Denver Colorado Real Estate

Price Reduced $40,000 on this University Park Gem

2001 S Fillmore Street Denver, Colorado  80210

Price Reduced $40,000 - Now $539,900

Presented by Sean Patrick Reilly with Cherry Creek Properties

*$539,900* Gorgeous Brick / Stucco Pop-Top in University Park * 4 Bed * 3 Bath * 2,600 Finished SF * 2 Car Det Gar * Large, Corner Lot * Upstairs - Huge Vaulted Master w/ Hdwds, Can Lights and Patio Doors Opening to a Nice Deck - Elegant Master Bath w/ Solid Surface Double Sink, Travertine Tile, Jetted Tub, Big Multi-Head Shower, and Detail, plus Another Large Vaulted Bedroom w/ Ample Storage and Nice Built-ins * Main Level -  Hardwoods Thru-out Main, Expansive Living Room w/ Built-in Shelving and Fireplace, French Doors to Office/5th Bed (?)/ Formal Dining, a Main Floor Bedroom, Full Bath w/ Wainscot and Kohler Fixtures, an Eating Area off the Kitchen, and a Remodeled Kitchen w/ Stainless Appliances, Gas Stove, Granite Counters and Newer Cabinets w/ Pantry Area * Basement - Mostly Finished w/ 3/4 Bath (Dual Shower Heads), Family / Bonus Room w/ Hardwoods and Garden Level Windows (Natural Light), a Bedroom w/ Hardwoods, and a Good Size Storage Room w/ WA/DR Hook-ups * Corner Lot - Large, Private Fenced Backyard w/ Elevated Deck / Flagstone Patio * Sprinkler System * Newer DP Windows Thru-out * Close to DU, Lightrail, Downtown and the Tech Center * Call your Realtor or Sean Reilly (303.520.8700) to Set a Showing on this Property *

Click On This Link to View Multiple Still Photo's and Take a Virtual Tour of 2001 S Fillmore Street.

Tour this home on YouTube – increase the size by clicking on the full screen icon (4 arrows) in the lower right hand corner of the video. To minimize again, hit the escape key.

 

The location of this home:

View Larger Map

 

Interested in selling your home? Send me an e-mail, or call/text me at 303.520.8700.

The Week in Review (Ending March 23, 2012)

From Fidelity National Title:

The Week in Review

MONDAY, March 19th
The NAHB housing market index was unchanged at a level of 28 in March. This follows five straight gains in a row in the prior five months. In March, homebuilders downgraded current sales slightly while upgrading sales projections six months from now indicating a more positive outlook for residential construction. While improved over the last several months, a reading below 50 indicates weak homebuilder sentiment which is usually reflected in slow construction activity. Rising from extremely depressed levels and nearly doubling since June, at least builder sentiment is headed in the right direction.

TUESDAY, March 20th
Housing starts declined 1.1%in February to an annual pace of 698k, roughly in line with expectations for a rate of 700k. This follows an upwardly revised gain of 3.7% and an annual rate of 706k in January. Housing starts are now 34.7% above their year ago level in February 2011. Housing starts have been trending modestly higher since hitting their cyclical low in April 2009. Gains last month were limited to the multifamily sector. Single-family housing starts declined last month. Housing permit issuance, often used as a proxy for future construction activity, jumped 5.1% last month to a 717k annual rate suggesting that new construction may rise in the near term. While beginning to improve, a strong sustained recovery in the housing market, especially the single family sector, still appears to be down the road.

WEDNESDAY, March 21st
The MBA mortgage applications index fell 7.4% to 681.9% for the week ending March 16. The decline was largely a result of a 9.3% drop in refinance applications last week though purchase applications also slipped 1.0%. An uptick in rates probably cut into refinancing opportunities; contract mortgage rate gained with the 30-year fixed up 13 bps to 4.19%.

Existing home sales fell 0.9% in February to an annual rate of 4.57 million, roughly matching market expectations. Existing home sales are now 8.8% above their year ago level. Contract failures were reported by 31% of NAR members last month indicating sales could have been much higher. Home prices held steady in February from a year ago with the median price for an existing home up 0.3% to $156,600 as average prices increased 0.4% to $203,100. Even with the decline last month, existing home sales are trending modestly higher. Record high affordability is lifting demand, though pricing remains tentative. Contract failures, mainly related to appraisals coming in below the negotiated price continue to weigh on overall sales. Economists expect home resales to continue rising slowly from a very deep bottom in the months ahead with a price and sales recovery starting later in the year.

THURSDAY, March 22nd
Jobless claims fell 5k to 348k for the week ending March 17. This was the lowest level of initial claims since March 2008. Claims have been trending lower since September, a clear indication that the pace of layoffs has slowed. Labor market conditions are slowly improving and hiring has picked up recently. Another monthly job gain in excess of 200k is likely for March.

FRIDAY, March 23rd
New home sales fell 1.6% in February to an annual rate of 313k following a downwardly revised annual rate of 318k in January. New home sales are counted when the sales contract is signed so these data reflect current sales activity. Despite back-to-back declines, new home sales are 11.4% above their year ago level. But at just over a 300k annual rate new home sales remain exceptionally weak. Home prices rose from February one year ago with the median price for a new home up 6.2% to $233,700 while average prices increased 1.9%% to $267,700. New home prices are hovering around levels last seen in 2004. New home sales, like other housing market indicators, are fairly stable at a weak level. We have seen signs of life in homebuilder sentiment and new construction recently along with stronger job creation and economic growth which provides some hope for new home sales to gain traction and move up slightly this year from historically low levels.

