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Boy Howdy What a Great Weekend!

by Roberts Johnson and Rachel Diedrich, Real Estate B

Boy Howdy Father’s Day was hot!  Rachel and I drove down to the Colorado Springs to have lunch and go on a hike in Garden of the Gods with her mom and dad for Father’s Day.  Two things conspired against us.  One, Rachel sprained her foot sometime last week, poor baby.  And two, it was just too hot to walk outside.  We did have a nice lunch and drove through the Garden of the Gods; the temperature gauge put the temperature at 100 Degrees!  We had a terrific time!  Garden of the Gods is beautiful and I can’t wait to go back when the weather is considerably cooler.

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Rachel’s foot was bothering her a little bit during the week but on Saturday morning when we got up her foot was really hurting.  Luckily her doctor’s office was open and we where the 1st ones in.  Doc said it was probably sprained but wanted us to get an X-ray.  Homes by email  Another stroke of luck, the X-ray place was open on Saturday too and we found out to foot was not broken!  Yea!  Bad part was we could not attend Doxypoluza in Jefferson County on Saturday, bummer!   Rachel had her foot iced all day while I attended to her needs!

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I had a closing on Friday and got a new client on Friday!  Need to keep up the momentum!  Thanks everyone for your ongoing help!  Would love a new client this week too!

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Have a great week!

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Landlords Cash in on Higher Demand

by Roberts Johnson and Rachel Diedrich, Real Estate B

Landlords Cash in on Higher Demand

Taking advantage of an increase in home owners-turned-tenants, apartment landlords are raising their rents and expect to continue to do so.  Be the 1st to get new listings.

During the first quarter, monthly apartment asking rents increased 2.2 percent year-over-year, reaching an average of $1,070, according to Reis, a property research firm.

Vacancies are at lows and developers are trying to rush projects of multifamily housing to meet the increased demand from renters, but continued constraints on lending has put the brakes on many projects, particularly in smaller markets.  Homes by email

"I'm optimistic about the multifamily sector, certainly for the next two years," Kevin Thorpe, chief economist at Cassidy Turley, a commercial property brokerage, told Investor’s Business Daily. "We've entered a period of sustained rent growth.

The reason behind analysts’ optimism: Young professionals are increasingly turning to renting and more than 3 million former home owners, who have been displaced by foreclosures or short sales, are turning into renters. 

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Demand for single-family home rentals is increasing too, according to CoreLogic. A four-month supply of single-family homes is now available for rent, which is down from five months a year ago, according to CoreLogic data.  How much is your home worth?

Source: “Rents Rise as Apartments See Demand,” Investor’s Business Daily (June 7, 2012)

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Home Buyers Find Market Isn't What They Expected

by Roberts Johnson and Rachel Diedrich, Real Estate B

Home Buyers Find Market Isn't What They Expected

A shortage of “move-in ready” homes and bidding wars over houses in good condition are leaving potential buyers scrambling to find a home to buy, according to media reports.  Be the 1st to get new listings.

Housing inventories have sunk nationwide, leaving home shoppers with fewer options. Bidding wars are back, and in some markets the shortage is prompting buyers to try to bid on homes even before they are listed, reports The Los Angeles Times.  How much is your home worth?

In April, the number of for-sale homes was 2.5 million, which marks the lowest number for an April since 2006, according to National Association of REALTORS®’ housing data.

“The sharp drop in inventory along with rock-bottom interest rates have helped stabilize even some of the hardest-hit markets, including the Southland, Las Vegas, Phoenix and Miami,” The Los Angeles Times reports. “Some real estate professionals are concerned that the lack of inventory might turn off potential buyers, stifling the recent recovery in home sales.”  Homes by email, be the 1st to see new listings as they hit the market.

While buyers are suddenly feeling a sense of urgency, sellers are feeling they can wait, says Glenn Kelman, chief executive of Redfin. 

Meanwhile, investors are snatching up bank-owned properties at bargains, new construction remains at historic lows, and home owners are taking a “wait-and-see-approach” before they list their homes. That’s left many buyers scrambling to find a property.  Get your daily bank owned Denver homes.

Some home owners are hesitant to sell, held back by negative equity and waiting for more of a bounce-back in home prices before they list.

"With the downturn, it seems like there are a lot of people who have been waiting in the wings to pounce, and because the rates are low, there is just a lot more competition," says one LA-area home shopper, Eddie David, who says he and his wife have been outbid on three different properties recently. "We tried to get in on a couple other homes, and even though it had been just a week or two weeks, it was just too late."

