Devonshire Homes

Todd L. Crosbie & Associates Named to Coldwell Banker Residential Brokerage International President's Circle

2010-03-16T11:30:00.001-06:00

DENVER, Colo. - March 8, 2010 - Todd L. Crosbie & Associates of Coldwell Banker Residential Brokerage's Devonshire office in Cherry Creek has earned membership into the company’s International President's Circle, a prestigious honor bestowed upon the top Coldwell Banker Residential Brokerage sales associates worldwide.

"What a pleasure it is for me to welcome Todd as a member of the President's Circle," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "Todd's achievement is a shining example of professionalism, dedication and commitment. In a year when so many in our industry struggled on the path to success, Todd's consistency, ambition and determination helped him overcome any obstacles standing in his way. We are very happy to have Todd as a member of our company."

With a proven track record of high end luxury home sales and as a Certified Negotiation Expert designee, Crosbie is successfully serving the diverse real estate needs of buyers and sellers throughout the area, from downtown Denver to the local foothills.

Coldwell Banker Residential Brokerage's Devonshire office is located at 200 Fillmore Street, Suite 300, and can be reached at 303.758.7611. Crosbie can be reached directly at 303.887.9992 or via e-mail at tlc@toddlcrosbie.com.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085

PJ Farrell Named to Coldwell Banker Residential Brokerage International President's Circle

2010-03-09T14:50:00.003-07:00

DENVER, Colo. - March 9, 2010 -

PJ Farrell of Coldwell Banker Devonshire in Cherry Creek has earned membership into the company's International President's Circle, a prestigious honor bestowed upon the top Coldwell Banker Residential Brokerage sales associates worldwide.

"What a pleasure it is for me to welcome PJ as a member of the President's Circle," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "PJ's achievement is a shining example of professionalism, dedication and commitment. In a year when so many in our industry struggled on the path to success, PJ's consistency, ambition and determination helped him overcome any obstacles standing in his way. We are very happy to have PJ as a member of our company."

Farrell was recognized among the top 1,000 sales associates in the nation by NRT LLC in the third quarter of 2009. NRT is the parent company of Coldwell Banker Residential Brokerage. He has also earned membership in the Denver Board of Realtors' Roundtable of Excellence each year since 2003. Farrell is a Previews Property Specialist and a recipient of the Rising Start Award following his rookie year in the real estate. He has consistently ranked among the top 10 within the Coldwell Banker Devonshire office.

The Coldwell Banker Devonshire office in Denver is located at 200 Fillmore St., Suite
300 and can be reached at 303.758.7611. Farrell can be reached directly at 303.884.5368 or via e-mail at pj.farrell@coloradohomes.com.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage
company in Colorado, operates 14 offices with 1,115 sales associates serving the
communities of the Denver area. The company offers residential and commercial
brokerage, corporate relocation and mortgage services. Through its internationally
renowned Coldwell Banker Previews® program, the company is widely recognized for
its expertise in the luxury housing market. Coldwell Banker Residential Brokerage,
online at www.ColoradoHomes.com, is part of NRT LLC, the nation’s largest residential
real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates
Realogy’s company-owned real estate brokerage offices. For more information please
visit www.ColoradoHomes.com or call 925.275.3085

The Cramer Group Named to Coldwell Banker Residential Brokerage International Diamond Society

2010-03-08T13:43:00.001-07:00

DENVER, Colo. - March 8, 2010 -

Coldwell Banker Residential Brokerage, a leading provider of real estate services in Colorado, is proud to announce that The Cramer Group, a leading team of sales associates in the company's Coldwell Banker Devonshire office in Cherry Creek, has earned membership in the company's International Diamond Society.

"It is with great pride that I welcome Mark and Lisa Cramer and Nancy Greager as members of the International Diamond Society," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "Many sales associates have faced extremely challenging market conditions this past year, but Mark, Lisa and Nancy managed to make 2009 one of their finest years in business. The Cramer Group's success is a testament to their tremendous talent and professionalism."

Experience, knowledge and integrity are why more than 200 homebuyers and sellers have trusted their most important transactions to The Cramer Group. With more than 20 years of combined real estate experience and a lifetime of Denver knowledge, The Cramer Group has built their reputation on bringing their clients excellent results. The Cramer Group focuses on marketing, negotiation and transaction support while relying on professional and technological resources to ensure each transaction is easy and stress free.

Coldwell Banker Residential Brokerage's Devonshire office in Denver is located at 200 Fillmore St., Suite 300 and can be reached at 303.758.7611. The Cramer Group can be reached directly at 303.717.7272 or via e-mail at Mark@MarkCramer.com.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085.

Janie Stoddard Named to Coldwell Banker Residential Brokerage International Sterling Society

2010-03-08T13:35:00.000-07:00

DENVER, Colo. - March 8, 2010 -

Janie Stoddard of Coldwell Banker Devonshire in Cherry Creek has been awarded membership in the company's International Sterling Society, an honor bestowed upon the top Coldwell Banker Residential Brokerage sales associates worldwide.

"Membership in the International Sterling Society is a great achievement and it is my pleasure to honor Janie's tremendous accomplishment," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "This accomplishment is a testament to her professionalism and the fine service she provides her clients. Janie is a valued member of the Coldwell Banker Residential Brokerage family."

Stoddard has been with Coldwell Banker Residential Brokerage's Devonshire office for four years. Prior to pursuing a career in real estate, she spent 10 years in sales and marketing. Stoddard is active in her community and regularly volunteers for the Children's Hospital and serves as an advisor for the Colorado University chapter of Kappa Kappa Gamma sorority. She enjoys gardening, travel, skiing, golf and her large family. Stoddard holds the Graduate Realtor Institute, E-Pro and Landmark designations and is a Certified Relocation Specialist and member of the Denver Board of Realtors Roundtable of Excellence in 2008.

Coldwell Banker Residential Brokerage's Devonshire office is located at 200 Fillmore St. suite 300 and can be reached at 303.758.7611. Stoddard can be reached directly at 303.408.0738 or via e-mail at janie416@aol.com.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085.

2010-03-05T14:44:00.002-07:00

DENVER, Colo. - March 5, 2010 -

Carol and Nancy Levine of Coldwell Banker Devonshire in Cherry Creek have been awarded membership in the company's International Sterling Society, an honor bestowed upon the top Coldwell Banker Residential Brokerage sales associates worldwide.

"Membership in the International Sterling Society is a great achievement and it is my pleasure to honor Carol and Nancy's tremendous accomplishment," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "This accomplishment is a testament to their professionalism and the fine service they provides their clients. The Levine Team is a valued member of the Coldwell Banker Residential Brokerage family."

Carol Levine started her real estate career in 1982. Nancy Levine joined her as a partner in 2004 after 17 years of working in advertising, sales and marketing. Their partnership has been based on exceeding their clients' expectations. "Working as a team, we are able to leverage our diverse talents to meet our clients' specific real estate needs," said Carol Levine.

"When agents work alone and are spread too thin, important details can be overlooked," said Nancy Levine. "Working as a team, we have the ability to see to every minor detail, and our clients are always able to reach one of us."

Carol Levine is a Certified Residential Specialist and a Graduate of the Real Estate Institute. Both have been top producers throughout their entire real estate careers. They are also Coldwell Banker Previews Specialists and have particular expertise in the marketing of luxury properties.

The Coldwell Banker Devonshire office is located at 200 Fillmore St., Suite 300, and can be reached at 303.758.7611. Carol Levine can be reached directly at 303.884.7653. Nancy Levine at 303.619.7800, and both may be reached via e-mail at LevineTeam@DenversGreatHomes.com.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company--owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085.

2010-03-05T14:24:00.001-07:00

DENVER, Colo. - March 5, 2010 -

Anne McFarland, a leading broker associate with Coldwell Banker Devonshire in Cherry Creek, has earned the Certified Negotiation Expert (CNE) designation from the Real Estate Negotiation Institute. The CNE course teaches advanced and proven professional negotiation approaches and techniques. As a CNE designee, McFarland has enhanced her ability to effectively influence parties in a real estate transaction to produce desired results for her clients.

"The CNE designation is one of the top new designations in the real estate business," said McFarland. "Home buyers and sellers hire real estate professionals to produce results, and no other skill in the real estate industry is more important than an agent's negotiation technique. In addition to these skills, I am specifically trained to handle the complexities associated with today's real estate transactions."

McFarland earned her real estate license in 2007 and is a member of the Denver Board of Realtors. Her professional background includes 11 years in sales and account management for a Fortune 100 company.

The Coldwell Banker Devonshire office is located at 200 Fillmore Avenue, Suite 300 and can be reached at 303.758.7611. McFarland can be reached directly at 720.244.4748 or via e-mail at anne.mcfarland@devonshirehomes.com.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085.

Five Reasons We Believe It’s Going to be a Good Spring

2010-03-05T11:48:00.002-07:00

A year ago this time, this headline wasn't imaginable. We were in the throes of one of the worst recessions of our time and the market was at a near standstill.
But what a difference a year makes. Today our market is seeing drastic signs of recovery and we are finally moving in a positive direction. To build on that momentum, I've put together my top five reasons why I believe it's going to be a good spring real estate market. Only time will tell if my theory is correct but until then, let's take a look at the facts:
1. Tax Credits Are Helping Drive the Entry Level Market - Thanks to the $8,000 first time home buyer tax credit and the $6,500 existing home buyer tax credit, we are seeing some very strong signs of recovery in these two market niches. With the impending expiration set for April 30, we anticipate that the next two months will bring a surge of buyers looking to get in on a home prior to the credit's expiration. That results in good news for our market and will help to decrease some of the surplus inventory and bring greater demand for those entry level sellers.

2. Interest Rates Remain Low - Even though we have seen interest rates tick up a bit in recent months, rates are still relatively low. When rates are low, it means a buyer has increased purchasing power and ultimately can get more home for less money.

3. Affordability Remains High - Due to the market correction we've seen over the last few years, affordability remains quite high. What this means is a larger percentage of individuals are able to purchase a home.

4. Despite Unemployment Figures, Housing Demand Will Eventually Rise - Yes, unemployment figures are high comparative to the earlier part of the decade. In fact, on a national level, the latest counts were approximately 9%, according the United States Bureau of Labor. Here in Colorado we're running at about a 7.7% unemployment rate. While yes I would agree that the number is concerning, on the flipside it means that 93% of Coloradans are employed. If the economic outlook continues to improve, that's going to boost the confidence of the 93%. That's a lot of people who can boost housing demand.

5. Colorado is an Awesome Place to Call Home - It sounds a little trite and yes, I may be a bit biased, but it's a fact. Colorado offers one of the most diverse and unique living experiences and economies in the country. From our beautiful terrain, our diverse blend of activities and our overall thriving economy, we are fortunate to live in somewhat of a thriving microclimate comparative to the rest of the country. That all adds up to a demand for housing that will help to drive our market towards recovery, possibly sooner than other states.

Let me remind all of us that the current housing is in a place of recovery. Overall what we're seeing is a tale of two markets. The luxury market is generally seeing increased inventory and price discounting is the norm. Last I checked we had far above a six-month supply of inventory of our luxury homes. In some cases anywhere from 9-12 months+.

However, if you look at our entry level market, things really haven't slowed down much at all. In fact, in many cases, they're rising! We’re still seeing lots of interest for well-priced properties in good neighborhoods.

Overall, the state of the housing market in Colorado remains relatively healthy and strong and I believe we have a good Spring ahead. Now, let's take a look at this week in real estate:

* Boulder/Longmont - Boulder reported our inventory stayed flat for the last two weeks of February but sales & showings both took big leaps. A solid 30% increase in sales in Boulder county from the first two weeks of the month to the second. Showings on our listings went from 671 to 796, a 20% increase. Our Agents report several multiple offer situations on lower priced properties and foreclosures. Longmont reports buyers are looking. Showings are up 9% week over week. The steady increase in activity continues through February. The best news is the price point of the homes being shown is increasing into the $300,000 plus range. One of our top ten shown properties is on the market for $899,000. It's really good to see this activity! Short sales still continue to enter the market inventory and they remain difficult deals to get closed. Buyers are waiting months and months for these purchases to be completed. Right now, foreclosed are great deals and are often subject to multiple offers.

* Evergreen/Conifer - Conifer reported there were a total of 123 showings for the month with six new listings. Activity is up significantly in the last two weeks with 4 listings going under contract including two with back-up offers. A total of seven buyers put under contract including three of our own listings. A mix of both out of state as well as local buyers including 1st time home buyers. Evergreen reported listing activity continues to increase with 162 showings during the prior two week period for a total of 319 for the month, representing a 28% increase over the same month last year. There were a total of 11 new listings put on the market in February and 10 listings put under contract during the same period. Four buyers put under contract during the prior two week period including one bank REO and one short sale. Increasing activity from local buyers, especially in the mid-range of $400,000 to $800,000.

