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Kristal Kraft...Selling Denver and the 'Burbs!
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$8000 tax credit can soon be yours!
Post from: Denver Real Estate and Relocation
 Assuming President Obama signs the bill, the $8000 tax credit has been extended until April 30, 2010. In addition the bill has been expanded to provide existing homeowners who have lived in their homes 5 of the last 8 years a tax credit of $6,500.
The credit applies only to homes priced under $800,000.
The bill raises the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
First time buyers have been taking advantage of this offering for the past months. It was set to expire the end of November. Sales have been brisk in the lower price ranges.
Fueling the entry level market has been good, not just for first time home buyers, but for the move-up buyers too. Now with an extension and expansion, more buyers will be able to take advantage of the spring market.
If you or someone you know wants to buy a home, be sure to study the facts first. I’ve attached a Frequently Asked Questions prepared by the National Association of Realtors which is very helpful.
Related posts: - First-Time Homebuyer Tax Credit
- Federal Tax Credit for Homebuyers $15,000!
- First Time Buyer Tax Credit ~ More to Consider
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IKEA Comes to Centennial, Colorado
Post from: Denver Real Estate and Relocation
It’s seems like years ago that IKEA announced the decision to open a store in Centennial, Colorado. Well it’s true. Despite the ongoing difficulty in finding a place to land, IKEA is making progress.
Initially the store wanted to build in Lone Tree, but was unable to come to terms with the City Planning Board. When negotiations failed with Lone Tree, Centennial managed to grab the gold ring.
Now IKEA is being challenged by the sloping lot they purchased at I-25 and South Dayton St. The store by anyone’s standards is huge. The current plans call for a 4 story store that is 1/4th the size of Park Meadows Mall and a two story parking garage.
The good news for the community means not only will IKEA employ about 400 Coloradoans but it will attract shoppers from the entire front range. That will mean a nice fat tax base boost for Arapahoe County!
IKEA has purchased the property and has received the necessary approvals from the City, but construction has not yet started. Guess we will still have another year or so to wait!
I visited an IKEA once upon a time in Newark, N.J. It was an experience I won’t soon forget. I enjoyed the way the store sets up their displays, showing entire rooms filled with their stock. I even considered making some purchases, but when I realized how long and far I had to carry that purchase home, I put it back on the shelf!
Despite the topographical challenges, I’m sure IKEA will be delighted to have a home in Colorado. I know we will welcome the company as a nice new additional to our shopping landscape.
Related posts: - Construction Site Entertainment
- Colorado Does Recreation Centers Nicely
- Taste of Lone Tree, Colorado
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Colorado Weather Results in Beauty
Post from: Denver Real Estate and Relocation
Despite this October weekend is fall as per the calendar, our weather hasn’t been paying attention. In Denver there’s been an inversion, meaning it’s cold below freezing cold and it’s not changing.
Up in the mountains above the cloud the sun is shining and the temperature is warmer. I know, I’ve been there.
Last night we drove through the cloud to spend the night at the Conifer Mountain house (ele. 9500). It was 15 degrees warmer there. No kidding.
Among a few other reasons, my main objective was to photograph dawn. Denver didn’t see this, but I did and now you can enjoy it too:
Low hanging clouds obscured Denver, but from above the view appeared like an island in the sea. The beautiful pre-dawn light softly warmed the horizon and the swarming clouds.
Oh the way down the hill, we took a drive to over to the south side of the mountain. There we could see Pikes Peak in the distance. It looks like this:
 It is a view like this that makes me glad to live in Colorado. I am so thankful that within a few minutes from my home I can see this whenever I wish.
Once again the low clouds hugged the valley offering a bright blue sky to those on an higher vantage.
How can a photographer’s morning get any better?
I wanted to stay and take photos, but there was work to do at home. We continued downward, passing through the mountain community of Conifer. This is what we saw:
The cloud that engulfed Conifer, froze the landscape, leaving a crystal winter wonderland. The area glistened in the light of day.
 Colorado weather is anything but normal. We have learned to love its surprises both sweet and sour. Most of the time it’s very nice here. As you can see even when the temperatures dip we are still rewarded with dazzling results!
If you are thinking about moving to Colorado and the metro Denver area, may I suggest the close-in mountains of Conifer?
It just so happens that I know a few outstanding vistas! Give me a call, I’ll show them to you when we are house hunting!
              
Related posts: - Denver & the weather
- Tornadoes Touchdown
- We Really Are Connected
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Thou Shall Not Paint!
Post from: Denver Real Estate and Relocation
Paint is a wonderful invention. It covers many sins, it brightens and lightens dark rooms while enhancing our mood. Colorful paint puts finishing touches on a great decor like icing on a cake.
That is at least until the humans move out.
Then that wonderful paint stays behind lonely and disjointed. What once was delightful is now dreadful! Never mind if the walls could talk, if they could only hear.
