Denver Real Estate Blog
I hope your new year is off to a positive and successful start! Below are some fun upcoming Denver events in February to keep your 2016 going strong.
Colorado Chinese New Year Celebration (February 6)
"Take a journey to the Far East right here in Denver and experience the largest and most exciting Chinese cultural event in the Rocky Mountain Region, the Chinese New Year Celebration." Click here to learn more.
SuperBowl 5k (February 7)
"You spent months preparing for this day with sweat, blood, and tears (and maybe a few beers), now it is time to hit the line and test your running back speed at Denver's largest Super Bowl Run. Come out for the Super Bowl 5K Run & Walk and Kids Fun Run. Don't forgot to dress in your favorite team colors!" Get details here.
6th Annual Denver Mardi Gras (February 12th)
"21+ -- We take over the entire Dave and Buster’s for the night, remove the dining room tables, add staging, music and dance floor. Join 2,000 friends for a carnival of music, games, entertainers and of course...... BEADS!!!!" Buy tickets here.
2016 Colorado Garden & Home Show (February 13-21)
"The show takes place at the Colorado Convention Center in Denver, CO. Discover the Rocky Mountain region’s largest, oldest and most prestigious garden and home show - a nine-day spectacular event." Visit website here.
Sierra Boggess in Concert (February 13-14)
"Denver native and Colorado Children's Chorale alumnus Sierra Boggess is best known for her Broadway debut originating the role of Ariel in the 2007 The Little Mermaid. Boggess has also been a Broadway mainstay for the last decade performing in Les Misérables, Phantom of the Opera, Ever After, and other musicals. It's easy to hear why: Her enchanting, soaring vocals hit all of the right notes. For this Valentine's Day weekend concert, Boggess will sing a number of the tunes that made her a superstar, accompanied by the orchestra and Colorado Children's Chorale." Get more information here.
Joel McHale at the Denver Comedy Works (February 17-18)
"Joel McHale is one of the busiest actors in the business right now. He is perhaps best known for his starring role on the hit comedy series “Community.” He will next be seen on Fox’s revival of “The X-Files,” where he will play a conservative news anchor. McHale performs his stand-up act around the country to sold-out audiences." Buy tickets here.
The Denver Zoo Summer Safari Camps (Registration has begun)
"This year’s theme, Animals Around the World, allows campers to travel from Colorado to Africa, South America, Antarctica, and Asia without ever leaving Denver Zoo! They will connect with animals and cultures through touchable animal encounters, Zoo exploration and observation, crafts, and wild animal games." Learn how to register here.
Denver Restaurant Week (February 26-March 6)
"Denver Restaurant Week is a 10 day celebration of the culinary scene in Denver. Participating restaurants will offer a multi-course dinner for the fixed price of $60 for two, or $30 for one (not including tax or gratuity)." Learn more here.
Happy New Year! Now that the holidays are over it’s the perfect time to talk about what I think the real estate market will look like in 2016. So let’s jump right in.
- Average Home Price: The average price of a home in metro Denver leapt another 8 percent in 2015, hitting an all-time high and finishing the year above $407,000. I believe 2016 will be almost as strong with an average price increase of 6-8 percent and here’s why: The number one driver of home price change is the amount of inventory on the market. In 2007, for example, we had a peak of 31,000 properties on the market and prices DROPPED 14 percent, while in 2015 we averaged just 7,000 properties on the market so prices ROSE 8 percent. For the past several years we have had record low inventory in metro Denver with absolutely no sign of it increasing. Until it does there will continue to be tremendous upward pressure on prices as demand outstrips supply. Where will the new supply of home inventory come from? It won’t be bank-owned properties or shortsales. After five long years of downturn our economy is in full recovery, and a better economy means fewer distressed properties. The additional supply will eventually come from home owners who finally realize what a great market it is and decide to put their home up for sale. But when this will happen is anyone’s guess. Part of the issue is an interesting Catch 22 where many potential sellers look at the market and think they can’t find their dream home because of the lack of inventory... therefore they don’t put their homes on the market... thereby contributing to the lack of inventory. I frankly don’t see any reason to think this will change any time soon. Low inventory and rising prices are here to stay for the foreseeable future.
