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Denver home prices appear stable -Denver Business Journal - by Paula Moore

by The Jan Mueller Team

As the Denver-area housing market moves toward the end of its prime selling season, August sales were down year over year, but selling prices were relatively stable.

Last month’s home sales, including both single-family homes and condominiums, dropped 14 percent to 3,905 from August 2008, according to a Wednesday report by real estate data provider Metrolist Inc. of Greenwood Village. Sales were down 12 percent from July of this year.

But the average selling price for both types of housing decreased only 3.87 percent year over year to $251,008, and was roughly flat from July with only a 0.68 percent drop.

The median, or middle, selling price for single-family homes alone — standard houses — was basically flat year over year at $227,000, down 0.89 percent from August 2008. Last month’s median price was down 1.26 percent from July of this year.

Median price is the midpoint between highest and lowest prices, and is considered a truer measure of price by many real estate experts because it’s not skewed by extremes.

Both houses and condos also sold faster in August, with fewer days on the market for sale year over year and from July of this year.

Independent Littleton residential real estate broker Gary Bauer is optimistic about the housing market’s performance the rest of the year. “When looking at the usual list of suspects, employment is stable, mortgage rates are down, consumer confidence is increasing. … Pent-up buyer demand continues in [metro] Denver,” Bauer said in a statement.

Other Denver-area housing market data for August, according to Metrolist, includes:

• Single-family home sales — Down 14.38 percent to 3,066 from August 2008, and down 12 percent from July of this year.

• Single-family home average selling price — Down 3.71 percent to $273,972 year over year, and roughly flat from July with a 0.97 percent drop.

• Single-family home days on market (DOM) — Houses are selling faster, with an August DOM of 94. That’s down 3 percent year over year, and down 4 percent from July.

• Condo sales — Dropped 12.7 percent to 839 last month compared to August 2008, and were down 12.24 percent from this July.

• Condo average selling price — Fell 3.87 percent to $167,090 from August 2008, but relatively flat from July of this year with a 0.94 percent dip.

• Condo average days on market — Condos are also selling faster, with 98 DOM for August. That’s down 5.77 percent year over year, and down 10 percent from July.

• Year-to-date total home sales — Dropped 16.38 percent to 27,708 from same period of ’08.

• Year-to-date total average selling price — Decreased 6.67 percent to $240,746 from first eight months of last year.

• Year-to-date average days on market — 102, down 1.92 percent year over year.

Great Lot! Great Location! Great Floorplan!

by The Jan Mueller Team

Wonderful Ranch Home in a Great Location!

by The Jan Mueller Team

Best Cities To Buy A Home

by The Jan Mueller Team

Best Cities To Buy A Home

Real Estate

Best Cities To Buy A Home

Sarah Lynch, 06.22.09, 05:58 PM EDT

While the overall housing market isn't on the upswing, these metros show long-term promise.

 

In Depth: Best Cities To Buy A Home

It's no sellers market. But by some measures, things are looking up in Los Angeles. Though the area is one of the worst-hit of the country's crippled housing markets, those with listed properties in relatively solid areas are beginning to see consistent bites.

This month, "one of my clients wrote an offer on a home that had 20 offers," says Monique Carrabba, 35, an agent with Keller Williams Hollywood Hills, of a two-bedroom, one bathroom duplex located in Picfair Village, part of a neighborhood that borders La Brea and Venice. "I mean, that's just nuts. And even though we came a hundred over asking price, we still didn't get it." The duplex was listed at $450,000 and is in escrow at about $150,000 over the original asking the price.

While the majority of the nation's housing markets are still working toward a bottom, some cities are boasting fundamentals that make them good places to buy a home now. In addition to Los Angeles, these include Denver, Boston, Phoenix and San Diego.

Behind The Numbers
To determine which cities feature the best real estate deals, we looked at three sets of data in the March 2009 RPX Monthly Housing Market Report, distributed by Radar Logic Incorporated, a New York-based derivatives firm. It looks at the market fundamentals in the country's 25 most populated metropolitan statistical areas (MSAs or metros), geographic entities defined by the U.S. Office of Management and Budget used by federal agencies in collecting, tabulating and publishing federal statistics. First, we examined the number of ZIP codes with 25% of the area's sales to determine those in which activity is most evenly distributed. Next, we examined increase and decrease in price per square footage to determine where market value is the highest. Last, we looked at transaction rates in each city to determine where the housing markets are most active. We scored each city by category, and then combined the scores to determine the final ranking.

$8,000 New Home Buyer Tax Credit

by The Jan Mueller Team

Jan's New Listing in the Highlands at Piney Creek!

by The Jan Mueller Team

Homes Haunted by Past

by The Jan Mueller Team

Arvada homes haunted by past due code violations

Arvada has flagged homes for not meeting code on projects from long ago.
Updated: 07/08/2009 11:48:52 AM MDT

 

 

Nancy Boston sits in the basement bedroom of her Arvada home. The window does not meet current code because it is not big enough to use as a fire exit. (Joe Amon | The Denver Post)

Sisters Nancy Boston and Patricia Porter were a week away from selling their four-bedroom Arvada home when city officials slapped them with an unpleasant surprise: Their finished basement violates the building code.

