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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!

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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.

Nationally recognized, and highly acclaimed AgentGenius.com has, in the past, delivered some of the best Real Estate related content on the net.  The site is continuing to evolve, and has recently released what they term “Agent Genius Sphere.”  The thought is to syndicate thought leaders in the real estate world into one easy to navigate location.  Here is how Agent Genius describes the Sphere:

What IS The Sphere?

The Sphere is our list of the most progressive leaders in Real Estate today, syndicated here for consumers who want down to the wire information- the latest from around the globe and yes, even local information.

Showing Off - Most SPHERE’D

We’re featuring the hottest, most progressive sites around, so you’ll know quality when you see the Most Sphere’d badge (seen below) around the web!

AG has decided to include our blog in the mix, and I’m sure you’ll agree this is a serious lack of judgement a brilliant move!  We are now proudly featuring the badge in our sidebar.

Thanks AG, we hope to live up to the hype!

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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New Wholesale deals coming early next week.  I’ve identified 5 that look great on paper.  I am going to look at them and shoot some pics over the weekend, and will present the ones that are actually worth buying Monday or Tuesday. 

I hope all 5 will be worthy of our presentation, but that’s why we screen them for you!

Check back next week, or better yet subscribe and be notified automatically!

Have a great weekend!

The Mortgage Bankers Association (MBA) reported today, that total mortgage applications spiked 48% last week following the Federal Reserve’s move to cut short term interest.

The index that tracks refinance application actually went up 82.2%, while purchase loans were up 10.6%

What I’d like to know is what percent are FHA loans.  The reason for this is the FHA loans are going to be able to help out those behind on their current mortgage payments.  While conventional loans aren’t going to be able to help those currently in trouble.

One of two things are happening, either many people (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!

This is Part 3 in a series of things to do that will increase your chances of a quick home sale, for the highest possible price.

Make it Neutral Baby!

Go through your home, and take a realistic look at how personalized your home has become.  It may be great for you, but is it going to appeal to a wider audience?  That is the critical question!   

Scrutinize room colors, carpet colors, art collections, and family photos.

Your objective is to make your home appeal to the largest possible buying segment.  Ask yourself, “How many of the available buyer’s would be able to move in my home, with their furniture, and not have to replace the carpet, or re-paint the walls?”  Position your home to be as “liveable” to as many people as possible!  You simply must allow a buyer to mentally picture the home as theirs! 

Forget about your personal taste.  Sorry, it may be harsh, but get over it.  This is your money we’re talking about!  The market is always demand driven.  Trends do matter, whether you like them or not.  The average buyer will have a difficult time overlooking the cool blue carpeting and bold wallpaper you love so much.  Consider changing unusual or bold colors with neutral tones.  A couple of coats of a nice neutral paint, and white baseboards may be the best investment you’ve ever made!

Lastly, lose the family “Wall of Fame”.  All the pictures tend to be distracting to a potential buyer, and once again, hinders a buyer’s ability to picture themself owning your property.

If you are unsure of what should and shouldn’t be done, contact your local real estate professional, or an interior designer.  They will be able to point you in the right direction.

For more Home Seller information and tips, subscribe to our blog, or check out our other postings.

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