Some more decent/ good news.  It does seem like we are stabalizing right now and pushing forward at a slow, but steady pace.  Again, I  don't know if we are out of the woods, but I would like to see a stabalization followed by slow steady growth.  It is looking better and hopefully things will continue to shore up.  Jobless claims have been on a nice steady downtrend for the last few months and I would really like to see that continue - I really believe that as people find employment, all of the other economic numbers will take care of themselves. 

Also, keep in mind that if you are looking to sell your home in the Denver Metro area, new listings coming onto the market were down about 50% in the 5 major counties and with interest rates hovering near /at all time lows, this is a good time to test the market.   Any interest in knowing the value of your home, shoot me and e-mail, or give me a call at 303.520.8700.

Metro Denver January 2012 Residential Real Estate Update

Please click on the video below to view my January 2012 Monthly Residential Real Estate update for the Denver Metro Area. 

Also, if you would like to receive the update in the mail, please send an e-mail to seanre@msn.com - include the address where you would like this sent and your name.

To view the video in it's larger size, click the 4 arrows in the bottom of the right hand corner of the video to bring it to full size.  It is easier to read the numbers when it is enlarged.

Below is a static page of the January 2012 Metro Denver Monthly Real Estate Update.  Double click on the image to increase the size and make it easier to read.

 

The Week in Review (Ending March 16, 2012)

From Fidelity National Title:

The Week in Review

MONDAY, March 12th
The government ran a record budget deficit of $231.7 billion in February compared to a budget shortfall of $222.5 billion in February one year ago. For the first five months of the fiscal year, the cumulative budget deficit totaled $580.8 billion vs. a $641.3 budget deficit for the same period one year earlier. Thus far in the fiscal year, even accounting for a record monthly deficit in February the year to date total is 9.4% below a year earlier; however, the improvement may be temporary. The OMB is projecting a deficit this year in the $1.33 trillion range, slightly higher than in FY2011.

TUESDAY, March 13th
Retail sales jumped 1.1% in February as sales in the previous two months were revised higher. Retail sales are now 6.5% above their year ago level. Big sales gains were posted at gas stations because of higher prices at the pump, building supply stores and clothing and accessories retailers. Auto dealerships posted a 1.6% gain; excluding auto sales, core retail sales rose 0.9% last month. Both overall and core retail sales so far this quarter are modestly above their Q4 levels indicating that real consumer spending will contribute positively to Q1 GDP growth.

The FOMC held the fed funds rate near zero at its policy setting session today, stating that it intends to maintain the rate at its current level through late 2014 amid moderate economic growth, and temporary inflationary pressures related to higher oil prices. The fed funds rate has been targeted at this exceptionally low level since December 2008. In a slightly upgraded economic outlook, the FOMC said that labor market conditions have improved further, the unemployment rate is better but remains elevated and that they expect moderate economic growth to continue in coming quarters. The Fed noted that strains in global financial markets remain the major downside risk to the economy. They will continue to monitor economic developments over time and are prepared to make any necessary adjustments to monetary policy or employ any tools available to ensure upholding its duel mandate of moderate economic growth within a context of price stability.

WEDNESDAY, March 14th
The MBA mortgage applications index fell 2.4% to 736.5% for the week ending March 9. The purchase index rose for the third week in a row, gaining 4.4% and is now just 0.1% below its level one year ago. Purchase activity is still climbing out from a very weak level. The refinance index slipped 4.1% on the week but remains 65.0% higher on the year. Contract mortgage rates were unchanged last week with the 30-year fixed at 4.06%.

THURSDAY, March 15th
Jobless claims fell 14k to 351k for the week ending March 10. After a one-week blip last week, claims have now resumed the declining trend they have been on since September. These data indicate improvement in labor market conditions, even if it is very slow. The recent monthly payroll gains of 200k+ are likely again in March.

The producer price index rose 0.4% in February as energy prices increased 1.4%. Excluding food and energy prices from the index core producer prices rose 0.2% last month as expected and are now 2.9% higher on the year. Core producer inflation has been trending higher over the last year or so mainly reflecting higher input costs. Currently, the annual gain in the core rate is higher than the Fed would like to see making any additional easing measures going forward, unlikely.

FRIDAY, March 16th
The consumer price index increased 0.4% in February on a 3.2% gain in energy prices. Overall consumer prices are now 2.9% above their year ago level and have eased somewhat in the past 5 months. The energy related boost to consumer prices is expected to be temporary. Excluding food and energy prices from the index, the core CPI was up 0.1% on the month and 2.2% on the year. Core consumer inflation is easing slightly and is close to the Fed’s implicit target for inflation.

Another week of decent / good news.  Not out of the woods yet, but 2012 feels like it is starting to shape up better than the last few years.  I still believe we are bouncing around a bottom and could still go either way, but things do feel like they are shoring up a bit. 

Price Reduced $8,900 on this Quaint Curtis Park Townhome

* Price Reduced $8,900 * Open, Bright Brick Home in Curtis Park * 3 Bed, 1.5 Bath * Remodeled * Fresh Paint * Hardwood Floors * Beautiful Brick Front * Newer Double Pane Windows * 1 Car Reserved Off-Street Parking Space * Walk to Light Rail, Curtis Park, Coors Field, LODO, 16th Street Mall * Call Your Realtor, or Sean Reilly (303.520.8700) to Set a Showing *

 

www.81528th.com

 

Search Metro Denver Area Real Estate Foreclosures Easily

Search all Metro Denver Area Real Estate for Sale

 

 

