Contact Legacy Real Estate and ask for Tom Reed or Bill Brown www.discovercoloradorealestate.com 303-933-3333

 

Colorado new home builders | Use of Sweeteners on the Rise

Builders around the country are sweetening the deal for buyers. Between the summer of 2006 and 2007, the number of builders offering optional items — like a fireplace or three-car garage — at no additional charge rose from 51 percent to 57 percent, according to Gopal Ahluwalia, staff vice president for research at the National Association of Home Builders. Those offering to pay closing costs increased from 38 percent to 46 percent. Offers to trade a current home for the builder’s home jumped from 5 percent to 17 percent.

Sellers of existing homes are sweetening deals, too. A George Mason University study found that 59 percent of Washington, D.C., area sellers in 2006 and 2007 offered an incentive to buyers, up from 35 percent during the six years from 1999 to 2005. The sellers most likely to offer incentives? Those closest to new-home subdivisions.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in
Denver Colorado. You can visit there website at www.discovercoloradorealestate.com

Denver New Homes | Home Buying Guide: New Homes vs. Resale Homes One of the first things you need to decide when considering buying a home is whether you want a brand-new home or an existing residence. The truth is, there are pros and cons to both sides of the new vs. pre-owned decision. As to which is better has been an age-old heated debate and a decision you should decide after you way the many options available.

Colorado Luxury Homes | Castle Pines North Colorado

Castle Pines North is surrounded by sprawling open space with hundreds of luxury homes nestled amongst over 15,000 acres of beautiful terrain just south of the metropolis of Denver. The area is primarily designated as open except for the local developments along some of the best golf courses in the country. These precious pockets of land are highly sought after for their prime locations to live in the lap of luxury just minutes from either Castle Rock or Denver to the north.

Now is the time to explore the luxury home opportunities in Castle Pines North. Although somewhat secluded from the city to the north there are many future development plans to expand this community with all the amenities the ultra rich home owner needs to satisfy their daily needs. There are future commercial developments and several other luxury home communities close by like Lone Tree, Castle Rock and Denver which offer all the retail and commercial sites needed by Castle Pines North residents.

Castle Pines luxury homeowners can take advantage of a myriad of recreational options afforded them by three large local parks and over 560 acres of open space and some 13 miles of natural hiking trails right outside their back door. Best of all as an avid golfer there are many championship golf courses that are world renowned one in particular as the site of many past International golf tournaments.

If you treasure international style and luxury home sites along some of the most majestic open space and golf courses in the world come see what Castle Pines North has to offer even the most discriminating Colorado luxury home buyers.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at http://www.discovercoloradorealestate.com

Colorado Luxury Homes |Highlands Ranch Homes
In the late 1970’s the residents began to move into there first luxury homes in Highlands Ranch, Colorado. Located just twelve miles south of downtown metropolitan Denver lays a community of homes which are nestled along the foothills and in many cases along some of the best golf courses in the state. These luxury homes afford their owners majestic mountain views and a myriad of outdoor activities.

Highlands Ranch, Colorado started growing rapidly in the early eighties and is beginning to attract luxury home owners with half million dollar homes to multi-story mansions on the now prestigious Highlands Ranch Golf Club. The golf club is an eighteen semi-private course featuring a Hale Irwin designed championship golf course with challenging course design and dramatic mountain vistas. The 7179 yard par 72 course has bent grass greens which some say are the best in
Colorado.

These fantastic luxury homes are made by some of the best home manufacturers in the region and are part of a master plan to continually offer high end homes in a great community just down the road from the exciting city of Denver,
Colorado.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.

