Just Listed: Downtown Denver Brownstone with Amazing Views!!

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.

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Just Listed: Vista Ridge (Erie) Large Home For Sale

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.

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Just Listed: Louisville Real Estate For Sale

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 St, Denver (Wash Park)

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:

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Just Listed: City Park Condo For Sale

Just Listed: 1684 Harrison Street #2, Denver, CO 80206

List Price: 228k

Perfect location right across from City Park! Looking for a City Park condo for sale with character and a great walk score? Look no further, this condo has it all and is walking distance to public transit/restaurants/shops/nightlife. Hurry, freshly painted and priced to move quickly.

 

 

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Denver Market Snapshot: Introduction to the Case-Schiller Index

Recently I wrote a post about Denver home values being at an all-time high and used data from the Case Schiller Index, so I thought it would be an excellent time to introduce you to this researcher of the national real estate market, not only to understand Colorado’s local real estate market, but to give a glimpse of where we are in that national real estate picture.

The leading national real estate research resource is the Case-Schiller index, which releases monthly real estate data on the top 20 cities in the country. It compares how the market in each city has done over time as well as contrasting one city versus another. The index is compiled by comparing matched-price pairs for thousands of single-family homes in each market. Prices are for resales of stand-alone single-family homes only, not for new construction or condominiums. Case-Shiller numbers for metro Denver cover a 10-county area: Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.

So let’s look at how the national real estate market is looking and how the metro Denver market compares to its peer cities around the country.

Chart 1 depicts the nation’s 10-City and 20-City Composite Home Price Indices. In May 2014, the 10-City and 20-City Composites posted very strong year-over-year increases of 9.4% and 9.3%, respectively. Incredibly, there were no year-over-year declines among the 20 cities; the smallest gains were in Cleveland (up 2.4 percent) and Charlotte (up 4.7percent).

How does this compare to Denver? For a third straight month, Denver-area home-resale prices set a new all-time high in May, with average prices up 8.2 percent from a year earlier. Strong price increases in metro Denver? Yes. Still a seller’s market? Sure. But what you see is that our market is simply in line with the rest of the country, even a little bit below the national average. This perspective is critical. We sometimes get so caught up in our own market stats and drama that we forget to see the bigger picture which is that the country as a whole is going through a very strong housing rebound and Denver is simply keeping pace with it.

In other words, what we’re going through is anything but unusual; in fact, it’s the norm around the country! Chart 1 shows that the national real estate market started rising in price in 2010 (ours began rising in 2009), dipped a little in 2012, and has been on a tear ever since. Overall, the Denver market has done a little better than the national average over the past 5 years, but pegs pretty close to it. As a real estate professional hoping for a strong, steady, reasonably predictable market I find that very comforting.

Here’s another way of looking at the numbers. Chart 2 shows the index levels for the 10-City and 20-City Composite Indices. The year 2000 is the baseline, with national prices for that year assigned the number 100. As of May 2014, average home prices across the United States are back to their summer 2004 levels, with the 20-city composite price of 171 (meaning the prices rose from 2000 – 2014 by 71 percent on average around the country). Measured from their June/July 2006 peaks, the peak-to-current decline for both Composites is approximately 17-18 percent. The recovery from the March 2012 lows is 26.5% and 27.3% for the 10-City and 20-City Composites.

Interestingly, Denver’s average price gain is only 52.58 percent since 2000. So, while the real estate market for the country’s largest 20 cities has increased 71 percent since 2000 Denver has gone up only about 53 percent. Surprisingly, we lag the national average! This is one of the many reasons why I believe our bull market will continue for a while yet, at least a few more years. Sooner or later it will begin to slow as more inventory comes on the market. But we still have a way to go in this run up, since the national market is ahead of ours by over almost 20 percent.

Here are the Case-Schiller composite metro Denver figures for the past 4 years:
*    May 2014: Up 8.2 percent, index 152.58.
*    November 2013: Up 8.9 percent, index 146.45.
*    May 2013: Up 9.7 percent, index 140.98.
*    November 2012: Up 7.8 percent, index 134.5.
*    May 2012: Up 3.7 percent, index 128.48.
*    November 2011: Down 0.2 percent, index 124.79.
*    May 2011: Down 3.3 percent, index 123.94.
*    November 2010: Down 2.5 percent, index 125.02.

Chart 3 shows the data for the 20 largest cities in the country. As you can see, Denver is up 8.2%. in the past year. Good stuff, but not be any means extraordinary. In fact, the prices in 13 other cities have risen faster than ours in the past year! If I were in Las Vegas, or San Francisco, or Miami I might be somewhat nervous of an overheated market. But Denver? I see nothing today or on the near-term horizon that makes me overly concerned. What we have is a solid, healthy real estate market. Good stuff, indeed!

Just Listed: Vallagio/Inverness High End Townhouse For Sale


Just Listed: 10112 Inverness Main Street, Englewood, CO 80112

List Price: 598k

Impressive 3b/4b, 2679 sq ft, Vallagio/Inverness townhouse better than new (only used in the summer months) and priced below market value for a quick sale. Very nice open floor plan includes a kitchen with custom cabinets/granite/island/fireplace, all appliances are included, hardwoods cover the entire main level, master bedroom/master bathroom, study, wrought iron staircase, attached 2 car garage, walking distance to light rail/shops/restaurants and easy access to the highway. Family membership to Inverness Golf Club included (through May 2015). Hurry, will go quickly!

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