If you were house hunting in the Denver area in February, recent numbers released indicate what you’ve been seeing – or maybe not seeing – the number of unsold resale homes plunged 42 percent in February from February 2011. Great news for sellers!

According to a the Denver multiple listing service, there were only 10,086 unsold single-family homes and townhomes/condominiums on the market last month, compared with 17,358 in February 2011. The inventory was down 3.4 percent from January, when buyers had 10,443 homes to choose from. The last February when there were fewer homes for sales was in 2000, when there were 8,357 homes on the market.

What does that tell us? Demand is improving, even as the supply dwindles.

MLS shows that 4,150 homes were placed under contract in February, a 19 percent increase from the 3,486 homes in January and 12.4 percent more for the 3,693 in February 2011.

The number of closings rose 11.9 percent to 2,495 in February from 2,229 in February 2011 and were up 1 percent from 2,470 in January. Year-to-date, contracts are up 11.6 percent and closings are up 13.2 percent from the same period in 2011.

Data also showed that the average price of a single-family home that sold last month was $270,821, compared with $265,277 in February 2011 and $272,328 in January. The median price was $220,000, unchanged from a year earlier and up slightly from $218,855 in January.

For single-family homes, 43 percent of the homes that closed last month were below $200,000 and 62 percent of the condos that sold in February were below $150,000.

The news is encouraging. And given the historic low mortgage rates, if you’ve been waiting to put your property on the market, now might be the perfect time.

Not only is it a body of water and a park, Sloan's Lake is also a highly desirable neighborhood in northwest Denver.  The lake is the central feature of Sloan's Lake Park, which is managed by the Parks and Recreation division of the City and County of Denver.

We may never know the true history of Sloan’s Lake, as its origin is a little murky. What we do know is that during the settlement of the Denver area in the mid to late 19th century, the lake did not exist. The commonly accepted legend is that the land was given to a Thomas F. Sloan, who used it for agricultural purposes, farming and raising cattle. Apparently Sloan inadvertently tapped an underground aquifer, and when he awoke the next morning, part of his farm land was covered in water. This flooded what was known as South Golden Road, and eventually Colfax Avenue would become the major east-west thoroughfare in this part of the city. The lake once exceeded 200 acres and extended north and west beyond its current size, but portions were filled north of 25th Avenue and west of Sheridan Boulevard.

At 177 acres Sloan’s Lake Park is the second largest park in Denver (after City Park). Typical activities at Sloan's Lake include hiking, jogging and bicycling on the trails and sidewalks that surround the lake, and fishing and boating on the lake itself. There are also basketball and tennis courts located in the park. Sloan’s Lake Park is also home to the popular annual event known as the Dragon Boat Festival, which attracts thousands of visitors each summer.

The population of the neighborhood is approximately 8,500 residents and offers a significant range of housing and styles including 1920s bungalows to new, post-modern architecture. More than 55 percent of Sloan's Lake residents own their home, an above average figure for Denver.

The area has recently experienced and uptick of development, including restaurants, bars and local specialty retailers. While the area is rich in history it’s proving to be a popular area for first time buyers and young professionals.

If you’re thinking the Golden Triangle is in Golden, you’d be mistaken. Though the two neighborhoods are both highly-sought after, one’s in the foothills and the other can be found in the bustling downtown area.

The Downtown Denver Partnership and the Golden Triangle Neighborhood Association define the Golden Triangle as extending one block east to Lincoln Street (incorporating almost all of Civic Center Park and the institutions surrounding them, with the exception of the Colorado State Capitol in the Capitol Hill neighborhood and a few buildings to the north of Colfax Avenue). The main street through the Golden Triangle is Bannock. 13th, 14th, and 8th avenues are important east-west streets as well. All of the streets that provide the borders for the neighborhood (Lincoln/Broadway, Colfax, and Speer) are important transportation corridors for Denver.

The Golden Triangle is one of the oldest neighborhoods in Denver, with many single family Victorian homes and bungalows built in the late 19th and early 20th centuries. Between 1904 and 1919, Denver Mayor Robert Speer completed his ambitious plan for the Civic Center area, adding many civic institutions and a neoclassic park to the north of the neighborhood, and placing a leafy concrete urban canyon around Cherry Creek, creating Speer Boulevard, the neighborhood's western and southern border.

Starting in the 1990s the neighborhood began its transformation into a functional multi-use neighborhood. New condominium and loft developments came into the neighborhood, and many of the old supply stores and garages were transformed into restaurants, art galleries, and small offices.

The Golden Triangle is still undergoing many transformations. The area's proximity to the Denver Art Museum, the Denver Central Library, and several other major arts and cultural institutions, along with the eclectic businesses of South Broadway and the popular recreational trails along Cherry Creek, have propelled the area into the spotlight of the City's infill developments.

Colorado apartment landlords can now buy a recently launched rental default insurance policy will pay them up to six months of rent for such things as tenants vacating their units, evictions or tenants who stop making monthly payments.

