Jude's Real Estate Rumblings

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Brookfield Properties to buy Seventeenth Street Plaza

An article from the Denver Business Journal, reports that according to real estate professionals familiar with the deal, Brookfield Properties Corp. has downtown Denver's Seventeenth Street Plaza high-rise office building under contract for roughly $225 million.  The building, currently owned by JP Morgan Chase & Co., is one of Denver's largest office properties at 666,653 square feet in 33 stories and is located across from the Tabor Center.  Brookfield already owns the 1.2 million-square-foot, 56-story Republic Plaza and hopes to develop an office building behind the Denver Pavilions mall.  Denver investment brokers said JP Morgan put the Seventeenth Street Plaza up for sale earlier this year with an asking price of $385 per square foot, or roughly $250 million.

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 23 2008 12:41PM

Aurora, Colorado - National Civic League's 2008 All-America City Winner!

2008 All-America City Award Winners Announced!

Denver, Colorado-The National Civic League announced the winners of the prestigious All-America City award during a June 6 celebration at the Tampa Marriott Waterside Hotel. The ten winners in 2008 (in alphabetical order by state) are:

Goodyear, Arizona
Cerritos, California
Aurora, Colorado
New Haven, Connecticut
Kissimmee-Osceola County, Florida
Gladstone, Missouri
St. Louis Region (Missouri-Illinois)
Lenoir, North Carolina
Reidsville, North Carolina
Akron, Ohio

In its 59th year, the awards program recognizes neighborhoods, villages, towns, cities, counties and metro regions for outstanding civic accomplishments. To win, communities have to demonstrate their ability to address serious challenges with innovative, grassroots strategies that promote civic engagement and cooperation between the public, private and nonprofit sectors.

"These communities really give us hope," said National Civic League President Gloria Rubio-Cortés, "because they show others what can happen when people roll up their sleeves and work together."

The All-America City Award is an honor achieved by more than 500 communities across the country. Some have won the award multiple times. This year's winners addressed such pressing and topical issues as healthcare for the uninsured, housing for seniors, immigration, education and economic development.

Founded in 1894, the National Civic League (NCL) is America's original advocate for good government and community democracy. Originally known as the National Municipal League, it is a non-profit, non-partisan, membership organization dedicated to strengthening citizen democracy. NCL fosters innovative community building, political reform, effective governance and collaborative problem-solving efforts through technical assistance, training, publishing, research and its awards programs.

This year's AAC Awards were sponsored in part by Jones Day, Prudential, Wachovia Corporation, ICMA Retirement Corporation, RBC Capital Markets, MWH, Southwest Airlines (The Official Airline of the AAC Awards), Tampa Marriott Waterside Hotel and Marina (The Sole Official Headquarters Hotel of the AAC Awards), and Marriott International.

Hundreds of civic leaders and community activists from across the country met in Tampa for the three-day awards competition from June 4-6. To win, each community had to make a presentation to a jury of civic experts from the public, private and nonprofit sectors listing three outstanding examples of collaborative, community problem solving.

The benefits of the award include heightened national attention, civic pride, and a proven economic impact. The rigorous application process serves as a valuable civic self-assessment and can make communities stronger.

For more information contact Mike McGrath at the National Civic League at 303 571-4343 (or e-mail at mikem@ncl.org).

Listed below are select examples of some of the award winning community projects:

 

Aurora, Colorado
Facing major military base closures, Aurora created a redevelopment authority to find a new use for the former Fitzsimons Army Medical Center. The University of Colorado Health Sciences Center was looking for a site in which to relocate. The convergence of these two events resulted in the redevelopment of Fitzsimons as a world-class hub of health care and research, anchored by a major research university and an affiliated bioscience and biotechnology research park.