- Number of Homes Sold: There was an increase in the number of single family homes sold year over year of just 1 percent simply because there was so little inventory on the market to buy. So while prices rose, the number of sales was nearly flat. I don’t foresee any dramatic change in 2016. I expect a 3-4 percent increase in home sales over last year, if only because our Denver metro population is rising 1.5 percent per year, and all these people need to live somewhere!
- The Condo Market: Incredibly enough the condo market did even better than the single-family home market in 2015 with an average price increase of 16%! Just like the single-family home market, I don’t see any evidence that would lead me to believe this will change any time soon. The inventory has been at rock bottom for years and until more condo inventory comes on the market, prices will continue to rise.
- The Investor Market: I think the real estate investor market will remain strong. The fix and flip market will continue to be profitable for those who can find under-priced homes to buy and repair. They’re out there but it takes tools, patience, and work to find them. Once you get one fixed up, selling is the easy part due to the lack of competing inventory. The buy-and-hold market will continue to be extremely generous to long-term investors. Interest rates and vacancy rates are still at record lows and rents continue to skyrocket. It’s not difficult to buy a rental property in today’s environment and put it on the path to be paid off in 12-15 years. For building long-term wealth it’s tough to compete with rental property ownership. That’s the one thing that never changes!
The snow on the ground marks the arrival of winter to our fair city of Denver. While we are definitely outdoor people, loving all kinds of winter sports, we also want our homes to be warm and cozy. As the temperature begins to dip and heating costs begin to rise using some of the below tips can help you save money and stay warm.
Find the Source
The first thing you need to do is find the source of the drafts. In some cases up to 25% of the heat in your home can escape through the windows. One of the easiest ways to find drafts is to use a small votive candle and place it in front of windows, doors and electrical outlets. If the flame flickers there is a draft. You can also use a small feather if lit candles make you nervous.
The Window Dilemma
Unless you have the budget to replace the windows in your home, there are many temporary solutions that can help you cut down drafts in the winter. First, check the weather-stripping and make sure the window closes tightly. Some inexpensive weather tape may be all you need. Another option is to use plastic film to seal the window. While this is very effective, it also makes the window unusable during the nice warm days we appreciate in Denver. Check out this video for more information.
Nothing is worse than cold air blowing in around or underneath the door. Once again, weather-stripping is your best friend. Inexpensive kits are available at nearly all hardware and home supply stores. One fun way of beating the draft is to make a draft snake. Either sew a tube long enough to fit across your entire door and fill with clothes, rice or socks. Get your kids involved in the decorating process. They can create their very own snake for their rooms.
Check Your Electrical Outlets
You might be surprised how much cold air can leak in around electrical outlets, especially those on outside walls. Newer homes tend to be better, but it is always a good thing to check. Most hardware stores sell small foam gaskets that you can easily put behind the switch plate. You’ll be amazed at how much a difference this makes especially on the coldest days.
The biggest way to keep your house nice and warm is to just use common sense. Try to keep outside doors closed and seal off rooms that aren’t being used. Remember to shut the fireplace damper when you are not using it. In addition, it is always wise to have your furnace checked and cleaned yearly. Not only will this save you money and keep you safe, good maintenance records are a plus when selling your home. Here is a good site to get more advice.
Now Go Get Some Hot Chocolate
Once your house is all sealed up, it’s time to relax. After a great day enjoying the outdoors in Denver nothing beats curling up with your family or a good book and relaxing. If you have any questions about whether any changes will affect the value of your home or need other advice, feel free to call us.