* Denver Central - Showings are up year over year on our existing inventory. In January & part of February we had a little bit of a lull with first time home buyers but we've had a significant increase in activity during the last 2 weeks of February. The April 30th under contract deadline for the tax credits is fast approaching & buyers are realizing that with low inventory they need to start the process of looking for property now. The inventory shortages in the lower end market has created multiple offer situations for most homes in that market. It might take a couple of offers before Buyers find the right property. Over 50% of the home sales in the Denver metro area continue to be under $250,000. If you're looking to sell a home that is priced under $300,000 this is a great time. This is definitely a great market to move up to a higher priced home. Your financial gain in getting a higher priced home for less should be a big reason to make a move now & take advantage of the slower high-end market.

* Denver West - No information reported.

* Devonshire - Can you believe that March is here and Spring is on its way?! We are definitely feeling the change in the attitudes of buyers & sellers. It's the BEST time to get your home on the market if you have any interest in making a move. Before the end of the tax credit & before interest rates sneak up on us. We believe we'll be seeing motivated buyers out there. With a lack of inventory we need homes on the market right away. Indecision will hurt sellers & prevent them from making a move to their new homes. We're telling sellers to spruce up their homes, declutter all rooms and get ready for activity. We're hearing that there will not be another extension of the tax incentive so time is of the essence. March is upon us and Spring is typically a time for sellers & buyers to be very active in the market.

* Douglas County - Our Southwest Metro office reports our showings have been steadily increasing. Traffic at our open houses has been great. Several agents report great traffic as well as very good leads that have been obtained from their open houses. Our floor calls continue to be great. Several floor Agents have obtained buyers and were able to find homes for them. We're having lots of phone calls & emails regarding the tax credit and buyers wanting to take advantage of it before the deadline. Our mortgage rep is very busy processing approval letters. We're also seeing some movement in homes priced above the $450,000 level as well as the ones listed around $250,000. Our agents are busy and there is a good buzz in the office that March will be a great month.

* El Paso County - Colorado Springs reports seeing an increase in listing activity due to many national news articles stating we're in a recovery and now is the time to sell. Buyers are out actively looking, but do not seem to have the urgency for purchasing since the First Time Homebuyer credit was extended. I think we'll see an uptick in sales activity as we get closer to the April 30th deadline.

* Larimer County - Our Fort Collins/Loveland offices report it's getting busy!! We had an extremely strong showing the last two weeks. We took more listings the last two weeks and put more homes under contract than we had the previous seven weeks. In addition, several homes were subject to multiple offers. I would say that spring is showing strong signs of life and we better hold on for the next couple of months -especially with the first time home buyer & the move up tax credits expiring. There is very little talk of the government extending this fantastic deal. Those interested had better act sooner than later as April 30th is approaching fast. There will be a rush on homes trying to close in the last month!

* North Metro - No information reported.

* Parker - Showings dropped off slightly, however we're still maintaining a strong pace. Listings are coming on strong & there are many contracts being written. Bank-owned listings have dropped off slightly but we anticipate another surge soon.
There's lots of very positive energy in our office right now about the market.

* Southeast Metro - No information reported.

Julie Winger Named to Coldwell Banker Residential Brokerage International Diamond Society

2010-03-02T09:54:00.002-07:00

Denver, Colo. -February 24, 2010-

Coldwell Banker Residential Brokerage, a leading provider of real estate services in Colorado, is proud to announce that Julie Winger, sales associate in the company's Devonshire office, has earned membership in the company's International Diamond Society.

"It is with great pride that I welcome Julie Winger as a member of the International Diamond Society," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "Many sales associates have faced extremely challenging market conditions this past year, but Julie managed to make 2009 one of her finest years in business. Julie's success is a testament to her tremendous talent and professionalism."

Winger has been selling Residential Real Estate at the Coldwell Banker Devonshire Office for 9 years and has earned Top Producer Awards for many consecutive years. She is a certified Previews Property Specialist as well as a certified Landmark Real Estate Professional.

Julie is a third generation Colorado Native who truly enjoys sharing her broad and long time knowledge of Denver neighborhoods, history, and Real Estate market. She is well known for her professionalism, integrity and skill in guiding clients through Real Estate transactions. Ms. Winger has for many years been a volunteer for the Denver Public Schools, especially the Denver School of the Arts. She is also an avid adult volunteer and Board Member of Challenge Denver, dedicated to bringing Challenge Day to all Denver High Schools and Middle Schools.

The Devonshire Office of Coldwell Banker Residential Brokerage is located at 200 Fillmore St. Denver, CO 80206, and can be reached at 303-758-7611. Julie Winger can be reached directly at 303-946-2784 or juliewrealtor@aol.com.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085.

Carrie Wernecke Named to Coldwell Banker Residential Brokerage International Diamond Society

2010-02-25T18:58:00.003-07:00

DENVER, Colo. - February 24, 2010 -

Coldwell Banker Residential Brokerage, a leading provider of real estate services in Colorado, is proud to announce that Carrie Wernecke , a broker associate in the company's Coldwell Banker Devonshire office in Cherry Creek, has earned membership in the company’s International Diamond Society.

"It is with great pride that I welcome Carrie as a member of the International Diamond Society," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "Many sales associates have faced extremely challenging market conditions this past year, but Carrie managed to make 2009 one of her finest years in business. Carrie's success is a testament to her tremendous talent and professionalism."

Wernecke has more than nine years of real estate experience and is consistently ranked among the top producers with Coldwell Banker Residential Brokerage. She is a certified Previews Property Specialist, a certified Denver Landmark Real Estate Professional, and a member of the Denver Board of Realtors and the National Association of Realtors.

Wernecke's vast knowledge of the metro Denver area helps provide seamless real estate transactions while enabling her to find the perfect home for her clients. She serves on the board of directors for SafeHouse Denver and is a participant in the Coldwell Banker Residential Brokerage annual 300-mile Ride the Range cycling event for charity.

The Coldwell Banker Devonshire office is located at 200 Fillmore Street, Suite 300, and can be reached by phone at 303.758.7611. Wernecke can be reached directly at 303.885.9671 or via e-mail at Carrie@carriesellsdenver.com.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at "www.ColoradoHomes.com":http://www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit "www.ColoradoHomes.com":http://www.ColoradoHomes.com or call 925.275.3085.

Luxury Home Sales in Denver Metro Area Dip in January, Coldwell Banker Residential Brokerage Reports

2010-02-22T14:45:00.002-07:00

DENVER, COLO. - February 22, 2010 -

Sales of million-dollar homes in the Denver metro area dipped in January from December and from a year ago, although the median sale price rose year over year, according to Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.

A total of 27 homes in the metro area sold for more than $1 million last month, down from 33 the previous month and 38 a year ago. This marked the seventh consecutive monthly drop in million-dollar property sales. However, the median sale price was $1.33 million, up 11.5 percent from the same period in 2009 but down 1.5 percent from December.

The figures were derived from Multiple Listing Service data of all million-dollar-plus homes sold market wide.

"While we've seen definite improvement in the housing market over the past year, it's still going to take some time for the market to fully recover and return to normal," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "But the end of January and the beginning of this month have been strong, which could translate into closed sales in the coming weeks and months."

Mygatt said he expects to see a much earlier spring selling season this year due to the upcoming deadline for the home buyer tax credit. The season typically runs from March through May, but buyers who want to claim the credit of $6,500 to $8,000 must purchase their home by April 30 and close by June 30.

"One of the challenges we're facing the Denver metro area is that there aren't enough properties on the market, including the high end on the market, which slows down the number of sales," he said. "We have almost three years of declining inventory, which is good for bringing the market back into balance. But it's putting pressure on pricing and unit sales."

Like the luxury market, the overall housing market in the Denver metro area saw sales down but prices up last month. MetroList, metro Denver's multiple listing service, reported that sales of existing homes in the region declined 4.7 percent in January from a year ago. But the median sale price of single-family homes and condos were up 16 and 15 percent, respectively.

Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:
* The most expensive sale in the region in January was a four-bedroom, five-bath home in Boulder that sold for $4.2 million;

* Denver boasted the most million-dollar sales with eight, followed by Boulder with five;

* It took an average of 169 days to sell a million-dollar home in the region, up from 145 the previous month and 150 days a year ago;

* Homes sold for an average price of $1.64 million or 87 percent of their average asking price compared to 84 percent the previous month and 91 percent last year.

The Denver Metro Area Luxury Home Report is produced by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,180 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085.

2010-02-19T10:20:00.003-07:00

Colorado Home Prices Up!
Plus, February Is Off to a Great Start!

This week NAR released its fourth quarter 2009 housing stats revealing some solid and very positive results including:
* Home sales posted strong gains in the fourth quarter and prices rose in nearly 45% of U.S. metropolitan areas compared with a year earlier, more evidence of an improving climate in housing.

* Bolstered by low interest rates and a first-time home buyer tax credit, existing-home sales rocketed 27.2% from the fourth quarter of 2008 to a seasonally adjusted annual rate of 6.03

* The national median price of an existing single-family home was $172,900 or 4.1% below the median price in fourth quarter 2008. That was the smallest price decline in more than two years.

* Prices rose in 67 out of 151 metro areas in the fourth quarter compared with a year earlier.

* Sixteen areas had double-digit increases last quarter.

* Some of the positive Colorado markets that saw the biggest gains?

Median home prices of existing single family home by metro area
Not seasonally adjusted; prices in the thousands

Metropolitan Area 2007 2008 2009 % Change
Boulder $376.2 $324.7 $335.1 3.2%
Colorado Springs $217.5 $187.0 $189.8 1.5%
Denver-Aurora $245.4 $200.8 $223.2 11.2%

What does all of this tell us? There is definitely a growing amount of evidence that the housing market has stabilized. Just look at Denver-Aurora with an 11.2% gain in median home price year over year. The question is how quickly can the market completely recover and will we bump along at the bottom for a couple of months?

In looking at January, the early numbers are in and it seems sales figures overall for January are down from the previous month. Having said that, a decline in sales between December and January is normal for the season. What the January figures show us is the market lost some of the momentum it had built up in the second half of ’09, when home buyers rushed to ensure they could take advantage of a tax credit, ultra-low mortgage rates and lower prices. I anticipate that over the next several weeks those numbers will once again increase as more and more buyers scamper to get in on the market prior to the April 30 first-time home buyer and existing home buyer tax credit expire.

February is already shaping up to be a better month. What I delight in when I'm out in our offices is the fact that we're really starting to see buyers and sellers come together in a realistic manner. Buyers are eager to get in on a home thanks to the tax credit and sellers are enjoying a much more active marketplace than we've seen in previous years. It's a welcome coming together of the two and I think we're all happy to see it.

Now, let's take a look at this week in real estate:

* Boulder/Longmont-Boulder reported a sharp increase in new listings (30%) is the highlight of the Boulder County market during the last two weeks. Sales and showings have been steady with a 1% decrease in sales (we'll call it even) and a 3% increase in showings. Some Agents report listing times of less than a week on listings with something special to offer such as open space or those that are in tip top condition. Listings over $1,000,000 are still much slower than the overall market. Longmont reported showings are increasing steadily. Buyers are recognizing value when they see it. We're having heart to heart talks with listing agents. Sellers are realizing that their homes need to be staged, either by themselves or by hiring a professional. Non-distressed homes must shine and sparkle. Buyers are better understanding that short sales can take an incredibly long time to close & that the need to move can offset a perceived price. The average price of our showings is again climbing in to the $350,000 price range.

* Evergreen/Conifer-Conifer reported showing activity continues to increase with 77 showings for YTD - on track to exceed January activity by 15%. The listing activity is steady with five new listings for the first two weeks of Feb. Sales activity is off from the prior two weeks although numerous offers have been submitted on behalf of buyers during the past two weeks. Evergreen reported six new listings in the last two weeks. Six listings went under contract including one short sale listed @ $1,900,000. Four buyers were local and two were from out of state, two were all cash buyers. Received bank approval for two short sale listings which will now close within 30 days. Three buyers placed under contract including one short sale. There were a total of 199 showings so far in February which is 80% of the total for January indicating continued strengthening of activity into the spring months.

