Stapleton Courtyard Home For Sale: 2770 Florence Street, Denver

Fed Extends Operation Twist Program

The Federal Reserve reported they will extend the Operation Twist program through the rest of the year. The goal is to put pressure on long-term interest rates to promote business investment and stimulate the housing market. The hope is that businesses will take advantage of the low rates to borrow more to grow their business and hire new employees. The Fed also commented that rates will remain “exceptionally low” through 2014. Below is a video clip of Fed Chairman, Ben Bernanke from Bloomberg Businessweek.

Home Sales Up in Denver: Metrolist MLS

·         A recent report released by Metrolist MLS shows continued improvement in the Denver Metro area housing market.  The data shows another monthly increase in home sales for the metro area in Denver.  In May, the number of single-family homes jumped 19 percent compared to last month with 4,625 homes sold.  Another positive indicator was the days on market (DOM), which declined by 13 percent to 78 days.  The average sales price in May climbed 3% to $284,059—not including condos, the average single family home sold for $307,896 in the Denver Metro area in May.

·         The Denver housing market should continue to see increased activity this summer.  “With sales and under-contract listings running more than 20 percent ahead of last year, the Denver market is showing a lot of promise,” said Kirby Slunaker, President and CEO of Metrolist.  The housing inventory in Denver is off by 41 percent compared to last year, according to the MLS data.  MLS has received several reports from real estate professionals that they are seeing multiple offers on properties.  These are all good signs for the summer housing market in Denver.

Tips For Buying A New Construction Home

• Interview Lenders
• Home builders may have an in-house or preferred lender that they recommend.  Be mindful as the builder’s lender may not offer you the best rate or mortgage—some builders own their own lending company.  There are some builders that will offer attractive incentives to get you to purchase the home, but will require you use their lender to qualify for the incentives.  There could be issues by going with the builder’s lender, such as: higher closing costs and higher mortgage rates. Another tip, ask the lender to guarantee the Good Faith Estimate.
  
• Research Builder’s Reputation
• Bad news about a local restaurant travels much faster than the good reviews—the same goes for home builders.  Take some time to drive the neighborhood and talk to people in the new construction area of the neighborhood to see what they think about the local builders.  Ask for the builder that they went with and why.  Another route is to check public records for pending litigation or past lawsuits and how the builder responded to the complaints.  Check online to see if there are negative reviews about the builder.  Many people will post negative and/or positive reviews on sites like: Better Business Bureau, Google, Yelp, Facebook, Twitter, and other review sites and social media.  
• Visit model homes to see the workmanship and finishes.  If you have access to someone that has built houses in the past, ask them to visit the model home with you to get their opinion on craftsmanship.  Check with the homeowner’s association (HOA) to learn about rules, amenities, and fees for living in the neighborhood.  Visit the developer and/or city planner’s office to see future development plans, so you know how it will affect the property.  You can also visit the courthouse to see if there are any liens filed against the builder.  Ask local real estate professionals what their opinion is about the builder.
• Get A Home Inspection
• Many home builders will offer a one-year warranty that covers front door to back door (bumper to bumper), which includes almost everything.  The catch is that most issues will not emerge until after the one-year warranty on newly constructed homes.  Having an inspector may provide you with the opportunity to catch any issues with the home prior to closing, so the builder can resolve any issues before you move in.  
• Hire a Real Estate Professional
• A real estate professional can help walk you through every step of the new home construction process.  Generally, the builder will pay the buyer’s agent commission, so the service to the buyer is gratis.  Builders do not provide a discount to buyers if they do not use a real estate broker—the builder will normally keep the additional monies.  Remember, the builder sales associate has the builder’s interest at the forefront, so having an advocate during the building process can help you make some of the major decisions that go along with building a new home.  A realtor will provide you with insight on what upgrades to do with the builder and what to do after market.  They can offer suggestions about current trends and finishes, so your home is competitive if you should want to sell your home.
• Standard Finishes Versus Upgrades