Boston, 65, and Porter, 63, bought the house, which already had a finished basement, from the federal government in 2003. No one had noted a problem with the two bedrooms and family room remodeled into the basement years before — until now.

Theirs is one of 15 Arvada homes currently on the market that the city has flagged for noncompliant remodeling projects that were done years ago without proper city permits or safety inspections. And there could be more coming, officials said.

The problem isn't isolated to Arvada, construction and real estate experts say. Every municipality in Colorado can likely find hundreds of illegal home-remodeling projects with minimal effort.

"Nothing ever came up before, and we paid handsomely for the inspection when we bought the house from (the U.S. Department of Housing and Urban Development)," said Boston, a retired food-service worker for the Jefferson County School District. "This about knocked me on my backside."

The Arvada homeowners now face a dilemma: fix the violations at great expense, get the new owners to agree to buy the house "as is" and take on the code compliance work, or risk a citation and court appearance. At worst they'd not be able to sell the house.

"There's a part of the code stating it shall be unlawful for a person with a compliance violation to sell that property," said G. Noel Vargo, Arvada's chief building official.

In the sisters' case, fixing the violations — a lack of ingress and egress via basement windows — would cost about $6,000, Boston said. Electrical and plumbing work would have to be approved as well, which could mean the removal of drywall ceilings and walls if inspectors can't tell the work meets code.

"It's just not right to hit us below the knees with this," Boston said. "Coming at us for something from 25 years ago that we never knew about, it's plain wrong."

Market gets tougher

The citations come during an anemic housing market, where any sale could stall over the slightest blemish. Though real estate agents who focus on Arvada properties say the city's enforcement action is unprecedented — "I've sold hundreds of houses and nobody worried about it," said one — they acknowledge the lack of proper permits for long-ago home upgrades could present a problem for future sales.

The issue is that the remodeling projects don't comply with the current building code, even if the work was done years before the code was enacted. That means the four-bedroom house Boston and Porter own is technically only a two-bedroom ranch, but Jefferson County assessor records show it's been taxed as a four-bedroom.

Had the original work been permitted, it would be grandfathered into any code changes each time they occurred, Arvada officials said. The latest came in 2006.

Construction permits can mean big money for a city. There were 5,852 permits pulled in Arvada last year, officials said, generating $1.4 million in fees and another $1.95 million in use taxes.

Still, many remodeling jobs fly under the radar.

"We see things that aren't in the records," Re/Max Alliance Realtor Tammy Bray said. "In property disclosures it asks if any work was done without a permit. Buyers just turn a shoulder since they'd be taxed on what's known. They're willing to take the risk."

It's all about the money

There's the rub, remodeling experts say — taxes.

"Not obtaining permits is very prevalent — and that's unfortunate — usually to avoid the higher tax assessment on the improvements," said Renee Rewiski, board chairman of the National Association of the Remodeling Industry, a trade group. "In this economy people shop price a lot, and the easiest trim is the permit fees. Then homeowners are told to strip it out when they're caught later. That's expensive."

Though Arvada officials refused to say what piqued their interest — they won't provide copies of the violations, claiming the citations are criminal justice records protected from public disclosure — several people familiar with the issue said a disgruntled real estate agent who was forced to obtain permits for his own projects in Arvada chose to show the city how others also don't comply.

The individual used real estate listings that advertised finished basements and compared them with city building permits — a process that can be done online at no charge. Where city files were devoid of the necessary permits, he sent the discrepancies to the city building department anonymously.

David Migoya: 303-954-1506 or dmigoya@denverpost.com

A correction ran on this article, post-publication. Originally, due to an editing error, the story misstated how the home of Nancy Boston and Patricia Porter was being taxed by Jefferson County. It was being taxed as a four-bedroom house.

Recycling: It's not just for paper and bottles

by The Jan Mueller Team
Recycling: It's not just for paper and bottles
Updated: 05/12/2009 11:49:18 AM MDT

It's easy enough to put out recyclable paper, glass, plastic and aluminum for curbside pickup.

But what about all that other discarded stuff around the house — dead batteries, old cellphones, computers, food packaging and other clutter?

With Earth Day coming up on Wednesday, here's a list of recycling programs to help manage unwanted stuff:

Batteries can be recycled for free at Batteries Plus stores (batteriesplus .com). This includes rechargeable batteries, car batteries and uninterruptible-power-supply batteries, but not alkalines.

