Jude's Real Estate Rumblings

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Old Town Littleton a magnet in any market

An article from The Denver Post, reports that Old Littleton or Old Town Littleton is described as Littleton's downtown shopping district and the antique homes around it.  The area has been well-preserved and new developers must jump through a hoops before they can change the appearance of the downtown facade.  Bill Hopping, chairman of Littleton's Historic Preservation Board, said the neighborhood's culture evolved from one based on agriculture to its current state, but it took decades to get there.  Hopping added, "There are still people today who were here prior to that period of time.  That's represented well by Main Street and the historic areas.  It's one unifying factor for all of Littleton, that historic area. . . It's one of the best-preserved original Western main streets."  According to Brian Lee Burke, a broker from Kenna and Co., the older homes near Main Street are highly sought after by homebuyers, even in the current marketplace.  David Simonson, a broker associate with Re/Max's Simonson Team in Highlands Ranch, said Old Littleton represents a housing pocket immune to current market woes.
http://www.denverpost.com/economy/ci_9725599



0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • July 01 2008 05:28PM

6 Ways to Achieve Better Balance in Your Life, Career

An article from RISMedia.com, reports that most people today are juggling the demands of two-income households while trying to keep current with all the chores, tasks, and information necessary to make informed and wise decisions, not to mention time for family, hobbies, volunteer activities, exercise, socializing and self-improvement.  The purpose of balance is to live a well-rounded life, and to renew and refresh your productive and creative energies on a regular basis so you can contribute to the best of your potential.  One way to achieve a realistic balance is to get mindless.  "Mindless" time should include activities that rejuvenate you, whether that’s a simple hot bath, sports, meditation, taking a walk or sitting in your yard and watching the birds in the trees or the clouds in the sky.  Another way is to reduce family performance stress.  Quality time with your family doesn't need to be complex or difficult to arrange.  Unstructured time and spontaneous activities are often more fun and are remembered longer.  Finally, make it yours.  Spend time doing the things you really love to do.  This is what will truly re-energize and gratify you.
http://rismedia.com/wp/2008-06-30/6-ways-to-achieve-better-balance-in-your-life-career/


1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • July 01 2008 05:19PM

Aurora Colorado's turn to be smug

Aan article from The Denver Post, reports that in a new survey comparing salaries and living costs in 69 cities, Aurora ranks second only to Plano, Texas.  In the survey conducted by Salary.com, Denver landed No. 22 and Colorado Springs was No. 11.  According to Bill Coleman, chief compensation officer at Salary.com, it is better to live far away from the big-money people.  "They drive real estate prices up so the average person, which most of us are, see their costs of real estate go through the roof," he said.  Aurora is near the top of Coleman's list because it's affordable, and many people who live there earn an above-average wage.  Wendy Mitchell, Aurora's economic development director said, "This is validation that we are going in the right direction.  We're recruiting the right companies and the right people."
http://www.denverpost.com/business/ci_9748146


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • July 01 2008 05:16PM

Real estate agents court Gen Y

An article from USA Today, reports that the current real estate slump has convinced many real estate agents to start marketing a group not known for its home-buying habits: Twentysomethings.  In order to connect with them, agents are unleashing a new breed of marketing tactics, from posting homes for sale on YouTube to building Facebook pages.  Jacky Teplitzky, from New York-based real estate firm, Prudential Douglas Elliman said, "This younger generation is so technology-savvy, and because of that, they are changing the way real estate is being marketed and how brokers must use technology to successfully get to this group.  This demographic is so important."  Leslie Tyler, vice president of marketing at ZipRealty added, "In the market today, first-time home buyers don't have as much money to spend (on luxury homes), but they don't have a home to sell.  If they're ready to buy and have good credit and a down payment, they're valuable to have.  They're more of a sure thing.  They're the customer of the future."
http://www.usatoday.com/money/economy/housing/2008-06-16-youtube-facebook-generation-y-buyers_N.htm
2 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 23 2008 01:06PM

Developers expected to build more Denver-area apartments

An article from the Denver Business Journal, reports that according to a report released by Hendricks & Partners, construction of apartments in the Denver area is expected to increase this year as developers move away from a softening condominium market.  The company's research states that developers built 2,262 units in 2007, and expects that number to reach between 2,500 and 3,000 units in both 2008 and 2009.  Also noted in the report is 217 new units were completed in the first quarter of 2008.  According to Hendricks & Partners, the rise in foreclosures in the Denver area is increasing demand for apartments.  The average rent rose 2.3% from a year ago, and is the strongest year-over-year increase since mid-2004.  By the end of 2009, the company predicts the average apartment rent will pass $900, setting a new record high.
http://www.bizjournals.com/denver/stories/2008/06/16/daily14.html?b=1213588800^1651592
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 23 2008 01:05PM