* Denver Central - Showings are up year over year on our existing inventory. Unemployment continues to be lower here than the rest of the country which is helping the Denver market. We've had our 4th month in a row with the average sales price increasing in the Denver Metro area. In January we had a bit of a lull with 1st time home buyers but have seen a significant increase in activity during the first two weeks of February. The April 30th under contract deadline for the tax credit is fast approaching & buyers are realizing that with low inventory they need to start the process now. The inventory shortages in the lower end market has created multiple offer situations for most homes in that market. It might take a couple of offers before buyers find the right property. Over 50% of the home sales in the Denver metro area continue to be under $250,000. If you are looking to sell a home that is priced under $300,000 this is a great time to sell.

* Denver West- Both the Super Bowl weekend and the President's Day weekend were a little slower for our agents. The various areas with properties under $150,000 are extremely busy. Our agents are struggling trying to get buyers for these properties under contract. It's very frustrating for both agents and buyers. Soon there won't be any inventory at that price point.

* Devonshire- With February here and the deadline for the tax incentive for 1st time buyers quickly approaching, we're seeing a very nice upswing in real estate activity. Even our Sunday showings have seen a dramatic change. Typically Sunday has been a quiet day for showings in this office. We're also seeing more contracts being written. Sellers seem to realize that ANY offer is worth countering as the written offer is just the very beginning of the process. We're definitely short of inventory so it's the perfect time to get homes on the market. If there is some hesitancy on timing to list a home, then the sellers should spend this time getting their homes in the best condition possible. The upper end market is finally showing some signs of movement slowly but surely, so we're cautiously optimistic for that market sector.

* Douglas County- Highlands Ranch, Castle Pines North and the Littleton area are seeing significant activity. Agents are very busy with sellers and buyers right now. Our open house activity and floor have been very successful this past two weeks. We've seen an increase in our activity with our showings as well as our mortgage rep being very busy at this time with loan approvals. We're expecting a huge push in March by both sellers and buyers trying to take advantage of the tax breaks as well as interest rates which are still very good. The $200,000 price range is still strong and the $350,000 to $450,000 range is showing improvement.

* El Paso County- Colorado Springs reports activity in Colorado Springs is on an even or upward swing, but nothing drastic. We are still having a good number of military relocations occurring which tends to help keep activity going. Many first-time home buyers are still trying to take advantage of the tax credit and meet the required deadlines for being under contract and closed.

* Larimer County- Our Fort Collins/Loveland offices report there is a flurry of activity in the market right now! We have seen our showings increase 25% in the last two weeks and 50% in the last 30 days. In addition, our inventory has also grown as we've put 42 new properties on the market in the last two weeks. This is great news for buyers looking for new homes to view. Showings for homes priced above the $400,000 range has nearly doubled from the previous two weeks. Hopefully lenders will make jumbo loans more readily available & at interest rates acceptable to high end home buyers to help get this segment of the market moving.

* North Metro- January was an incredible month in the North Metro office for listings. The agents listed 60 homes in January which is up from 47 in December as well as up from January of 09. The listing price ranges from $90,000 up to $1,500,000! Activity on the listings has increased as well. Homes priced under $200,000 are receiving multiple reasonable offers & are going under contract within the first week of being on the market. Homes priced at $125,000 or less are under contract, on average, within two days. Now is the time to get your home on the market before the tax credit ends & before the possibility of higher interest rates.

* Parker- After leveling off for a week, the activity spiked a bit for our agents. We've seen considerable activity in Parker and in the surrounding market. Sellers are keeping a realistic view of home prices and buyers are being more realistic about the offers that they are making. We're excited about the coming months.

* Southeast Metro- The SE Metro office reports pent up demand along with the opportunity for the tax credit seem to be the driving forces in what appears to be a record setting February at our office! Showings continue to increase as we approach 600 per week. Our agents are seeing some of their listings hit the market on Friday and be under contract by Monday. Open house traffic continues to be strong as many buyers out there are unrepresented & looking for a Real Estate professional. We've had several open houses with 15 to 25 people thru on a single day. There continues to be a shortage of million plus properties in the desirable areas of Greenwood Village & Cherry Hills. We have high end buyers that are ready to make a move but can't find the home to fit their needs. No need to wait for Spring, sellers get your homes on the market today!

P.J. Farrell of Coldwell Banker Devonshire Earns NRT Top 1,000 Distinction

2010-02-09T10:12:00.003-07:00

DENVER, Colo. - February 9, 2010 -

P.J. Farrell, a leading broker associate with Coldwell Banker Devonshire in Cherry Creek, has earned the distinction of being named to NRT LLC's Top 1,000 sales associates for the third quarter of 2009. NRT is the parent company of Coldwell Banker Residential Brokerage. Farrell was recognized for his determination and outstanding sales abilities that placed him in the upper echelon of NRT's 54,000 sales associates.

"P.J. has single-handedly bolstered our business, the housing market and the economy through his impressive sales accomplishments," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "We all know that owning a home is perhaps the most significant contributor to building personal wealth. Through P.J.'s continuous efforts and commitment to exceptional service, he personally makes a difference on so many fronts. We are pleased to have P.J. in the Coldwell Banker Residential Brokerage family and I wish to personally congratulate him on this impressive professional achievement."

Farrell earned his real estate license in 2003 and is a member of the Denver Board of Realtors and the National Association of Realtors. He currently serves the diverse real estate needs of clients throughout many of metro Denver's most prestigious and historic neighborhoods. Farrell has garnered the International President's Circle and Realtor Roundtable of Excellence awards recognizing superior sales production from 2003 through 2009.

Farrell is a Previews Property Specialist recognizing particular expertise in the marketing of luxury properties and has consistently ranked among the top 10 within his office of top-producing agents at Coldwell Banker Devonshire. An avid outdoorsman, Farrell enjoys skiing, hiking, camping and mountain biking, in addition to playing the guitar to unwind after a busy day in the highly competitive real estate business. He earned his bachelor's degree in psychology from the University of Dayton and has also studied in Rome, Italy at Loyola.

The Coldwell Banker Devonshire office in Cherry Creek is located at 200 Fillmore Street, Suite 300 and can be reached by phone at 303.758.7611. Farrell can be reached directly at 303.884.5368 or via e-mail at pj.farrell@coloradohomes.com.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925.275.3085.

2010-02-05T09:44:00.002-07:00

This week the National Association of Realtors released its pending home sales report revealing that contracts signed in December increased 1.0 percent to 96.6 from 95.6 in November and remains 10.9 percent above December 2008 when it was 87.1. December activity was the fifth highest monthly tally in two years.

NAR is chalking much of this surge up to the tax credit as buyers responded to a tax credit that was expiring and then extended and expanded. These swings, they say, are making the underlying trend, which is a broad improvement over year-ago levels.

The fact is there are a lot of first-time home buyers and even some existing homeowners who are vying to take advantage of that credit and that is helping our local market.

One thing I think we will see this year is a much earlier Spring selling market. The spring buying season typically takes off in March and runs through May. But buyers who want to claim this year’s tax credit — up to $8,000 for first-time buyers and up to $6,500 for repeat buyers — must have signed purchase contracts by April 30. And they have to complete the deal by June 30. I agree with Coldwell Banker President and CEO Jim Gillespie who said “Sales are going to take off in February and March and really take off in April,” as home buyers try to get under contract by the April 30 date.

It is comforting to see how many consumers are realizing the opportunities to in today’s market—even many investors. There are amazing opportunities and great deals to be had and as buyers come to this realization, it’s exciting to see how it is affecting our market.

Now, let’s take a look at this week in Colorado real estate:

Boulder/Longmont—Longmont reports showings are holding steady at an increased level. More buyers are looking. Short sales are a large part of the offers written. This is still a lengthy and frustrating process for both the buyer and the seller. 25% of the short sale contracts written either fail or are lost because buyers are unable to wait any longer for lender approval. This is a perfect time to add to an investment portfolio in real estate.

Evergreen/Conifer—Evergreen reported we had four new listings in the last two weeks for a total of thirteen. Three listings went under contract. There were a total of 250 showings during the month. Two buyers were put under contract in the last two weeks. Overall, activity has increased significantly in price ranges up to $1,000,000. Conifer reported showing activity has increased significantly compared to December, totaling 129 showings for the month. Listing activity is increasing with five new listings.

Denver Central – Overall sold units were down from 2008 to 2009 but overall inventory was down at a greater percentage than resales. The drop in inventory in 2009 is a very good sign for the Denver market in 2010. Showings are up year over year on the existing inventory. Unemployment continues to be lower than the rest of the country which is helping the Denver market. We’ve had our 4th month in a row with the average sale price increasing in the Denver Metro area. With the extension of the tax credit to 2010 there has been an increase in 1st time home buyers looking for a property. Unfortunately, with the low inventory they need to start the process now to be under contract by the April 30th deadline. The inventory shortages in the lower end market has created multiple offer situations for most homes in that market. It might take a couple of offers before buyers find the correct property.

Denver West— One of our Agents had an open house on Saturday the 30th at a $750,000 listing – over 20 groups came through in three hours! Another Agent put all eight of her listings under contract in the last few weeks. Our under contracts are double what they were for the first two weeks of January.

Devonshire— With February here and the deadline for the tax incentive for 1st time buyers quickly approaching, we’re seeing a very nice upswing in real estate activity. Even our Sunday showings have seen a dramatic change. Typically Sunday has been a quiet day for showings in this office. We’re also seeing more contracts being written. Sellers seem to realize that ANY offer is worth countering as the written offer is just the very beginning of the process. We’re definitely short of inventory so it’s the perfect time to get homes on the market. If there is some hesitancy on timing to list a home, then the sellers should spend this time getting their homes in the best condition possible. The upper end market is finally showing some signs of movement slowly but surely, so we’re cautiously optimistic for that market sector.

Douglas County— Our Southwest Metro office reports our floor calls have been great. We’ve generated between five and seven appointments for listings and a couple of buyers. Open houses have been very successful the last two weeks. We’re seeing tremendous activity as well as our agents picking up potential buyers and listings. Agents are very busy with listing and buyer appointments. We’re seeing an increase in activity in the office and Agents are quite busy. We’re seeing movement in the $350,000 to $450,000 market as well as lower. We’re very excited about the activity that we are seeing in our market.

El Paso County— Colorado Springs reports in the Colorado Springs area, single-family home sales totaled 8,745 in 2009, a 4.9% increase over 2008. This is the first annual increase since 2005. Existing home sales last year totaled 8,188 and 8.3% increase over 2008 according to the Pikes Peak Association of Realtors. In December, home sales totaled 623 nearly a 26% jump from the same month in 2008. Existing home sales, which account for about 90% of purchases totaled 566 in December, a 22.8% increase from the same time a year earlier. Sales reflect only transactions handled by association members and most took place in El Paso and Teller counties.

Larimer County— We’re seeing a large jump in showings the last two weeks, up over 25%. Homes are steadily coming on the market and agents have reported that the upper end has seen a few more showings over the same time last year. These are promising signs for the new year. New listings this week are nearly identical to last week and I would expect the inventory to continue to climb in the next 60 days with the bulk of the sales activity still below $300,000. The perfect storm continues…low prices, low interest rates and tax incentives.
North Metro— No information reported.

Parker— Listings, showings and all activity are up in Parker and the surrounding areas. The buyers seem to be showing up after the long Winter slumber. We have had a big jump in showings just in the last week, showing that there are still huge opportunities for homeowners. Now is a great time for people on the fence to sell their homes because of the low rates, government incentives and reasonable inventory.

Southeast Metro—The SE Metro office is seeing an increase in our showing activity to over 550 showings last week. In January we placed 123 new homes on the market. As quickly as we’re listing them, we see them selling! Several agents have had 3 or 4 listings placed under contract within two weeks on the market! Buyers are excited about the extended tax credit opportunity and are anxious about finding their dream home before the interest rates tick up. Luxury homes are also experiencing a steady increase in traffic.

Kelly Baca of Coldwell Banker Devonshire in Denver Earns Certified Negotiation Expert Designation

2010-01-19T10:55:00.001-07:00

DENVER, Colo. - January 12, 2010 -

Kelly Baca, a leading real estate professional with Coldwell Banker Devonshire in Cherry Creek, has earned the Certified Negotiation Expert (CNE) designation from Negotiation Expertise, LLC, a negotiation training and coaching company serving real estate professionals across the United States. Real Estate Trends recently named the CNE designation as one of the top five most popular designations in real estate. In spite of this, only a small number of realtors have received the designation nationally. Most importantly, CNE agents are getting their clients better results and using their designation for a marketing advantage with both home buyers and sellers.

Baca has garnered numerous awards throughout her distinguished career, including the International Sterling Society, International Diamond Society, and the Realtor Roundtable of Excellence award from 2003 to 2009. She is a Previews Property Specialist recognizing particular expertise in the marketing of luxury homes. Baca is a Colorado native and specializes in Denver’s finest and most historic neighborhoods. Her professional background includes more than 25 years of advertising and marketing experience. Baca joined Coldwell Banker Residential Brokerage at the Devonshire office in 2001. She is known for her innovative marketing methods, which maximize home seller's profits. Kelly is a supporter of Safe House and the Delores House and enjoys world travel, cooking, and entertaining.

