Lakewood, CO Real Estate News

By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
I spoke yesterday about the number of storms that have hit the Denver/Lakewood area over the past week and today brought the worse.....a tornado struck in Aurora causing extensive damage to the Southlands Mall as well as surrounding neighborhoods.  Just across Smoky Hill Drive in Tallyn's Reach, the twister struck the cul-de-sac that my son just moved out of about 30 days ago.  His former home was spared, but his wonderful neighbors suffered damage to their homes and yards. Fortunately, no one was hurt.  I had been hosting an open house in Northglenn when the dark clouds started rolling in.  Hail and rain helped me decide to close up early.  Driving home, I could see the wide expanse of heavy gray and black clouds surrounding Denver.  Passing O'Kane Park, I pulled over to take the follo...
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
Over the past five days, we have experienced a lot of rain and storm activities here in the metro area. The other night, I watched as clouds built in the sky just east of my home. In just a matter of minutes, the clouds grew in size, color, dimension and ferocity. I was able to capture a few shots before the storm moved further east.
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
I just wanted to wish everyone a very Happy Easter! Recently I ran across an article on how to make unusual easter eggs by using men's old, colorful silk ties. Goodwill and other thrift shops are a wonderful resource to finding old ties rather than raiding your husband's collection - although, there are a few I would love to see find a new life elsewhere. With the help of vinegar and cheese cloth, you can produce beautiful, unique eggs that reflect the design of the original silk ties.
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
We are getting down to the wire to present our personal action plan for the Transit Alliance 2009 Citizen's Academy. My partner in this endeavor, Mike Henderson, who also works for Your Castle Real Estate, and I met today with a computer guru to work out the details of our plan and the specific information that we needed to finalize our presentation. We are putting together a presentation that we can give to local groups who want to hear about Transit Oriented Development. We hope to educate citizens, realtors, developers and others on what this development can mean to our communities. We are just getting started, but you will be kept apprised as we move forward.
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
I blogged this past week about how excited I was to have been chosen to be a part of the 2009 Transit Alliance Citizens Academy and the opportunity to really become an advocate for rapid transit and expanded light rail.  Then a couple of days ago, it hit me like a brick....it had been years since I actually rode an RTD bus anywhere and I hadn't been on the light rail here in Denver. Having been raised in the outskirts of Washington, DC, I grew up using the bus to get into work on days that three or more of us weren't able to carpool. With the addition of the Metro, whenever I visit family, I feel very comfortable taking it everywhere I want to go in the area. At the first meeting of the Academy, Crystal Cityin Arlington, VA.  was given as an example of transit-oriented development that ...
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
 We have been experiencing such beautiful weather here in Colorado. I captured the sunrise a couple of days ago. Tomorrow is supposed to bring a change....so enjoy today!  Get outside, take a walk, or head to the mountains!  I hope we have many more sunrises like this. Please share your photos as well.
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
I just received my weekly edition of the Denver Business Journal. It was of special interest due to the special section, "Real Estate Quarterly" and the fact that my managing broker, Lon Welsh, was featured in an article about real estate in the Denver Metro area.  There is a two page spread about what is happening in our market and I highly recommend that you read the article by going to http://www.bizjournals.com/denver/stories/2009/02/02/focus1.html?b=1233550800^1770121 . In the photograph, Lon is holding a map that charts the trends in each neighborhood in the Denver Metro area. It indicates the % of foreclosure sales, the appreciation/depreciation of home prices and the average days on market. As a broker associate with Your Castle Real Estate, providing this information  to our cl...
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
2009 Denver Metro Area Economic Forecast   On Tuesday, January 27, 2009, I had the opportunity to attend an economic forecast session sponsored by the Jefferson County Association of Realtors. Ted Jones, Senior VP and chief economist at Stewart Title and Patty Silverstein, President, Development Research Partners of the Denver Metro Chamber of Commerce were the speakers.   Some of the key points regarding the general economy: Oil prices will increase again within 36 months, to $4 or $5 per gallon for gasoline. In 2009, the average thirty year mortgage rate (conforming) will be around 4.9%. Inflation will head upwards in 2010 and mortgage rates will be in the mid to high 6% range in 2010 and 7+% in 2011. We should be encouraging buyers to purchase now. Waiting for another $10,000 drop in...
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By Emelyn Morris-Sayre, CRS, REALTOR, Lakewood/Denver 303-517-5116
(The Berkshire Group)
Two nights ago, we experienced a power outage in Lakewood - O'kane Park area - for about an hour. Does anyone know what happened?  We haven't seen or heard anything. Sure glad we had some candles and matches.  The experience reminded me of camping unprepared...scrambling for matches and candles....where are they? .... did we pack any? ....of my, it is really dark! I just would like to know if someone hit a power box or what?  Thanks, neighbors!
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By Lon Welsh
(Your Castle Real Estate LLC)
 Every one of the 400+ neighborhoods in metro Denver we track had a slightly different response to the market! The attached chart shows different neighborhoods in our region. Each region has the neighborhood’s name and the percentage of sales in the last twelve months that were either short sales or bank-owned properties. The second line has the price change in the twelve months from January to December 2008 vs. 2007. Next, you’ll see the average home price in the last twelve months and the average days on market (DOM). There had to be at least twenty sales in the last year for an area to be included. The numbers are more reliable in areas where there were more sales. How can you use this information to help your clients make better decisions?