• Review the standard finishes builders are offering before upgrading countertops and floors.  Be certain to create a budget to keep track of costs associated with upgrading carpet, countertops, or floors.  Many builders offer granite countertops and hardwood floors as standard options that should be considered.  If you can live with some of the standard finishes, then you can budget to spend more in the kitchen, master bath, and/or the finish the basement.  As you know, the kitchen and master bathroom are two important rooms for resale value.  
• Speak to your lender to make sure they will lend on the options and upgrades that you picked.  Inquire with the builder to see if you have to pay for items and materials that the builder cannot return to the vendor.  Ask the builder if they can decide on upgrades if you miss the deadline for requesting certain upgrades.
• Take Pictures During Construction
• Be sure to stop by the sales office before heading over to the construction site.  During the day your home site will be buzzing with activity.  When you have the opportunity, stop by to take pictures of your home while it is under construction.  It’s a good idea to see where electrical, duct-work, plumbing, framing, etc.
• Request tiles, leftover paint, and materials
• Some builders will offer some materials and paint after the home is built.  Ask the builder to give you some of the carpet remnants, hardwood flooring pieces, granite, tile, and other leftover materials.  They may not oblige, but it doesn’t hurt to ask.  Ask the builder to provide you with important paint codes and material manufacturers for future reference.
• Escrow Funds If Home Is Not Ready
• If you do a walk through prior to closing and notice several items that are not complete, then it would be a good idea to escrow some of the funds, according to Ron Phipps of National Association of Realtors.  Explain to the builder that you do not want to close until the outstanding items are fixed or completed.  This will provide the builder with some motivation to finish the job.

Sources:

1. http://rismedia.com/2010-05-31/considering-new-construction-top-5-tips-for-buying-a-newly-built-home/print/

2. http://www.frontdoor.com/buy/how-to-buy-in-new-construction/1873

3. http://homebuying.about.com/od/buyingahome/qt/BuyNewHome.htm

4. http://realtormag.realtor.org/daily-news/2012/02/09/4-tips-for-buying-smart-new-construction

Stapleton Cornhole Charity Tournament

Cornhole for Charity

• When: July 14 
• Where: Stapleton - Founder's Green
• Cost: $40 per 2 person team
  

TJC Real Estate is a proud sponsor of the first Stapleton Cornhole Charity Tournament.  Great Prizes. All proceeds go to Brent's Place! Presented by StapletonConnect.com & The Stapletonion.  More details to come.  

Stapleton Phase II Expansion Moving Forward: 9news.com

Stapleton Farmers Market

This year’s Stapleton Farmers Market season begins Sunday, June 17! The marketplace, produced by Colorado Fresh Markets, will run from 8:30 a.m. to 12:30 p.m. every Sunday.  Booths for fresh, Colorado-grown produce, seasonal herbs, local meats, cheeses, wares and more will adorn The Green every Sunday for the entire summer!  The last market day is October 14.

Mortgage Rates Remain Historically Low

Above graph from Bankrate.com

The national average for mortgage rates remained historically low as of June 7, 2012.  According to Bankrate.com, the 30-year fixed rate mortgage was at 3.92 percent.  The 15-year mortgage was at 3.16 percent, while the jumbo mortgage was at 4.46 percent.  The 5/1 ARM was at 2.99 percent.  According to Zillow Mortgage Marketplace, rates in Colorado for the 30-year fixed rate mortgage were from 3.57 to 3.59 percent.  Freddie Mac pegged that national average for the 30-year fixed mortgage at 3.67 percent.  There are a number of factors that economists link to the continuous slide of mortgage rates: struggling labor market, euro zone challenges, and the weak GDP report.

Stapleton Courtyard Home For Sale

2770 Florence St, Denver, CO 2BR/2.5BA Single Family offered at $ Year Built 2005 Sq Footage 1,327 Bedrooms 2 Bathrooms 2.5 Floors 2 Parking Garage - Attached Lot Size 2,613 sq ft description Courtyard home conveniently located near pools, parks, and shopping. Open floor plan with loft, comfortable master with master bath, and covered front porch for grilling and relaxing. see additional photos below property features - Fireplace - Cable-ready - Sprinkler system additional photos Posted: November 17, 2005

