Just Sold: 2348 Hickory Place, Erie Colorado 80516
Asking Price: $635,000
Sold Price: $635,000
I operated as a transaction broker between both Buyers and Sellers on this 7 bedroom home in the Vista Ridge Subdivision of Erie.
Just Listed: Santa Fe Exterior Meets Euro Modern Interior
Address: 633 Colorado Blvd, Denver CO 80206
List Price: 499k
You’ll be pleasantly surprised by this grand opportunity: A contemporary oasis located in desirable Congress Park. A “Santa Fe” style 1930’s simplistic exterior. Inside, a LOFT-open and airy. The house is updated to meet the current trends. This modified 2b/1b is extremely unique! WALK to every convenience necessary to live, without a car! 5 blocks from N Cherry Creek, across from Trader Joes/Snooze, New 8th-9th & Colorado developments, 7th ave parkway, Starbucks, Einsteins, an infamous locals bar, Hill-Steck Schools. Brand New White Kitchen with all new modern appliances-A minimal European approach with open kitchen/living space. Gas fireplace with barn wood tile finish. Pebble rock epoxy flooring- sleek, durable, and dog friendly. Bath is brand new with sauna. Cedar ceiling, grey tile that mimics concrete. A fully walled mirror with side lighting. Gas fireplace on back patio perfect for entertaining. Consider this a desirable and remarkable haven. Certainly, a one of kind property.
Recently I was speaking to a client of mine who was distressed about this “crazy new real estate market” and how “prices are just too high these days.” It got me thinking about how important it is that I do everything I can to set the record straight among my clients so they can better recognize where we are in the current market cycle. For folks who are interested in real estate and might be considering buying or selling a property, understanding the big picture is critical. Critical! So here’s where the market stands.
The majority of folks I speak with think this tremendous sellers’ market and super tight inventory is something new and something that’s going to come to a head and suddenly erupt overnight. Neither is true. Here’s the truth: we are SEVEN YEARS PAST THE BOTTOM of our last real estate cycle as you can see clearly from the below graph. Just because the Denver Post is suddenly aware of the real estate market and Zillow writes screeching articles about the tight market in order to sell ad space don’t be fooled into thinking this is something new. It’s not. It is a logical continuation of a market that is reacting correctly to the overselling we saw between 2006 and 2008, dropping 25 percent during that period. It’s doing exactly what real estate market cycles do, go up and go down over long periods of time. But remember, over the past 40 years residential real estate appreciation has averaged about 6 percent per year and there is no reason to think that it is going to change over the next 40 years.
We tend to erroneously think of market cycles in short terms, spiking and crashing over narrow periods of time and generally messing everything up. A quick look at the last market cycle shows clearly this is not how real estate works. Real estate cycles tend to move in much broader periods. Our last market upturn was from1990 – 2007, 17 years! This is why predicting short-term market movements can be very difficult, whereas recognizing the market will move in much broader cycles is more accurate. It’s what we learn by studying real estate market cycle history.
Let’s talk about where we are in today’s cycle. We are currently seven years past the bottom. The past seven years have been a sellers’ market with plummeting inventory, rising prices, nervous buyers often involved in multiple offers, and happy sellers more often than not getting the price they wanted.
But the client I referred to above was a potential buyer and he was very nervous. He tries to stay informed, reads news articles, watches TV reports and concludes the market is teetering on the brink of a crash and is therefore afraid to buy. And he’s been thinking this for years! He wants to buy because his rent is skyrocketing, up 10 percent this year alone, but he’s confusing the short-term media screeds about this tremendous market with the long-term patterns of market cycles, thinking that the minute he buys a home the market is going to crash.
So let me be clear: no one can predict the real estate market with 100 percent accuracy. I can’t, the Federal Reserve can’t, the banks with all the money can’t (obviously!), no one can. But, understanding how market cycles work, and recognizing how low our current inventory is, I can say with confidence I do not see any impending weakness in the market over the next couple of years. We are seven years into what will probably be a very lengthy cycle of low inventory and rising prices.
