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Happy New Year!  2009 will bring with it some exciting opportunities in the world of Denver area, Real Estate.

Predictions:

• Foreclosure and Short Sale Transactions will continue to dominate the Denver Real Estate Market.
• Those looking to buy or invest in properties will get better deals than anytime in the past 20 years.
• The inauguration of President Obama will change the attitude of the country from Fearful to Hopeful.
• This attitude change will be the single largest reason the economy begins to improve.
• The Federal Government Stimulus Packages will do nothing to help those currently in distress.
• We will reach a “Tipping Point” where the desire to buy a home, will be greater than the fear of the current market.
• There is great pent-up demand, and once the tipping point is reached, there will be a domino effect for home sales.
• 2009 will be the best year for Denver Real Estate sales since 2005.
• There will be a large reduction in the number of Real Estate Brokers
• Rental Rates will Increase, spurring many to buy rather than rent.
• Interest Rates will continue to be very low, but they will NOT stay below 5%.
• Banks will find a way to loan money again.

Promises:

• We will post more community and “things to do” articles.
• We will introduce some great new tools to foster this community.
• We will increase our use of video on this site.
• We will continue to improve our services and value proposition.
• We will continue to stongly advocate and negotiate on behalf of our clientele.
• We will put together an Investment Group for those looking to take advantage of this real estate market, but do not want to be an individual property investor or landlord.
• We will be here, to service our clients, for 2009 and beyond!

Related articles

• Things to watch in Year 2009
• Predictions, 2009
• 2009 Trends in Social Media

Photo Credit

According to an article in the Rocky Mountain News, foreclosures will be down significantly in 2008 vs. 2007.

There were 14 percent fewer completed foreclosures in the first nine months of this year compared to the same period in 2007, according to the report released on Thursday by the Colorado Department of Local Affairs’ Division of Housing.

It is the first time that there has been a year-over-year drop in foreclosures since at least 2003, when the division began gathering statewide data.

Good news indeed, but they are preaching to the choir.  We’ve been bullish on the Denver Real Estate market for almost a year now.  The foreclosure market in Denver, is only a piece of the overall market.  The numbers of Bank Owned properties contribute, certainly, but they are only a piece of the puzzle.

The real issue this market is having today, is Psychologic, not Economic!  The national media, has been pounding bad news into our heads for so long, that we, as a housing market, are scared to death to act.

Once the buyer population gets off the couch and into the game, the domino effect will be significant!

What do you think?

For almost a year, the Get Home Denver Team has been advising our investor clients to get into the game.  While the rest of the country has been experiencing the massive devaluation of real estate, the Denver Market has (In my opinion) neared bottom, and has stabalized substantially over the past 12 months.

In fact, pockets of the Denver area are no longer dropping in value, but actually holding value, or even seeing slight appreciation.

For the past year, our favorite investment play has been the Fitzsimons Redevelopment area. The redevelopment is a 578 acre project that creates a common workplace for both Private Bioscience companies and the clinical endeavors of the University of Colorado Health Sciences Center, and the Denver Children’s Hospital.  Once complete the area will be home to:

• University of Colorado Denver, Anschutz Medical Campus
• University of Colorado Hospital
• The Children’s Hospital
• Colorado Science and Technology Park at Fitzsimons
• US Veterans Health Administration Hospital
• Colorado State Veterans Nursing Home
• Commercial trade and services establishments, along with some limited scale multi-family residential development.

The on-site employment currently is approximately 16,000 and is projected to be over 43,000 by the time the development is complete.

In 10 years it is anticipated the economic contribution of the project will be

• $3.3 billion in annual operating expenditures
• More than 3,200 undergraduate and graduate students at the UC Denver facility, not including medical residents and fellows. (Hint: These folks will all need somewhere to live!)
• 23,100 jobs based on-site, supporting another 28,100 elsewhere in the Denver Metro Area.
• Nearly $2.1 billion in employee income annually!

I could go on, but you can see this is a big deal!

View Larger Map

Now, why we think this area is ripe for real estate investment.