Colorado joins seven other states where the rental default insurance program is available. The AON Rent Protect program is being endorsed by the Colorado Association of Realtors.

The product also replaces up to three months of rent in case of the death of the tenant, or if a tenant receives a court-order canceling the insurance because of a financial hardship. It also provides up to three months of rent if a tenant is required to report for active duty in the military.

It also pays up to $1,000 in leal fees for such things as court costs and attorney fees in case of an eviction. The cost of the insurance starts at $250 a year per unit for apartments with rents up to $1,200 per month.

In part because of the economic crisis, job losses and foreclosures, apartment vacancy rates have been falling and rents have been rising in the Denver area.

On the other hand, the same economic forces that hammered homeowners can impact renters, too.

“If our tenants don’t pay us then we’re going to struggle to make that payment,” said Aaron DiCaprio, one of the first Colorado landlords to purchase AON Rent Protect for his property in Centennial. “As an attorney, I know that it’s a protracted process to evict a tenant and we really can’t afford to pay that additional mortgage for four to six months.

Insurance minimizes risk

“There are so many factors to consider as a landlord – whether you have one property or numerous properties,” said Mike Treadway, property manager and owner of Prism Realty Inc. in Greenwood Village. “A rent insurance product like this gives my clients a chance to protect their investment and stream of income, minimizing the overall financial risk through an extremely affordable coverage. Tapping into the policy protection just one time on one property could deliver a return on the annual premium over several years.”

While homeowner’s insurance will cover a property owner against claims of physical property damage or personal injury, it does not help a homeowner in the event a renter abandons the property, or worse, stops paying rent and refuses to vacate.

“This is a game changer for anyone who owns or manages a residential rental property in the state of Colorado,” said Steve Morgan, general counsel of CAR. “Just like homeowners who can’t pay the mortgage and foreclose, tenants lose their jobs and stop paying the rent. The loss of tenant income or subsequent eviction proceedings can create serious financial problems for landlords.”

The Colorado Association of Realtors has officially endorsed this product in an effort to encourage Realtors, property managers and other industry professionals to inform their clients about the new insurance.

“One of our initiatives at CAR is to help safeguard the wellbeing of Colorado homeowners and promote market stability,” said Robert Golden, CEO of the Colorado Association of Realtors. “We would like to see all Colorado Landlords protect themselves and their investments.”

Article courtesy of John Rebchook, Inside Real Estate News

http://insiderealestatenews.com/2012/02/car-endorses-rental-insurance/#more-16830

If you’re in the metro area, chances are you’ve heard that Colorado is poised to receive three Trader Joe’s locations.

Trader Joe’s executives confirmed Tuesday that the specialty grocer’s first Colorado store will open in Boulder’s Twenty Ninth Street mall in 2013.

The new store will be located at 1906 28th Street and the building will be about 14,000 square feet.

The Denver Business Journal recently conducted an informal online survey in which readers indicated Trader Joe’s was far and away the out-of-state retailer they most wanted to come to Colorado.

Anticipation of a possible opening in Colorado has been building since January, when Trader Joe’s filed paperwork with the Colorado Secretary of State’s office saying it intended to start doing business in the state April 1.

Sources have said that Trader Joe’s plans at least two more metro-Denver locations, stating that the company has secured two other contracts to lease locations in metro Denver. Currently Trader Joe’s has 365 stores in 31 states, with about half of the locations in California.

How (or if) the company will sell the beer and wine they’re famous for — you’ve heard of “Three Buck Chuck” right?  — remains to be seen. So far Trader Joe’s hasn’t commented on the matter. Many local retail observers have speculated that’s why it took so long for stores to come to Colorado, as we have more restrictive liquor-sales rules than many other states.

The chain has a massively loyal following and to the detriment of other grocers, industry analysts say there’s really no way to compete anyway, as Trader Joe’s mostly stocks its own brands of unique, trendy and affordable foods such as Thai lime-chili cashews, sea salt brownies and Belgium butter waffle cookies. Considering you used to have to trek to New Mexico to get your Trader Joe’s fix, there will be more than a few Denverites all too happy to make the drive to Boulder until a closer store opens.

While we don't often advertise publicly, we are happy to announce that we are currently hiring!  Our busy (very busy) REO team is currently seeking agents to help us with buyer leads generated by our REO listings as well as by our proprietary, online lead generation tool. 

Are you self-motivated, honest, and willing to work with owner-occupants and investors?  Are you HUNGRY and know the meaning of the word FOLLOW UP?  If so, we definitely want to hear from you!  Please send us your resume and contact information and read on to see what we have to offer.

Benefits:

• Generous compensation package
• Progressive commission structure
• Desirable downtown Denver location
• Company-sponsored continuing education and training
• Company provided marketing materials, signs and lockboxes
• NO monthly fees
• e-contracts
• Professional showing service
• Adequate office support
• Attentive and experienced Managing Broker
• Leads, Leads, LEADS!