So much of Denver is steeped in old west mystique. This is never more apparent than when our fair town hosts one of the largest stock shows in the United States. Regardless of Denver’s cutting-edge modernity, over 680,000 patrons flock to the National Western Stock Show each year, allowing it to consistently bring in $100M to the Denver area in 16 short days.
Like much of Denver, the stock show has a rich and interesting history. Even the first year, 1906, was wildly successful, drawing a crowd that numbered over 15,000. It ran for only six days, as opposed to the current event that spans more than 2 weeks. My, how times have changed! The Grand Champion steer brought in 33 cents per pound!
History Made in Denver
Among numerous firsts, the National Western Stock Show presented the first rodeo! During their 25th year, they hosted the first rodeo in conjunction with their already-popular Horse and Livestock shows. Over the years, there was just too much fun to pack into 6 days. The show grew to 12, then 16 days. In 2006, when National Western celebrated its 100th anniversary, their show’s attendance grew to over 720,000 and the champion steer brought in $58 a pound! Click here to learn more.
Mark Your Calendar – January 9 – 24, 2016
The creators of the National Western Stock Show have learned quite a bit about hosting an amazing event in the last century. This year, 2016, the dates for this phenomenal show are January 9 – 24, 2016, and every single day is packed with family-friendly fun and entertainment. The ground admission for any given day ranges from $3 for children to $19 for adults. With this admission, you will taste some award-winning barbecue while listening to the fiddlers competing bow to bow.
There are catch-a-calf contests for the children. Not into cows, you say? There is Mutton Bustin’, which showcases children under 55 pound doing their best to stay on a quickly-running sheep and Stock Dog Trials, which showcases the unique and interdependent relationship between a cowboy and his dog. Don’t forget to start the show off with the parade at Union Station on January 7th, beginning at noon.
A Commitment to Our Future
Not content to simply throw a big western party, the organizers formed the National Western Scholarship Trust in 1983. Seeing that a future in animal husbandry and farming started with education, the trust provided scholarships for high school students planning to study rural medicine, veterinary science and agriculture. In a little over 20 years the trust has now grown to be able to award 80 scholarships, ranging from $2500 to $15,000 per recipient. Of the numerous events that fund this trust, the three largest are the Citizen of the West dinner, the Auction of Junior Livestock Champions and the Coors Western Art Exhibit & Sale.
In case you want to get in on the fundraising, the art sale runs the same hours as the show in the “Art Room” located on the third level of the Expo Hall. This year’s featured artist is Don Coen, a Colorado native creating contemporary art about rural America.
Not a huge art fan? Attend the auction Friday, January 22, 2016, beginning at 4:30 at the National Western Complex on Humboldt. There are appetizers and libations and an opportunity to meet the junior exhibitors and past scholarship recipients. The auction of Grand Champion and Reserve Grand Champion animals is even televised live on Denver’s own 9NEWS. The winning bids have even reached over $130K! That is a lot of college tuition!
Get Your Boots On!
While most of us don’t remember Denver as a huge “cow town” this is an opportunity for everyone to relive the past, enjoy the present and look forward to the future. So get your cowboy hat, pull on those boots and get out there and become part of something big this January!
As we approach the end of the year it’s a great time to review what the real estate market experienced in 2015 and where we think it’ll head in the New Year. Overall, I’m extremely pleased with what we’ve experienced in the past 12 months and remain bullish for the future. I expect the economy to continue to improve and our metro Denver housing market to stay strong but, critically, not to overheat. Here are a few different metrics I use to evaluate the market and help you understand it better. For each, I’ll briefly describe what 2015 looked like and where I think we’re headed.
Market strength - 2015 was an extremely strong seller’s market. The market strength peaked in the spring when the bottom dropped out of our inventory and multiple offers were the norm, not the exception. The good news is that since then the market has reacted appropriately. With the rise in prices, more sellers have put properties up for sale this fall, cooling the market down somewhat. It’s still a strong seller’s market today but it’s not overheated. I expect 2016 to continue to be a seller’s market but I see no sign of a major imbalance that could lead to any sort of ugly peak and crash.