The house hunters exclaim as they look at the horror, “What were they thinking?” “Oh My! Oh My! How many gallons is it going to take to cover this atrocity?” “Yuck!”
I’ve always said there should be more regulation levied upon the paint buyers of the world. A license in good taste should be required and presented when a paint purchase is allowed.
OK, so maybe that is just too much over the top. We all know legislating common sense isn’t going to work.
People need to express themselves, paint certainly is a form of expression, trouble is, few if any people appreciate this form of expression when it’s found in an empty house.
These photos were taken in a “short sale.” Aside from the paint the house actually had a very nice floor-plan, good square footage and was located on a cul de sac. Overall it had most of the characteristics home buyers find very appealing.
Of course the big turnoff was the decorating. If the homeowner simply took some time to “de-personalize” this “strong” decorating, chances are the short sale path could have been avoided.
Yes, common sense works in all areas of our life. Painting is no exception. Yes, you can enjoy your wild and wacky paint, just remember (read plug into budget) you will need to repaint to sell.
There’s a price for expressing one’s self. Are you prepared to pay?
What about wallpaper? Oh don’t get me started…wallpaper rules are pretty much the same as the paint rules. It’s hard to believe, but not everyone is a Broncos fan!
Related posts: - Wallpaper vs. Paint
- Decisions, decisions…
- Facing Foreclosure? Don’t Walk!
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The Rush is On!
Post from: Denver Real Estate and Relocation
 First time home buyers who have been putting off the home search, now are realizing it’s time to get going! The First Time Home Buyer Tax Credit of $8000 expires on December 1, 2009.
So you think 60 days is plenty of time to find a home and close? Think again!
I’ve been working with several couples who are excited and anxious to close on a home. Not just because they want a new home, but because they don’t want to miss out on that $8000 reward!
We have been diligently working to meet (or rather exceed) the expiration date, but it seems things keep getting in the way.
Last week one of my listings didn’t close on the stated closing date because the lender said “they are too busy to close today!” Yikes! I wish I could tell my clients I can’t work today because I’m “too busy!”
Well we did get the property closed, but it was on the bank’s schedule not ours. This is a problem we are going to continue to see right up until December 1. In fact it is pretty obvious to predict the “too busy” issue is only going to get worse as buyers rush to meet the deadline.
The other issues we are facing is the tough competition among first time buyers in general. They are out in droves.
I find a nice new listing, get my buyers over to see it and before we get home the home goes under-contract! Yeah for the seller of the property, but boo for us! We didn’t even have time to think about liking it!
There has been discussion about extending the deadline for first time home buyers. I caution anyone who thinks they can count on this happening. It might and then again it might not happen. If you are a first time home buyer or know someone who is and should be taking advantage of this tax credit, you need to act now.
Within the next few weeks buyers should be under contract with a property so they don’t have to sweat it out at the last minute. What we don’t want to hear is that we can’t close on your property until December 2, because the lender or someone else along the line of process is “too busy to close.”
$8000 is a nice grubstake for being a first time home buyer. What would you do with that much cash?
Related posts: - First Time Home Buyers ~ Ready to Play All or Nothing?
- Ten of the Top 20 Contract Mistakes
- Denver Real Estate ~ What does sold mean?
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Foxes, Franks and Real Estate Conveyance
Post from: Denver Real Estate and Relocation
Another day another closing, but this one really warms my heart. Let me tell you about it…
Colorado mountain property is always unique if not downright interesting. I say that because one never knows what to expect. Like the settlers that tamed the country a century ago, the folks that occupy the mountains now aren’t too far removed. They enjoy and revel in their uniqueness, of course that shows.
The client I worked with this past month is no exception. We looked at many homes, exploring every niche and cranny of Conifer, Morrison and Evergreen until the day we drove past The One Special House that caught his fancy. Yes, it was priced significantly over what he wanted to pay, but everything else was right, oh so right.
He bite the bullet and bought it.
Our inspection went well. We got to meet the Mrs. Owner who explained all about the neighbors. She loved them. Actually she loved them to tears, because when she spoke about them, she choked up dreading the day she would have to leave this house.
Her neighbors were so friendly, of course she was telling us about the four-legged kind that come to visit her regularly. The cute little chipmunks ran about the lot playing and doing what chipmunks do, the deer and elk who stand majestically within view while surveying their domain. Best of all were the cute little foxes, who actually had names, Boots and Baby Boots plus others.
Oh my! I felt like I stepped onto the set of a Disney movie. All that was missing were the talking blue birds.
The night we did the final walk through upon opening the refrigerator we found several well labeled packages of hot dogs.
It was then the reality hit us. Not only did the range/oven, dishwasher and drapes convey with the home, but so did Boots and Company!