Sean Patrick Reilly

Cherry Creek Properties

303.520.8700

Great New Listing in University Park

2001 S Fillmore Street Denver, Colorado  80210

Presented by Sean Patrick Reilly with Cherry Creek Properties

*$579,900* Gorgeous Brick / Stucco Pop-Top in University Park * 4 Bed * 3 Bath * 2,600 Finished SF * 2 Car Det Gar * Large, Corner Lot * Upstairs - Huge Vaulted Master w/ Hdwds, Can Lights and Patio Doors Opening to a Nice Deck - Elegant Master Bath w/ Solid Surface Double Sink, Travertine Tile, Jetted Tub, Big Multi-Head Shower, and Detail, plus Another Large Vaulted Bedroom w/ Ample Storage and Nice Built-ins * Main Level -  Hardwoods Thru-out Main, Expansive Living Room w/ Built-in Shelving and Fireplace, French Doors to Office/5th Bed (?)/ Formal Dining, a Main Floor Bedroom, Full Bath w/ Wainscot and Kohler Fixtures, an Eating Area off the Kitchen, and a Remodeled Kitchen w/ Stainless Appliances, Gas Stove, Granite Counters and Newer Cabinets w/ Pantry Area * Basement - Mostly Finished w/ 3/4 Bath (Dual Shower Heads), Family / Bonus Room w/ Hardwoods and Garden Level Windows (Natural Light), a Bedroom w/ Hardwoods, and a Good Size Storage Room w/ WA/DR Hook-ups * Corner Lot - Large, Private Fenced Backyard w/ Elevated Deck / Flagstone Patio * Sprinkler System * Newer DP Windows Thru-out * Close to DU, Lightrail, Downtown and the Tech Center * Call your Realtor or Sean Reilly (303.520.8700) to Set a Showing on this Property *

Click On This Link to View Multiple Still Photo's and Take a Virtual Tour of 2001 S Fillmore Street.

Tour this home on YouTube – increase the size by clicking on the full screen icon (4 arrows) in the lower right hand corner of the video. To minimize again, hit the escape key.

 

The location of this home:

View Larger Map

 

Interested in selling your home? Send me an e-mail, or call/text me at 303.520.8700.

The Week in Review (Ending February 24, 2012)

From Fidelity National Title:

The Week in Review

MONDAY, February 20th
PRESIDENTS DAY
All Markets Closed

TUESDAY, February 21st
Existing home sales rose 4.3% in January to an annual rate of 4.57 million. This follows a downwardly revised decline of 0.5% in December to an annual pace of 4.38 million. For all of 2011 sales totaled 4.28 million. Existing home sales are now 0.7% above their year ago level. Contract failures were reported by 33% of NAR members last month indicating sales could have been much higher. The inventory of homes available for sale fell 0.4% last month to 2.31 million which represents a 6.1 month-supply at the current sales pace. Anecdotal evidence suggests that there is a large shadow inventory of homes available for sale, especially bank owned properties. That will continue to weigh on prices going forward. Indeed, home prices declined again in January with the median price for an existing home down 2.0% over the past year to $154,700 as average prices dropped 2.2% to $201,200. The positives supporting the housing market recovery remain tentative. For now, record high housing affordability conditions are lifting demand, though pricing remains a weak spot. Contract failures, mainly related to appraisals coming in below the negotiated price continue to weigh on overall sales. Economists expect home resales to slowly rise from a very deep bottom in coming months with a price and sales recovery beginning possibly later in the year.

WEDNESDAY, February 22nd
The MBA mortgage applications index fell 4.5% to 766.1% for the week ending February 17. The purchase index fell 2.9% on the week and was down 12.1% from its year ago level. The refinance index slipped 4.8% last week but was up 98.5% over last year. Contract mortgage rates edged higher for the second straight week with the 30-year fixed up 1 bps to 4.09%. Overall application activity remains in the upper half of a narrow range it has been in the last two years based mainly on rising refinance applications. Purchase application activity remains weak reflecting moribund home sales.

THURSDAY, February 23rd
Jobless claims were unchanged at 351k for the week ending February 18. Jobless claims have been trending lower since September and are now at their lowest point since March 2008. The trend in the data suggests that the labor market is steadily, if slowly improving though unemployment remains relatively high.

FRIDAY, February 24th
New home sales fell 0.9% in January to an annual rate of 321k following an upwardly revised annual rate of 324k in December. New home sales are counted when the sales contract is signed so these data reflect current sales activity. New home sales are 3.5% above their year ago level and are actually trending mildly higher. Regionally, sales were mixed with solid gains in the Northeast and South, and sizable declines in the West and Midwest. The inventory of new homes available for sale fell 1.9% last month to a record low level of 151k which represents a 5.6 month-supply at the current sale pace. Home prices in January were lower than in January of last year with the median price for a new home down 9.6% to $217,100 as average prices dropped 5.1% to $261,600. New home prices are hovering around their lowest levels since 2004. New home sales, like other housing market indicators, are fairly stable at a weak level. We have seen signs of life in homebuilder sentiment and new construction recently along with stronger job creation and economic growth which provides some hope for new home sales to gain traction and move up slightly this year from historically low levels.

Decent news, but nothing great at this point.  It is nice to see the jobless claims holding somewhat steady under the 400K level, but there is much work to be done before we start trending higher.  As I have said before, I feel like we are bouncing along a bottom and while we may still drop a bit, I don't belive that we will drop too much further.  I also don't belive that we will be jumping much higher that quickly either.  Right now, we have a great opportunity to buy with interest rates at or near all time lows.  Rental rates are only going to rise - are you going to be stuck in a rental when interest rates rise?  That is the question.