Rental Vacancies - The rental market is stronger than it has ever been in metro Denver. The vacancy rate for 1- to 4-unit properties is an extremely low 2 percent. Rents are rising faster than ever, up 30 percent in the past three years alone! As a result of the rising rents, we are seeing more and more renters deciding it’s time to buy instead of suffering through additional rent increases and tougher application processes. In addition, more and more homeowners who experienced hardships during the downturn (who lost their homes and have been renting ever since) are now able to purchase a home again as their ability to finance a purchase recovers. This is great news for the market and will certainly lead to more sales in 2016, continuing to support our seller’s market.
Interest rates - The recent decision by The Fed to raise short-term interest rates by 0.25% doesn’t mean that long-term rates — like mortgage rates — will immediately rise. A possible change in the historically low mortgage rates that consumers have been accustomed to since 2008 may cause concern, but there is no indication that there will be an alarming rise. With even a minor adjustment, there is no need to be caught by surprise. Remember, the Federal Reserve has control over only short-term, not long-term rates. Long-term interest rates are impacted by the bond market as well (as bond prices decrease, interest rates increase). The bond market to a large extent is not predictable. Looking at where you stand now, and how your housing budget could change when mortgage rates do go up at some point, could save you thousands of dollars in interest costs. Thus, it’s not time to worry, but rather an opportunity to strategically plan. Feel free to reach out to me directly if you would like to run some numbers to understand how a potential rise in rate could impact your buying power or if you would like to be introduced to a good lender to evaluate a refinance at this time.
The Economy - Let’s talk a bit more about the economy. The metro Denver economy is very strong, which has a lot to do with our terrific real estate market. The unemployment rate is extremely low, at about 3.5 percent. Inflation will stay in the range of 1-2 percent, our population is rising at a rate of 50,000 people/year, and consumer confidence continues to rise. Nothing can be better for the housing market than a strong and steady economy.
When all’s said and done, I can’t wait for 2016!
Best wishes for a successful start to the new year! There are many fun events coming up in Denver this January to help your 2016 get off to a fun and healthy start — Happy New Year!
Denver Nuggets and Colorado Avalanche (January)
Cheer on our home teams this January! There are lots of opportunities this month to attend a game at the Pepsi Center. Click here to view their upcoming schedule and purchase tickets.
Janeane Garofalo (January 8 - 9)
Come see Janeane Garofalo at Denver's Comedy Works. "Janeane is an outspoken activist, spoken word performer and stand-up comedy entertainer known and respected around the world." Buy tickets here.
National Western Stock Show (Jan 9 - 24)
The National Western Stock Show is something to look forward to every January. "The 16-day show serves as an entertainment arena, hosting one of the world's richest regular season professional rodeos, the "Super Bowl" of Livestock Shows, nationally recognized Horse Shows and Colorado's largest Western Trade Show." Visit event website here.
Pixar in Concert (January 15 - 16)
"From the Toy Story trilogy to The Incredibles and UP, Pixar has forever changed filmmaking while giving us some of the most beloved characters in cinematic history. Now, Pixar is coming to you like you've never heard or seen it before: in concert with our own Colorado Symphony." Buy tickets here.
Polar Bear 5K (January 17)
"You run faster when it's cold, right? Get a great time and have a great time at the Polar Bear 5K! And new this year you also have the option to sign up for the Polar Bear Challenge: run the 5K and then pour a bucket of ice water on your head or plunge into an ice bath (or do both)!!" Get more information here.
Martin Luther King Day in Denver (January 18)
"Celebrate the largest Martin Luther King Jr. march and rally in the United States. Participants gather at City Park and march to Civic Center Park, where a large rally commemorates the life of Martin Luther King, Jr." Learn more here.