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 12:46PM

Realty Viewpoint: More Good News - Asking Prices Flatten

An article from RealtyTimes.com, reports that according to the Altos 10-City Composite Price Index, real-time asking prices for homes declined just 0.3% in May.  Prices of properties listed for-sale increased in 15 of 26 major markets according to the Real-Time Housing Market Report and Real IQ.   Overall, prices increased by more than 1% in 11 of 26 markets.  The Altos 10-City Composite showed the average days-on-market was 106, which is an improvement from 111 in April and 113 in March.  The Real-Time Housing report and 10-city indexes are more positive than other indexes, such as the Case-Shiller, because the information is not based on sold data or same sales data, but tracks real-time listing prices.
http://realtytimes.com/rtpages/20080612_realtyviewpoint.htm
1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 12:32PM

15 Powerful Ways to Find Prospects and become a Stronger Agent

An article from RISMedia.com, reports that you must constantly prospect in order to remain successful in real estate. But for some agents, picking up that telephone is a very difficult thing to do.  One effective method for locating prospects is to hold a call-to-action seminar.  For sellers, some examples might be: how to advertise a house; how to hold an open house; how to use today’s low interest rates to get your house sold.  And for buyers: how to conduct a home search in half the time or financing strategies in today’s real estate market.  Another effective method for locating prospects is to take the long way home.  People tend to drive to the office the same way every day.  By taking a different route, you’ll see things you never noticed before like a few FSBO signs.  Finally, create a master list that includes plumbers, electricians, gardeners, contractors, divorce attorneys, etc. and include them in your promotion campaigns.   
http://rismedia.com/wp/2008-06-12/15-powerful-ways-to-find-prospects-and-become-a-stronger-agent/




1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 12:28PM

Rental-home vacancy rate at 7-year low

An article from The Denver Post, reports that a survey released Thursday showed the vacancy rate of for-rent condos, single-family homes and other small properties has dropped to its lowest point since 2001.  According to the report prepared for the Colorado Division of Housing, the vacancy rate was 2.7% for the 1st quarter.  That is down from 3.3% in the 4th quarter of 2007 and 4.2% in the 1st quarter last year.  Bob Alldredge of property-management company Jericho Properties Realty LLC, said the decline is largely because people who have lost their homes to foreclosure are moving into single-family rental homes.  "They're moving into rental houses and paying less than their mortgages were," he said.  Even as the vacancy rate declines, the rental pool is increasing, largely because owners who have struggled to sell their properties are now converting them to rentals. 
http://www.denverpost.com/business/ci_9569469


2 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 12:26PM

FHA Higher Loan Limits Call To Action

NAR supports legislation to make permanent the loan limits included in the economic stimulus legislation.  Mortgage availability and affordability continue to be problems, and making the loan limits permanent will create stability in those markets and in our economy as a whole.  Dramatically reducing these limits in more than 240 communities in 26 states on December 31, 2008 would throw mortgage markets into turmoil. 

 

The Economic Stimulus Act retains the GSE current national limit of $417,000, and for higher cost areas in 26 states and the District of Columbia increases the limit to 125 percent of the area median, capped at $729,750.  For FHA, the Economic Stimulus Act raised ALL the loan limits from a base of $200,160 and a cap of $362,790 to a new base of $271,050 and a cap of $729,750.  The new GSE and FHA limits are slated to expire on December 31, 2008.

 

There’s still time for you to contact your United States Senators from Colorado to urge them to make permanent the changes to loan limits from this year’s economic stimulus package. To act today, go to the NAR Legislative Action Center Website here: Contact Your Senator Today

 

www.judesandvall.com

 

www.judesandvallloans.com

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 12:23PM

Daily Rate Lock Advisory

 

 


Monday's bond market has opened up slightly, following a mixed open in stocks and no relevant economic news scheduled for release today. The Dow is currently showing a 35 points loss while the Nasdaq is up 3 points. The bond market is currently up 3/32, but due to selling in bonds late Friday, we will likely still see an increase of approximately .250 of a discount point in this morning's mortgage rates.

This week is moderately busy with four economic reports scheduled to be released. Only one of the four is considered to be of high importance to the markets and mortgage rates. The remaining three are of interest to the markets but likely will not cause a large change in mortgage rates unless they vary greatly from forecasts.