Prior to real estate Baca held management positions with Gart Sports Corporation (now Sports Authority), IXL Denver (an international web developer), Colorado Studios, the Colorado Motion Picture and Television Commission, May D&F, and DeOlivera Creative, Inc. She also served as Public Relations Manager for Morale, Welfare & Recreation of San Vito Air Station, Italy.

Baca is a member of the Colorado Association of Realtors and the National Association of Realtors. She has built a successful business through referrals and repeat customers. Baca particularly enjoys working with first-time buyers who seek to fulfill the Great American Dream of home ownership.

The Coldwell Banker Devonshire office is located at 200 Fillmore Avenue, Suite 300 and can be reached by phone at 303.758.7611. Baca can be reached directly 303.748.3295 or via e-mail at Kelly.baca@devonshirehomes.com.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085.

Marilyn Dana of Coldwell Banker Devonshire Earns NRT Top 1,000 Distinction

2010-01-19T10:51:00.002-07:00

DENVER, Colo. - January 13, 2010 -

Marilyn Dana, a leading broker associate with Coldwell Banker Devonshire in Cherry Creek, has earned the distinction of being named to NRT LLC's Top 1,000 sales associates for the third quarter of 2009. NRT is the parent company of Coldwell Banker Residential Brokerage. Dana was recognized for her determination and outstanding sales abilities that placed her in the upper echelon of NRT's 54,000 sales associates. She has also ranked among the 20 top-producing Coldwell Banker Residential Brokerage sales associates in Colorado for seven consecutive years.

"Marilyn has single-handedly bolstered our business, the housing market and the economy through her impressive sales accomplishments," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "We all know that owning a home is perhaps the most significant contributor to building personal wealth. Through Marilyn's continuous efforts and commitment to exceptional service, she personally makes a difference on so many fronts. We are please to have Marilyn in the Coldwell Banker Residential Brokerage family and I wish to personally congratulate her on this impressive professional achievement."

Dana has spent the past 24 years as a top-producing sales professional, earning Coldwell Banker Residential Brokerage’s highest honors for sales production. Born in New Jersey, Dana has a Masters Degree in Education. In her first career she taught special education and gifted students in New Jersey, Arizona, Illinois and then Colorado. A short time after moving to Colorado in 1982, Dana began her second career in sales. As a sales person in the technology arena she became the top sales person in the company within one year. These highly successful careers provide a strong foundation in working effectively with people and finding the best solutions for the needs of clients.

Dana is also passionate about residential real estate. Her character is exemplified by enthusiasm and compassion - both qualities that make selling a home and finding a new one less stressful and more satisfying. Dana takes a personal interest in walking her clients through the sales process…an emotional experience for most people. "Watching them fall in love with their new homes is the greatest gratification of all," said Dana.

The Coldwell Banker Devonshire office in Cherry Creek is located at 200 Fillmore Avenue, Suite 300 and can be reached by phone at 303.758.7611. Dana can be reached directly at 303.378.1089 or via e-mail at Marilyn@MarilynDana.com. Additional information is available online at www.MarilynDana.com.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085

The Year in Real Estate – Frequently Asked Questions About 2009 and What’s Ahead in 2010

2010-01-08T15:38:00.001-07:00

As we approach the end of 2009, I can’t help but look back on all the real estate industry has been through this past year. After three years of a declining real estate market, 2009 brought a much needed break for the hard hit real estate sector. Driven largely in part by the economic stimulus that helped the housing market emerge from the recession, it leaves many of us wondering what is next for real estate. Will housing prices rebound? Will the new extended and expanded tax credit be just what the doctor ordered? Will the luxury market recover similarly to the en¬try level? In fact, these are just a few of the questions I’ve been asked lately. So, I thought I’d gather a few of my own FAQs and share with you my views on 2009 and what may be ahead for 2010.

• How did the housing market fair in 2009? Although it was a challenging year, it was a year of transi¬tion in many of our markets. We bounced along a rough bottom but at the same time, we are now prepared for a modest and consistent improvement. The second half of 2009 was when we finally saw a jumpstart, which seemed to stem from consumer confidence. Does a buyer feel confident in his/her employment and finances? If so, then buying a home is typically a good option.

• Do you think the extended and expanded tax credit will solidify our market recovery? We are certainly recognizing that the tax credit is compelling if a potential buyer is confident in his/her finances or future employ¬ment, and it has helped to increase activity in the lower end market. But it probably won’t create a market-wide recovery. For that, we need to remind move-up buyers that now may be the best time in our history to step up to the higher priced homes.

• Do you think we’ve hit bottom? I think in many communities we probably have hit bottom. We are seeing statistical evidence of it in the average sale price and in the number of homes sold. Interestingly, the communities that may have hit bottom are not necessarily those that were hardest hit by foreclosures. The communities that are strongest today are those that are clearly most desirable. When the market gets soft, the people who previously couldn’t afford their first choice community had to settle for their second or third choices. But thanks to the opportunities in today’s market, they are better able to buy into their first choice neighborhoods.

• What do you recommend to today’s home buyer? Buyers need to understand that the market is a little schizophrenic right now. It is probably the time to buy, but the market has been challenged. You may see that in certain markets, we’ve had lower prices and decreasing numbers of available homes for sale. The problem is that if you wait a year, you’re probably going to run up against a lot of challenges: increased interest rates, increased buyer demand and decreased housing inventory. The combination of those factors is creating more urgency in the more desirable markets today.

• What do you anticipate for real estate in 2010? I predict that in 2010 the more desir¬able neighborhoods will see a modest increase in sales price and a decrease in the number of homes on the market. We’ll likely see an overall stabilization in the marketplace and a slight increase of the average sales price of homes. We probably won’t ever return to the sales levels of 2005 and 2006 because so many of those sales were artificially cre¬ated. But, I believe we are now on the right path toward modest, sustainable growth.
What a ride 2009 has been. And although there still could be a few surprises ahead, I for one am glad to see many of our challenges of this past year behind us. I truly believe that we are collectively emerging from this difficult market with a renewed awareness of the real estate industry, its affects on our nation’s financial stability and how important it is to learn from our mistakes. We have weathered the storm and seem well positioned to reap the benefits of an evolving market.

2010-01-08T15:32:00.002-07:00

It’s a New Year…But Is It a New Housing Market?

We’ve all been reading the conflicting headlines. Some say 2010 will have its challenges. Others say 2010 will be the start of good things to come. But what’s the truth? How can we read through the pessimism and for that matter, the rose colored glasses, to determine what is the truth?

Well, as we all know, only time will truly tell.

But in this forum, I have the ability to offer my insight and share what I believe the coming year will bring. Together, we’ll weed through the headlines and I’ll offer my honest, unbiased opinion. And a year from now, we’ll look back on this edition of Weekly Market Watch to determine if my hunch was correct or if I should’ve kept my opinions with the rest of the weeds.

• Overall. I think 2010 will be the year we begin to build a foundation. Many experts are predicting that the recession is nearly complete, if it isn’t already as measured by a decline in negative growth. But the recovery is going to depend on stimulus spending and doing more to facilitate job growth. As Leslie Appleton Young said, “If we don’t create more direct policies to get people back to work, this could go on much long.”

• Let’s start with foreclosures. No, I don’t think we’re out of the woods yet. I think we have a lot of work ahead of us and much of that has to do with the state of the overall economy. Unemployment is still high and while I think we’re better, we’re not healed. The latest U.S. Bureau of Unemployment Figures show that unemployment rates were higher in November 2009 than for the same period in 2008 in all 372 metropolitan areas. What happens when people lose their jobs? They typically aren’t able to pay their mortgages. There are also many people out there with adjustable rate mortgages that just haven’t yet adjusted. If the government doesn’t step in and those mortgages adjust, many people will find themselves in a short sale or foreclosure situation. Fortunately the good news is that the government is putting more pressure on the banks to work with homeowners and my hope is that if that, combined with the government’s own work to help homeowners in trouble, I think we’re on a better path with these foreclosures than we were a year ago.

• Interest rates. There are a lot of schools of thoughts with relation to the future of interest rates. I tend to agree with many economists who believe that last year’s record low interest rates, where some were able to secure a 30 year fixed rate mortgage for under 5%, may be a thing of the past. Do I see them taking a surge in 2010? No, probably not. CNBC Reporter Diana Olick wrote, “Unless the government decides to extend its Fannie-Freddie purchase program or do something else to juice the credit markets, mortgage rates will rise steadily, probably leveling off somewhere around six percent” and I tend to agree with that philosophy. Still a good place to be. But having said that, I encourage you to review my February 2009 Reality Check piece in which I shared how increases in purchasing power can affect a buyer’s purchasing power. I have updated it with the latest numbers and if you are considering buying, you may want to consider doing so before interest rates start making their way up. Even a small hike in rates can dramatically affect your purchasing power.

• The hottest market? The entry level market is by and large the hottest segment of the housing market right now and in all honesty, probably will continue to be in 2010. But, it was also the first to experience the downturn so it is certainly easy to suspect that it would be the first to recover. What we know about the entry level market is this:
o Homes saw a great deal of depreciation in this market
o This market was most affected by foreclosures and short sales
o Affordability is especially high in this market
o The inventory is low in the entry level market in many areas

I don’t see much of this changing in 2010.

I do see a trickle affect coming from the entry level market into the move-up market. Many homeowners are looking to take advantage of the $6,500 existing homeowner tax credit as well as the opportunity to cash in on a buyer’s market in the entry level and a seller’s market in the move-up region. It really is a perfect storm for this group and I hope more move-up buyers will consider that. Fortunately, we have our Move-Up Marketer program which helps to educate move-up buyers about the opportunities in today’s market.

The luxury market is a very different market indeed. It was the last to be affected by the market changes and in all likelihood it will be the last to recover. Having said that, there are some very interesting pockets of success. It really depends on the house, the neighborhood and the overall demand for that market. We’ve seen instances where a million dollar home comes on the market only to be snatched up within a few days. Then, others, just sit. It really comes down to what the market will bear.

In the end, regardless of what the market may or may not be in the coming year, the bottom line is, it may be a really great time to buy. Attractive interest rates. Increased affordability. Tax credits. Higher inventories in some market. In many instances, there hasn’t been a better opportunity to buy in decades. Please don’t lose sight of that. If you are in a position to buy and are considering do so, please do explore your options. I believe 2010 will be a year of building a solid foundation on which to build. Don’t wait until it is too late.

Sorry to be so long-winded but I wanted to give you a really good glimpse at the coming year. Now, let’s take a look at this week in real estate:

Boulder/Longmont—Boulder reported, as one might expect, Christmas week put a huge dent in all numbers. Over the past two weeks we see that new listings are down 62%, sales are down 46% and showings are down 52%. Here's to 2010!!Longmont reported 2010 is going to be a good year for buyers. The tax credits are too good to ignore so now is the time to act. Short sales are still a large part of our business. They are time consuming and frustrating but they can be a good value. They are also impacting appraisals in certain neighborhoods. Higher priced properties are still long "days on market.” If you want or need to buy a home this is one of the best times. Interest rates are low, prices are low and motivated sellers are ready to negotiate and the tax credit not to be missed.

Evergreen/Conifer—Evergreen reported we had a total of one new listing for the week & four listings that went under contract including two parcels of lands. We had a total of 23 showings during the week. Activity is down due to normal seasonal activity however most agents are reporting that both buyers and sellers will resume activity after the year end holidays are over. Listings are expected to come back on the market beginning mid-January for the spring selling season. Conifer reported there were no new listings taken during the reporting period. One of our listings went under contract. The number of showings is declining due to seasonal trends but is expected to return to normal levels beginning in mid-January. Property values have not recovered along the 285 corridor and large numbers of bank REOs and short sales remain on the market.

Denver Central – With the extension of the tax credit to 2010 there has been an increase in first time buyers looking for property to take advantage of the $8000 credit. We've also had several existing homeowners contact us for information on the $6500 tax credit. We continue to see inventory shortages in the Denver market which has created multiple offer situations in the lower end market. The inventory is substantially lower than it's highpoint in 2007. Over 50% of the home sales in the Denver metro area are under $250,000. If you're looking to sell a home that is priced under $300,00 this is a great time to sell. This is definitely the perfect market to move up to a higher priced home. Your financial gain in getting a higher priced property for less should be a big reason to make a move now & take advantage of the slower high-end market. Overall we are very encouraged and excited about the future of real estate in 2010.

Devonshire—No information reported.