Dirty Dancing - The Classic Story on Stage (Jan 26 - 31)
"Dirty Dancing - The Classic Story On Stage is an unprecedented live experience, exploding with heart-pounding music, passionate romance and sensational dancing." Visit the Denver Center Website here.
Icelantic Winter on the Rocks (January 29)
"Quickly becoming one of Colorado's most iconic events, Icelantic's Winter on the Rocks will be celebrating 5 years of its annual winter concert with headliners Adventure Club and Big Grams (Big Boi & Phantogram), plus special guest to be announced!" Buy tickets here.
It seems that keeping up with the Jones’ is getting more complicated, especially when our children are involved. It is simply amazing how much stuff “everyone” has and whether or not we too should break down the wall of oppression and fill our kid’s space with electronics, TVs, and touchscreen walls. It is especially difficult as they age to keep them up to date. For the most part, the days of three kids per room are long gone, and no matter what you believe, it has become harder to keep our kids happy.
Room to Grow
Whether you a looking for a new home or considering changing around rooms, it is crucial that you give your kids room to grow. If you are touring a potential home, keep in mind that not only do you need to have room for the children you have now, but the potential of more in the future. You also need to think about the placement of the bedrooms in the home. While basement bedrooms might be great for teenagers, they can be very scary places for younger kids.
Decorating for the Future
While pink walls are awesome for our little princesses, you must remember that someday, you will probably have to repaint. This is not a big deal if you are planning on living in the house for a long time and watching everyone grow up in the home, but if there is a possibility you may be moving soon, it makes more sense to paint the walls white and accent it royal furniture and pink accents. The same goes for the young athletes in your house. Be careful about dart boards and basketball hoops, as you may find yourself in a predicament when you are filling holes hours before the first showing.
Great Ideas for Decorating
There are many ways you can turn these rooms into their own private oasis without filling them with electronic gadgets. Loft beds are great because they can be customized into almost anything and are usually tall enough to allow for extra space under the bed. Creative parents have designed palaces, football stadiums, forts and forests. As the kids grow, you can adjust the decorations or remove them all together. Just make sure you child is old enough to sleep up high.
Another great idea is removable stickers. You can place sports emblems, princesses, art, words or virtually anything without harming the walls or having to repaint. Put a small strip of cork board around the room to give them the ability to pin up their newest creation, latest reward or the newest pop band sensation.
A Place of Their Own
It’s important every child has a safe place and even a place of their own within the home. Combining their creativity with your own, you can come up with some great ways to make their rooms personal without worrying about repainting or costly fixes when you want to sell. For more great tips give us a call at 303-991-9878. If you are thinking of expanding your family or starting one, check out our home search engine and to see the great family homes available in the Greater Denver area.
Great Recipes and Traditions
Every family has a few traditional recipes they like to bring every year to the Thanksgiving table. Your aunt brings her homemade sweet potato casserole while your grandmother insists on making her mother’s green-bean salad recipe. And of course, who can forget the turkey? That is the main event! If you need a few ideas for this year in the recipe department, here are a few that sounded pretty dang good:
- Cranberry Glazed Appetizer Meatballs
- Fig And Blue Cheese Appetizer Tarts
- Parmesan Butternut Squash Gratin
- Two Cheese and Rosemary Mashed Potato Casserole
- Praline Pumpkin Cake
There’s something wonderful about watching the Macy’s Day parade on TV to start off your Thanksgiving day. This year, tune into NBC at 9:00am EST to catch the 10,000 participants from marching bands, to famous performers, giant character balloons and many more entertainers.
Hut, Hut, Football!