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By Laura Lomba-Berg
(Your Castle Real Estate)
Investing in Real Estate 8 - Condo Conversions This blog will discuss a type of real estate investment, fix and flips, in the Palamino Park area in Denver.   What this investment is:  A synthesis of the fix and flip and rental operations - purchasing an apartment building in a neighborhood dominated by owner occupants, then converting the building from apartment building to condominium.  Often requires renovation of the units to meet the expectations of owner-occupant buyers in that area.  Complex and time consuming, but has wonderful tax advantages compares to fix and flips and often has superior returns to all other asset classes.  Ideally suited for the sophisticated investor with extensive experience.    Equity needed:  Being able to document your income and your assets will be crit...
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By Laura Lomba-Berg
(Your Castle Real Estate)
Investing in Real Estate 7 - Fix and Flips This blog will discuss a type of real estate investment, fix and flips, in the Palamino Park area in Denver.   What this investment is:  Purchasing a home that needs work.  The scope can range from the basic "paint and carpet" to extensive overhauls to scraping a decrepit property and completely starting over.  Usually does not involve tenants, and the objective is to get in and out of the property as quickly as possible.  Great for beginners with the right skill sets or the willingness to learn.   Equity needed:  With hard money loans (defined in next paragraph), potentially 0% and they'll finance the construction costs, too.  Expect a LOT of strings to be attached.  A small local lender might give you 75% of the purchase price and the renovat...
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By Laura Lomba-Berg
(Your Castle Real Estate)
Investing in Real Estate 6 - Lease Options This blog will discuss a type of real estate investment, lease options, in the Palamino Park area in Denver.                        What this investment is:  A lease option (L/O) is Acquiring control of a property (though not necessarily ownership), then leasing the property to a tenant.  The lease is bundled with an option, so the tenant can (but does not have to) purchase the property for a given price within a given time frame.  Again you are seeking a tenant for a property, but usually for a slightly longer term (12-18 months) and frequently (though not always) with the goal that the tenant purchase the property from you at the end of the lease.  If you purchase the property, then it's an easier process; if you find a highly motivated selle...
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By Laura Lomba-Berg
(Your Castle Real Estate)
Investing in Real Estate 5 - Large (5+ unit) Apartment Building This blog will discuss a type of real estate investment, large apartment buildings, in the Palamino Park area in Denver.   What this investment is:  Still targeting tenants for 6-12 months at a time, buildings with more than five units are considered "commercial" property.  The loans are more difficult to qualify for, and usually a larger down payment is needed.  Uncommon for the new investor; this is usually what landlords with several years of experience "trade up" to.  Cash flows on larger buildings are more stable than for smaller buildings, and the economies of scale make it practical (and desirable) to hire a property manager to take over most the work for you.  This takes reduces the hassle factor of the landlord pro...
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By Laura Lomba-Berg
(Your Castle Real Estate)
Investing in Real Estate 4 - Small (2-4 units) Apartment Building This blog will discuss a type of real estate investment, small apartment buildings, in the Palamino Park area in Denver.   What this investment is:  Purchase of duplex, triplex or quadplex to be rented to tenants, usually for 6-12 month terms.  Usually what the rental home / condo landlords graduate to.  In most markets they cost a little more than a rental home, but are much more likely to cash flow on the average month.  Less cash flow risk; if one unit is empty you have other tenants that still help you with the mortgage payment so it doesn't all come out of your pocket.  Many owners will start to delegate some of the property management tasks to an on-site assistant (typically the most responsible tenant), such as yar...
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By Laura Lomba-Berg
(Your Castle Real Estate)
Investing in Real Estate 3 - Rental Condo or Rental Home This blog will discuss a type of real estate investment, rental condos or rental homes, in the Palamino Park area in Denver.   What this investment is:  Purchase of a residential property to be rented out to tenants, usually on a 6-12 month lease term.  This is how most new landlords get started.  You can hire out all of the property management functions, but in many cases you will do many of them on your own.  There are smaller down payment requirements than for larger rental buildings.  The purchase process and financing process is very similar to what you experienced buying the home you live in now.  It's a great way for beginners to get started.   Equity needed:  Currently 20% - 25% Downpayment.  In some cases you might be abl...
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By Laura Lomba-Berg
(Your Castle Real Estate)
Investing in Real Estate 2 - Assignments This blog will discuss a type of real estate investment, assignments, in the Palamino Park area in Denver.   What this investment is:  An investor who is interested in Assignments gets a property under contract for an attractive price then assigns the contract to another buyer, usually another investor.  The first investor will be paid a fee for the work.  If you don't have much equity to work with, and/or if your credit power is limited, assignments can be a way to get started in real estate investing.  You will need to have a strong "sales" personality to succeed at it, though.    Equity needed:  None, just earnest money.   Importance of credit:  Not important, since you are not purchasing the property yourself.   Importance of experience with ...
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By Laura Lomba-Berg
(Your Castle Real Estate)
Note these positive market trends this year:-          number of active listings steadily declining-          average list price pretty stable (finally!)-          U/C up dramatically-          Number of sales / month up (partially seasonality)-          DOM dropping-          Stability in average sold prices and sold price as % of list-          Sold price as % original price UP a lot - banks are getting better at pricing-          Number of expired listings down Every indicator is improving this year in AUN.  You will see the same trends in DSW (southwest Denver  County), but not as marked an improvement as AUN. By contrast look at DSE (southeast Denver County).  -          listings are up (they should be - seasonality)-          Note the average list price ($758,000) is a lot higher ...
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