Tomorrow brings us the release of three of the week's four reports. May's Producer Price Index (PPI) will be the first early tomorrow morning. It helps us measure inflationary pressures at the producer level of the economy and is the sister report to last week's Consumer Price Index (CPI). There are two readings of this index, the overall and the core data. The core data is considered to be the more important of the two because it excludes more volatile food and energy prices. A large increase could add fuel to the theory that inflation is a real threat to the economy because the higher prices will likely be passed on to the consumer in the near future. This would not be good news for bond prices or mortgage rates since inflation erodes the value of a bond's future fixed interest payments. Rising inflation causes investors to sell bonds, driving prices lower and mortgage rates higher. Analysts are expecting to see an increase of 1.0% in the overall index and a 0.2% rise in the core data.

The second of three reports being posted tomorrow is May's Housing Starts report. This report gives us a measurement of housing sector strength, but is the week's least important. It usually doesn 't have a major impact on the bond market or mortgage rates and I se e no reason for this month's results to be any different. Analysts are expecting to see a drop in starts of new homes between April and May.

The third and final piece of data is May's Industrial Production. This report will be released at 9:15 AM ET. It measures output at U.S. factories, mines and utilities, giving us an important measurement of manufacturing sector strength. If it reveals that production is rising, concerns of manufacturing strength may come into play in the bond market. A decline would indicate that the manufacturing sector is weaker than expected and should help push mortgage rates lower. Current forecasts are calling for an increase of 0.1%.

Overall, look for tomorrow to be the biggest day of the week. Not just because it brings the release of three of the four reports, but because it brings us the PPI that is considered to be a key inflation reading. I am still not sure that we have seen the end of the recent bond selling. There fore, I am holding the lock recommendations for the time being.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

©Mortgage Commentary 2008


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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 12:17PM

Jude Sandvall's Real Estate Advisor

Jude T. Sandvall


Realty Executives of Aurora

Featured Articles

Best Bet Home Improvements

If you're looking to improve the appearance of your home for resale, or you just want an updated look for your own enjoyment, there are a few things you must consider before beginning any costly project.

Sure, you can spend a lot on something purely for the personal pleasure of having it - like that outdoor Jacuzzi under the attached gazebo - or you can go the practical route and make an improvement that will increase your home's market value, such as installing energy-efficient air-conditioning or repairing those shabby shingles. Be forewarned, however, and don't expect to recoup your costs on both counts. Many real-estate brokers agree that just because you put $25,000 worth of improvements into your home doesn't mean that your house is worth $25,000 more!

Exactly how much of your investment you'll recoup depends on a number of factors, such as the "big picture" housing market, the value of the homes in your neighborhood, when you plan to sell and the exact nature of the improvement. Also, consider that the longer you live in your home after a project is completed, the less likely you are to recoup its value. Just try to convince a potential buyer that Harvest Gold is cutting edge.

Below are some examples of a few improvements that usually pay off - and some that rarely make a difference (no matter how much you paid for them) when it comes time to sell your home.

Painting
If you're planning to sell your home in a year or two, a fresh coat of a neutral-toned paint could make the sale easier. A professional exterior paint job may also recoup close to 75% of its cost. Let's face it - we all like things fresh-looking.

Kitchen
With just a few basic improvements, your kitchen can practically pay you back with interest! New paint, wallpaper and flooring are always appreciated; plus, you might even consider sanding, staining or painting worn-looking cabinets. Replacing old cabinet hardware is a low-cost improvement that makes a big difference in appearance. According to Remodeling magazine, the average spent on major kitchen-remodeling is around $39,000; refinishing an outdated one averaged $15,000. The full kitchen remodeling recouped 80% of its cost, the more moderate remodeling was valued at 87%.

