of the real estate market.
Interestingly, absorption has continued to improve all this year in Denver’s market. Just single-family homes had 4.2 months of inventory (available homes vs those "under contract" for sale) in May. January absorption was over 5 months of inventory.
Condominiums always have less absorption in this market because it takes longer to sell condos than single-family homes here. The absorption rate for condos was 5.8 months in May. Absorption rate began this year at 7 months of inventory. So, condo sellers are finding slightly better sales conditions too.
An ideal, "healthy" market would have 3 months of inventory.
|
Change vs |
|||
|
May 07 |
Prior Month |
Year Ago |
|
|
Single Family (Res + Cond) |
|||
|
Active |
29,110 |
4.49 |
-4.42 |
|
Under Contract |
6,353 |
2.92 |
-1.64 |
|
Sold |
5,081 |
15.50 |
1.42 |
|
Avg DOM |
102 |
-6.01 |
6.07 |
|
Avg Sold Price |
$288,905 |
-1.40 |
0.55 |
|
Residential |
|||
|
Active |
21,505 |
5.02 |
-2.56 |
|
Under Contract |
5,045 |
3.00 |
-1.66 |
|
Sold |
3,952 |
13.82 |
1.52 |
|
Avg DOM |
98 |
-9.26 |
10.11 |
|
Avg Sold Price |
$318,904 |
-1.12 |
1.16 |
|
Condominium |
|||
|
Active |
7,605 |
3.03 |
-9.33 |
|
Under Contract |
1,308 |
2.59 |
-1.58 |
|
Sold |
1,129 |
21.79 |
1.07 |
|
Avg DOM |
118 |
0.85 |
-4.07 |
|
Avg Sold Price |
$183,896 |
0.74 |
-3.21 |
Loft In Style
Looking to Buy a Loft? Think About Your Style!
It seems like a simple concept – the loft. I hear it all the time: “I’m looking to buy a place, and I want a loft.” But what is your definition of a loft? If you are in the market to buy a place you might have a very different definition than even your best friend, wife, or boyfriend. Perhaps you envision Tom Hanks’ spacious digs in “Big” but end up finding something closer to Bruce Willis’ futuristic apartment from the “Fifth Element?” In the Denver real estate market, there are several different kinds of lofts to fit most definitions and satisfy the most particular needs of buyers.
Old School Organic
This phrase might best catch everyone’s vision of a loft-style residence. In Denver, the Lower Downtown neighborhood has best capitalized on creating these spaces – namely because of the fantastic supply of authentic warehouse buildings from bygone eras. These buildings are generally over 100 years old and have great bones made of solid timber beams and thick walls of brick. When converting to residential spaces, architects usually expose these materials as best as possible, showing off a sea of exposed brick interior walls and striking columns of wood that complement hardwood floors. A word of caution for you purists out there: many of these buildings do not have balconies and may have historical restrictions against making changes to all those old windows. Some may not even have parking available… or even air conditioning! But these are small sacrifices to make to be in the heart of Lodo – Denver’s thriving neighborhood and entertainment hub. Looking for an authentic, organic loft in the heart of LoDo with A/C and parking? Try this Wazee Wire Works unit located just down the street from the Wazee Supper Club.Hereis the Kentwood Companyweb site for it:www.kentwoodhomestour.com/jl/14wa.html.
Old School Industrial
Break away from the mainstream a bit and consider a more industrial look to suit your needs. The classic industrial lofts usually are born from buildings not made of brick and timber. Instead – they have a steel framework wrapped with brick or perhaps even corrugated metal! Interior options often include concrete floors and ceilings with posts of steel or even massive cylinders of concrete. The high ceilings often leave the steel framework exposed – scoring big points in the style department! These lofts are generally most successful when they are located on the outskirts of the downtown core area – in Denver there are great examples in the Ballpark area north and east of downtown.
New School Hybrid
So of course we all know about the immense popularity of lofts in recent years, right? Well real estate developers are doing their best to create more lofts for the increasing demand, and the result is what I like to call a “hybrid” loft. These buildings do their best to recreate the old school organic textures, but often times are built without interior brick walls and wood support beams. They capture the high ceilings, and get style points for leaving the steel ductwork exposed in the unit. Of course the newness of the construction is an advantage these lofts have over the older buildings with their new systems, adequate parking facilities, and balconies. And these units sometimes have private, walled in bedrooms – a concept not usually employed in the older loft buildings. But purists will be turned off by the lack of interior textures and authentic history, or perhaps they may resort to installing entire walls of half-brick to mimic the look of the organic loft. In Denver, there are options all over the city of these hybrid lofts, from the Palace Lofts in Lodo all the way down to the southern edges of the metro area!
Next Century Trend Forward
Got some money to spend? Looking for the best in location and cutting edge style? Denver’s market is hot and these next-century loft spaces are popping up everywhere. Imported European kitchens, vessel-bowl sinks, solid glass exterior walls, designer lighting… Developers are paying more attention to detail and delivering much more high end finishes to these spaces – but at a price of course. In Denver, expect to pay at least $400 per square foot for your next-gen space that will undoubtedly impress everyone you know. Think Riverfront Park. Think the newly built Art Museum wing and their accompanying lofts designed by the now famous architect Daniel Libeskind.
So whatever your style there is a loft out there for you. Not sure of your style just yet? Then stop coveting those lofts you see in the movies and buy one for yourself!
Foreclosures
“Denver leads the nation in foreclosures”. That’s what several newspaper headlines said recently.
“Luxury home sales above $1 million have suffered less in the last year. Those sales are still relatively constant with the prior year.” That’s what I said in a recent editorial.
Why are both statements absolutely true? Remember what is important in real estate? It’s an old adage but it has never been 
truer. The three most important things in real estate are “location, location and location”.
Most Denver area foreclosures are occurring in Adams and Weld counties. Those are suburbs on Denver’s north side. Also, foreclosures in Denver proper have mostly been limited to the north and west sides of town. Also, the northern section of Aurora has had more foreclosures.
So, does that mean all the better neighborhoods are on the east and south sides of town. Not exactly. But, that is a fair generalization with many notable exceptions. Broomfield, Arvada, Lakewood, Highlands and other areas have been less affected by foreclosures. But, it is fair to say that the south side of town both in the city and suburbs has low foreclosure rates. Coincidentally or not, those are the more expensive section of the city.
I mostly practice south of I-70. My colleagues on my team work north of there. I rarely see foreclosures south of I-70 and when I do they hardly ever are great bargains especially given their generally rough condition. Luxury homes above $500,000 are generally in better areas that have held value during this downturn.
Still, bargains can be had. This is generally a “Buyers’ Market” but exceptions do exist. Don’t try to buy a new home in Cherry Hills and pay less than $3 million. It just won’t happen. But, there are builders and motivated sellers all over town making deals. The trick is to determine motivation and capitalize on it.
Even though the average selling price in better neighborhoods is still 97% of asking price, many homes will sell at substantial discounts. I have been helping my clients get the best deals for 28 years. It’s just a matter of knowing the various markets around town and how to play them. I know that can be done because I do it all the time!