Some Upcoming Adult Sports Leagues in Highlands Ranch

Get to know your Highlands Ranch neighbors - take a look at some of their upcoming adult sporting leagues:

Basketball-Men's (Team Fee:  $460 members/$490 guests) - Activity # 822312

Registration Deadline:  April 3

• B & C League (Mondays at Eastridge):  April 9 - June 16
• D & E League (Wednesdays at Eastridge):  April 11 - June 13
• 35+ League (Sundays at Eastridge):  April 15 - June 24

 

Basketball-Women's (Team Fee:  $350 members/$380guests) - Activity # 822313

Registration Deadline:  April 3

**Women's Pick-Up Basketball available Sundays at Eastridge 7p-9p**

• Recreational League (Sundays at Eastridge):  April 15 - June 24 

 

Soccer-Co-ed & Men's(Team Fee:  $450 members/$500 guests) - Activity # 822575

Registration Deadline:  March 5

**New turf being installed March 5 - 11**

• Co-ed League (Mondays at Westridge):  March 12 - April 30 
• Men's League (Wednesdays at Westridge):  March 14 - May 2 

 

Soccer-Women's (Team Fee:  $450members/$500 guests) - Activity # 922575

Registration Deadline:  May 14

**New turf being installed March 5 - 11**

• 3v3 (Thursdays at Westridge):  May 31 - July 26

 

Volleyball-Co-ed & Women's (Team Fee:  $296members/$326guests) - Activity # 822315

Registration Deadline:  April 2

• Co-ed BB League (Thursdays at Southridge):  April 12 - June 14
• Co-ed B League (Thursdays at Southridge):  April 12 - June 14
• Women's 4v4 League (Mondays at Northridge):  April 9 - June 18

 

Register in person or online for these upcoming leagues!

 

Leagues fill up fast, be sure to register before the deadline to avoid a $15 late registration fee.

I have personally played in a number of adult sporting leagues in Highlands Ranch and they do a great job with running these leagues smoothly.  It's a great way to meet your neighbors and get some good exrecise at the same time.

The Week in Review (Ending February 17, 2012)

From Fidelity National Title:

The Week in Review

MONDAY, February 13th
Stocks rallied late today after Greece passed austerity measures over the weekend to help secure bailout funding. The euro ended almost flat against the dollar suggesting lingering uncertainty around the Greek financial situation. The Dow closed up 72.81 to 12874.04 as the NASDAQ gained 27.51 to 2931.39. Gold was steady at $1720 with little change in Treasuries.

TUESDAY, February 14th
Retail sales increased 0.4% in January less than an expected 0.8% gain. Meanwhile, sales in the prior two months were revised slightly lower. Retail sales are now 5.8% above their year ago level though have slowed further in the last few months. Weakness in January was led by a 1.1% decline in motor vehicle sales; excluding auto sales, retail sales gained 0.7%. Necessities led the gains with gas stations, grocery and general merchandise stores posting solid gains last month. Consumers continue to spend moderately slightly above Q4 levels indicating modest positive support to economic growth.

WEDNESDAY, February 15th
The MBA mortgage applications index fell 1.0% to 801.8% for the week ending February 10. The purchase index dropped 8.4% on the week as the refinance index edged 0.8% higher. Purchase activity remains at an extremely low level while refinancing has been on a rising trend over the past nine months amid substantial volatility. Contract mortgage rates were up somewhat in the past week with the 30-year fixed rising 3bps to 4.08%.

THURSDAY, February 16th
Jobless claims fell 13k to 348k for the week ending February 11. This was the lowest level of initial claims since August 2008. New claims have now been on a declining trend since September indicating clearly the pace of layoffs has slowed. Continuing claims are also at their lowest point since August 2008 as some have found employment although most have exhausted their benefits. These data continue to indicate slow improvement in the labor market.

Housing starts increased 1.5% in January to an annual rate of 699k, better than expectations for a small increase to a rate of 675k. Housing starts are now 9.9% above their year ago level. Single family starts slipped 1.0% on the month to an annual pace of 508k as multifamily starts surged 8.5% to 191k. Single family starts have been basically flat at a low level for the past three years while multifamily starts have been trending higher with lots of volatility. Permit issuance was 0.7% higher in January suggesting modest gains in home building could continue in the months ahead.

The producer price index rose just 0.1% in January, as both food and energy prices fell on the month. Excluding both food and energy prices from the index, the core producer price index increased by 0.4% in January and was up 3.0% on the year. The core rate continues to trend higher, climbing from a 0.7% annual gain in October 2009 to a 3.0% annual rate now in January 2012 indicating building inflationary pressures at the wholesale level.

FRIDAY, February 17th
The consumer price index rose 0.2% in January as food prices and energy prices each increased 0.2% last month. Overall consumer prices are now 2.9% above their year ago level which is only slightly above their long term averages. Additionally, headline consumer inflation has been retreating in recent months. Excluding food and energy prices, the core CPI rose 0.2% and is now up 2.3% on the year. This is the fastest pace since September 2008; however, the annual rate of both core and headline consumer inflation is expected to continue to ease modestly this year.

Definitely good news on the Jobless claims.  I hope to see this trend continue.  In my opinion, the more jobs and the less unemployed people out there, the better for the rest of the economic numbers.  We shall see in the coming months if this is a true move, or just smoke and mirrors.  I also like the housing numbers, but am a little concerned about the majority of the housing starts coming from multi-family (read apartments).   While people don't need to own real estate, it has been a cornerstone of our economy for as long as the country has been around.  There is something to be said about the pride of ownership and you just can't get that renting a home.  Plus, a home is not just a home - it is a savings account where you get (or the majority of) the equity at the end (depending on the price range of the home).  Otherwise, you are just paying someone else's mortgage and making them richer.

Denver, Colorado’s 12 for 2012: A Dozen Top Tourism Events in Denver this Year

From TravelVideo.tv:

Denver, CO – With two new museums, major international shows, world-class sporting events, and huge new animal exhibits, Denver is going to experience a phenomenal tourism year in 2012. “Any city would be thrilled to have half the things that we have going on in 2012,” said Richard Scharf, president & CEO of VISIT DENVER, The Convention & Visitors Bureau.