1.  Location, Location, Location. The location is not only walking distance from the Fitzsimons project, it is also adjacent to the hugely successful Stapleton Airport Redevelopment area.  Stapleton has been one of the largest and most successful infill development projects in the country.  This strength rubs off on the surrounding area, and makes people want to be a part of this community.  If they can’t afford the Stapleton community they look to the surrounding area, which this is a part of.

Here are some fact about the Stapleton area.  The fact that Stapleton held ground, while the Denver Market in general dropped over 15% during the same time period, speaks to it’s strength.

• In 2006, 215 Properties were sold
  • Average Sales Price = $430,000
  • Avg. Price per Sq. Ft. = $214/ft
• In 2008, 285 Properties were sold
  • Average Sales Price = $432,000
  • Avg. Price per Sq. Ft. = $211/ft

2.  Price Point. The price point of these homes is less than $100,000!  In combination with the rental rates, there is huge cash flow potential!  These are post WWII homes that are a perfect match for the entry level homebuyer, (always a strong exit strategy,) as well as, those looking to rent a home.

3.  Rental Desireability. Homes in this area rent for between $700-$1100 per month.  Rental Rate is influenced by number of bedrooms and baths, as well as, basements, garages and conditions.

It is my opinion the already brisk rental market, will only get hotter as the demand for housing is pushed by more Med Students, Hospital Workers, and those with a desire to be near the amenities at Stapleton.

4. Appreciation Potential. The appreciation play here is phenomenal!  The price of these homes has been hammered over the past 2-3 years as a large number of foreclosures have effected this entry level neighborhood.  Homes that sold for $130k-$175k a couple of years ago, are being sold for $50k-$80 today.  We sold a number of places early in 2008 for $50k, and today, it takes closer to $65k-$70 for the same property!  This area has shown appreciation in 2008, and we think will continue to do so.  Here is a look at some of the numbers.

• In 2006, 517 homes were sold
  • Average Sales Price = $119,000
  • Average Price per Sq. Ft. = $117/ft
• In 2008, 743 homes were sold
  • Average Sales Price = $81,000
  • Average Price per Sq. Ft. = $79/ft

Conclusion

My team and I believe the Fitzsimons area to be the #1 investment play for residential real estate in the Denver Area.  Our opinion is that this is NOT a Fix n Flip investment, but rather a buy and hold, income producing play.

Please feel free to contact us for more information, access to our Hot Investment Home database, or if you would like to access any of our other Real Estate Investor tools.

On a 75 degree day at the end of October, my mind started to wander about the wonderful weather we have in Denver.  I often get questioned about the climate of the area.  In Denver, we have it pretty darn good!

• I’ve golfed every month of the year.  Not every year, but many times
• Last year I shoveled my driveway 6 times.  That was more than the previous couple of years combined.  Most snow showers in Denver drop only a few inches, and it will melt off within a day or two!
• The Average precipitation for the Denver area is less than 12 inches per year
• The climate is very dry, and not as harsh as the humidity filled mid-west, and east coast.

The Rocky Mountains, and world class skiing are less that 2 hours away.  The mountains act as a barrier for the weather fronts.  Most storms hit the mountains, drop their snow, bounce over the Denver area, and pummel the mid-west!

I’ve posted a few great photos of the Mountains in the winter.  It is truly one of the most beautiful sights in the world!  Take a look by clicking the “Denver Photos link” at the top of this page!

If you haven’t already, you may want to subscribe via RSS or Email to make sure you don’t miss any of the great photos in the future!

Image by pbo31 via Flickr

HomeVestors of America Inc. ranked Denver No. 6 on its list of top 10 markets for residential real estate investing in the third quarter…

Based on HomeVestors data, the best U.S. markets for home sales, in order, are:

(1.) Dallas
(2.) Houston, Texas
(3.) Fort Worth, Texas
(4.) Atlanta, Georgia
(5.) San Antonio, Texas
(6.) Denver, Colorado
(7.) St. Louis, Missouri
(8.) Philadelphia, Pennsylvania
(9.) Milwaukee, Wisconsin
(10.) Richmond, Va.