Maybe the Macy’s Day Parade isn’t your cup of tea and you can’t wait to turn on the football and cheer on your team (sorry fellow Broncos fans, we will just have to watch other teams today). Below are times and teams for football on turkey day:
- Philadelphia Eagles vs. Detroit Lions (FOX) – 12:30pm
- Carolina Panthers vs. Dallas Cowboys (CBS) – 4:30pm
- Chicago Bears vs. Green Bay Packers (NBC) – 8:30pm
There are so many great things to be thankful for this year and I hope you get the opportunity to spend this holiday with loved ones. Personally, I am thankful for my amazing wife and kids, the rest of my extended family, my real estate firm and the amazing employees and partners I get to work with on a daily basis and so much more. This is a great time of the year to reflect on what good things have happened in the year for you as well as what good things you have to look forward to. I got to go on a few trips with just my wife this year, which was a time for us to really reconnect and love on one another. I got to see my kids excel in their sports and activities this year and got to help them continue to grow into young adults, nothing makes me happier than to be there for my kids. My family is my support system, and they are the reason I am where I am in my life today and I am forever thankful for the love and light they bring to my days and my nights.
Hope you and your family have a wonderful and safe Thanksgiving this year, from all of us here at New Era Group, we are thankful to have you as our customers and friends.
Cheers to a safe and festive holiday season! Enjoy time with family and friends, and make sure to experience some of the wonderful events headed our way in Denver this December.
Southwest Rink at Skyline Park (November 24 - February 15)
"Ready. Set. Skate. Skyline Park is the place for fun this holiday season. Southwest Airlines and the Downtown Denver Partnership invite you and your family to join us for FREE skating at the Southwest Rink at Skyline Park, located at 16th & Arapahoe in Downtown Denver. Ice skating is free! You may bring your own skates or rent a pair for just $2" Get detailed information here.
Blossoms of Light (Nov 27 - Jan 2)
"Embrace the holiday season at Blossoms of Light. Over one million colorful lights draped in elegant designs highlight the Gardens winter beauty. Enjoy sparkling passages, brand new displays and romantic mistletoe kissing spots, as well as the always anticipated HoloSpex glasses. Warm drinks and tasty treats will also be available. Seasonal entertainment will be available on select evenings." Read more here.
Denver Zoo Lights (Dec 4 - Jan 3)
"Zoo Lights will nearly double in size this year, spanning 70 acres of Denver Zoo's campus, with nightly entertainment, animal encounters, Santa meet-and-greets and, of course, illuminated animal sculptures that swing through trees, jump across lawns hide in bushes and appear in places where they're least expected." Learn more here.
Parade of Lights (Dec 4 and 5)
"The FREE holiday spectacular features marching bands, ornate floats, and, of course, a special appearance by Major Waddles the Penguin and Santa! Grab your hot chocolate and ear-muffs, this year is going to be better than ever!" Get more information here.
A Christmas Story, The Musical (Dec 16 - 27)
"Direct from Broadway, A Christmas Story, The Musical, nominated for three 2013 Tony Awards including Best Musical, comes to hilarious life onstage! The Associated Press calls it 'a joyous Christmas miracle'." Buy tickets here.
Jingle Bell Run/Walk (December 13)
"Chosen as one of the Most Incredible Themed Races, Jingle Bell Run/Walk for Arthritis is a fun and festive way to kick off your holidays by helping others! Wear a holiday themed costume. Tie jingle bells to your shoelaces. Raise funds to help find a cure for arthritis." Register here.
TubaChristmas (December 20)
"Tap your toes to your favorite holiday tunes at the annual TubaChristmas concert in Skyline Park. Featuring 300 tuba players from all over the region, TubaChristmas is one of the most celebrated and longest-running holiday festivities in Colorado" Visit the event website here.
New Years Eve Fireworks (December 31)
"To welcome the arrival of 2016, the New Year's Eve Fireworks Downtown will once again fill the skies twice during the evening. The first show, at 9:00 p.m. will entertain families and others looking for an early celebration, while the second show officially marks the start of the New Year at midnight. The two fireworks programs are identical." Learn details here.
These are very special times in the metro Denver real estate market. Home prices are up, rents are up, inventories of homes both for sale and rent are low and our future outlook continues to look great. We talk about some aspect of real estate every month in this blog, but sometimes I think it can be hard to realize just how terrific our real estate market is without taking a step back and looking at the big picture. A great way to do this is to check out the recent press headlines and review the real estate news about our local market. In a word, it is amazing!