Within a few minutes the neighbors were clicking on the deck door, we looked to see a timid little red fox looking in from the darkness at us!
It must be dinner time!
Hearing the call of hunger, Ms. Buyer quickly runs to the frig, grabbing the first package of Franks. Of course we knew Boots only eats Smoked Franks, but the problem was how do we know who Boots is?
Guess we will find out by process of elimination!
The following minutes were a mixture of delight and danger. The eager foxes dined on franks all the while watching our every move. They expressed a desire to eat, and would light-footedly approach us, but if we moved they were off like a flash.
Of course the temptation of food brought them back and the dining ritual began again.
For us it was an interlude with nature to be cherished and enjoyed. A welcome to the neighborhood from the wildlife committee! Who wouldn’t appreciate that?
Of course I must say, we know feeding wildlife is wrong. It’s not good for the animals and they are after all wild. So as the new owner settles into the house the foxes will get weaned from the wieners. He knows it’s the right thing to do.
In the meantime I will fondly remember the experience. The buyers are delighted, we found The Dream Home in the mountains. Seeing another dream come true is a fulfilling experience.
My face is smiling.
The view from the deck, that’s Denver!
Related posts: - Denver real estate ~ Real estate photos are so important
- Rebuild a home in day!!
- Urban Wildlife in Denver
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Comic Relief in Feedback
Post from: Denver Real Estate and Relocation
Anyone who works with the public will confirm one must always be ready for the unexpected. As residential Realtors we show houses that aren’t always in “show” condition.
At times one only needs to poke a head through the front door to see “enough.” Most of the time we feel compelled to actually set foot in the house, just because we drove across town after setting an appointment and golly gee, we are here after all.
Denver real estate brokers co-op. That means we all share our listing for sale with each other. We learned years ago it is more efficient to share the inventory with all. We save time for the buyers and sellers.
We also cooperate by providing feedback on the homes we show. Feedback comes in the form of suggestions and responses from both the buyer looking at a property and the agent showing it.
Oftentimes this feedback is extremely valuable in giving the seller clues as to how to improve the home so it will sell.
Feedback is often tempered with too much politeness. Many agents know the remarks go directly to the seller, so they tend to water the remarks down diluting them until they have no value.
Others give pointed comments the cut to the quick.
One of my associates had us laughing until our sides ached at the last meeting.
She is dealing with an owner who had to rent his “for sale property in Denver” out to a tenant, who obviously isn’t on board with the program.
The response from the showing agent is, “Horrible showing! Between all the empty party beer bottles and dirty dishes and sloppy, dirty, filthy condition, this condo might have been nice. But the highlight of this showing was the girl that was passed out in the master bed and had no idea anyone was in the condo. We were not sure if she was dead or just drunk out of her mind. She did not appear to be blue in color, so we did not dial 911. You really need to have a serious talk with the sellers on this one, or you will never sell this condo!”
Well the pointed feedback worked. The tenant is a short-termer now and the seller is on board with getting the place in tip top shape. Anyone interested in a nice condo in Denver?
If only the walls could talk!
Related posts: - How Realtors Get Paid
- Turning an ugly duckling into a swan
- Selling your home
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Days on Market by Price Range
Post from: Denver Real Estate and Relocation
Absorption rates change from neighborhood to neighborhood, but also with price ranges. Of course it makes sense that homes in the lower price ranges are available to a greater number of buyers, so they should sell quicker because of a larger pool of available buyers.
Denver real estate statistics indicate on average it is taking 2.5 times longer to sell homes over the $500,000 range than under the $300,000 range.
The largest price segment of inventory is the $300,000 – $499,000 price range. Above this price inventory drops off significantly.
As a buyer, what does this mean?
Well if you are fortunate enough to be able to purchase a home in the higher end of the market, assuming you can find a seller who seriously needs to sell, you might find yourself with a nice bargain.
If you are a buyer in the lower end of the market, (low being under $300,000), due to the competition for homes in this price range plus the lack of available homes, you might find yourself competing with another buyer when it comes time to write that offer.
Don’t be surprised when homes that have been sitting around on the market nearing an anniversary date with their listing agent, sell.
I had that happen to me just last week. I home that had been on the market since last November received two offers on it in the same weekend.
We bid low and lost.
So instead of ending our search, we raised the price looked at a dozen more houses and found one my buyer really liked.
This time he gave a bid very close to the asking price. We got it.
So once again I confirm there are no set rules in real estate. We go forth with the data we have, expecting certain results. Sometimes we get them other times we are surprised to get something totally different.
Forest Gump’s Mom was right, “Life is like a box of chocolates, you never know what you are going to get.”
Related posts: - Denver Real Estate – Listings by Price Range
- Denver Real Estate; At Least Part of the Market is Selling!
- Denver real estate – 2009 January statistics show median price decline
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