Stapleton Denver Calendar of Events

Stapleton Event Calendar
Date	Event	Location	Time
Friday 8th	DSA Theatre History Showcase	Founders Green	Noon
Saturday 9th	Theatre On The Green	Founders Green	6-8pm
Thursday 14th	Active Minds Seminar	Community Room	7pm
Friday 15th	DSA Twist a Tale Showcase	Founders Green	Noon
Friday 15th	Movie on The Green - “The Adventures of Tin Tin”	Founders Green	Dusk
Sunday 17th	First Farmers Market	Founders Green	8:30am-12:30pm
Friday 22nd	DSA Musical Theatre Camp Showcase	Founders Green	Noon
Friday 22nd	Stapleton Solstice Stroll	E. 29th Ave. Town Center	5:30-8:30pm
Saturday 23rd	Concert On The Green Starcar Sunday & The Hazel Miller Band	Founders Green	5-8:30pm
Sunday 24th	Active Minds Seminar & Brunch	F15 Pool	10am-Noon
Friday 29th	Movie on The Green - “Moneyball”	Founders Green	Dusk
Friday 29th	Stapleton Summer Stroll	E. 29th Ave. Town Center	5:30-8:30pm
Saturday 30th	Sweet William Market	Founders Green	9am-2pm

Stapleton Denver Home Sales: May 2012

Denver's Stapleton neighborhood saw another month of positive real estate sales in May 2012.  Data gathered from Metrolist MLS showed that Stapleton had one less sale, but other metrics improved - see table below.  The number of days on market was a drastic shift in the home sellers favor, as homes are selling much faster on average.  Another factor that is a sign of improvement in Stapleton is the average sale price, versus the average original price, showed that sellers are getting closer to their original asking price

Stapleton Sales Transactions for single-family & condos May 2011 & 2012
	2011	2012
Sales	35	34
Days on Market (DOM)	129	58
Avg. PPSF	$191	$209
Avg. Price/Avg. Original	94.65%	98.02%
Avg. Price Sold	$365,832	$389,803
* Data gathered from Metrolist MLS on June 4, 2012.

State Of Denver Real Estate Market

STATE OF THE REAL ESTATE MARKET 

 

May Market Update

By: Gregory A. Pond

National

The confidence among U.S. home builders escalated in May to its highest level in five years.  According to a report from the National Association of Home Builders/Wells Fargo, builder confidence ascended to 29 in May, which is the highest level since May 2007.  This is still not a great reading, considering that any number below 50 is negative.  Although, homebuilders did report that sales and traffic were up.  Another promising sign is that builders requested the largest number of permits to build new homes and multi-families in 3 ½ years. 

According to a report from the U.S. Commerce Department, the number of new-home sales soared 9.9 percent in April, compared to last year.  The report noted, "new-home sales rose the most in the Midwest, by 28.2 percent in April, and by 27.5 percent in the West. The Northeast saw new-home sales rise by 7.7 percent in April, while the South posted a 10.6 percent decline last month."  The Commerce Department also noted that new-home prices were up almost 5 percent in April compared to last year-median price was $235,700.

  

The national new construction home inventory is historically low-landing at 5.1-months of supply, given the current pace of sales for new construction homes.  Given all the talk about shadow inventory and pending distressed sales, the current housing market could use the inventory to boost the number of homes on the market.  The common theme among home buyers and investors trolling the real estate market today is the challenge in finding a home that suits their needs.  This frustration has put home builders in a good position to capture market share.

  

Fannie Mae, the mortgage giant backed by the federal government, reported in early May that they would post a profit and would not need further tax payer support.  A sign that the financial condition of the consumer and homeowner are improving.  Fannie Mae stated that net income was $2.7 billion, a drastic change from their $6.5 billion dollar loss in the first quarter of 2011.  Freddie Mac also reported quarterly net income of $577 million for the first quarter.  

After speaking with several local Stapleton builders, the same increase in activity is taking place under the Stapleton Tower.  Many of the builders in Stapleton have sold out of Central Park West, and are writing contracts on new construction in Stapleton's newest neighborhood, Bluff Lake.  Bluff Lake is rapidly taking shape with the dirt quickly becoming alleys, roadways, and ditches for water pipes.  At the time of this report, Parkwood Homes already had four reservations for lots in Bluff Lake.  This is another positive indicator that the Stapleton market still has a strong demand.   

