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

There are some exciting new real estate opportunities in Denver, which incorporate creative design, industrial materials and are located along the famous and beautiful
South Platte River corridor. This new development created by renowned architect David Baker is called Taxi II and was designed to create a large living feeling in a smaller easier to maintain property.

Nestled along the riverfront these units have several floor plans to choose from including the popular Crash Pad version. They are modest in size with around 700 square feet but have incorporated very high 20 ft. high ceilings to add an open space interior. They are spacious in feel and incorporate lots of windows for light and city, river and mountain views. The main floor has a kitchen, living area and bathroom with a large loft style upstairs master bedroom. The key to the design is efficiently designed space with function and everything in one space. The décor is somewhat industrial with poured cement floors and metal trusses often seen in loft type construction. Kitchens are mostly stainless steel appliances and countertops as well.

Most residence would agree that with their own personal tastes including artwork these properties called Taxi II can become unique to their personal style to create a suite like residence that is a special place to call home as part of the Colorado 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

 

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

Colorado Real Estate | Boulder Moves Forward

Situated in the center of a statewide economy that has grown while surrounded by states that have deflated in jobs and economic growth, the Boulder, Colorado real estate market has weathered well and continues to grow in 2008.

Richard Wobbekind, an economist with the Leeds School of Business at University of Colorado-Boulder, says the locals there will do better in 2008 than the year before. Meanwhile, home prices have continued upward over the last year, which increased over 2006 numbers, as well.

Wobbekind was quoted on the University’s website, saying, “2008 has been the most difficult year we’ve ever had to forecast,” because of the national outlook. “That said, the Colorado economy seems to be going along at a pretty good clip and doesn’t seem that shaken by national events, so we think the impacts on Colorado’s economy will be more incremental if there is a national downturn.”

Where the Boulder market has struggled in the number of homes selling and an increasing inventory, it has made up in continued price growth overall. Home prices in the area have been on an upswing for nearly a year now, after leveling through 2006.

The average home price in the area stands at more than $376,000. Single-family dwellers have seen price appreciation over the last three years at about 3 percent per year.

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 Rebound | Fewer unsold homes on market

Is the real estate market in Denver on the rebound? If the unsold homes number is any indication the six-year slow down might be the start of a legitimate recovery. The 5.4 % drop in unsold homes in July is the largest decline this year. All indications including average home prices for July show that there are definitely fewer unsold homes in the Denver Metro market.

According to local industry experts the two most significant stats in the report is the drop in inventory currently on the market and also the drop in unsold home prices. The average single-family home price changed from $334,833 to $316,024 representing a 6% change from June numbers to July.

The interesting fact is due to the quantity of foreclosures on the market the prices did not go up which is normally expected when the inventory numbers drop as stated. There were just over 30,000 unsold homes on the market in July of this year compared to over 31,000 unsold homes in July of 2006, according to local Realtor groups. Foreclosures have had a large impact on the lower end of the market and the markets current pricing figures as well. As stated in one of our company’s recent articles there was a large auction of almost 300 homes sold at a recent Denver area auction.

In our recent Denver real estate market we had too many homes on the market making it more difficult for sellers to sell their properties in a reasonable period of time. This change in inventory should be a healthy sign for the local market and encourage people to continue to want to sell their homes only when they absolutely have to sell. So as the market improves it will encourage sellers to list their homes when we begin to see an upturn.

The market is still a bit sluggish but is showing signs of a rebound represented by the recent decrease in the number of unsold homes on sale. There are still other things like the recent sub prime lending issues holding the market back but we are seeing signs of strengths in certain specific market numbers. For example, the average condo price in northwest Denver recently jumped in July to about $312,538, which was about a 49% increase from July of 2006. So these figures are encouraging and hopefully we will see a steady increase in the Denver market in general with the help of these new unsold homes numbers dropping in July.

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.

Buyers beware when it comes to foreclosures!

Colorado Foreclosures

Families looking for a home should not look at foreclosures as a rags riches success story but as a limited opportunity to find a property for their family.In a recent case the buyer found a home that the real estate agent said was bank owned, sold as-is, more commonly referred to as a fixer-upper. It was reasonably priced with little information but it had recently foreclosed. The home was dirty and filled with lots of trash and miscellaneous household products.

In addition to having a proper inspection was difficult because the utilities were all shut off making it close to impossible to determine the actual value of the home.You will find with most foreclosure properties, known as REO’s (real estate owned or pre-foreclosures, also known as short-sales), that they are in complete disarray, have a lot of garbage inside them and are usually in need of many repairs. It’s trickle-down economics, but in reverse. Do you get to inspect a property before you buy it? For some lenders, yes. But it’s usually not part of the contingency section, meaning, if you agree to buy the house, you get it in its current condition, no exchanges or repairs allowed. You get the soiled carpet, busted a/c, vermin infestation, etc. What you get in exchange is a house that is truly under the market as far as pricing is concerned, and you get to add some repairs and sweat-equity to create a potential family financial gain.