Scharf noted that the new Clyfford Still Museum, History Colorado Center and Toyota Elephant Passage at the Denver Zoo alone represent close to a quarter billion dollars of new attractions. “When you add the 100th Anniversary of the Titanic sinking and its significance to the Molly Brown House, the NCAA Woman’s Final Four and the only North American showing of Yves Saint Laurent: The Retrospective, this is really going to be a big tourism year for Denver,” Scharf said.

In 2012, Denver will be even more accessible for European travelers with a new direct service from Reykjavik through carrier Icelandair beginning on May 10. Icelandair services 22 cities in Europe, and is expected to bring more than $19 million in tourism spending to Colorado.

In addition, Scharf noted that Denver will once again host the final day of the USA Pro Cycling Challenge with international television coverage, and Denver will host the first presidential debate between the major party candidates, with an estimated 3,000 international media expected to cover that event. “For all these things to come together in one year is a relatively rare occurrence. This will definitely be Denver’s year to shine in the international tourism spotlight,” Scharf said.

Read the top 12 here.

As always, there is a lot to do here in Denver.  Come take a look and if you decide you want to move here, let me know.

Fat Tuesday Party @ Parry's Pizzeria & Bar in Highlands Ranch

Via a Press Release:

HIGHLANDS RANCH, CO, February 11, 2012 /24-7PressRelease/ -- Parry's Pizzeria & Bar in Highlands Ranch, Colorado will be holding its very first special craft beer pouring of Abita Brewing's, Mardi Gras Bock on Fat Tuesday (2/21/2012). The keg will be tapped at noon sharp the day of the event and will flow until it's gone. As stated, this is the first special beer event to occur at Parry's Pizzeria & Bar but it certainly won't be the last.

Abita Brewing was kind enough to give us the only keg that was sent to Colorado. This beer is made on a seasonal basis and will not be available in bottles or cans at any time. A party atmosphere will be in full swing on Fat Tuesday with beads, masks and all things Mardi Gras. Do dress as you would if you were to going to Mardi Gras as this should be a festive experience for all that join in.

Read the entire press release here.

For more information about Parry's Pizzeria & Bar in Highlands Ranch, Colorado, click this link.

It's always fun to see Mardi Gras come to Highlands Ranch, Colorado.  Go have some fun on a Tuesday afternoon.

Yet Another Scam Out There

From CBS Denver 4:

DENVER (CBS4) – People are moving into vacant houses under foreclosure in some cases they are then sold or leased to unsuspecting buyers.

A 4 On Your Side Investigation has uncovered at least a dozen homes in which this appears to have happened. In some cases the people living in the homes claim they have a right to the property under a little known law called Adverse Possession.

One such property is a luxury home in Castle Rock assessed at nearly $1 million. No one legally bought it or rented it while it was available as a short sale and under foreclosure, but 4 On Your Side Investigator Rick Sallinger found people living in it.

Read the entire article here.

Unfortunate, but I guess people will come up with anything in this economy.

Skyview Academy Wins Top Education Award in First Year

From 9 News:

HIGHLANDS RANCH - When schools are recognized for academic excellence by the Colorado Department of Education, usually it's the result of years of hard work - not at Skyview Academy.

"We do feel very fortunate to be considered one of the top schools in the state in our first year," said Merlin Holmes, executive director of Skyview Academy.

Skyview is a kindergarten through 12th grade charter school which opened in September 2010. After the 2010-11 school year, Skyview was recently told it received the John Irwin Schools of Excellence Award based on academic achievement on standardized tests and student growth.

Click here to read the entire article.

The Week in Review (Ending February 03, 2012)

From Fidelity National Title:

The Week in Review

MONDAY, January 30th
Personal income rose 0.5% in December and is now 3.8% above its year ago level. Both wages and salaries and transfer payments like rents and dividend income provided the boost to total income growth last month. Consumer spending was unchanged on the month. Instead it appears as though consumers tucked extra income away because the savings rate increased to 4.0% last month from 3.5% in November.

TUESDAY, January 31st
The S&P/Case-Shiller 20-city home prices index fell 0.7% in November. Home prices are now 3.7% below their year ago level. On a year-over-year basis, home prices were down in18 of the 20 of the metro areas tracked. Atlanta had the largest yearly decline at 11.7% while Detroit had the largest yearly increase at 3.8%. Nationwide home prices are down 33.4% from their April 2006 peak similar to pricing last seen in February 2003.

The consumer confidence index dropped 3.7 points in January to a level of 61.1%. The decline is a result of downgraded assessments of the present situation though consumers also lowered expectations somewhat as well. After sizable gains in November and December consumers turned cautious once again, probably wanting more evidence of improvement in jobs, housing and the economy.

WEDNESDAY, February 1st
The MBA mortgage applications index fell 2.9% to 753.3% for the week ending January 27. The purchase index declined 1.7% on the week as the refinance index tumbled 3.6%. Purchase activity remains weak and range bound while refinancing activity has been on a rising trend over the past 9 months amid historically low interest rates. Indeed, contract rate fell again last week with the 30-year fixed down 2 bps to 4.09%.

Motor vehicle sales jumped 4.6% in January to an annual rate of 14.2 million units. This was the fastest sales pace since May 2008. Sales are receiving a lift from pent-up demand and end of year incentives to make room for new models. Vehicle sales are now 11.7% above their year ago level and have been steadily improving over the past two years. A big increase in auto sales led the January gain; light truck sales slipped on the month.

The ISM manufacturing index increased to 54.1% in January from a reading of 53.1% in December. The level of the index indicates that activity in the manufacturing sector continues to grow at a moderate pace. Some sluggishness remains as manufacturers wrap up the last inventory cycle. However, a bump in new orders last month bodes well for ongoing, modest expansion.