DENVER BACK AT NO. 1 FOR HOME-RESALE PRICE GAINS
Denver Business Journal - 10/27/15
"After trailing San Francisco for year-over-year home-resale price gains in July, Denver tied with the California city for the top spot among 20 major U.S. metro areas. For six of the last eight months, metro Denver saw the biggest one-year gains out of 20 major U.S. markets in the price of detached single-family homes, according to monthly data from the closely-followed report series from S&P Dow Jones Indices and CoreLogic. Other than Denver and San Francisco, no other metro area out of the 20 tracked in the Case-Shiller report series scored double-digit percentage year-over-year price gains. Denver's Case-Shiller home price index reached an all-time high of 172.82, topping July's reading of 171.31. An index reading of 172.82 means that local home resale prices averaged 72.82 percent higher than they were in the benchmark month of January 2000, according to the Case-Shiller report series, based on non-seasonally-adjusted data."
DENVER COUNTY HOME SELLERS MAKE OUT BIG IN Q3
Denver Post - 11/5/15
"Home sellers in Denver County made out big in the third quarter, where sellers sold for an average of a 41.5 percent gain over what they originally paid. That's according to research conducted by California housing data company RealtyTrac, which placed Denver County at No. 6 in the country for highest percentage sales gains. In September, RealtyTrac said Denver home sales were on pace to set a 10-year record, and median selling prices in Denver set an all-time high this summer."
A SMALL COLORADO CITY IS RATED 2ND BEST IN U.S
Denver Business Journal - 11/3/15
"There's a city in metro Denver where housing costs are affordable, home-ownership rates are high, cost-of-living is comfortable, education and health care are sound and quality of life ranks high. And that place is Littleton - the second-best small city in the U.S., according to a new WalletHub study."
The 20 Hottest Housing Markets in October
Realtor.com - 11/13/15
CONDOS APPRECIATING MORE THAN SINGLE-FAMILY HOMES IN DENVER
Denver Business Journal - 10/27/15
"Condos in Denver have appreciated nearly 20 percent over the past year, which is nearly four times the national average and well above the single-family home appreciation rate in Denver. According to Seattle online real estate company Zillow, single-family homes in Denver have appreciated 15.9 percent over the past year, while condos have appreciated 19.7 percent. The yearly 15.9 percent increase in Denver single-family home appreciation was the biggest jump in the country while the 19.7 percent annual increase in condo appreciation was the second-biggest jump in the country, trailing only the Dallas-Fort Worth area, which recorded a 20.1 percent annual increase in condo appreciation."
HOW DOES DENVER RATE AMONG NATION'S BEST PLACES TO OWN A HOME?
Denver Business Journal - 11/9/15
"Where's the best place in the country to own a home? Right here in Denver, according to a new report. Porch.com and Redfin created the new list, based on a survey of about 10,000 U.S. homeowners in 67 markets, and using criteria including: healthy living, commute, climate, educational opportunity, economic opportunity, resident satisfaction, walkability, security and safety, real estate confidence, and tax fairness. Denver did the best, ranking No. 1 in the country, in the categories of health living and climate, and coming in No. 2 in resident satisfaction."
METRO DENVER CITY NAMED ONE OF 5 BEST PLACES TO LIVE
Denver Business Journal - 11/6/15
"It wasn't but a few days ago that a new study named Littleton the second best small city in the country. And that place is Littleton - the second-best small city in the U.S., according to a new WalletHub study. Centennial is the No. 4 best place to live in America, according to a new 24/7 Wall St. report that uses data from 550 U.S. cities with populations of 65,000 or more to determine the best."