I can’t tell you what the Dow Jones will finish at next Monday. I can’t tell you if the Rockies will win their fifth game of the season. I can’t tell you what the weather will be on April 6. But I can say with confidence that real estate tends to move over predictable long-term trends, and this market cycle has a long way to go.
Just listed: 2900 Inca Street #25
List Price: 540k
Cool and modern 3 story plus rooftop deck end unit brownstone only minutes to the new Union Station/Coors Field/LoDo/LoHi. Kitchen includes professional grade Viking stainless appliances, European cabinets, slab granite counters with long island and 100% hardwoods. Off the kitchen is an open floorplan into the living room w/fireplace (not all units have fireplaces) and balcony for bbq. This end unit is unique because it has more windows and allows more natural light than others, plus low HOA fees. Upstairs is the master/master bath and another bedroom/bath ending with an amazing rooftop deck up on the 4th floor. Views of Coors Field/Downtown/and the Mountains. King Soopers/Starbucks across the street now open.
Just Listed: 2348 Hickory Place, Erie CO 80516
List Price: 620k
Don’t miss this well appointed 7b/5b Vista Ridge home with over 5,000 sq ft! Main floor has a desirable open floor plan from the kitchen into a vaulted ceiling living room w/fireplace, wood flooring throughout, office, and a guest bedroom/bath. Kitchen includes upgraded cabinets, quartz counters, stainless appliances with double oven and gas cook top range, island, and eat in kitchen. Upstairs you’ll find 4b/3b’s: master bedroom with an upgraded 5 piece master bath, a bedroom with an en-suite bath, and two more bedrooms that share a Jack and Jill bathroom. All bathroom counters are quartz. Basement has two bedrooms, a full bathroom, and an open great room with a fireplace and wet bar. The large lot size allows for a spacious backyard with a concrete patio and plenty of room for swing sets, trampolines, etc. VR is a great community with pools, golf course/clubhouse, and trails with amazing views. Check this one out, you won’t be disappointed.
Just Listed: 254 S Polk Ave, Louisville, CO 80027
List Price: 420k
Louisville real estate for sale has been hard to find recently. There is a severe shortage of Louisville homes for sale, and demand for Louisville real estate is at all time highs. What’s the appeal with Louisville many ask? For starters, publications like Money Magazine have ranked Louisville in the top 5 Best Small Towns in America for at least 5 yrs now. I have a hard time keeping track, but Louisville has received the #1 spot on this list 2 of the last 5 yrs. In the summer months, starting tomorrow night, the Louisville Street Faire is a huge draw (last years crowds were averaging 5,000 people each Friday evening). The historic main street area of Louisville, often referred to as Old Town Louisville, has many locally owned restaurants, boutiques, and bars/micro breweries. Commuters enjoy being close to both Boulder and Denver for work, and the mountains are only 10 mins to the west for all the outdoor activities Louisville residents love.
My latest Louisville home for sale is a 3b/2b 1370 sq ft tri-level, only a few blocks from top performing Fireside Elementary. Updates include a brand new kitchen with white quartz counter tops, new stainless steel appliances, and all new cabinets. Other updates include new windows, new sliding doors to the large backyard, and a radon mitigation system. Check out the photos and let me know if you’d like to see one of the rare Louisville homes for sale.
Just Sold: 814 S High Street, Denver, CO (Wash Park)
Asking Price: 679k
Sold Price: 660k (I represented the Buyers)
My latest sale was in East Washington Park, or as most refer to it: Wash Park (Denver). With pop tops and remodels so expensive in this area, my clients decided to buy a bungalow and pop the top for a second floor themselves. In a low inventory market that we’re currently in, this is a smart strategy, as long as you’re ok with 6 months or so of construction taking place. Price per sq foot in this area is easily over $400/sq ft currently, and you could add sq footage for roughly $175/sq ft. Investors call this strategy a value add scenario or creating sweat equity. Sound like something you’re interested in? Shoot me a message, happy to discuss all options.
Photos of this Wash Park sale: