Jude's Real Estate Rumblings

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Colorado ranked 7th in foreclosures

Colorado ranked No. 7 in the nation for its foreclosure rate in May, according to a national report released Friday by California-based RealtyTrac.

However, local experts continue to criticize RealtyTrac's figures, saying they overstate the number of foreclosures in Colorado, making the situation appear worse than it is.

Nationwide, foreclosure filings are up almost 50 percent from a year earlier, according to RealtyTrac, based in Irvine, Calif.

http://www.rockymountainnews.com/news/2008/jun/13/state-ranked-7th-in-foreclosures/

 

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 09:38AM

Hues you can use

An article from The Denver Post, reports that carefully weighing the pros and cons of every color on every wall can help a seller when preparing their home for the market.  Realtor David Stauffer of Trenka & Associates in Denver said it's hard to argue with the conventional wisdom regarding a home's interior.  He said, "You're always going to get the Realtor to say the safer approach is (using) earth tones and more neutral colors."  If hiring an interior designer isn't in the budget, Stauffer suggests checking out the latest Pottery Barn catalog or resort brochure for inspiration.  According to the Colorado Association of Realtors, anyone who thinks a home's interior colors don't influence a potential homebuyer should consider that on average, homebuyers take about 15 seconds to decide if they like a home.  Michael Kearns, a managing broker with Re/Max City Horizons at Stapleton said, "If (buyers) walk into a house that doesn't have color but has beige carpets and beige walls, the house doesn't make a lasting impression on them."
http://www.denverpost.com/economy/ci_9582644


1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 09:35AM

Property-flipping rule suspended

An article from CNNMoney.com, reports that as part of an effort to help speed the sale of foreclosed properties, The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers.  For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.  In 2003, the policy was put in place to deter property "flipping" schemes, in which buyers are overcharged for foreclosures or other distressed properties.  Now, a far more important concern is the surge in vacant properties resulting from borrowers who were unable to afford their mortgages.  FHA commissioner Brian Montgomery said in a prepared statement, the new policy "will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes."


2 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 16 2008 09:33AM

New-look Fontius gets first tenant

An article from The Denver Post, reports that the former Fontius Department Store building under renovation on the 16th Street Mall has its first tenant.  Sage Hospitality Resources, a Denver-based hotel-management and development company, plans to move its corporate headquarters to 32,000 square feet on the historic building's three upper floors.  Sage president Walter Isenberg said, "Staying downtown was a priority.  We like the location, and we like the style of the building.  It's historic; it's got high ceilings; it's got beautiful windows.  We've done a lot of historic preservation ourselves, so we feel this is a good fit for us."  Tami Door, president and chief executive of the Downtown Denver Partnership said, "The partnership is thrilled to see such a prestigious tenant locating in the Fontius building.  It's future confirmation of the business community's view of the central block of downtown."
http://www.denverpost.com/business/ci_9545108

 

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 12 2008 05:26PM

How to buy rental property

An article from MarketWatch.com, reports that buying rental property in a down market can be a lucrative investment but there are some factors you should consider before you take that step.  First, find out where renters want to live.  Location is very important when purchasing a rental property.  Ask a real-estate agent to show you properties that have an established rental track record going back two or three years, during which vacancies were limited to no more than three months at a time.  Next, be certain to do the math.  Before you buy, figure out whether the rents will cover your expenses and leave room for profit.  Finally, choose tenants carefully.  Don't approve tenants until you have checked their credit and criminal histories and talked to references and employers.
http://www.marketwatch.com/news/story/how-buy-rental-property-take/story.aspx?guid=76C1B0B0-6D43-440C-8830-57A55EC29011


4 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 12 2008 05:23PM

Mortgage Tip

FHA is making some changes that take effect on July 14.  Currently, every FHA borrower pays the same up-front mortgage insurance premium (UFMIP) and the same monthly mortgage insurance premium (MIP).  The current premiums are 1.5% of the loan amount for the UFMIP and 0.5% annually for the monthly MIP (loan amount times 0.5% divided by 12 to get the monthly amount).
 
After July 14, there will be a number of different combinations of UFMIP and MIP, depending on the borrower's credit score.  At the good credit end, the UFMIP is going down to 1.25% for borrowers with credit scores above 680, and the MIP is going up to 0.55%.  At the other end, the UFMIP is going up to 2.25% for borrowers with scores below 560, and the MIP is going up to 0.55%.
 
These are not huge changes, and it's important to remember that the UFMIP can be financed into the loan without affecting the borrower's loan-to-value ratio.  The higher monthly MIP will only change the monthly mortgage payment on a $200,000 loan by $8.33 a month.
 
If an FHA case number has been generated before July 14, the borrower will get the old mortgage insurance rates, even if the loan doesn't close by July 14.  Make sure your mortgage broker generates the case number before that date and it will save your buyer some money.  A property address is needed in order to obtain the case number.



2 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 12 2008 05:20PM

Surviving Uncertainty in Today’s Market - 6 Secrets to Keeping Your Balance, Business and Humor

An article from RISMedia.com, reports that in today's market, some real estate agents are facing unfamiliar challenges, uncommon objections and uncertainty.  Uncertainty can be a good thing that forces us out of our comfort zone and propels us to get creative, resourceful and to take action.  One way to build confidence is to over-prepare.  By over-preparing for your next listing presentation or face-to-face meeting, you will be filled with the confidence and certainty you need to win.  Another important factor is to know your market statistics.  Bring ammunition to the appointment table to make your point, prove a position and help the consumer understand better than anyone else the reality of your local market.  Finally, stick to a schedule in order to prevent getting off track and finding yourself in a rut.  Put yourself on a tight schedule that includes time for prospecting each day.  Prioritize your to-do list and keep those “money” activities such as prospecting, presenting and closing on the top of that list.
http://rismedia.com/wp/2008-06-03/surviving-uncertainty-in-todays-market-6-secrets-to-keeping-your-balance-business-and-humor/


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 10 2008 10:27AM

Lend Lease Communities to measure solar power at Lowry Range

An article from the Denver Business Journal, reports that Lend Lease Communities LLC announced it hopes to use solar power to support its planned community on the Lowry Range east of Aurora.  The company is working for the State Land Board, which owns the old bombing range, and plans a development of about 13,000 homes plus commercial properties.  Lend Lease is developing 3,870 acres within the 26,000-acre range.  The developer, agency and the National Renewable Energy Laboratory in Golden installed a devise to measure the amount of sun that shines on the range to see if the location will support a solar power generating plant.  The Lowry Range solar-measurement station is the first device installed at the request of a real estate developer intending to use the energy to support a community, according to the NREL.
http://www.bizjournals.com/denver/stories/2008/06/02/daily17.html?b=1212379200^1644790


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 10 2008 10:26AM

New Homes: Why Use an In-House Lender?

An article from RealtyTimes.com, reports that after actually finding your home, finding a mortgage is the second most important task you face.  When buying a new home, your builder may offer you an incentive to use one of their preferred lenders.  By using the in-house lender, it can take a chunk out of the money you need to come up with at closing time, or get you upgrades you otherwise may not have been able to add.  Why do builders sometimes "sweeten the pot," so to speak, for buyers to use a particular lender?  One reason is that builders need to try to have some "givens" and sense of accountability over the process when they are taking a considerable amount of risk in building and upgrading a new home to a buyer's specifications. 
http://realtytimes.com/rtpages/20080605_inhouselender.htm


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 10 2008 09:57AM

Luxury Monroe Pointe condos still available

An article from the Rocky Mountain News, reports that the six-story, 69-unit luxury unit Monroe Pointe condominium tower officially celebrates its opening in Cherry Creek.  Bruce Rifkin, a principal of Monroe Street Development who co-developed the $64.5 million building said, "There's a misconception out on the street that we're sold out."  According to Rifkin, one reason is because pre-sales were so brisk at first that many in the real estate industry thought all the units had been snapped up.  Partner Stuart Rifkin said, "The other big misconception is that we only have super-expensive units for sale.  But we have units priced from $350,000 to close to $2 million."  About half of the units have been sold with the price per square foot around $490.
http://www.rockymountainnews.com/news/2008/jun/04/luxury-monroe-pointe-condos-still-available/

 

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • June 10 2008 09:55AM