Based in Dallas, HomeVestors was started in 1996 and now has more than 230 franchisees in 35 states. The company’s slogan is “We Buy Ugly Houses.”  Franchise Brands LLC of Connecticut became majority owner of HomeVestors in June 2008, acquiring 62 percent of it.

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The Metro Denver market has scored another windfall in the alternative energies technology field.  The Denver Post and 9News are reporting that Renewable Energy Systems Americas, Inc. (RES-Americas), is in the process of relocating the headquarters from Austin, Texas to Broomfield, Colorado.  The company will relocate 70 employees from Texas and create 70 new positions as part of the move.

RES-Americas is a significant presence in the renewable wind energy (more…)

This is Part 6 in a series of things to do that will increase your chances of a quick home sale, for the highest possible price.

Home Staging

I have written on other occasions the importance of Home Staging.  A showhome sells for more money and in less time than the competition!  It’s a fact, and it is worth the cost in almost every instance.  If you want to give it a go on your own, here are some tips.  Go Here to see other articles regarding Home Staging.

• Study magazine ads or furniture showrooms to see how

(more…)

This is Part 5 in a series of things to do that will increase your chances of a quick home sale, for the highest possible price.

Atmoshphere

1.  A clean smelling house creates a positive image in the buyer’s mind. Be aware of any odors from cooking, cigarettes, pets, etc., that may have adverse effects on potential buyers. Remember that some people are much more sensitive to odors than others. Smokers rarely notice the odor of tobacco that fills their homes, and pet owners may be oblivious to objectionable doggy odor.

2.  You can use products like carpet deodorizers, air fresheners, and room deodorizers; but the best strategy is to remove the source of the smell rather than cover it up.

3.  Unfortunately, often the only way to remove the smell of pet urine from flooring is to rip up the carpeting and padding and replace them. If this is preventing the sale of your home, don’t hesitate to make this investment.

4.  If smoking and cooking odors have permeated your home, have your carpets and furniture cleaned, and air out or dry-clean your drapes.

5.  Mildew odors are another no-no. Don’t allow wet towels to accumulate in hampers or dirty laundry to pile up in closets.

6.  Once offensive odors are removed, consider adding delightful ones. Recent studies have shown that humans have strong, positive responses to certain smells. Cinnamon, fresh flowers, breads baking in the oven are all excellent ways to enhance your property for sale.

Click here to get a comprehensive list of items to get you ready to sell your Denver Home! 

This is Part 4 in a series of things to do that will increase your chances of a quick home sale, for the highest possible price.

Manage Your Space!

What we mean by this is to make your home feel as big, bright and open as possible.  Here are some time tested suggestions.

• Arrange furniture to give the rooms as spacious a felling as possible.  Consider removing furniture from rooms that are crowded.  If necessary, store large items.
• Pack up collectibles…both to protect them, and to give the room a more spacious feel.  Just leave enough accessories to give the home a personal touch.  Dispose of un-needed items!
• Remove all clutter and make it a habit to pick up clothing, shoes, and personal possessions each day for possible showings.
• Empty closets of off-season clothing and pack for the move.  Organize the closet to demonstrate the most efficient use of the space.  Leave as few items as possible on the floor.
• Use light to create a sense of space.  All drapes and blinds should be open.  Turn on all lights throughout the home before each showing, and be sure to replace any burned out light bulbs.

Contact the Get Home Denver Team for all your Denver Real Estate questions and expertise. 

It just so happens I ran across this great video today regarding staging a home to sell!  It is also a great follow up for my post yesterday on Neutralizing your home to sell, Tips to Sell Your Home Faster-Neutralizing (Part 3 of 6)

Check out the video interview of a professional stager and hear her opinions, it could fatten your wallet!

The Get Home Denver Team specializes in Customer Loyalty and Satisfaction, contact us today if you or anyone you know is looking to buy or sell Denver Real Estate!