Senate Is Set to Weigh Housing Initiatives

An article from the Wall Street Journal Online, reports that as early as this week, the Senate is set to vote on a package of housing initiatives that would mark lawmakers' most comprehensive effort yet to deal with record numbers of foreclosures and a housing slump that is weighing on the economy.  Included in the legislation is a regulatory overhaul for government-sponsored mortgage investors Fannie Mae and Freddie Mac, a $300 billion program to refinance struggling borrowers and a combination of government grants and tax credits to help homeowners.  The Senate bill would expand the size of single-family mortgage loans that can be acquired or guaranteed by Fannie Mae and Freddie Mac to $625,000 from the $550,000 set in an earlier bill approved by the banking committee.  Currently the limit on such loans is about $730,000, which represents a temporary increase enacted by Congress earlier this year.  Unless Congress takes action, the loan limit is due to revert to $417,000 at the end of this year.
http://online.wsj.com/article/SB121375208357082983.html?mod=RealEstateMain_1
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 23 2008 01:03PM

Cherry Creek II brings big block to suburbs

An article from the Colorado Real Estate Journal, reports that in November, the biggest block of office space in metro Denver will come on line and head straight into a $1 million makeover.  According to Paul Luber of Ascent Capital Partners, which is redeveloping the property, Cherry Creek Place II is being vacated by longtime tenant Dex and will be turned into a Class A building in the Aurora submarket.  The six-story building totals 199,892 square feet.  Luber said, “What we have is the largest contiguous block of existing space in the suburban metro Denver.”

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 23 2008 01:02PM

Real Estate Outlook: Buyers Off the Sidelines

An article from RealtyTimes.com, reports that there is evidence that buyers who'd been sitting on the sidelines are now making their way into the housing market.  According to the Mortgage Bankers Association of America's national survey last week, applications for new, conventional loans to buy houses jumped by 11% and applications for FHA insured mortgages were up by 17%.  With home prices sharply discounted in many of the former boom markets, and down slightly in many other areas, smart buyers are recognizing that it's time to make their move.  Something to consider is to keep an eye on the mortgage rates.  Last week, the MBA reported a sudden jump in rates.  Also, the Fed is signaling that it may not cut rates again for some time.  If buyers are thinking about picking up steeply-discounted real estate and financing it with cut-rate mortgage money, they might want to lock in their deals sooner, rather than later.
http://realtytimes.com/rtpages/20080619_realestateoutlook.htm
3 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 23 2008 12:58PM

Conoco shooting for 7,000 workers

An article from The Denver Post, reports that when ConocoPhillips builds out the 432-acre Louisville campus it purchased earlier this year, it could bring more than 7,000 jobs to the area.  Mary Manning, general manager for global real estate and facilities services for ConocoPhillips, said while the company doesn't know exactly how many people will work on the campus, it plans to seek approval from Louisville to accommodate at least 7,000 over the next 20 years.  According to Manning, she expects the first phase of the project to be completed in 2011, rather than in June 2012 as previously announced.  Louisville Mayor Chuck Sisk said he doesn't expect the community will have a shortage of housing as the campus grows.  He added, "We just approved 700 (housing) units in Louisville in the last year, and 350 more are coming downtown."
http://www.denverpost.com/business/ci_9628637
2 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 23 2008 12:56PM

Mortgage Tip

Most deals these days involve some amount of seller concessions.  For FHA loans (which are increasing dramatically in volume because of the low interest rates and relaxed underwriting guidelines), the seller has two choices - they can either pay for the closing costs, or they can pay for the buyer's 3% down payment.  Only FHA loans allow the seller to pay for the down payment by contributing the money to a down payment assistance program.
 
If you are only going to ask for 3% seller concessions when submitting an offer, we recommend that you ask that the 3% go towards paying the closing costs rather than towards the down payment.  It has been our observation that sellers are much more likely to agree to pay for closing costs than the down payment, even though the 3% they have agreed to pay is the same amount of money no matter what it pays for.
1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 23 2008 12:55PM