THURSDAY, February 2nd
Jobless claims fell 12k to 367 k for the week ending January 28. Initial claims have been below 400k for 11 of the last 13 weeks indicating clearly that the pace of layoffs has slowed. The 4-week moving average has settled into a new lower range as well suggesting that labor market conditions continue to improve, albeit very slowly.

FRIDAY, February 3rd
Payroll employment increased by 243k in January compared with market expectation for job gains of 150k. Stronger than expected job growth last month followed upward revisions in the previous two months for a net increase of 60k more jobs. Moreover, benchmark revisions for all of 2011 showed stronger job growth than previously reported. The post-holiday let down in jobs that was expected never materialized. Instead the employment situation was far better than even the most optimistic forecasts. Additionally, employment gains last month came from most all industry categories, though the government continued to shed jobs. Separately, the unemployment rate dropped to 8.3% of the workforce from 8.5% in December.

I do like the jobs data, but need to see it hold before I get excited.  It is certainly a step in the right direction.  With solid new jobs, I believe the economy can start to heal itself.

Denver Metro Rental 4th Quarter Vacancy Rates Lowest Since 2000

From the Denver Post:

The apartment vacancy rate in the Denver metro area fell to 5.4 percent in the fourth quarter of 2011, dropping to the lowest fourth-quarter vacancy rate recorded since 2000, a report released today by the Apartment Association of Metro Denver and the Colorado Division of Housing said.

As vacancy rates moved down, the area's median rent increased.

During the fourth quarter of 2011, the median rent in metro Denver rose to $870, increasing 2.8 percent from 2010's fourth- quarter median rent of $846.

Read the entire article here.

Unfortunately, kind of inevitable.  I have talked about what I call the "tipping point" in past blogs and I wonder if we are getting closer.  At what point does continuous rental increases push renter into being buyers?  At this point, you have to assume that you will be paying more in rent after your 1st year as there does not seem to be any rush by landlords to offer discounts/ incentives when vacancy rates are so low.  I know the housing market seems unstable at present, but how long will it be this way?  People need a place to live.  Owning a home not only offers the potential of appreciation, but many tax breaks.  With housing prices beat down and interest rates at about the lowest they have ever been, owning has to be a consideration. And, after all, you are paying your landlords mortgage, plus some in most instances. 

Play around with my many mortgage calculators and see if home ownership is right for you.

Also, if you have any interest in learning about what it takes to buy a home here in the Metro Denver area, register for one of my free home buying webinars here.

Metro Denver December 2011 Residential Real Estate Update

Please click on the video below to view my December 2011 Monthly Residential Real Estate update for the Denver Metro Area. 

Also, if you would like to receive the update in the mail, please send an e-mail to seanre@msn.com - include the address where you would like this sent and your name.

To view the video in it's larger size, click the 4 arrows in the bottom of the right hand corner of the video to bring it to full size.  It is easier to read the numbers when it is enlarged.

Below is a static page of the December 2011 Metro Denver Monthly Real Estate Update.  Double click on the image to increase the size and make it easier to read.

 

New Clues as to Highlands Ranch Mansion's Past

From Our Colorado News:

A drastic renovation of the Highlands Ranch Mansion is revealing clues to the historic structure’s past, including one that identifies the real original owner.

Local history books have long maintained that John Springer was the first person to build a home on the property, but as crews were stripping away a wall of rotted wood on the mansion’s east side late last year, they saw one word etched into the rock: Rotherwood.

Read the entire article here.

It is good to see that the Highlands Ranch Mansion is getting a well deserved remodel.  I have been to the Mansion a couple of times  - the best experience being a haunted house tour with some local ghost hunters.  While I did not see anything that night, you can just tell that the Highland Ranch Mansion has had some definite history.  Check out the Mansion if your live here or our looking for something fun to do as they host events year round (of course, your best bet is going to be after the renovation is complete).

Condo's and FHA Approval in the Metro Denver Area

Tougher to sell condo's in the Metro Denver area?  It could be. 

Read this article by Aldo Svaldi of the Denver Post and see how lapsing FHA approval or straight out FHA rejection could make it more difficult to buy and or sell a condo now and in the near future.

Losing FHA approval can hurt as it takes away a chunk of potential viable buyers for certain condo complexes.  There are work arounds in certain instances but you have to hope someone has taken the lead to find out if that is possible.  While it's not the end of the ability to buy / sell condo's in complexes that are not FHA approved, it just means that you have a smaller buyer pool out there. 

The Week in Review (Ending January 27, 2012)

From Fidelity National Title:

The Week in Review

MONDAY, January 23rd
No major economic data is scheduled for release today. Most are looking ahead this week to the 2-day FOMC policy meeting where economists and investors are looking for clues in the statement about the chances of a third round of quantitative easing. Also, on Friday we will get the first glimpse at economic growth in the advance estimate of Q4 GDP.

TUESDAY, January 24th
The pending home sales index fell 3.5% in December to a level of 96.6%. This followed increases of 7.3% and 10.4% in the previous two months, so the index level in December is still at one of its highest points for all of last year. The level of the index last month suggests that existing home sales should be a bit stronger over the next couple of months.

WEDNESDAY, January 25th
The MBA mortgage applications index fell 5.0% to 775.6% for the week ending January 20. The purchase index was down 5.4% on the week while the refinance index fell 5.2%. Nevertheless, total mortgage applications are now 75.6% above their year ago level based on strong refinancing activity though purchase application are also up moderately over their year ago level. Despite the decline this week, the mortgage applications indices have been trending higher in the past few months.