Cellphones are recycled at AT&T stores (att .com/wireless). That company sponsors the Cell Phones for Soldiers program. Motorola also takes old cells (motorola.com/ recycle). And they can be dropped off at Ace Hardware, which participates in the Call2Recycle program, which means that compact fluorescent light bulbs, mercury-containing thermostats and incandescent light strands like Christmas lights can also be recycled at Ace stores.

Computers can be dropped off at Staples (staples.com).

Electronics and the rechargeable batteries many of them run on are accepted by Call2Recycle stores. These include Radio Shack, The Home Depot, Lowe's and Target.

Elmer's brand glue sticks and bottles can be recycled at Wal-Mart, but only by schools that register at www.ElmersGlueCrew.com.

Food packaging including cookie wrappers, drink pouches, potato chip bags, yogurt containers, wine bottle corks and cereal boxes are repurposed by TerraCycle (terracycle.net).

Hard drives from old computers are recycled for a small fee by Back Thru the Future, which also accepts CDs and DVDs for free, and arranges large- scale business recycling. E-mail recycle@backthruthefuture.com. for details. CDs are also accepted by CD Recycling Central (cdrecyclingcentral.com).

Printer cartridges and toner are accepted at Cartridge World (cartridge world.com.) locations.

"Technotrash" including jewel cases, pagers, PDAs, chargers, cables, headsets, MP3 players, digital cameras, hand-held games and an array of other geeky stuff is recycled for a fee by GreenDisk (greendisk.com).

What a Ride!

by The Jan Mueller Team

The Jan Mueller Team Presents:

What a Ride!

This is one of the most dynamic eras in Real Estate that we’ve seen! 

Here is your field guide to today’s Denver Real Estate market!

Sales are Up!  From May 2009 to June 2009 the number of Sold Properties increased 15.01%.  This is the single largest June increase over May in more than 5 years!  From May 2005 to June 2005 Sold Properties Increased 14.24%.  This is significant because 2005 is the year with the most closings in Denver history. Right now, the Denver Metro area is poised to close over 37,000 single family and condo properties for the year 2009!

Sold Prices are Up! (at least a little!) 92.56% of the homes sold in Denver YTD were priced under $500,000.  However, this percentage is decreasing as 2009 wears on, indicating that some high end houses are starting to sell, too!

Inventories are Down!  Inventories in Denver are still the news. Currently there are 21709 single family homes and condos on the market.  This is a decrease of 19.1% from 12 months ago.  From April 2009 to today the single family inventory has grown only 1.1% over a 4 month period. This is the smallest increase of spring inventory in 10 years in the Denver area.  (A six month supply typically represents a balanced market in the Denver area.)

     Homes priced from $0 to $250,000 have a
3.44 month supply of inventory.

     Homes priced from $250,000 to $500,000 have an 8.5 month supply of inventory.

     Homes priced from $500,000 to $1 million have a 23.2 month supply of inventory

     Homes priced above $1 million have a
63.1 month supply of inventory.

 

     Condominiums below $250,000 have a monthly supply of 6.25 months. (buyers for homes in this price range are hoping to find a single family home instead of a condo.)

     Condos above $250K have a supply of over 27 months.

 

What Should Sellers do in this Market?

     Clearly Understand the Pricing Strategy Model of Price, Terms and Time. 

     Know what your supply and demand is on your home.

     Position your home as the first one to look at in your neighborhood

     Do not reject low offers without a counter; reposition your home in the buyers’ eye.

     Make your home look like a model for every showing.

     Add an incentive to your package, like prepaying HOA dues for a period of time to attract the buyers.

     Take your equity later rather than now with owner carry terms that will attract buyers in a difficult lending market for upper end properties.

     Add carbon monoxide detectors to your homes

 

What Should Buyers do in this Market?

     Know the Market you are buying in. If you are buying a more expensive home, you may be able to reap an incredible deal.

     Get pre-approved for your loan. Make yourself look like a cash buyer with few contingencies to get the best deal.

     Terms are sometimes more important than a low price; have a pricing strategy to give you the best position.

     Lock in your rates, as the market is very volatile right now

     Be patient to get the best deals.  Short sales, foreclosed properties or sellers with little or no equity have trouble getting buyers quick answers.

     Ask for Carbon Monoxide detectors that are hardwired into the home.

Call us if you need someone knowledgeable to talk to!

The Jan Mueller Team

RE/MAX Alliance – DTC

Jan@JanMueller.com   (303) 888-5047

Jan's New Listing in Piney Creek Vista!

by The Jan Mueller Team

Displaying blog entries 51-60 of 88

Contact Information

Photo of Mueller/Maki Group Real Estate
Mueller/Maki Group
RE/MAX Masters, Inc.
6400 S. Fiddlers Green Circle, Suite 100
Greenwood Village CO 80111
303-930-5234
303-888-5047
Fax: 303-771-6944

Serving Denver Real Estate Needs Since 1983.