DENVER REAL ESTATE MARKET GROWTH IS FOURTH HIGHEST IN U.S, SAYS NEW REPORT
Denver Business Journal - 10/26/15
"The Denver area residential real estate market experienced the fourth-highest increase in a new housing report. The Freddie Mac Multi-Indicator Market Index (MiMI) uses four indicators to track an area's residential real estate growth, including home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture."
LANDLORDS WILL LOVE THIS: DENVER IS 4TH-BEST CITY IN US FOR OWNING RENTAL PROPERTY
Denver Business Journal - 10/28/15
"With its rapidly increasing property values, low vacancy rates and good long-term job prospects, Denver is the fourth-best market in the country to own rental housing real estate. Denver ranked high in categories such as vacancy rates (4.3 percent), property appreciation (11.61 percent), and job growth (2.94 percent). "Denver is once again one of the best housing markets in the country to own rental properties in, leaving All Property Management puzzled as to why it doesn't receive more national recognition as a real estate powerhouse," the company said in the second-quarter report."
DENVER IS NO. 2 IN THE U.S. FOR REAL ESTATE INVESTMENT
Bigger Pockets - 10/15/15
"If you're looking to make money investing in residential real estate, look no further than Denver. That's because Denver's ranked No. 2 in the nation when it comes to providing the best returns on residential real estate investment, according to a new study by online real estate company BiggerPockets. Residential real estate prices increased a staggering 13.4 percent year over year across the Denver metro region," BiggerPockets said in its report. It's been well documented in the Denver Business Journal that Denver's residential real estate prices this year have increased greater than any other market in the country."
FORECLOSURES: COLORADO BUCKS NATIONAL TREND, SEES BIG DROP IN FILINGS
Denver Business Journal - 10/15/15
"If you are looking to buy a home in Colorado, the housing market had another squeeze in the third quarter with a drop in the number of foreclosures. That's according to RealtyTrac's latest Foreclosure Market Report for the state. Colorado, which ranks No. 37 among the states for foreclosures, had a 17 percent decrease in the number of foreclosure filings from the second quarter of 2015 and is down 15 percent from the same time last year."
DENVER APARTMENT, SINGLE-FAMILY HOME RENTS KEEP RISING IN SEPTEMBER
Denver Business Journal - 10/19/15
"It's quite clear that rents in Denver have risen greatly in the past year, but by how much? Let's just say that Denver's in the top 10 in the country no matter who you ask and no matter what you're renting. Over at Altisource Portfolio Solutions S.A., its data released on Monday indicate that in the third quarter that ended at the end of September, the rents for single-family homes in the Denver Metropolitan Statistical Area rose 14.6 percent from the same quarter a year earlier. Denver's 14.6 percent rise for single-family house rents was the eighth-biggest jump in the country."
SINGLE-FAMILY HOME RENTS HIT NEW HIGH IN METRO DENVER
Denver Post - 10/7/15
"Apartment rents in metro Denver might be on a tear, but single-family homes rents are rising even faster, according to a report from Real Property Management Colorado and RentRange. The average monthly rent on a single-family home with three bedrooms in metro Denver reached $1,998, a 13.9 percent increase from the third quarter of 2014 and up 6.7 percent from the second quarter."
DENVER IS SIXTH-HOTTEST US COMMERCIAL REAL ESTATE MARKET
Denver Business Journal - 10/8/15
"Denver is the nation's sixth-hottest commercial real estate market, according to a new report. Colorado was cited in the latest report for making important infrastructure improvements: "Public financing is a tough sell. Yet it can be done, as Colorado has demonstrated in passing bond referendums repeatedly." The report continued: 'Denver has taken advantage of a location and a culture that are attractive to a qualified workforce and exposure to growing technology industries. ... The overall outlook of good to excellent is led by a strong perception of investor demand, the strength of the local economy, and capital availability.'"
If you're interested in learning even more about the real estate market and how you might take better advantage of it, whether you're looking to buy, sell, or invest, feel free to give me a call. I'd love to sit down with you, answer all your questions, and show you what's happening in our incredible real estate market!