The FOMC held the fed funds rate near zero at its policy setting session today, stating that it intends to maintain the rate at its current level through late 2014 amid moderate economic growth, subdued inflation and stable inflation expectations. The fed funds rate has been targeted at this exceptionally low level since December 2008. The Committee also said they will continue to sell short- term Treasuries and purchase an equal amount of long-term Treasuries, effectively lengthening the average maturity of their securities portfolio. Additionally, to support mortgage markets, the Fed will continue to reinvest maturing agency debt into agency MBS rather than Treasuries. In a slight upgrade to the economic outlook, the FOMC said they expect modest economic growth to continue in coming quarters with a gradual decline in the unemployment rate. The Fed noted that strains in global financial markets remain the major downside risk to the economy. They will continue to monitor economic developments over time and are prepared to make any necessary adjustments to monetary policy or employ any tools available to ensure upholding its duel mandate of moderate economic growth within a context of price stability.

THURSDAY, January 26th
Jobless claims increased 21k to 377k for the week ending January 21. Claims in the prior week declined 46k. While we are seeing some seasonal volatility the overall trend in claims is lower suggesting another solid gain in January payrolls. The employment report for January is due out February 3.

New home sales fell 2.2% in December to an annual rate of 307k, compared to market expectations for a small gain to a rate of 320k. At just over a 300k annual rate, new home sales for 2011 were the weakest on record dating back to 1963. New home sales, like other housing market indicators, are fairly stable at a weak level. We saw signs of life in homebuilder sentiment and new construction in the final months of 2011 along with stronger job creation and economic growth which provides some hope for new home sales to gain traction and move up from historically low levels in the New Year.

FRIDAY, January 27th
The economy grew at a 2.8% annual rate in the fourth quarter less than an expected rate of 3.3%. Growth was driven primarily by inventory investment last quarter. Inventories will not continue to contribute to economic growth in the current quarter. Other small positives were consumption and residential investment. The main drags on growth were slower fixed investment, the burgeoning trade gap and reduction in government spending. Growth is expected to downshift this quarter but remain modestly positive through this year.

Another week, another set of not-so-great news.  While I like the jobless numbers being under the 400K level again, I am just not certain that they are going to remain under this level for too much long - I do hope I am wrong here.  The nice glimmer, though, is that home sales should be stronger over the next few months.   I'd like to see that for all of 2012 and I really think it could be accomplished if companies had a reason to start hiring.  Once we see more stable, solid jobs out there, then we will see most of the struggling aspects of the economy start to heal.

Hess Road to Connect Parker to I-25

From the Parker Chronicle:

The opening of another east-west road connection between Interstate 25 and Parker is expected to reduce the burden on the highway’s interchange with Lincoln Avenue.

After a nearly two-month delay, Hess Road will open to vehicle traffic around 11 a.m. Jan. 24 following a grand opening ceremony at the Castle Pines Community Center. The $19.3 million transportation project completes a link that will lead from Hess Road’s dead-end just west of Chambers Road to the existing Castle Pines Parkway interchange on I-25.

Read the entire article here.

Yes, I am excited.  Another option to get from Parker, Colorado to I-25 that does not include Lincoln.  I know Ridgegate Parkway is already open, but I think adding this other main east-west artery will really help alleviate the congestion that Lincoln can recieve during rush hour.  Glad to see it open here shortly. 

 

New Home Buyer Webinars Added for 2012 in the Metro Denver Area

Thinking about buying a home here in the metro Denver area in 2012 - check out a free home buying webinar so you are up to speed on how the process works.

Home Buyer Webinar

Sit back and relax from the comfort of your own home as I describe in detail the Home Buying Process - all you need is a computer and speakers. From "Thinking about Buying a Home" all the way to "The Closing Table", I will walk you through all the steps necessary to purchase your own home. Have a question during the webinar? Just ask it and I will address it in real time.*

Topics Discussed in the Webinar

• The different types of financing products and how to get the most out of them
• Why being pre-approved versus pre-qualified can make a big difference
• How to navigate your own IDX MLS site and effectively search for properties
• Learn about the new 2012 Colorado Real Estate Contracts
• Learn step by step how a Colorado Real Estate Contract works
• Learn what will be expected of you during the home buying process
• How to make offers on homes
• Who are the major sellers out there right now
• Learn how to save money by becoming savvy about buying a home

And much more....

January Home Buyer Webinars (See Below to Join Webinar)

Date	Time	Registration Link
Monday, January 23, 2012	7:00 – 8:00 PM (MST)	Register
Monday, January 30, 2012	7:00 – 8:00 PM (MST)	Register

 

February Home Buyer Webinars (See Below to Join Webinar)

Date	Time	Registration Link
Monday, February 06, 2012	7:00 – 8:00 PM (MST)	Register
Monday, February 13, 2010	7:00 – 8:00 PM (MST)	Register
Monday, February 27, 2012	7:00 – 8:00 PM (MST)	Register

 

March Home Buyer Webinars (See Below to Join Webinar)

Date	Time	Registration Link
Monday, March 05, 2012	7:00 – 8:00 PM (MST)	Register
Monday, March 12, 2012	7:00 – 8:00 PM (MST)	Register
Monday, March 26, 2012	7:00 – 8:00 PM (MST)	Register

 

April Home Buyer Webinars (See Below to Join Webinar)

Date	Time	Registration Link
Monday, April 02, 2012	7:00 – 8:00 PM (MST)	Register
Monday, April 09, 2012	7:00 – 8:00 PM (MST)	Register
Monday, April 23, 2012	7:00 – 8:00 PM (MST)	Register
Monday, April 30, 2012	7:00 – 8:00 PM (MST)	Register

 

If there are conflicts with times and/or dates, please do not hesitate to call me and I will set you up for a one-on-one Webinar.

To Register for a  Webinar:

1 . Click on "Register" to the right of the date / time that works best for you.
2.  Fill out the basic registration information.
3.  You will receive a confirmation e-mail with instructions on how to join the webinar.
4.  You will also receive an e-mail shortly before the webinar starts with the same instructions on how to join the webinar.

