What a busy summer. Not too busy to check out a farmers’ market. I went looking for times and found Nina Davidson’s About.com guide a good starting place: Top Five Farmers’ Markets in Denver. Of course we like number 3 (as it’s short bike ride away from our home), although number 2 isn’t a long drive either and is close to Tattered Cover for a little book time.
I offically declare 2008 the year of the first time home buyer in Denver. Is this too bold? Perhaps, but maybe it’s not that contraversial of a statement anyway. I was watching a Real Estate broadcast about depreciation risk, and reflecting on who it most impacted. I looked up the three month old article to remind myself the details from the original report. I think this year (and probably next year) will be a great buyer’s market for new home buyers as well as rental property investors. For many lenders, first time home buyers are defined as someone who has not owned a home for the last three years (aka: one can be a “first time” buyer more than once). The advantages afforded first timers typically come from government insured programs (FHA) and attractive lender mortgage products (material for a future post I suspect). Of course the few people who need to move from a strong market to a weaker market will also benefit from the buyer’s market, but that is always true by definition. All that to say, I think right now Denver is a great place to own a home, and renters who can make the leap into home ownership should seriously consider this year a the time to jump. For a national perspective (which says “it depends on local factors”) see the Wall Street Journal’s recent article.
A “buyer’s market” favors individuals and companies that are buying real estate. This is caused by an excess of supply over demand. The “market” refers to a local real estate environment (a city, town, neighborhood). This is not to say that state-wide and national factors don’t impact local markets, but it does mean that local factors (job markets, local economies, crime rates, education oportunities, etc) will almost always trump national factors. So a “buyer’s market” implies that it is a good time to have access to money in order to purchase real estate. The implications of a “buyer’s market” on buying and selling are foder for many future posts, but some signs would look familar to us right now. Signs of a buyer’s market include higher than average for-sale inventory (homes actively for sale), a list-to-sell average dipping well below 100% (homes are consistantly being sold for less than the sellers are initially asking), and days-on-market averages (time a home has been for sale) rise beyond the three month mark (my own line in the sand).
A “seller’s market” would be the oposite. When inventories are low and demand is high. When it is uncommon for property to be sold without a bidding war between multiple possible buyers, it is a strong seller market. More commonly, a seller market looks like flat or decreasing inventory levels, prices increase, and appropriately-priced houses moving off the market quickly.
NPR had an All Things Considered episode that was really good today. What happens when you buy a really old house and decide to make it the picture of the environmental movement? Major renovation becomes a massive understatement. Can synthetic materials suppport “green ends”? When is plastic your friend? Stay tunned for these an more riddles, same bat time, same bat channel.
I have been enjoying www.denverinfill.com and its blog. Talking to some comercial real estate friends, they tell me the author has really made a name for himself, and it’s clear why. It’s fascinating to see all the plans for buildings that might fill in our skyline. I have to admit, I find this post particularly humorous.
I enjoyed reading the post on Lighter Footstep on ten ways to lighten your impact on the planet. It’s kind of a first things first approach that puts personal ecological improvement within reach. I confess, I was pointed to the article by the Organized Home blog which I frequently enjoy. Surprisingly, of the ten first ways to lessen your eco-load, only one duplicated my article on five ways to start green in your new home (the CFL light bulbs). It seems quite possible a Spring cleaning list of twenty five or thirty ecologically savvy once a year things could be a great resource. Anyone seen a good one of these? Let us know.
State Senate Bill 187 would require Carbon Monoxide Detectors in all homes sold after July 1st! Not just new homes, but any home sold. Apartently from the 9news article I read, the bill has just been brought out of committee, which means it has several steps before becoming state law. As far as I can tell, the biggest impact of the bill is found in this clause (skip ahead if you want my “transalation”):
NOT WITHSTANDING ANY OTHER PROVISION OF LAW, EVERY EXISTING SINGLE-FAMILY DWELLING OFFERED FOR SALE OR TRANSFER ON OR AFTER JULY 1, 2008, THAT HAS A FUEL-BURNING HEATER OR APPLIANCE, A FIREPLACE, OR AN ATTACHED GARAGE SHALL HAVE AN OPERATIONAL CARBON MONOXIDE ALARM INSTALLED WITHIN TEN FEET OFTHE ENTRANCE TO EACH ROOM LAWFULLY USED FOR SLEEPING PURPOSES.
My translation (remember, I’m not a lawyer or legislator): Assuming there is not a more stingent law, this law would require all future homes sold in Denver (since all homes in Denver have some method for heating), to include Carbon Monoxide Alarms to be installed properly (within 10 feet) of all bedrooms. Read more »
After seeing a great article in the local Greater Park Hill News, I checked into the state’s foreclosure prevention campaign. Apparently run by the Colorado Housing Counceling Coalition, the primary support they are providing is a toll-free hot-line (1-877-601-4673) that connects concerned homeowners with free counseling to help them avoid foreclosure. They even have a video on youtube.
The content is pretty good, although the ending is a little dramatized. I’m sure it’s not far off in terms of the sentiments expressed, but isn’t up for any academy awards either. That said, I’ve included the video below if you’re interested. They have three positive options as examples, and the final example is someone who did not get help and lost their home to foreclosure. The positive scenarios end with a pre-foreclosure sale, a negotiated repayment plan, and a morgage refinance. Enjoy the video! (8 minutes long)
Denver is getting some red light cameras soon and more are expected to come. For now, make sure and make the stop at these locations or starting this summer you’ll be getting some expensive portraits mailed to you.
Cameras will be installed at these intersections to start with:
- 6th Avenue & Lincoln Street
- 8th Avenue & Speer Boulevard
- 6th Avenue & Kalamath
- 36th Avenue & Quebec Street
Most of us in Real Estate realize that there is a huge amount of paper shuffled as a house changes hands. Anyone who has been through the process can recall the writers crap from just signing all the paperwork involved at a closing. While these documents are all legalese and need to be fairly specific to cover the huge variability and complexity of a Real Estate transaction, everyone of us is looking to be a little lighter on our environmental impact these days.
While we might not yet be able to go to a paperless house purchase, there are a great number of things we can do when we transition to a new home to help cut down our non-eco-friendly-consumption. Here are the first things I’d target in Denver:
1. Stop the real paper wastes before they get on a roll: A new home means new junk mail, new yellow pages, and new newspaper solicitations. When a Real Estate deal goes down, it becomes public record. Your name and new address are not only published in the newspaper, but are sold to marketeers galore. Read more »
