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7% vs 3.5% for a Monthly House Payment, Now is the Time To Buy!

by Roberts Johnson and Rachel Diedrich, Real Estate B

Happy Tuesday Morning.

I hope everyone had a great weekend!

Let talk about interest rates again.

Hi, Roberts Johnson with Cool Denver Homes.  Interest rates are continuing to stay at their lowest levels since mortgages were introduced in the 1050’s.  Just a few years ago, interest rates were at 7% and everyone thought it was such a great deal.  Now they are 3.5 to 4% for a 30 year fixed loan.  Well I want to show you the difference in a $200,000 loan at 7% and a $200,000 loan at 3.5%, which is half of what it was 3 or 4 years ago.  A $200,000 loan at 7% is $1330.60 a month.  That same loan today at 3.5%, will cost you $898.00 a month, a difference of $432.80 a month.  That’s more than a car payment in savings every month.

Find your Dream Home!

If you think you need help fixing your credit, contact me, I have lender’s that specialize in getting your credit back on track and then we can get you into a house.

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We service metro Denver including, Northwest Denver such as Lohi and northwest Highlands, Denver northeast such as Park Hill, Curtis Park and Stapleton.  Denver Southeast, Lowry, Washington Park, Cherry Creek and Country Club.  Denver Southwest, like Golden Triangle, Barnum and Baker and finally downtown Denver such as Lodo, Downtown Denver and Ball Park.

We also serve all cities around metro Denver.  Here is a list of cities: Arvada, Aurora, Broomfield, Castle Rock, Centennial, Cherry Hills Village, Commerce City, Denver, Edgewater, Englewood, Federal Heights, Glendale, Golden, Greenwood Village, Highlands Ranch, Lakeside, Lakewood, Littleton, Morrison, Northglenn, Parker, Thornton, Westminster, and Wheat Ridge.

Nationwide Open House This Weekend, April 28-29

by Roberts Johnson and Rachel Diedrich, Real Estate B

Ready for Your Open House? Nationwide Event Starts April 28

With housing affordability at record highs, real estate professionals are hoping this year’s REALTOR® Nationwide Open House Weekend event will be a big jump-start to the spring buying and selling season for housing markets across the country. The REALTOR® Nationwide Open House Weekend will be held April 28 and 29, in which REALTORS® and real estate associations across the country and worldwide hold thousands of open houses in their local communities.

Nearly half of home buyers visit open houses during their home search, according to the 2011 Profile of Home Buyers and Sellers survey conducted by the National Association of REALTORS®.

The nationwide open house will allow buyers the opportunity to visit several homes in their area as well as learn more about home ownership. REALTORS® will be available at the open houses to talk about local market conditions as well as answer any questions about the buying process.

Housing in many markets has been showing signs of improvement in recent weeks. Mortgage rates continue to hover around record lows and with falling home values, affordability is at record highs.

Learn more about how you can prepare for your open house next weekend at REALTOR.com and REALTOR.org.

By Melissa Dittmann Tracey, REALTOR® Magazine Daily NewsN

 

Risk Changes in Emerging Foreclosure Tide

by Roberts Johnson and Rachel Diedrich, Real Estate B

Risk Changes in Emerging Foreclosure Tide

Banks are expected to pick up the pace of foreclosures, which will send a new wave of these properties on the market soon, housing experts say. This anticipated “wave” will occur at a time when the housing market has been showing signs of strengthening in pockets across the country, they also note.

But this time around, the increase in foreclosures is expected to come from a different source — everyday home owners with low interest-rate mortgages, housing experts say.

Borrowers “with ordinary mortgages whose ability to meet payment have been hit by the hard economic times” will be the ones dominating the foreclosures in the next round, CNNMoney reports in a recent article.

The last time that foreclosures dramatically increased nationwide, they were dominated by borrowers who had subprime loans with high interest rates and loans in which banks often had asked for no money down or even proof of income. Since then, underwriting standards by lenders has gotten a lot stricter.

"The subprime stuff is long gone," says Michael Redman, founder of 4closurefraud.org. "Now the folks being affected are hardworking, everyday Americans struggling because of the economy."

While unemployment has seen improvement, recently falling to 8.3 percent from its 10 percent peak in 2009, many Americans still remain without a job and are struggling to keep up with their mortgage payments. More than a quarter of home owners are considered “underwater,” owing more on their homes than they are currently worth, according to fourth quarter 2011 data from Zillow Inc.