Colorado Real Estate | The New Housing Market

Local and national media has been rampant with negativity regarding the housing and lending market. How do you know what is the truth in your area of the country. The most important thing to understand about the real estate market is that it is locally dependent. For instance, while there have been some slow downs in Ohio, the markets in San Jose are hotter than ever. So when the media reports that “housing prices” have decreased 1 or 2% nationwide, that is a reflection of all markets together, and it isn’t necessarily an accurate reflection of the conditions in your specific neighborhood or city. Consider further that despite last year’s real estate issues, according to the National Association of Realtors, it was the 5th best year of home sales ever recorded! Also, it is expected that 2/3 of local markets in the US will report price gains for 2007! This is why it’s particularly important to consult with your Realtor if you have concerns about home values in your neighborhood. They will be able to give you a truly accurate reading of the local trends and expectations. Predictions regarding when the housing market will “turn around” are as mixed as predictions that the psychics make about the end of the world every year. What is important about this is anyone who literally could predict the real estate market bottom would be very wealthy indeed. Again, the most important information for home owners is what is taking place in your neighborhood. Employment rates and job growth are very strong indicators of housing market strength. As long as these two factors remain strong in your particular area, housing should do well.

Note that in Michigan, where housing markets are somewhat tenuous, the unemployment rates are higher than average. While housing (like many other markets) is a cyclical market, the data still shows that long-term home ownership is a solid financial bet. Your safest bet is to treat home ownership as a long-term decision and not a get rich quick method. Another topic you may have concerns about is obtaining a mortgage. Much of the media attention has recently been concentrated on the disappearance of the sub prime market. The sub prime market may have largely disappeared, but it is expected to be replaced by FHA loans. As of this writing, FHA limits still max out at $417,000 (depending on your area) but Congress is constantly considering new legislation to increase FHA limits into the $600 levels. The political and economic atmosphere in the near future will likely determine whether or not anything happens with this. What is important to note is that FHA loans are not credit score based but largely income based. If you had a bankruptcy or foreclosure at least two or three years ago, you may still be able to qualify for one. FHA candidates should be current in paying their bills, but will not be excluded due to extenuating circumstances such as a death or divorce in the family.

You might find that your home is worth a little less than you had hoped when you go to sell it. You can hold off for a while until home values increase. Or you can sell now and while you won’t get as much as you hoped on the sales end, you’ll be able to make up for it on the buying end. You can also consider renting your home out instead of selling. The guidelines for qualifying for another mortgage vary so check with your mortgage broker. Understand that there are tax implications to owning more than one home as well, so consult with you accountant about the best way to go about that. While the foreclosure and declining home value topic seems to make for interesting headlines, unfortunately it’s generally not all that applicable or accurate to individual markets. So don’t hesitate to direct your real estate market questions to your Realtor or mortgage broker if you want to know what home values or available credit is like in your area.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in
Denver Colorado. You can visit there website at www.discovercoloradorealestate.com

Littleton Real Estate | Littleton Historic Property Manor House

Windows open on the spires of Red Rocks Ampitheatre and the dramatic Front Range. This is the view from the historic Manor House, which still has its original electricity and plumbing from the early 19th century, several private rooms for groups or intimate dinners, and a large inviting patio. Menu favorites include thick, juicy slabs of salmon stuffed with Brie and crab, New York strip steak and signature roast prime rib. The twilight and lounge menus cater to diners who want to experience the restaurant at a lower price.

The unfortunate thing is it seems the Manor House cannot maintain the same ownership over the years. It is going on the market after less than one-year operation under T&T LLC and Michael Shinn management. The property, which Shinn purchased for $2.4 million last year, is soon to go on the market once again.

A tenuous relationship has existed between Shinn and Ken Caryl residents since Shinn proposed a number of additions to the building last fall. The restaurant reopened in October. Larry Griewisch, who initially operated the restaurant for Shinn, opted out of his contract last winter because improvements were not made.

The site’s official development plan allows zoning for a restaurant or for commercial or residential purposes. When Shinn initially bought the property, it was to be the home of his business, National Home Buyers Assistance. But because of perceived demand, the building was again established as a restaurant.

John Shaffer, a former owner of the Rocky Mountain News, built the Manor House. More recently, it has been a restaurant and popular wedding destination because of its hilltop setting and unobstructed views of Denver and the Rocky Mountains.

The building is listed as a two-bedroom, three-bath American Georgian-style home. It will continue operating as a restaurant while on the market until sold yet again to the next prospective owner.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.