 

Denver 

  

The recent Case-Shiller report revealed that the Denver area housing market ranked number three (3) out of the twenty metropolitan cities that it monitors in the U.S.  According to the report, Denver experienced a 2.6 percent gain in March, compared to last year, which is the largest gain in nearly two years.  In contrast to the twenty metropolitan areas tracked by Case-Shiller that dropped 2.6 percent, only Phoenix at a 6.6 percent gain and Minneapolis at a 3.3 percent upturn. 

 The Denver housing market saw another good month in April.  Across the board, Denver showed improving housing metrics, with the number of home sold in April, inventory still historically low, homes under contract were up substantially, and the average price a home sold for continued to rise.  The exceptionally low inventory puts Denver housing inventory at a remarkable two to three months of supply of homes for sale. 

  

The number of homes put under contract catapulted in April, up 20 percent from April 2011 totaling 5,681.  The number of homes sold also propelled forward 14 percent compared to last year.  Another promising sign, the number of days a home was on the market before selling dropped by 20 percent compared to April 2011, according to Metrolist MLS.  The average sales price in Denver increased to $275,241, up 6 percent compared to March.  Below is a graph of the year-over-year change in Denver.

  

Mortgage Rates

Mortgage rates continue to hover and dip to new historic lows.  At the end of May, the national average for the 30-year fixed rate mortgage was at 3.94 percent.  Bankrate.com quoted rates for the 15-year fixed mortgage at 3.15 percent, while the 5/1 adjustable rate mortgage hovered at 3.01 percent.  The 30-year jumbo mortgage was at 4.54 percent-mortgages over $417,000.

Stapleton Home Sales

The Stapleton Denver real estate market is making a strong come back. In the table below, the data shows that sales started to pick up in April. According to the Metrolist MLS data, twenty-three (23) single-family homes and condos went under contract in Stapleton from May 1st through the 15th.  The average days on market (DOM) in mid-May was 39-days, compared to 122 days on market last year.  Below is the data for April sales.

April 2011-12 Home & Condo Sales
	2011	2012
# of Home & Condo Sales	26	39
Avg. Days On Market	145	58
Avg. Price Per Sq. Ft.	$182	$209
*Data gathered from Metrolist MLS.

Another positive note for mid-May data is that the average price per square foot (PPSF) climbed up from $188/sf in 2011 to $211 this year.  One negative, the number of sales declined this year from 12 transactions to 8 this year in mid-May.  But, the average price sold compared to the average original price moved in a very strong way from 92.56% to 99.07%.  This reveals that sellers are getting very close to their original asking price, which is obviously good news for homeowners that would like to sell in Stapleton.    

Considering that there are only twenty-seven (27) single-family homes on the market excluding new construction as of May 17, 2012, there is very little inventory for home buyers to choose from on the re-sale market in Stapleton.  Many of the builders in Stapleton are sold out of Central Park West and seeing a strong demand, because of the lack of re-sale homes on the market.  Many of these builders are now moving on to the Bluff Lake Neighborhood and some are taking deposits on lots in Stapleton's newest neighborhood.  To learn more about Bluff Lake Neighborhood, click here for the brochure.  

 

Lowry Housing Stats

Lowry Real Estate Sales Transactions for single-family & condos in April 2011 & 2012
	2011	2012
Sales	7	23
Days on Market (DOM)	131	96
Avg. PPSF	$149	$191
Avg. Price/Avg. Original	93.39%	96.76%
Avg. Price Sold	$257,071	$424,874
* Data gathered from Metrolist MLS.

Rental Market

According to a report by Trulia, rents continue to rise across the country.  The report showed Denver ranking number 7 on the top 10 list of metros with the largest rent increases.  The year-over-year increase in asking rent bounced 9.8 percent in Denver, Colorado Springs was number seven with a 10.2 percent increase.  A couple of the factors pushing rents higher are the declines in homeownership, tighter lending standards, and the tight job market.