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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Denver Home Values at All-Time High

As of June 2014, Denver metro area home values are at another all-time high. According to the S&P/Schiller Home Price Index, Denver’s home price index reached 154.39 in June (compared to 152.58 in May, 150.58 in April and 148.18 in March). That’s a 7.7% increase from June 2013.

So what does this mean? For current homeowners in the Denver area, it’s great news, as the value of their homes is increasing so they can feel more confident about their personal wealth. For those looking to relocate to Denver or are interested in buying a home, the situation is a little tricky.

As home values rise, prospective buyers are encouraged to buy sooner rather than later with the average home price in Denver at $256,800 in July and climbing. Already home values in the Denver Metro Area have gone up 12.6% over the past year and they are expected to continue to rise.

And although home values are at an all-time high, renting may not be the more affordable option in the long run at this point as rents have been climbing during the recession. According to a Zillow report, rents are up almost 10% in this past year, which eats up about 31.8% of the median Denver Area income (that’s up from 20% in the past). This is compared to the median home price which would eat up about 18.9% of the median Denver Area income.

Despite the price index all-time high; however, June’s house value numbers increased at the slowest rate year over year since October 2012, which gives many hope that housing prices are normalizing to rise at about the rate they were before the housing bubble of the past decade.

If you’re interested in buying or selling in Denver, or the surrounding areas, contact Brian MacMillan to help you navigate your way through the housing market.

Boulder Area Market Update for May 2014

Boulder Area Market SalesAs summer officially approaches, let step back to look at the Boulder Area market update for May 2014.

Detached Homes

While we did see a 7.5% drop in home sales compared to May 2013 (404 units versus 437 units), detached home sales were up 14.8% this month compared to last month with 404 units sold versus 352 units sold in April 2014.

Inventory for detached homes for sale dropped 40.5% compared to May of last year (942 units sold in May 2014 versus 1584 units sold in May 2013) and inventory of detached homes for sale dropped 27.6% from just last month (942 units sold in May 2014 versus 1302 units sold in April 2014).

Boulder House Sales May 2014

Looking at house sales in various locations, Boulder is by far the most expensive city to buy a house in with over half of the houses sold in May 2014 in the over $700,000 range. Longmont was the most affordable area to buy a house with well over half of the houses sold in May 2014 in the under $300,000 range.

 

Condominium and Townhomes

We also saw a decrease in condominium and townhome sales year over year by 4.7% with 156 units sold in May 2014 versus 149 units sold in May 2013, however condominium and townhome sales improved from last month by 11.4% with 156 units sold in May 2014 versus 140 units sold in April 2014.

We’re also seeing a year to year and month to month drop in inventory of condominums and townhomes for sale. Yearly, inventory fell 50.4% with 206 units in May 2014 versus 415 units in May 2013. Monthly, this inventory drop was 45.6% with 206 units in May 2014 versus 379 units in April 2014.

Boulder Condo & Townhome Sales May 2014

Looking at house sales in various locations, Boulder certainly has certainly had the most condo and townhome sales with both the most affordable options AND the most expensive options available. Longmont has the second most condo and townhome sales with most options below $300,000.

Interested in purchasing a Boulder Area home, condominium, or townhome?

JUST LISTED: Updated Westlake Home For Sale, 239k.

Just Listed: 3200 Prince Circle, Broomfield CO 80020

Listing Price: 239k

My most recent listing is a Westlake subdivision home for sale, in Broomfield.  Everyone knows the importance of location: this property backs to an open greenbelt and sides to a walking path connecting to the greenbelt.  The covered deck in the backyard is a great place to entertain, or just enjoy a nice peaceful dinner without your neighbors right on top of you.

Inside, the kitchen cabinets were recently refinished, as well newer stainless appliances installed. Three bedrooms, one bath, are upstairs, with a media room/full bath in the lower level.

Check out the photos, this one will go quickly in our extremely hot market:

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New Life For Vacant Louisville Sam’s Club

Louisville Sam's Club

Located on South McCaslin Boulevard, right off West Cherry Street, you may have learned to look past the 129,000 square foot building that has been vacant for the past four years. However, you may want to look again because this former Sam’s Club is about to find new life.

Earlier this year we have seen spurts of activity in this building—housing AmeriCorps members for flood-relief projects in November and hosting a Colorado Department of Transportation meeting for one night on February 13th to discuss the U.S. 36 contract. But now the building is in search of a new, more permanent, tenant.

Local investors Seminole Land Holding Inc. and Centennial Valley Investment LLC purchased the vacant Louisville Sam’s Club, one of the largest retail parcels in town, for $3.65 million at the beginning of February for retail use, which would be excellent for the city of Louisville’s finances.

As of now, there are no specific plans for the building, and until a tenant moves into the vacant Sam’s Club, Ascent Community Church will act as the month-to-month interim tenant beginning April 6th where they will use a small piece of the space, 20,000 square feet, for worship (having previously held services at the Omni Interlocken Resort).

Ascent Community Church started in December 2013, so this is a win-win situation for the church and Centennial Valley Investment LLC and Seminole Land Holding Inc. while each figure out a more permanent situation.

Ascent will begin posting signage in March about their new Sunday service plans.

A new retail space and a growing community make Louisville, Colorado an even more appealing place to live. Contact me, Brian MacMillan, for apartments and homes available in Louisville today!