While there are state-mandated disclosure laws in most states, you may be waiving those rights in the large bank-owned addendum, which is an as-is monstrosity. It eliminates nearly every protection a buyer has in a Realtor-written pre-printed contract, except that you get your deposit back if for some reason the seller cannot perform on the contract or if the property does not meet your approval after an inspection. Since most REO property representatives take a long time to make a decision on their contracts, time is really not of the essence and you have the time to pour over the contract, addenda and clauses. Our advice at Legacy Real Estate Brokers Inc. is to allow us along with you to carefully review all pertinent documents before a final decision is agreed upon.

The best person to talk to when looking up these type properties is a Legacy Real Estate agent who has walked that path before and can truly point out the issues you need to be aware of before you purchase. Every lender’s contract and property is different so again seek the advice of a real estate professional. Contracts are not written in a manner as Realtor contracts that are more regulated by the real estate commission, so buyer beware.You can try to talk with the bank representatives and listing agents, but many times they are not very helpful and tend to represent the bank’s interests over your specific needs. More then any other type of real estate transaction you need to be properly represented by an agent that has the experience and expertise to handle this intricate purchase.

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.

Sedalia Colorado Homes| Future Growth Plan to this Picturesque area

In the rural town of historic Sedalia, Colorado the local officials are trying to make plans to create growth through some exciting developments in this old railroad town. After years of slow growth in this one time bustling railroad hub, local officials will try to prepare for the inevitable expansion that will come to this small southern metro Denver community.

The members of the new district committee are making decisions to expand downtown Sedalia with a look to the future some twenty years from now. The idea is to create a multiple use area with dynamic new real estate and community developments.

Douglas County officials are working to create a committee to establish a financial plan and develop land-use regulations including parking, traffic and design standards. The County’s economic development staff will help with the process and the goal is to have the vision and land-use plans complete by the end of 2008.
A zoning overlay district identifies an area with specific characteristics and sets standards and uses, said Betty Allen, Douglas County community development assistant director. For example, Douglas County has floodplain, wildfire and the Centennial airport overlay districts. Overlay districts are part of the zoning resolution, and proposals to create new ones must be heard by the planning and the board of county commissioners to allow for public input, she said.

Douglas County’s economic development and planning staff will be support and assist committee members in their vision, hire a consultant who has experience in developing vision statements to bring an independent viewpoint.

Overlay district allows for pockets of mixed use, which is really the trend today in zoning and economic development, which is what people will expect in Sedalia, Colorado.

It’s similar to a planned development only in this case there’s no master developer. The county is working with the community to put the overlay district in place. Potential uses within the zoning will be identified based on what the community wants, she said.

The committee is a group of people representing the community and making recommendations to the Douglas County commissioners on what they want within the district. Members of the committee will include residents of Sedalia and representatives from the Sedalia Water and Sanitation Department, the Jackson 105 Fire District, the Douglas Board of County Commissioners, the Intermountain Rural Electric Association and the Sedalia Landfill.

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.

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 homes for sale | Housing Finance Authority

CHFA (Colorado Housing Finance Authority) is a non-profit investor that sells tax free municipal bonds to fund their loans and is there specifically to help low to middle income buyers into homes. Under the current market conditions in
Colorado this is a very beneficial program for new home buyers looking to move up in terms of owning real estate. Both FHA and conforming loan programs are allowed to be funded through CHFA. The CHFA program is the antidote for the aggressive lending practices that are now under so much scrutiny. CHFA sets the Interest rate so a lender could not charge a higher interest rate even if they wanted to and CHFA puts a restriction on the closing fees that a lender can charge so CHFA is considered a loan program that protects home buyers.

There are 4 programs that CHFA offers. All programs require the buyer to attend a CHFA approved, free first time buyers education course. From our experience these classes help educate the buyer as well fulfill their commitment to getting involved in this program.

The four different programs are as follows:

1) MRB First Step: This is the program for first time buyers (someone that has not had an ownership interest in a home for at least three years). This is a 30 year fixed loan. There are income limits, for example a 2 person family can not make more then $71,400 a year. There are also purchase limits, for example in the Denver Metro area, the limit is $365,100. CHFA also offers a 3% “Silent 2nd” for down payment assistance. This 2nd mortgage has no interest or payments due for the life of the loan but is a lien against the property so when the buyer is done with it they have to give it back. So if the buyer sells the property, refinances the mortgage, or lives there for 30 years, the original 3% must be paid back to CHFA. This essentially offers the buyer the opportunity to finance 100% of the loan. However, if a buyer uses the CHFA 2nd mortgage for down payment assistance, the interest rate on the 1st mortgage will be 1/4% higher then if they bring their own 3% down payment. To qualify for this type of loan the buyer must put in at least $1000 of there own capital as required. The interest rates are set by CHFA at an affordable level usually below the normal prevailing market rates. They also cap the amount of closing costs a lender can charge at $600 plus a 1% origination fee. For more info on this program go to the following website www.CHFAinfo.com for more details.

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 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