Any questions, please call me at 303.520.8700.

* I am not able to offer advice regarding real estate transactions that you presently may be in as that is a breach of agency law in Colorado. I will use hypothetical situations as the basis of my webinar.

Sean Patrick Reilly
Double Major - Real Estate and Construction Management - University of Denver '91
Cherry Creek Properties
seanre@msn.com
303.520.8700

Highlands Ranch Community Association (HRCA) Looking to Enhance Women's Sport Leagues

From the Highlands Ranch Community Association:

The HRCA is looking to enhance their women's sports leagues.  Like them on Facebook and vote in the women's sports poll. 

Here is a great chance to voice your opinion.  I have competed in many men's sports leagues with the HRCA over the years and they do a great job.  Take a moment and let them know what you'd like to see.

30-Year Mortgage Rates hit 3.88%

From MarketWatch.com:

WASHINGTON (MarketWatch) - The average rate on the 30-year fixed-rate mortgage ticked down to a record low of 3.88% in the week ended Jan. 19 from 3.89% in the prior week, Freddie Mac said Thursday in its weekly report. These data go back to 1971. A year ago, the 30-year rate was at 4.74%. "Mortgage rates were nearly unchanged this holiday week" amid mixed economic reports, said Frank Nothaft, Freddie's chief economist, in a statement.

Read the entire article here.

Good news for those of you looking to buy a home in the Metro Denver area.  Hopefully these rates will hold steady at the lows for awhile.

The Week in Review (Ending January 13, 2012)

From Fidelity National Title:

The Week in Review

MONDAY, January 9th
Consumer credit outstanding increased by $20.4 billion in November compared to market expectations for a $7.0 billion gain. The increase was led by a $14.8 billion surge in non-revolving credit balances, like car loans though revolving credit balances such as credit cards increased by $5.6 billion as well. The heavy use of credit in November was consistent with strong retail and vehicle sales during the month. Pent up demand and the holidays coincided with consumers willingness to use credit to spend. The debt to disposable income ratio is now only slightly above its low point of May 2011.

TUESDAY, January 10th
The NFIB small business confidence index rose to 93.8% in December from a reading of 92.0% in November. This was the fourth monthly gain in the index which suggests small business owners are feeling a bit better about the economy and their prospects for expansion. Bear in mind that recent gains are from exceptionally low levels and that plans to hire and current job openings decreased on the month.

WEDNESDAY, January 11th
The MBA mortgage applications index rose 4.5% to 663.1% for the week ending January 6. Purchase applications were up 8.1% on the week but were 8.0% lower than their year ago level. Refinance applications were up 3.3% last week and were 60.4% higher than last year. Even with the gains, total mortgage application activity remains range bound as it has been for the past two years; it is now in the middle of that range. Application activity though improved remains weak.

The FOMC survey of economic activity in the 12 Federal Reserve banking districts, called the beige book showed that the economy continued to expand in November and December at a modest to moderate pace. Consumer spending, travel, tourism, nonfinancial services and manufacturing activity continued to improve while conditions in the housing market and commercial construction remained very weak. Loan demand improved slightly along with credit quality. Price pressures were mostly contained while a weak labor market kept wage pressures in check. This summary reaffirms stronger economic growth in the fourth quarter however, the Fed will continue to maintain an accommodative stance and keep the door open for additional measures to support the recovery as necessary.

THURSDAY, January 12th
Jobless claims rose 24k to 399k for the week ending January 7. The bump in initial filings was larger than estimated but expected after the temporary holiday hiring season. Claims remain under the 400k level indicating little net change overall, in labor market conditions.

Retail sales slowed in December, gaining just 0.1% but November sales were upwardly revised to a 0.4% gain from 0.2% originally. Some of December’s weakness was related to heavy discounting. Retail sales are now 6.5% above their year ago level. Auto dealers, furniture, building supply, drug, clothing and sporting goods stores all posted gains last month while sales declined at gas stations, electronics and general merchandise stores. The outlook is for consumers to continue to spend very modestly going forward with weak consumption possibly being a drag on Q1 GDP.

Foreclosure filings nationwide declined 8.4% in December and were down 20.5% from December one year ago according to RealtyTrac. Two of the three stages, pre-foreclosure and auction declined 18.6% and 11.6% respectively in December from November while bank REOs increased 10.1% on the month. The holiday season probably slowed processing at earlier stages of processing. Foreclosure activity is expected to pick up in the months ahead as servicers continue to work through documentation and procedural bottlenecks.

FRIDAY, January 13th
The international trade deficit on goods and services rose to $47.8 billion in November from a $43.3 billion shortfall in October. The wider trade gap in November was a result of a 1.3% increase in imports, related to higher petroleum prices and volumes while exports decreased 0.9% mainly due to weakness in Europe. Despite the widening, net exports will be largely neutral to Q4 growth after making a modest contribution to Q3 GDP.

So, two pretty solid weeks of decent/good news and this week kind of points to a slow down to me.  I knew jobless claims would rise, but we are now back to the 400K level again.  Will we hold a touch under, or are we going to see what we did in 2011?  Jobs are key to this recovery and while I know a lot of the hiring was seasonal, I had hoped that it was the start of a shoring up of the jobless claims under 400K.  Foreclosure are down, but has this really been caused by procedural bottlenecks?  I guess that we shall see in March or April if this was just a pause, or a trend?  The NFIB small business confidence index is good, but all of the good numbers seem to come with a caveat.  I'm still hopeful, but we need jobs!!!

30 Fixed Mortgage Rate Matches All Time Low

Read the article on Realty Times by clicking here.

Rates are still good.  How long will they remain here - that is the question?