Legacy Real Estate Brokers (www.discovercoloradorealetstae.com) is featured in the business section of the Rocky Mountain News today. Tom Reed and Bill Brown are the broker / owners of Legacy Real Estate and they provide insight in this article into the current forcolsure market in Denver, Colorado. This are mixed up and as John Rebchook of Rocky Mountain News says, “Foreclosures Going Once…”

The front of the article reads:

“Real estate broker Tom Reed and a group of investors have earmarked about $500,000 to spend on foreclosed homes being sold at two real estate auctions.

About 300 Colorado homes will be going on the auction block, an attempt by lenders to cull the growing stockpile of foreclosed homes in the state and metro area.”

For the rest of the article click here to go to Rocky Mountain News

(By John Rebchook, Rocky Mountain News – August 3, 2007)

Colorado Real Estate For Sale | Multi Listing Services (MLS) Reconstituted

From Connecticut to California, the drumbeat of consolidation continues to rattle multiple listing services. It involves consolidation and cooperation between many different listing services. These moves will help Realtor’s like Legacy Real Estate Brokers Inc. to cross many boundaries and offer a wider range of real estate services to our clients and consumers as a whole.
Colorado’s Brokers need access to more information as a whole to educate there buyers. Properties, subdivisions and cities on borders of the current MLS set up will see the most benefit . They will be seen by both MLS boards and see more traffic.

More and more MLSs are hooking up to give their subscribers easier access to increased data at less cost. Thirty percent of REALTORS® and MLS executives who responded to the Center for REALTOR® Technology’s 2007 MLS Technology Survey reported that their service had merged with one or more MLSs. That’s up from 15 percent the previous year. Another 38 percent reported that their MLS was considering consolidation.
Colorado will be merging the Denver MLS and IRES the Northern Colorado MLS by February 2008. The
Pikes Peak board has also been contacted to come on line with the merged northern boards. This project is still in the works. In the 1980s and ’90s, local MLSs merged to form regional MLSs. Now, regional MLSs are merging to form mega MLSs as their subscribers clamor for even greater efficiency. In early 2007, all but a handful of the MLSs in Connecticut morphed into a statewide MLS. Since then, Connecticut MLS executives have heard from individuals in other states including Texas, Florida, and North Carolina, who want to learn more about the Connecticut model.

Economics is driving much of the change. As market growth blurs boundaries between previously distinct regions, brokers can be forced to join two or more MLSs to access the listings they need to serve clients. That means paying additional fees, following separate rules, and learning different formats. As technical barriers to merging or sharing data fade, consolidation is an appealing antidote for many. However, some MLS owners, whether brokers or real estate associations, remain reluctant to surrender the control and revenue that MLS ownership provides. All of these moves are doing what’s right for the consumer and will allow many real estate firms like Legacy Real Estate Brokers, Inc. to offer a wider breath of services which means more access ultimately to you the consumer, which is great news in today’s real estate market.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit there website at www.discovercoloradorealestate.com

Real Estate Marketplace | Colorado is a buyers market!

Denver Skyline

This is a great buyer’s market in Denver and surrounding metro regions with plenty of homes on the market to choose from. If you are the market to purchase a home in the Denver metro market now is an excellent time. Prices are rising, but slow right now. The median price for a single-family home in May was $251,155. In June it had risen 4.72% to $263,000. Last year this time the median price was $261,750 for a 4.78% rise in 2007. The average for June was $304,055. A big factor in rising prices is the high number of high-priced luxury homes selling for 900k and up. In this market sector we have been on a steady incline. Basically what this means to a buyer is housing values are rising but at a much slower pace then in past markets.

* Average days on market for single-family homes have dropped to 94 in June from a high of 125 in February. This varies in different parts of the metro area. As has been true throughout Denver’s slower market, good homes, locations and conditions are being purchased quickly. While overpriced homes and homes in need of repair still sit on the market for longer periods of time. Days on market for condos are higher, showing the difficulty of selling condos in a buyer’s market.

Sellers were more realistic in June in terms of list price. One factor is maybe agents are more able to convince sellers to list their homes closer to market value than they had been in past months. While growth during the first half of the year is lower than in the past, the strength in the mining, health care, natural resources, and tourism sectors may make improvements possible in the future. A cloud over the economy continues to be the low number of new housing starts leading to a lessening number of jobs in the construction sector. There fore these factors continue to add up to a strong buyers market which may have the potential to change in the near future.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.