Requirements:

• Desire and ability to close 3-4 transactions per month
• Proven track record of success with owner-occupants and investors, regardless of price range
• 2 years licensure history (or equivalent experience)
• Ability to work independently as well as with a team
• Integrity, desire and a can-do attitude.

If this sounds like the next step in your real estate career, we want to speak with you!  Please send resume and contact information to Kelly Stasney at kstasney@metrowestres.com.

We look forward to hearing from you!

From the moment you decide to invest in real estate to the moment you actually purchase your fist rental property you’re taking on an exciting challenge.

Owning a property can be a daunting task, but here we’ll examine a few tips to keep in mind when looking for an income property.

1. Neighborhoods
   The quality of the neighborhood will influence the types of tenants you attract and how long you may face vacancies.  Let’s say you buy in a neighborhood near a university. Chances are you’ll attract students and face some significant vacancies during the summer months.
2. Property Taxes
   Property taxes are not standard across the board. As an investor planning to make money from rent, you want to be aware of how much you will be losing to taxes. High property taxes may not always be a bad thing if the neighborhood is an excellent place for long-term tenants, but there are exceptions to every rule.
3. Schools
   Your tenants may have or be planning to have children, so they will need a place near a decent school. When you have found a good property near a school, you will want to check the quality of the school as this can affect the value of your investment.
4. Crime
   No one wants to live next door to a hot spot for criminal activity. Go to the police or the public library for accurate crime statistics for various neighborhoods. Don’t rely on simply asking the homeowner who is hoping to sell the house to you.
5. Jobs
   Locations with growing employment opportunities tend to attract more people. More people means more potential tenants.

Now that you know some things to look for, get out there and get some information on an up-and-coming neighborhood you may consider investing in!

Not only does the Bonnie Brae area house one of the community’s favorite ice cream shops, it’s also a highly sought-after neighborhood for new and seasoned home buyers alike.

Located east of University Avenue between Mississippi and Exposition Avenues, Steele Street and University Boulevard, Bonnie Brae began developing in the 1920s on land that had been granted to the Kansas Pacific Railroad in 1870. The railroad eventually sold the land to farmers, and later it became part of the town of South Denver, one of the many small communities annexed by Denver.

Bonnie Brae features winding streets, mature trees and friendly residents that make it one of the area’s most treasured communities.  The housing boom here really took off in the 1940s and 50s, and residences here range from original unique smaller homes to multi-million dollar custom-built houses.  Original houses feature a modern architectural style. These types of homes use classical elements in a streamlined manner. You’ll often see curved corners and bands or panels of glass blocks in the homes in Bonnie Brae.

Home prices in Bonnie Brae remain strong, which illustrates the popularity and convenience of living near the center of a major metro area close to parks, restaurants and shopping all within a few miles. One of Denver´s most popular and historic pizza parlors is here in the Bonnie Brae business district, alongside an ice cream shop, wine shop, and several restaurants. Local residents can easily walk to these amenities and the public library as well.

Bonnie Brae’s close proximity to Wash Park and Cherry Creek also make it a highly desirable neighborhood in the metro area. The commute to downtown Denver from Bonnie Brae is less than 15 minutes and it’s only about 5 minutes to the nearby Cherry Creek shopping center, and Washington Park is an easy five-minute bicycle ride away.

So you’re ready to buy or sell – that’s great! But before you can list your property or begin the search for a new one, you first have to answer this question: where do you want to be?

Denver offers a broad variety of neighborhoods, from trendy downtown spots to more rural communities that offer a quieter pace of life. Here we’ll take a look at some of the popular city-center areas and some of the highly-sought-after ‘burbs where you may consider settling down.

Downtown living is mostly in Lo-Do, Golden Triangle, Uptown, Curtis Park and City Park. Of course these areas are also pricier than the outlying suburbs. In these downtown areas you’ll find traditional condos, lofts, townhouses, renovated Victorian homes as well as bungalows. These areas are popular with younger buyers looking for the nightlife as well as empty nesters enjoying amenities including theater, sports, shopping and fine dining.

Denver suburbs offer less crowded living but many still feature all amenities of downtown. The south suburbs along with I-25 corridor are generally considered Denver’s “executive belt”. Homes here are generally more expensive and neighborhoods are typically very safe and well kept. Both Cherry Creek Schools and Douglas County are among the best in the state.

Littleton, Evergreen, Morrison, and Conifer are picturesque suburbs located southwest of the city offering more of the Colorado atmosphere. Lakewood, Golden Westminster, Arvada are located on the west side as well and offer a variety of home choices and good schools. Other northern suburbs are Commerce City, Thornton and Brighton. These areas offer very affordable homes in nice neighborhoods with average schools

Aurora is Denver’s largest suburb on the east side of town. Neighborhoods on the north side of Aurora have fair schools but extremely affordable homes. You’ll find southern Aurora to be like an entirely different city with upscale homes and renowned Cherry Creek Schools.

From nightlife to schools, transportation options to affordability, there are so many things to consider before purchasing a home. Compromise is inevitable, but determining your ideal location is an excellent place to start.