"We're seeing more people coming through who have good loans with reasonable interest rates," says Ed Jacob, executive director of Neighborhood Housing Services of Chicago Inc., a non-profit that provides foreclosure counseling. "But in many households only one person works now instead of two, or they had their hours cut. The answer to the housing crisis now is job creation."

Experts Warn: It’s Coming ...
The signs of the next tide are already taking shape as banks set out to quicken the pace of reviewing backlogs of defaulting loans: Foreclosure starts soared 28 percent in January, according to Lender Processing Services’ report last month. RealtyTrac reported that while overall foreclosures saw a slight drop nationwide in February from January, 21 cities saw large spikes, such as Tampa (increasing 64 percent), Chicago (43 percent) and Miami (53 percent).

In previous reports, RealtyTrac has predicted that completed foreclosures will jump 25 percent this year and will likely reach 1 million in 2012.

Source: “New Foreclosure Wave to Hit ‘Everyday’ Borrowers,” Reuters (April 4, 2012)

 

Higher Rents Open Eyes to the Value of Owning

by Roberts Johnson and Rachel Diedrich, Real Estate B

Higher Rents Open Eyes to the Value of Owning

Economists and real estate agents say entry-level home buyers are once again jumping into the market in time for the spring selling season, spurred by ongoing price declines and higher apartment rents.

Reis Inc., a real-estate research firm, reports in its quarterly survey that the average apartment rents rose by 2.7 percent in 2011, and vacancy rate fell below 5 percent nationwide for the first time since 2001 .

This year is poised to be the first since 2005 that the number of apartment renters buying homes rises year-over-year, according to Zelman & Associates. Moreover, Deutsche Bank housing analyst Nishu Sood says rental costs exceeded homeownership costs by 15 percent at the end of last year.

Source: "As Home Rents Head Higher, Owning Regains Its Appeal," Wall Street Journal (04/04/12)

(c) Copyright 2012 Information, Inc.

 

Colorado Front Range Oil Bonanza could mean billions in Revenue

by Roberts Johnson and Rachel Diedrich, Real Estate B

Front Range oil bonanza could mean billions in revenues for Colorado

By Mark Jaffe
The Denver Post
Updated: 11/15/2011 09:11:05 AM MST

Large drums fill up with oil in a farmers field in Weld County in this March, 2010 Denver Post file photo. (RJ Sangosti, The Denver Post)
(Click to enlarge)

Colorado's Front Range is sitting on top of as much as a billion barrels of oil, which could inject $4 billion a year in revenues into Colorado's economy, according to one estimate.

Houston-based Anadarko made the oil-reserve estimate based on 11 horizontal wells it drilled in the Wattenberg Field in Weld County.

The company put the range of the reserves as equivalent to 500 million to 1.5 billion barrels of oil — about 70 percent of the production in oil, the rest in natural gas.

"This is going to have huge implications for the economy of Colorado," said Pete Stark, vice president for industry relations at IHS, a Denver-based consulting firm.

A reserve that size could generate 150,000 barrels a day and, assuming oil is $80 a barrel, provide more than $4 billion in annual revenues, Stark estimated.

The total value of goods and services produced in the state in 2010 was $235.15 billion.

"Anadarko's announcement today shows once again that Colorado is a leader in the energy sector of our country's economy," Gov. John Hickenlooper said in a statement Monday. "We are thrilled to see the company plan a significant investment in Colorado."

Anadarko's wells had initial production averages of 800 barrels a day — with the best well producing 1,100 barrels a day.

The wells were drilled in the Niobrara formation, which is more than 6,000 feet deep and runs from El Paso County to the Wyoming border.

To get oil from the shale layer, companies drill horizontally through a formation and "hydrofracture" the well — pumping in water, sand and chemicals under pressure to break up the rock.

Anadarko said it also found oil in the neighboring Codell formation. While a "significant" shale discovery, it is smaller than the 9 billion-barrel reserve in North Dakota's Bakken Field, Stark said.

Anadarko plans to quadruple its drilling pace to 160 wells a year and drill between 1,200 and 2,700 wells in the Wattenberg Field.

The cost of each well has averaged between $4 million and $5 million, said John Christian sen, an Anadarko spokesman.

The Anadarko estimate is just for the 100-square-mile Wattenberg Field, which includes Weld County and small parts of Adams, Broomfield, Boulder and Larimer counties.

Anadarko is also doing exploratory drilling in Arapahoe County, and Chesapeake Energy has filed plans to drill in Elbert and Douglas counties.

Ultra Petroleum is set to drill exploration wells in El Paso County.

"The Anadarko results don't say anything about the prospects to the south," said Ward Polzin, a managing director at Tudor, Picking & Co., an energy investment bank.

The Wattenberg was always seen as the most promising area, Polzin said.

"What this does is give drillers through the area more confidence," Polzin said.

The prospect of accelerated drilling raises concerns among environmental groups.

"The announcement is a mixed bag," said Gary Wockner, director of the Clean Water Action and Clean Water Fund in Colorado. "Every well that is drilled takes more water and poses pollution from fracking fluids."

"We think the economics of these wells are very good," Christiansen said.

Anadarko holds interests in more than 350,000 net acres in the Wattenberg Field and operates more than 5,200 existing wells.

Outside the Wattenberg, Anadarko holds another 550,000 acres in Colorado.

Mark Jaffe: 303-954-1912 or mjaffe@denverpost.com



Read more: Front Range oil bonanza could mean billions in revenues for Colorado - The Denver Post http://www.denverpost.com/business/ci_19336905#.TsLfepqKib4.email#ixzz1doWT8TN0
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16th St Mall Makeover

by Roberts Johnson and Rachel Diedrich, Real Estate B

New remedies tried to improve traction, life of granite pavers on Denver's 16th Street Mall

Updated: 09/20/2011 11:43:15 AM MDT

New remedies tried to improve traction, life of granite pavers on Denver's 16th Street Mall

Updated: 09/20/2011 11:43:15 AM MDT

The view northwest along 16th Street Mall from Broadway and 16th Street, Monday, August 8, 2011. (Jakob M. Berr, The Denver Post)

RTD on Monday started a $1.8 million pilot project aimed at testing new techniques for cleaning and setting granite pavers on downtown Denver's 16th Street Mall busway.

As precursor to a remake of the entire length of the mall, which could cost $63 million, the Regional Transportation District is exploring ways to extend the life of pavers in the bus lanes, which get the most wear and tear.

RTD spends about $1 million a year repairing and resetting the bus-lane pavers, and the agency expects to integrate lessons learned from the pilot paver project with the broader rehabilitation.

The downtown pedestrian and transit mall opened in 1982, and its 400,000 white, black and red granite pavers were installed in a fashion to give it the appearance of a Western diamondback rattlesnake's skin when viewed from above.

RTD's partners on the wider mall project include the city of Denver, the Downtown Denver Partnership and the downtown Business Improvement District.

RTD's pilot program involves cleaning and resetting bus-lane pavers in the block between Court Place and Tremont Place and cleaning a portion of the pavers on the same block's sidewalks, said Jeff Cluphf, the transit agency's construction manager for the project.

According to J.J. Henrikson, the project's design manager, RTD's key goals include:

• Improving the "friction" of pavers to give pedestrians and vehicles better traction.

• Returning the pavers to their original color.

• Improving the stability of the transit way.

RTD's contractors will explore two techniques — "shot blasting" and "flaming" — to take a thin layer off the existing pavers and leave them with a roughened surface to provide more friction, Cluphf said.

For resetting the pavers, contractors will use several kinds of mortar and roughen the bottom of the stones to get better adhesion, he added. The agency also will experiment with two grouting techniques.

RTD is paying about $1 million of the cost of the pilot program, and the Denver Regional Council of Governments is contributing about $800,000 to the project's cost, Cluphf said.

The pilot program is scheduled for completion by late November.

One lane of the Court-Tremont block will alternately be closed for reconstruction of the bus-lane pavers, and some delays in mall-shuttle service are possible because of the construction bottleneck.

While work is being done, Denver will explore the electric lines that run under the roadway, and the Business Improvement District will lead an effort to upgrade one of the globe streetlights for better illumination and energy efficiency, said Cassie Milestone, the Downtown Partnership's urban planning manager.

RTD is seeking federal funds for the full rehabilitation of the mall, Milestone said.

Jeffrey Leib: 303-954-1645 or jleib@denverpost.com



 

 

Displaying blog entries 1-6 of 6

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Roberts (Bobby) Johnson
Cool Denver Homes, Inc.
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Fax: (303)9635335

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