Source: “Shortage of Homes for Sale Creates Fierce Competition,” The Los Angeles Times (June 10, 2012)

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Denver Real Estate Market

by Roberts Johnson and Rachel Diedrich, Real Estate B

10 metros with fast-moving real estate

Denver, Tampa top Realtor.com list for lowest age of inventory

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Denver's state Capitol building. Flickr image courtesy of <a href=anneh632." src="http://www.inman.com/files/imagecache/article-photo/files/imagefield/flickr_anneh632_3832540818-denver.jpg">Denver's state Capitol building. Flickr image courtesy of anneh632.

Realtor.com has released a list of metros with the lowest median age of inventory at the site -- a measurement of how long a property from those market areas typically spends on the website.

Denver topped the list of metros with the lowest median age of inventory in June 2011, at 30 days. That represents a 36.2 percent drop in the median age of inventory on the site on a year-over-year basis. Tampa was second on the list, at 43 days. Tampa also had the sharpest drop in median age on a year-over-year basis in June, at 62 percent. 

Metros with lowest median age of inventory (June 2011)

 

Rank MSA Median age of inventory % yr.-over-yr. change
       
1 Denver 30 days -36.17%
2 Tampa-St. Petersburg-Clearwater, Fla. 43 days -61.95%
3 Oakland, Calif. 46 days -2.13%
4 Fresno, Calif. 50 days -26.47%
5 Bakersfield, Calif. 57 days -3.39%
6 Anchorage,  Alaska 58 days -6.45%
7 San Francisco, Calif. 61 days 5.17%
8 San Jose, Calif. 62 days 1.64%
9 Stockton-Lodi, Calif. 62 days 1.64%
10 Detroit, Mich. 63 days  -7.35%

 

Source: Realtor.com.

Methodology: The median age of inventory data was calculated by determining all of the listing categories that were active during June 2011, and subtracting the date properties were listed on the site from the earlier of the following: their end listing date or the end of June, taking a median of all of the individual days on site counts, according to Realtor.com.

"This term accounts for properties that were withdrawn from a (multiple listing service) and subsequently relisted," according to Realtor.com, and the companys' count can differ from MLSs' days on market count, as it relies on when each property was added to the website and removed from the website.

Mountain Properties high on foreclosure lists

by Roberts Johnson and Rachel Diedrich, Real Estate B

Mountain Properties high on foreclosures (an excerpt from The Denver Post, dated 1/12/2011)

Darker days in 2010

Prior to the 2009 surge in foreclosures, many resort-area communities had not endured any real estate declines since the mid- to late 1980s, when the state's oil-dependent economy collapsed, triggering a real estate crash. But 2010 surpassed those dark days.

• Eagle County, home to Vail and Beaver Creek ski areas, saw 599 foreclosure filings in 1987, a record many thought would never fall. Last year, the county logged 618 foreclosure filings.

• Routt County saw its record 234 filings from 1985 overtaken by 2010's 303 foreclosures.

• Garfield County public trustee Bob Slade fielded 644 foreclosure filings in 2010, an 825 percent increase over the county's 25-year average and 400 more than the county's foreclosures in 1985.

Foreclosures in Pitkin and San Miguel counties also climbed beyond previous high marks set during the economic turmoil of the mid-1980s.

It's not just the number of foreclosure filings that is climbing in the state's high country. As big commercial properties fell into default, public trustees logged foreclosures in amounts previously unseen.

In Pitkin County, for example, banks foreclosed on the sprawling base project at Snowmass Village and Aspen's slopeside Dancing Bear fractional ownership project, totaling more than $570 million.

Routt County in November saw lenders foreclose on a $100 million construction loan at the luxury One Steamboat Place project at the base of the Steamboat ski area, marking the largest of the county's 19 commercial foreclosures. San Miguel County recorded foreclosure filings on two hotels in Telluride's Mountain Village worth $153 million.

"We are certainly seeing our biggest dollar volume in county history as well as the largest number of foreclosures," said Janice Stout, San Miguel County's public trustee.

Summit County recorded 350 foreclosure filings last year, falling short of the filing records of more than 400 set back in the 1980s.

And unlike other resort communities, Summit logged a spike in high-dollar foreclosures last year, with many filings for homes worth more than $1 million.

"We had an increase in our high end," said Summit County public trustee Bill Wallace. "Reality is setting in, I guess."



Read more: Foreclosures in Colo. mountains scaling record heights - The Denver Post http://www.denverpost.com/business/ci_17071031#ixzz1Aqnpj1TX
Read The Denver Post's Terms of Use of its content: http://www.denverpost.com/termsofuse

Displaying blog entries 1-5 of 5

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Roberts (Bobby) Johnson
Cool Denver Homes, Inc.
2314 Curtis Street
Denver CO 80205
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Fax: (303)9635335

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