Area Conversions
Generally speaking, increasing the functional space of your home holds its value longer than remodeling just to make a house look better. It's also much less expensive than adding an addition to your home. Converting attic space into a bedroom, for example, usually costs around $30,000 and returns about 73% of its cost, according to Remodeling magazine. Turning your basement into extra living space costs, on average, $40,000, with a recoup average of about 69% of your costs.

Extra Bathroom
You usually can't go wrong by adding an extra bathroom. At an average cost of $14,200, a new full bath can recoup 81% of its total cost!

Deck
Adding a deck is a very cost-efficient way to add square footage to your house. Decks cost around $6,000 and generally recoup 75% of their value. Compared to other outdoor improvements (except painting), that's an excellent return.

New Windows
Your utility bill savings may make up for the iffy resale value, however, a good set of standard windows should get you around 68% back. If you start getting too fancy with custom shapes and sizes, though, don't expect to get as much in return.

Swimming Pool
In a word - don't! Unless you're putting it in for you and your family to enjoy, it's commonly agreed that a swimming pool has no resale value at all. Reason #1? Sure, they sound nice, but pools are very expensive to maintain. Running a close second is the fear of pool accidents - that's something nobody wants to experience.

Picture-Perfect Gardens
Another nicety, but who's going to spend all that time - and money? If the potential buyer is not horticulturally inclined, chances are your floral handiwork won't add to the offering price. The same can be said for expensive fences and stone walls - they look nice, but buyers don't pay up for them.

Basic Is Better
It may not sound very exciting, but it's the basic improvements you make to your home that may have the greatest return on its value: a beautiful new bathroom won't make up for a leaky roof. So if you're thinking of selling your house in the next year or so, be sure to address any problems the home may have before you, say, install those sunken gardens you've always dreamed of.

Selling it or Smelling It?

Pet odors can be a problem when you're in the process of selling your home. If your house has an odor problem, you should remove any offending furniture or carpets or hire a professional to clean them. Be sure to check the cat box frequently and keep the litter fresh.

Since some people have allergies or fears of certain animals, it's a good idea to put dogs or cats outside or confine your pets to one area when your house is being shown. It's hard for buyers to fully appreciate your home through itchy, watery eyes or in between sneezes! Even if the house is exactly what they want, your chances of selling it are less if the scent of Spot lingers in their memory.

The Trivia Block

Which former Dallas Cowboys quarterback is now working in Real Estate?

Roger Staubach began selling real estate in 1970, and began his own company in 1977. You can even check him out on www.staubach.com.

 
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Realty Executives of Aurora | 14901 E. Hampden Avenue Suite 320 | Aurora | CO | 80014

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 11:44AM

How to Succeed at Being Honest - Getting Realistic with Property Descriptions

By Curtis Seltzer RISMEDIA, June 16, 2008-Words mean as much in selling real estate as they do in selling a Presidential candidate. Every campaign-whether in politics or property-spins its words to feature its candidate’s assets and redecorate the liabilities.

Often, the best tactic for selling anything is to tell the customer: don’t look at this; look at that. “Sure, this pickup truck only gets eight miles to the gallon, but you won’t find a redder paint job this side of Beijing, and those cup holders…they’re the best in our weight class!”

As I read the real-estate classifieds on Sunday, I was struck by the number of properties that were awesome, beautiful, breath-taking, charming, elegant, exciting, extraordinary, fabulous, gracious, great, ideal, incredible, lovely, luxurious, magazine-incredible, magnificent, must-see-to-believe, one-of-a-kind, picturesque, pristine, private, spectacular, stunning, superb and terrific.

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 09:47AM

Washington Report: Downpayment Gift

From Realty Times - It's an issue that's been festering for years, and last week it blew up again: The Bush administration relaunched its campaign to ban “downpayment gift” programs where home sellers make contributions to nonprofit groups that then funnel most of the money to purchasers.


At a National Press Club luncheon, FHA commissioner Brian Montgomery said such programs - which effectively cut downpayments to zero and may artificially inflate sales prices - rack up three times the number of foreclosures and insurance claim losses compared with loans where buyers come up with their own downpayments.

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1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 09:43AM