Douglas County— Showings were down in December and this is the norm during the last two weeks of the year. We have several agents very excited about the new year as they have several clients ready to list their homes as well as buyers ready to move forward in their quest for a new home. Sellers & buyers are feeling confident that this is the time to either list their home or buy. Several of our agents have received a number of phone calls regarding the tax breaks & activity is picking up. With numerous buyers ready to purchase, we feel there will be great activity at our upcoming open houses.

El Paso County— Colorado Springs reports the Springs saw a dramatic drop in activity the week of Christmas but it seems to be ramping up once again. We've seen an increase in showings and hopefully that will lead to an increase in listing/sales activity this coming week. Military relocation referrals have been steady the last two weeks but are still less than we have been seeing on a weekly basis. With the new year upon us, we're ramping up for an increase in sales over 2009.

Larimer County— It's pretty slow going out there right now and we've seen a decrease in activity in both contracts and new listings. Though there was a slight bump in listings just after the first of January as sellers decided to put their homes on the market in the new year. Our agents are out showing properties and we're seeing new interest due to the extension of the tax credit. Our median single family home sales price is right around $220,000 & our median attached dwelling sales price is right around $145,000. Decent inventory & historically low interest rates should give current home owners or buyers a great chance to move-up or purchase their first home.

North Metro— No information reported.

Parker— This was an interesting and challenging year for real estate. The buyers were still out there, just a little more savvy and cautious. The homes in the Parker area continued to sell and the homes that were priced correctly sold quickly, sometimes with multiple offers netting higher than asking price. 2010 should produce the same type of activity and even more buyers due to the extension of the tax credit. Parker & the surrounding area will continue to be desirable for relocation with the numbers of jobs projected to increase in the southern areas of metro Denver. The number of foreclosed homes coming on the market will directly impact prices & length of time on the market so sellers will need to stay aggressive in order to sell their homes.

Southeast Metro— Welsome to 2010! We're off to a fabulous start at the SE Metro office. A record 72 showings were set the day after New Year's Day! Inventory continues to decrease & buyer traffic is on the rise. A record number of homes sold in December and we are confident & optimistic about the 1st quarter of the year. We're very excited about the merger of Century 21 Advantage Plus agents to our team. Here's to an exciting & prosperous 2010!

West Lakewood— No information reported.

2009-12-04T11:41:00.003-07:00

November 30, 2009

Coldwell Banker Residential Brokerage Makes Charitable Donation to Restoration Now in Fort Collins

Broker associate Steve Balmer raised $1,500 during Ride the Range event

FORT COLLINS, Colo. – Coldwell Banker Residential Brokerage has made a $1,500 charitable contribution to Restoration Now in Fort Collins. Broker associate Steve Balmer raised the money as a participant in Coldwell Banker Residential Brokerage’s recent Ride the Range fundraising event that raised a total of nearly $33,000 for various Colorado charities. Restoration Now, a ministry of Grace Church, brings hope to residents of Fort Collins through home renovation.

“I chose to support Restoration Now as a way of giving back to the community,” said Balmer. “As a Realtor, I find it imperative to lend my support, especially when it relates to improving the housing of those less fortunate. Restoration Now fills a void in our community that many agencies just can’t match. It is astonishing to see the terrible situations some of these families live in day after day, and I am proud to help and serve in this small way.”

Through its relationship with local support agencies, Restoration Now organizes work projects to help clients in need of home repairs. The non-profit organization partners with the United Way, Northern Colorado Aids Project and Volunteers
of America. Projects can be as simple as exterior painting, home winterization and providing handicap accessibility, while others have been as extensive as window replacements, roofing repairs and kitchen remodels. For more information, visit
restorationnowfc.org.

Coldwell Banker Residential Brokerage’s Ride the Range cycling fundraiser, held September 14-18, 2009, spanned a 300-mile course along Colorado’s Front Range. Along the way, cyclists visited 13 Coldwell Banker Residential Brokerage offices from Colorado Springs to Fort Collins.

The Coldwell Banker Residential Brokerage office in Fort Collins is located at 720 W. Drake, Bldg. A and can be reached by phone at 970.223.6500. Balmer can be reached directly at 970.691.3537 or via email at steve.balmer@coloradohomes.com.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925.275.3085.

Coldwell Banker Residential Brokerage’s Free Family

2009-12-04T11:38:00.002-07:00

Coldwell Banker Residential Brokerage is reminding the public that the company’s free holiday photo event is being held at many of its offices along the Front Range this Saturday, December 5th from 10 a.m. to 5 p.m. The event will be held at select offices on Sunday, December 6th, also from 10 a.m. to 5 p.m. Coldwell Banker Residential Brokerage is encouraging families and couples to take advantage of this special season’s greetings opportunity to get holiday photos taken with or without Santa Claus.

Participating offices on Saturday, December 5th include Highlands Ranch, Greenwood Village, Cherry Creek in Denver, Boulder, Lakewood, Longmont, Westminster, Colorado Springs and Loveland. Offices scheduled for holiday photos on Sunday, December 6th include Evergreen, Parker and Fort Collins. Pets will be only permitted between the hours of 3:00 p.m. and 5:00 p.m. Signups are appreciated but not required. For maps to each office, detailed driving directions and registration forms, please visit www.ColoradoHomes.com and click on the “Holiday Photo” button.

About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925-275-3085

Denver-area luxury housing market

2009-12-04T11:34:00.001-07:00

Monday, November 30, 2009, 3:15pm MST

Denver Business Journal

The Denver area’s luxury-housing market declined in number of resales and selling
price in October year over year, partly because homeowners in that price range
haven’t been able to benefit from federal homebuyer tax incentives.
Sales of existing homes in the $1 million-plus price range dropped 15 percent in
October, to 44 homes, from 52 for the same month of 2008, according to the
Coldwell Banker Residential Brokerage of Colorado’s Denver Metro Area Luxury
Home Report, released Monday. Coldwell Banker’s data came from metro Denver’s
Metrolist Inc. multiple listing service (MLS).

October high-end home sales were down from 46 in September of this year.
Existing home sales, or resales, are those of homes that have been sold at least once
before. Median selling price decreased 8.5 percent to $1.22 million last month from $1.33 million year over year. The October sales price was down 16.5 percent, from $1.47 million in September of this year. Median selling price is the midpoint between highest and lowest sales prices. Some real estate professionals consider median a truer measure of price than average because it’s not skewed by highest and lowest prices. Sellers of luxury homes received 88 percent of their asking price on average in October, compared to 92 percent for the same month in 2008. Home sellers got 87 percent of asking price in September of this year.
“The high-end market continues to try to find its footing, as much of the activity in
housing is still in the entry-level market,” Chris Mygatt, president of Coldwell Banker in Denver, said in a statement. “Distressed property sales and the first-time
homebuyer tax credit have kept the mix of sales at the lower price ranges in many
areas.”
Sellers and buyers of higher-priced homes haven’t benefitted from the first-time
homebuyer tax credit generally because they’re not interested in living in lowerpriced
homes, and/or couldn’t meet the income and homeownership requirements.
(Housing investors don’t qualify for the credit.)
This year’s first-time homebuyer tax credit allowed buyers who hadn’t owned a home
in the last three years to get a tax credit of as much as $8,000 for buying a home.
The tax credit, which was to have expired Monday, was recently extended, and
another homebuyer tax credit was added by the U.S. Congress.
In addition to the first-time homebuyer credit, there’s now a tax credit of as much as
$6,500 for repeat homebuyers who have owned a home for the last five years. The
credits expire April 30, 2010, and home sales must close by June 30.
Income limits for credit users range from $125,000 for individuals to $245,000 for
joint filers.
Other October data regarding sales of luxury homes:
• It took longer to sell a house in October of this year — 130 days — than it did in
October 2008, when it took 84 days.
• The priciest sale of the month was a three-bedroom, three-bath house in Boulder
that sold for $2.4 million.
• Denver had the most $1 million-plus sales with 11, followed by Boulder with eight.
Total metrowide October resales were down 7.6 percent year over year to 3,958, from
4,282 in October 2008. Sales last month were up 2.9 percent from September
resales, partly because buyers wanted to take advantage of the first-time homebuyer
tax credit before what was to have been its Nov. 30 expiration.
Compiled by Paula Moore | pmoore@bizjournals.com | Paula's blog:
http://denver.bizjournals.com/denver/blog/real_deals/

2009-11-27T13:09:00.002-07:00

Thursday, November 19, 2009
Housing Stats and a Little Turkey Talk…Happy Thanksgiving!

Some good news was released this week from Fannie and Freddie: maximum loan limits will remain unchanged for 2010. The Federal Housing Finance Agency announced that the maximum conforming loan limits for mortgages originated in 2010 will remain unchanged from their 2009 numbers. The maximum loan limits for counties across the United States can be found here (116 pages).

The news in the media over the last two weeks has largely been about the potential benefits of the new expanded and extended home buyer tax credit which opens the doors for existing homeowners to take advantage of a $6,500 tax credit. There have certainly been quite a few articles regarding the tax credit over the last two weeks. I did come across an interesting article on Reuters.com which stated, “Up to 400,000 people bought a home for the first time due to the credit, boosting first-time buyers to a record 47 percent of sales over the past year, the National Association of Realtors has said. With the help of the credit, existing home sales will rise 2 percent this year and 13.6 in 2010, the group estimates.”

To say the least, 2009 was a very challenging year in real estate. The good news is that after a very rough 2008 and early 2009, we started to see a positive turn in the housing market as the year wore on, thanks in part to the first-time home buyer stimulus and indications that the economy was starting to improve. So now the big question of the day is, what will 2010 bring?

With the improvement we are seeing on Wall Street and the economic improvements we are seeing on a global scale, things seem to be moving in the right direction, which makes prospective home buyers feel more confident about their future and the home they may choose to buy. So much of our business is affected by consumer confidence.

Also on a positive note, the default notices are actually declining in Colorado.

But I would caution that we probably aren’t out of the woods as it relates to foreclosures. With unemployment figures still frighteningly high, there are still quite a few homeowners out there who are struggling with their payments. And now there is a great deal of evidence that it isn’t just in the entry level arena; it is also hitting the mid-level and luxury market, too.

The big question is when is the “shadow” inventory of already foreclosed homes going to be released, now that the government has lifted the moratoriums on foreclosures. Once we start to move through those properties, we should begin to see a better, more solid grounding for the real estate market.

For real estate, this feels like more of a long “L” shaped recovery than a “U” shape.

The fact is, we live in one of the most desirable regions in the world. Certainly we’ve taken our fair share of hits over the last three years, but our region’s desirability, economic vitality, culture, weather and overall market conditions make it a sought-after place to live. We generally have a much healthier economy. This, I believe will help drive our long, slow, modest recovery.

I am encouraged by the progress we are making in the real estate market. As we track sales activity, we are seeing more encouraging signs. Based on what we’re seeing, we’re estimating that we can expect sales to moderate to a more sustainable pace and we will probably see a modest rise in housing prices. Will it be the double digit appreciation we saw in the earlier part of the decade? Probably not. But this new normal is much more sustainable and a much healthier foundation to build upon. It makes me excited about the future and gives us all hope for a relatively modest and productive 2010.

Now, let’s take a look at this week in real estate:

Boulder/Longmont—Longmont reported this was the week of waiting for buyers and sellers. Everyone was standing still, waiting to see if the buyer’s credit was going to be extended, and it was! Yahoo! The housing industry can continue on with its help in assisting the turnaround of our sellers calling our Agents, ready to list even at this traditionally "slow" time of year.

Evergreen/Conifer—Evergreen reported there was a total of one new listing for the week. Two listings went under contract during the week one, a single family home in Aurora on the market for one day before receiving the offer. One buyer went under contract on a HUD property. We had a total of 53 showings during the week. For the month of October, a total of eleven new listings were taken and a total of 269 showings. Ten listings went under contract with a total of 107 days on market.

Denver Central – No information reported.

Devonshire—This week in the Devonshire office we've seen a definite slowdown in showing activity. There are still homes going under contract & closing but showings are down & open houses are showing the same decline in attendees. On a great note, the tax incentives have been extended & expanded which has created quite a buzz. Now that we know the perameters are for this incentive package, it will bode well for a surge of activity going forward in 2010. Sellers should do repairs/renovations/updating in anticipation of getting their homes on the market. We all know that the homes that show well & are priced competitively will sell in a timely manner. On behalf of all the members of the Devonshire office, we thank you for your business in the past & look forward to working with you in the future. Please join us for a complementary photo with Santa in the office December 5th from 10:00AM to 4:30PM.

Douglas County—No information reported.

El Paso County— Colorado Springs reports the diminishing urgency of 1st time buyers after the extension of the tax credit was felt on all levels. Showing activity as well as sales activity has dropped significantly. The fast approaching holiday season & the changing weather has also caused some of the sellers to hold off on listing their home. On a positive note, we expect activity to pick up strong after the 1st of the year. We also expect a great turn out for our annual office Holiday Photo Event.

Larimer County— Showings are down as well as inventory since last week & winter is slowly making its way towards us. But not all is lost! The new home buyer tax credit offers a wonderful opportunity for not only the 1st time home buyers but also for the move-up buyer that have lived in their home for five or the last eight years. Keep in mind that you now have until April 30th to put your new home under contract and you must close by June 30th to receive the credit. Be sure to ask your local Coldwell Banker agent how you can take advantage of this opportunity before it's gone!

North Metro— The North Metro office has listed 35 new homes this month. The average price of our listings this month is $274,000 which is an increase of 4% from the past month. Of the 48 homes that are under contract with us this month, we're seeing most of them under $225,000. Homes are difficult to find in this price range at this time & when available go under contract quickly. Much excitement surrounding the extended tax credit with agents reaching out to buyers that were uncertain about the outcome of this initiative but are now looking to buy.

Parker— After a last rush to get buyers under contract before the looming tax credit deadline the news about the extension & expansion calmed some of the buyers down & caused & also caused a number of sellers to hold off on listing their property. Agents are preparing for a strong first part of 2010 and are contacting their sphere with updates about the new limitations of the tax credit. The office preparations for the Holiday Photo Event are in full force & we expect a high number of clients to take advantage of this great opportunity.

Southeast Metro— The surge of first time homebuyers continues! We are experiencing multiple offer situations in several price points and specifically homes over $250,000. Some of the homes that have been in multiple offer situations have been on the market for awhile and are a direct result of the time crunch for the tax credit. We have placed 120 properties under contract this month and we will close over 150 units. November is looking great with 100 units already scheduled to close! Despite the unpredictable weather, open house traffic continues to be strong and serious buyers are out there!

West Lakewood— We are very pleased that the extension and expansion of the tax incentive program has passed. We haven't felt the increase in activity yet but are anticipating it in the next weeks and months. We may not feel the change until after the holidays when move up buyers start to move.

I’ll leave you with a few interesting articles of note from the week:

Cheaper Prices—More Than Tax Credit—Motivating Home Buyers; U.S. News and World Report
Tax Credit Expands Home Buyer, Economic Opportunities; On Pace To Help 70% Of Potential Home Buyers; RISMedia
Housing Cooled In October; Tax Credit Extension Expected To Drive Improvements; RISMedia
Real Estate Outlook: Moving Towards Recovery; Realty Times

Finally, I’d like to take this opportunity to wish you and your families a very warm and blessed Thanksgiving. Despite the challenges in the market and the bumpy road we have taken to get here, we all have a great deal to be thankful for. Family. Friends. Health. Food. A roof over our heads. These are all things to hold close and cherish this special time of year. I for one am thankful for you and appreciate what you do each and every day. I feel so fortunate to be President of Coldwell Banker Residential Brokerage and am proud to be leading our team into 2010.

Happy Thanksgiving! Please enjoy the time with your family and friends and we’ll return the week of the 30th with another exciting edition of Weekly Market Watch.

Warm regards,

Chris Mygatt

2009-11-05T16:21:00.001-07:00

Friday, October 23, 2009
“U.S. Economic Recovery on Track”

While we await the results of the possible expiration, extension or expansion of the $8,000 first time home buyer tax credit, one thing is for sure, the economy is moving forward in full force—which is driving consumer confidence. Earlier this week, Reuters.com ran a very interesting story on the U.S. economic recovery and the result was very encouraging. Among the story’s highlights:

“The U.S. economy is firmly poised for a recovery from its deep recession but growth may be moderate and the job market will not revive immediately, senior White House aide Lawrence Summers predicted on Wednesday.”
“On the economy, Summers said the $787 billion stimulus package and inventory rebuilding by businesses were among the “dominant drivers” lifting the economy.”
“It will be some time before unemployment starts to decline. Once it declines it will take a long time to return to normal levels, given how elevated it is…The jobless rate is now at a 26-year high of 9.8 percent.”
“Most private economists think the recession, which began in December 2007, ended in the third quarter. But there is much disagreement about the path to recovery.”
“Some see above-average growth continuing through next year, arguing that deep recessions are typically followed by powerful recoveries, helped along by pent-up demand as consumers and companies resume spending.”
Obviously this is welcome news for the economy which ultimately benefits the local housing market. What I can tell you is that I am encouraged by the progress we are making in the real estate market. We’re beginning to see more days of progress than days of back stepping. We’re watching sales activity and consumer sentiment and we are expecting over the coming months a moderate to a more sustainable pace and we will probably see a modest rise in housing prices in the coming year. Will it be the double digit appreciation we saw in the earlier part of the decade? Probably not. But this new normal (as we’re calling it) is much more sustainable and a much healthier path to build upon. It makes me excited about the future and gives us all hope for a relatively modest and productive 2010.

Now, let’s take a look at this week in real estate:

Boulder/Longmont—The Boulder office reported Boulder county showed a small shift in the right direction over the past week. New listings were down by about 7% with sales up 9%, so we have inventory headed down again. Although most of this was in the lower price ranges, there was a small flurry of sales over $800,000 including one at $2,750,000! Our Agents report multiple offers on bank owned properties. Showings on our listings remain steady with a 1% increase over the past week.

Evergreen/Conifer—Evergreen reported we had a total of four new listings for the week. Three listings went under contract during the past week, two of these were out of state buyers. Two buyers went under contract, both on short sale properties. There were a total of 64 showings during the week. Conifer reported we had only one new listing during the week. Four of our current listings were put under contract, two were REO properties and one was a short sale. None of our buyers were put under contract. The number of showings decreased to 22 for the week.

Denver Central – No information reported.

Devonshire— No information reported.

Douglas County—Our Southwest Metro office reports showings increased a little this past week. We did have several successful open houses and three great floor calls. Our Agents are very busy working with buyers and the market continues to be picking up for sellers and buyers both. Inventory continues to be low especially in the $150,000 range. Most are first time buyers trying to take advantage of the tax credit and sellers are starting to realize that this is a good time to list their home. We're working hard to get our sellers to list their homes now and not wait until the beginning of the year.

El Paso County—Colorado Springs reports although the showing activity has decreased by 15% over the last week, the number of properties under contract has tripled mainly because of the looming deadline for the first time buyer tax credit program. Therefore our listing inventory has decreased slightly as well. With the changing weather we expect the sales activity to slow down drastically, especially if the tax credit program is not going to be extended. The number of multiple offers on Power Priced listings has gone down drastically, which is an indication that most of the "great deals" are off the market.

Larimer County— Showings are down significantly last week as well as under contract homes in Fort Collins/Loveland. This is most likely a seasonal decline and is to be expected. On the plus side, we had an increase of new inventory coming on to the market and several homes were subject to multiple offers. Multiple offer situations are a great sign for sellers, as this situation typically gets an above listing price contract. To create a multiple offer situation you need to have three primary things going for your listed property - price, condition and location. These three items make for a perfect storm that will entice buyers to compete for your home. Finally, don't forget, only 40 days until the 1st time home buyer tax credit runs out!

North Metro— Even though it is October and the weather has been quite cold, we've not seen a slow down in activity. The Agents continue to list properties with an increase in average sales price of $267,000. The buyers wanting to take advantage of the tax credit are out looking, but properties under $250,000 are going quickly with multiple offers. It is a great time for seller's to get their homes on the market. With inventory low, their will be less competition for buyers.

Parker –The seasonal changes are showing their signs in number of showings and transactions. The activity has slowed down some more over the last week however. Web traffic is very steady and the number of leads on our listings from the internet is increasing. Our affiliates (Title & Mortgage) are preparing for a peak of business during November because of the tax credit deadline on the 30th. Agents are preparing for our next Client Appreciation Event coming up on December 6th. Free Holiday Photo.

Southeast Metro— The heat is on! First time home buyers who are looking to take advantage of the $8000 tax credit are storming the market! We're seeing an increase in the already fierce competition for all properties priced below $225,000. Last week we had one listing that had 105 showings in six days! That has to be some kind of record! And by the way, that same property received 45 offers! It's still a great time to buy, whether or not a buyer qualifies for the tax credit. Open houses are still enjoying lots of traffic in several price ranges.

West Lakewood— No comments provided.
This week we’ll conclude with a few articles of interest:

What Housing Bust?; CNN Money
Housing Tax Credit Working, So Keep Momentum Going, NAR Urges Congress; Realtor.org
Shape Of The Housing Recovery; CNBC
Real Estate Outlook: Mixed Signals; Realty Times
Posted by About Coldwell Banker at 9:11 AM

2009-11-05T16:18:00.001-07:00

Friday, October 30, 2009
It’s On The Table!

There’s no question. The government’s first-time homebuyer tax credit has spurred a significant amount of sales this year and its positive impact on the hard-hit housing market warrants an extension. Latest estimates show that some 400,000 additional sales occurred this year due to the first time home buyer tax credit, which is about 8% of all sales this year.

The latest news in the saga, The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers. While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all homeowners who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.

The U.S. Senate won’t vote until next week at the earliest. As soon as they do we intend to create a piece that will allow you to communicate the news to your clients.

Reports show that Senate action has been delayed by a Republican demand that a vote be allowed on an amendment to end the Treasury Department’s Troubled Asset Relief Program at the end of this year. But lawmakers say they want to prevent home sales from slipping as the economy struggles to recover. And as I mentioned in a previous edition of Weekly Market Watch, that is just what may happen if lawmakers choose to let the tax credit expire.

On the flip side, the Democrats, along with the Obama administration are backing it. “The success of the American economy is closely tied to the success of the housing market; by helping to stabilize the housing market, the homebuyer tax credit has helped to shore up the economy as it begins to recover,” said Baucus, a Montana Democrat. “This would enable an even greater number of potential homebuyers to take the credit.”

Thus far it seems to be doing its job. This week, Business Week reported “The broad improvement in the housing indicators in recent months leaves no doubt that the long-awaited housing recovery is finally under way.” The article went on to report: “Policy alone cannot explain the 24% gain in existing home sales since January, nor the 22% increase in new-home purchases, the 40% rise in single-family housing starts, and the recent upturn in home prices. The primary driver is historically high affordability. Fixed 30-year mortgage rates are at 5%, a multi-decade low, and prices have plunged a total of 30% since May 2006, based on the Standard & Poor's Case-Shiller Home Price Index. By that price gauge, homes are well undervalued relative to both rents and aftertax income.”

Next week I hope to report some positive news on the home buyer tax credit front. Until then, let’s take a look at this week in real estate:

Boulder/Longmont—The Boulder office reported new listings in Boulder county remained steady this week, but sales fell 17% from last week. This caused available inventory to climb. Showings on our listings fell about 4% but our top ten listings averaged one showing per day over the past week. The sales to list ratio in the Boulder/Louisville market remains steady at 98% (not including the over $1,000,000 market). The Longmont office reported the push is on for the "$8000 tax credit buyer" to be under contract. Lenders are pushing to get buyers qualified. Entry level homes are being shown almost exclusively. Our listing inventory for move-up homes is stagnant. The Colorado weather is adding to the uncertainty. Snow and cold early this Fall season makes the buyers less likely to venture out. Colorado is still looking good for employment possibilities. Our rate of unemployment is not reaching the levels seen on both coasts. This is a great time to start a real estate portfolio.

Evergreen/Conifer—No information reported.

Denver Central – Our under contracts for October continue to remain high. There has been an increase in first time home buyers looking for property and wanting to take advantage of the $8,000 tax credit. With the deadline fast approaching and the possibility of an extension not occurring buyers have to act quickly. Congress did extend the deadline for military service individuals. We continue to see inventory shortages in the Denver market which has created offer situations in the lower end market. The inventory is substantially lower than its highpoint in 2007. Over 50% of the home sales in the Denver metro area are under $250,000. If you're looking to sell a home priced under $300,000 this is a great time & take advantage of one of the better markets to move up into a higher priced home. We've seen many move-up buyers entering the market recently. Overall, we are very encouraged and excited about the future of real estate in Denver.

Devonshire— No information reported.

Douglas County—No information reported.

El Paso County—No information reported.

Larimer County— Showings are steady and primarily at the first time buyer price point, $250,000 or less. We've seen a slight upswing in new inventory coming on the market since last week. Unfortunately the cold weather has kept some buyers at home, but this only allows inventory to build. A word to the wise, if you are still looking to take advantage of the 1st time home buyer tax credit you may want to stay away from short sale transactions. We've had several agents report that short sales are still taking longer to complete. With any luck, the tax credit will be extended & those who are under contract but in danger of not closing prior to the Nov 30th deadline will still have a chance to get in on this great opportunity.

North Metro— No information reported.

Parker–No information reported.

Southeast Metro— The surge of first time homebuyers continues! We're experiencing multiple offer situations in several price points and specifically homes over $250,000. Some of the homes that have been in multiple offer situations have been on the market for awhile & are a direct result of the time crunch for the tax credit. We've placed 120 properties under contract this month & we'll close over 150 units. November is looking great with 100 units already schedules to close! Despite the unpredictable weather, open house traffic continues to be strong & serious buyers are out there!

West Lakewood— Activity is starting to taper off. Listings are dropping off. Under contracts are still steady and showings are dropping off perhaps because of Halloween weekend coming up
Posted by About Coldwell Banker at 4:24 PM

2009-10-02T08:54:00.003-06:00

Thursday, October 1, 2009
S&P Reports On The State of the Housing Market

One of the founders of what has really become the industry’s (and media’s) bible for real estate statistics and forecasts, S&P Case Shiller, recently participated in a Q&A about the state of the housing market. Robert Shiller, a Yale University economist, discussed the housing market and the implications of lower interest rates. I found it quite conservative yet insightful and in my opinion, on target with what is going on in today’s market.

That is why for this edition of Weekly Market Watch, I am going to provide you with an excerpt from his interview:

Is the slump in U.S. home prices bottoming out?

Shiller: The situation has definitely changed. With our numbers — the S&P/Case Shiller home price index — going up sharply. It looks like a major turnaround. We’ve been watching that for three months now, and we have some concern that it could be an aberration and temporary. But, at this point, it seems to be evident in just about every city in the U.S. That suggests it’s real. But it probably isn’t the beginning of a major boom, just because the economy is in such bad shape. There’s also a chance that it will reverse. It’s still only three months old, so it’s very hard to be sure at this point. The most likely scenario is that it won’t continue at this high rate of increase, but that it will neither go down a lot, nor up a lot.

So the index will move sideways for a while?

Shiller: Yes, for a while, meaning five years.

What are the main factors driving U.S. house prices? What could push them up, or cause another slump?

Shiller: The main factor is the world economic crisis and the efforts of governments around the world to stimulate the economy. Parts of those efforts have been directed at the housing market. In the U.S., there is an 8,000 dollar first-time home buyer’s tax credit which expires at the end of November. That’s a reason for concern, as it comes to an end. Also, the Federal Reserve has a plan to buy $1.25 trillion worth of mortgage-backed securities to support the housing market. They are most of the way through the program and anticipate phasing it out at some time in 2010 - that’s another thing that will go away. We’ve yet to see how the housing market will continue. Part of the problem is that people are buying now rather than later. When later comes, there could be a downturn in the market.

Is there an oversupply of houses in the U.S.?

Shiller: That’s been a problem. The inventory of unsold houses has been high, but has come down a bit. On top of that, there will be more foreclosures, more homes are going to be dumped on the market as people default. Now, that may show down as home prices will start going up again. But I suspect that this isn’t going to happen. Also, banks have more REO, or real estate owned, that they’re holding on to for the time being. But eventually those REOs are going to be dumped on the market. So that’s why it doesn’t look particularly encouraging from a supply consideration.

Turning to interest rates, which are at exceptionally low levels: Is there a risk that this eventually will cause irrational exuberance?

Shiller: There is always a risk of that. Those things are hard to predict. However it seems like the present time is least conducive to bubbles of any time. We’re in what some people call “pretend-and-extend” economy, which means that banks that have commercial loans are often extending those loans and pretending that the property is worth something. That’s because they don’t face reality. This kind of economy isn’t really suited to a beginning of a real bubble. Now, everything could change… It’s surprising how strong the residential, single-family home market looks right now. It makes me think that it’s hard to predict animal spirits.

How long can central banks afford to keep expansive policies in place?

Shiller: In principle we can keep this in place for a long time. That’s what Japan did… But confidence is definitely coming back. The depression scare is over at the moment. So it would be plausible that central banks could be raising interest rates — both in the U.S. and Europe — [as early as next year]. But I just have a worry that this isn’t going to happen and that it’s not going to be so easy to extricate [themselves from the low-rate environment].

Will the sharp increase in global debt levels drive up inflation over the medium to long-term?

Shiller: My best guess is that we won’t have inflation, that central banks will pull it back as inflation starts to begin. But I think that there’s a chance of it; people have to be defensive in their investments. It always amazes me that people are so trusting and that they want nominal debt as much as they do… So a good long-term strategy is to invest a good part of one’s portfolio in inflation-indexed bonds, even though it doesn’t particularly look like the time to worry about inflation right now.

I tend to agree with Shiller on many of his statements, specifically that we are probably in the midst of a turnaround. Having said that, it is important to point out that this isn’t going to be a sharp “V” recovery with a sudden jump in prices or units. In all probability what we will see is a long “L” shaped broad recovery in which prices are relatively stagnant for some time before eventually inching up.

Now, let’s take a look at this week in real estate:

Boulder/Longmont—The Boulder office reported the biggest change in the Boulder County market over the past week was the big jump in showings for our office, up 18%. Listings and sales showed smaller changes, up 6% for listings, down 12% for sales. Increased showings seem to be the result of lower interest rates and Agents report more activity as first time buyers fear that the clock may run out on the $8000 incentive. The Longmont office reports showing activity is slowing just a bit. First time buyers and those in the lower price ranges are the main shoppers. Listings under $250,000 are being shown and sold. Right now, with the final push for the $8000 credit, any home under $250,000 that is NOT a short sales is snapped right up! Investors know that this is the time to buy. They are fine with the down payment. The rental market is strong. Now is the time to start your "Property Ladder"!

Evergreen/Conifer—Evergreen reported we had eight new listings for the week. Two listings went under contract including one single family home on the market for three years and one single family home from a floor call, both local buyers. Two buyers put under contract in the last week, one out of state buyer from MD and one local buyer purchase of single family home in Parker, a mid $200,000 property on the market for less than a week. There were 69 showings plus ten agent previews during the week. Conifer reported there were no new listings during the week. No listings went under contract and no buyers were put under contract. Our showing activity increased to thirty-four during the week.

Denver Central– There has been an increase in first time home buyers looking for properties and wanting to take advantage of the $8000 tax credit. With the deadline fast approaching and the possibility of an extension not occurring buyers are going to have to select a property within the next 30 days in order to close in time. The Denver real estate market continues to get positive national and local press on a weekly basis. We're very encouraged and excited about the future of real estate in Denver.

Devonshire— Now that our few days of cold, wet weather are over, we're excited about a good open house weekend. Our September was a little quiet as it usually is but October in the Devonshire office is always a busy month. Sellers are anxious to show their homes with fall decorations and turning leaves. Buyers this year are busy getting homes under contract and closed prior to the end of November. We're advising all buyers and sellers to close no later than November 15th if possible due to the rush to get homes closed by the 30th and it'll cause title and mortgage companies to be overloaded. Also, the 30th is the day after Thanksgiving holiday weekend and that in itself may cause backlogs and stress. We're excited to see the activity and energy that fall brings.

Douglas County—Our Southwest Metro office reports showings have been down the past three weeks especially this past weekend. Open houses were good and our Agents did acquire some good leads. Our Agents do have sellers gearing up to list their homes and do have buyers starting to become worried about the deadline for the $8000 credit. We feel that the public is in a holding pattern. They are waiting, especially buyers, to see if the $8000 credit will be extended or increased. We did have one Agent who had three of their listings go under contract in a week, one in 24 hours! We've had some great floor calls and also two walk-ins. Interest rates are good and we're seeing some buyers ready to start the process just in case the tax credit program is not extended.

El Paso County—Colorado Springs reports the listing inventory is still very steady, however buyer activity increased drastically last week. This could be an indication that more first time buyers are getting very motivated in order to take advantage of the tax credit which will expire on November 30th. For the same reason, we see a number of multiple offers on energy priced listings that are not short sales! We received twelve (!) offers on one bank owned listing!

Larimer County— New listings are up in both the Fort Collins and Loveland offices and the showing activity is also up from last week. Homes that went under contract this last week were listed as high as $637,000 down to $110,000 with most of the home sales in the mid-$200,000 range. There were also several homes priced in the $300,000 to $400,000 range. There are some great homes available and FHA rates are still at or near all time lows! More great news - There are still 70+ days to take advantage of the $8000 tax credit, but time is slipping away quickly. Realistically speaking, you need to be out looking at homes today if you hope to close prior to the November 30th deadline. You don't want to be closing at the end of November & risk having your closing pushed back past the deadline. Get out there and find your dream home at a great price and don't miss out on the $8000 tax credit!

North Metro— Overall business continues to be steady for the month of September. Listing inventories are decreasing as we move into the late summer. Buyers are continuing to take advantage of the buyer program and as a result we're seeing a lot of activity at the $100,000 to $225,000 part of the market. Average prices are edging up and we feel that this will stimulate the listing side of the business.

Parker— After a slowdown during August and early September, activity is picking up again. First time buyers are now very motivated to get under contract in order to close before November 30th to be able to take advantage of the $8000 tax credit. Power priced listings are still getting a lot of activity, multiple offers & some sell over asking price.

Southeast Metro— Showing activity has increased and we're back to 500 plus per week. Listing inventory is steadily decreasing and the number of new listings in the market is also on the decline. However, sales activity is busier than ever! We're scheduled to close over 150 properties this month, which is not our typical September. The luxury market continues to be sluggish, however homes in the $700,000 range are seeing more activity than the previous month.

West Lakewood— Appraisal problems still exist. An appraisal came in yesterday $55,000 below contract price. Anything under $250,000 is almost flying off the shelf on the west side of town. More $300,000 and up listings are selling. Buyers and sellers are calling our office for more information regarding current listings and to list their homes with Coldwell Banker.

Without a doubt, locally what continues to push our market in the right direction is the $8,000 first time home buyer tax credit. Currently in Washington D.C., real estate industry representatives and government officials are lobbying for either a $15,000 all home buyer tax credit or at minimum, an extension of the $8,000 first time home buyer tax credit but the result of that debate is still in the air. If the tax credit does disappear we are likely going to see an emergence of investors in the first time home buyer arena which may cause problems with housing prices and a continued erosion of the first time home buyer market. Please contact your local representative to call upon his/her support of this important initiative.

Next week I will release the October edition of Reality Check. This month’s edition will feature a Q&A from me on the local housing market and what we may expect for 2010.

Until then,
Make it a great week,

Chris Mygatt
Coldwell Banker Residential Brokerage Colorado

2009-08-28T15:39:00.003-06:00

Friday, August 28, 2009
So Much for a Sleepy Summer

Generally speaking the Colorado real estate market has seen a bit of a bounce this summer with sales increasing in all categories—from the entry level homes and condos to the high-end market.

National figures showed June with an 11% increase in home sales. But, realizing that a majority of the spring home inventory has been introduced, we may start to see a little slowdown in August/September as old inventory is taken off the market and a smaller surge of inventory arrives.

In other words, there is still much recovery that needs to be taking place. Sellers still need to get a bit more realistic about price and buyers need to recognize a good bargain when they see it.

In general, most homes are on the market longer with discerning buyers waiting for the optimal home at the optimal price. A well-priced, well-presented home can still fetch multiple offers, but it’s got to look appealing to the savvy buyers who are doing their homework. There is no sense in overpricing a listing – a buyer won’t even give a home the time of day if they sense the seller is being unrealistic. Yet at the same time, there seems to be no better time to snatch up bargains in Colorado at all price points. We’re seeing five to 10 percent reductions in properties that are sitting on the market and in many cases the final offers are coming in below those reductions. That’s not to say buyers should throw out ridiculous numbers. Some sellers who don’t have to sell are holding firm, but time is running out for others. So, while it may take longer to get the buyer and seller to agree to terms, deals are happening and with open minds on both sides, we might start to see more positive movement for all.

For cash buyers or those with large (over 25%) down payments, now is a great time to pick up bargains in luxury homes. Sellers are still not giving away property but there are great deals available.

This week the National Association of Realtors released its monthly existing home sales report (http://www.realtor.org/press_room/news_releases/2009/08/strong_uptrend?LID=RONav0021) noting “For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.” The report went on to note, “Existing home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted rate of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.”

Lawrence Yun, NAR chief economist, said he was encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

Ultimately these are all very positive signs for our market and are a strong sign that we are moving in the right direction towards a housing recovery. Having said that, it’s important to keep things in perspective and not celebrate too soon. We all need to be realistic with our pricing, buyers and sellers.

A few other interesting articles of note for the week:

· Home Prices On An Upswing In The Second Quarter Of 2009 According To The S&P/Case-Shiller Home Price Indices; Case-Shiller
· New Home Sales Blast Past Expectations; CNNMoney.com
· The Housing Market: Has It Turned the Corner?; TIME Magazine
· Mortgage Applications Increase In Latest MBA Weekly Survey; Mortgage Bankers Association
· Home Market Shows Signs of Life as Declines Slow; Bloomberg

Now let’s take a look at this week in real estate:

Boulder/Longmont—The Boulder office reported new listings in the Boulder County market took a 3% dip last week and new sales fell by a substantial 19%. Despite that, showings were up 25% last week so there is still a tremendous amount of buyer activity. Agents at the Boulder office report a sharp rise in creative and complex offers over the past week with a number of buyers asking for things like some degree of owner carry, right of refusal or extremely delayed closings. Some offers on listings as low as 70% of the asking price have been seen as well. This, in an area where the average sale price to list price ratio averages 96% in the under $1,000,000 market. The Longmont office reported once again, the showing activity is increasing. This "week over week" the mid week are the ones that had the highest increase. Weekend showings were off just a bit. Buyers are seriously looking. The start of school usually brings a brief decline in showings and contracts. Not this year! Some of the good press about the Denver area is filtering to Longmont. Our employment situation here is holding steady. Colorado has become a more affordable place to live. More companies are realizing our affordability makes this a great place to relocate their business.

Evergreen/Conifer—No information reported.
Denver Central –We are seeing an increase in the higher priced homes going on the market and receiving offers, which is a positive sign. The Denver real estate market continues to get positive national and local press on a weekly basis. We've seen an increase in showings for August and our August 2009 numbers are outpacing August 2008. More buyers are taking advantage of the $8000 tax credit with the November 30th deadline approaching fast. We are also seeing appreciation of home prices in several neighborhoods. The lower end market has certainly shifted to s seller's market with properties moving quickly.

Devonshire— No information reported.

Douglas County—Our Southwest Metro office reports showings were down this past week especially over the weekend. Agents attribute this to school starting and last minute vacations. Open houses were very successful and we had two walk-ins. We are seeing sellers ready to list their properties in September and this is a good thing as inventory is low at this time. We're also seeing buyers wanting to take advantage of the $8000 tax break before it goes away. Our mortgage rep is very busy and this is always a good sign. Properties are still not moving quickly above the $350,000 level. We're encouraged with the local and national news about the real estate market.

El Paso County—Colorado Springs reports our listing inventory and sales activity have been steady for a while now. Showings went down slightly last week and we need to watch if this is a sign of reduced activity because the end of summer is approaching. It seems like banks are starting to approve more short sales as we were able to get some prepared for closing. Prices in most neighborhoods are stable for now.

Larimer County—The Fort Collins/Loveland offices reported she summer season has nearly passed us by, but that doesn't mean that real estate sales have come to a halt. There's still some good inventory available in the Northern Colorado market. Both buyers & sellers need to be realistic about price & be willing to negotiate terms and conditions in order to put a sale together. Home prices are stable & recently Freddie Mac & Fannie Mae declared all the markets in Colorado stable. This should loosen some of the restrictions on conventional loan financing for buyers. Finally, time is running out to take advantage of the $8000 tax credit. Only a little over 90 days left to take advantage of this great opportunity.

North Metro—The North Metro office is experiencing increased activity with regards to new contracts. This is due largely to the urgency created by the first time buyer tax credit program. In addition, listing inventory should be picking up as some of the terms in the office are in the process of closing on some larger opportunities. The Agents are doing a great job of staying in front of their clients and working every lead. This is reflected in the increased dividends as we move into the 4th quarter.

Parker—What an incredible increase in showing activity last week - almost double from the week before! Our sales activity has increased as well and the listing inventory is going down. We are confident that this trend will hold past the end of summer and start of most schools.

Southeast Metro—The SE Metro office is experiencing a slight decrease in showing activity which can be attributed to the start of the school year for the surrounding districts. Our average days on market for listings is steady at 79 days and we are averaging 25 showings before a property is selling. Inventory continues to drop and there continues to be a shortage of desirable properties below $250,000. Luxury properties are seeing additional traffic as 10% of our Previews properties are currently under contract.

West Lakewood—The West Lakewood office is reporting "skinny" inventory by all price points. Buyers have more clarification and realize that the inventory is more limited than it has been. The reduction of inventory is making buyers more focused on their choices.

Please note that next week I will be taking a brief hiatus from Weekly Market Watch but I will return the following week.

Until then,
Make it a good one,

Chris Mygatt
Coldwell Banker Residential Brokerage Colorado

2009-08-21T10:14:00.001-06:00

Thursday, August 20, 2009
Good News On Wall Street Doesn’t (Necessarily) Mean Higher Housing Prices on Main Street

I had an interesting chat with one of our Agents recently. She mentioned that many of our sellers in the upper-tier price point are seeing the current strength of the Dow as a sign that their home will probably fetch more in the early part of next year. Academically speaking, there is a belief that there is a direct correlation between the housing market and the stock market. But from an analytical standpoint, although the stock market and the housing market correlate well, there is a variable time lag. The time lag between housing underperformance and stock market performance can vary widely. The average is 18 months.

What we’re seeing, in some instances, is that some of the upper-tier clients are saying no to potential deals as they think if they wait another four to six months (thanks to the stock market’s recent gains) they may get more for their home. And while I understand the reasoning, I would caution sellers on this strategy. First, what we know is that in a “normal” market (of which this market is anything but), the average lag time between the two is 18 months (not four to six months). It’s also important to point out that we probably aren’t out of the woods as it relates to the volatility in the stock market. Many analysts are suggesting that our recovery will be “W” shaped rather than “V” so we may be looking at more changes ahead.

So while I understand the logic, I would caution sellers on this strategy and would ask them to focus less on the stock market and more on the level of supply and demand in their market and in their neighborhoods. In most markets, the upper-tier price point remains relatively soft so sellers should consider most deals that are presented to them. That’s not to say buyers should be throwing out unrealistic offers. The real story here is that across the board we’re starting to see increases in interest and buyer activity so sellers may want to consider taking advantage of that interest…before it’s too late.

For those who are focused on the stock market, my best advice to you is to look at it more as an indicator for the economy as a whole. With the DOW closing Thursday at just over 9,300, it may not be making housing prices go up, but it may mean that the recession is subsiding which is good news for us all.

Now let’s take a look at this week in real estate:

Boulder/Longmont—The Boulder office reported small but steady increases in all the Boulder county market numbers last week. Listings were up by 12%, under contracts up by 17% (not bad) and showings up by 15%. Two good things to note here, although showings are up, under contracts are up by a higher number. Agents are also seeing no "end of summer" drop off of buyers yet. It's very unusual to see showings increasing as we approach September. The Longmont office reports showing activity continues to increase. The large increase in showing activity did translate into deals being written. Twice as many offers were accepted this week over last week. Listings also took a big rise. We are seeing some good listings going on the market that are not short sales or foreclosures. The upper end market still needs help. The $8000 credit for 1st time buyers needs to have a matching program for the upper end market to get it moving too. Loan issues continue to bring problems. We need at least 30 days to make it happen - 45 days to close is much more realistic for all.

Evergreen/Conifer—Evergreen reported we had a total of two new listings for the week. Three listings went under contract including one builder spec. One local buyer, one from Denver and one Texas. Three buyers went under contract, two local one one from Oregon. Three were a total of 81 showings during the week. The week was close to normal level for peak season. The majority of activity in three different price points - $200,000 to $250,000 for 1st time buyers and investors. The $300,000 to $500,000 is strong and recent strong activity in the $500,000 to $1,000,000 range. Conifer reports we had two new listings during the week. One listing went under contract - short sale pending bank approval. Showing activity increased to thirty-three during the week although that's still below normal levels for this time of year.

Denver Central – We are seeing an increase in higher priced homes going on the market and receiving offers which is a positive sign. The Denver real estate market continues to get positive national and local press each week. We're encouraged and excited about the future of real estate in Denver. We've seen an increase in showings the first two weeks of August and it's tracking better than July for showings. Our August 2009 numbers are outpacing those of last year. More buyers are taking advantage of the $8000 tax credit with the deadline fast approaching. We're seeing appreciation of home prices in several neighborhoods. The lower-end market has certainly shifted to s sellers market with properties moving quickly. Those that are priced aggressively are seeing multiple offer situations. We're also seeing an increase in cash offers on homes in the area. Many in the lower end go under contract within days of being placed on the market. The high-end market continues to be sluggish.

Devonshire— We seem to be in the August "hurry and take a family vacation" or "get ready for school" days. Showing activity is steady but both sellers and buyers are distracted with other activities. We are encouraging reevaluation of home prices, making price adjustments as necessary & freshening up both the interior & exterior of homes. September is always a good month for us at Devonshire as our clients are ready to move forward with purchases so they can be settled before the holidays. Mortgage rates are still attractive and consumer confidence seems to be sending somewhat of a positive message. We are feeling very positive about the remainder of 2009 and look forward to 2010.

Douglas County—Our Southwest Metro office reports we had a great week of showings. Open houses were very good this past week and we're seeing a steady increase of sellers ready to list their homes. Buyers, especially first time ones are looking to buy but the inventory is very low in the $250,000 range. There has been steady activity in homes priced below $350,000. We're experiencing a slight increase in the $350,000 to $450,000 range. We feel as an office that the public is ready to move forward to either purchase or sell a home. The Agents are getting the message to their clients/sphere that the $8000 tax credit needs to be used before December 1, 2009. The news on local TV channels has been positive and this has been a good tool to use on sellers & buyers.

El Paso County—Colorado Springs reports although sales activity has slowed down slightly, we still see a lot of activity on our listings which is also reflected by the strong increase in showings. There is some uncertainty about some military personal relocating from Texas to Ft. Carson. This relocation has been approved but now delayed after intervention from politicians in Texas.

Larimer County—The Fort Collins/Loveland offices reported the end of summer lull is here and families are getting the kids ready for school and the college students are rolling in from a nice summer break. Showings were down dramatically last week and this is to be expected based on the time of year. The good news is that there are still plenty of great homes to choose from and well priced homes are moving. Ft. Collins currently has over 1500 single family homes and Loveland offers 1000 plus homes. Come out and see the inventory. You won't be disappointed. It's hard to believe but we only have about 3 1/2 months left to take advantage of the $8000 tax credit. It is unclear whether or not this program will be extended so take advantage of it while you can!

North Metro—The North Metro office is humming with activity. We just received a letter from Bruce Zipf, President & CEO of NRT, that our office is in the Top 20% of offices for the 2nd quarter of this year. The Agents deserve this recognition as their activity continues to be very high. In the past month we've seen the price of our new listings increase from $275,000 to a current average of $325,000. Showings are picking up on homes priced over $250,000. We've put several homes under contract in the $400,000 to $650,000 range which is a recent change in our market.

Parker—Our listing inventory stays steady and although the showing activity has dropped slightly over the last week, sales activity has gone up consistently over the last few months. Our closed transactions were up over 50% last month year over year and we are up 15% year to date compared to last year. Douglas County was just rated #5 in the country for job growth and the towns of Parker and Castle Rock are #3 & #4 in most desirable places to live!

Southeast Metro—The SE Metro office is experiencing a slight decrease in showing activity which can be attributed to the start of the school year for the surrounding districts. Our average days on market for listings is steady at 79 days and we are averaging 25 showings before a property goes under contract. Inventory continues to drop and there continues to be a shortage of desirable properties below $250,000. Luxury properties are seeing additional traffic as 10% of our Previews properties are currently under contract.

West Lakewood—The West office is seeing more sales in the over $300,000 price range. Low appraisals are becoming less of a problem. If a buyer wants to take advantage of the $8,000 tax credit, they should act now! Do not wait! There is a shortage of inventory in these price ranges.

Until next week,

Chris Mygatt
Coldwell Banker Residential Brokerage Colorado

2009-07-30T15:12:00.002-06:00

Thursday, July 30, 2009
It Was a Week of Good News for Real Estate

I have to say, it was a positive week for our industry. It seemed everywhere you looked, the media was reporting on some sort of positive indicator relating to the real estate market rebound. Last week I posed the question, is it a blip on the screen or are we finally out of the woods. It seems this week, the answer to the question is much clearer.

For starters, Good Morning America ran a very good interview on Tuesday about the state of the housing market. Liz Ann Sanders, the Chief Investment Strategist for Charles Schwab was interviewed. Essentially what she said was that we are in the process of bottoming out and “you have to go through less bad on your way to good.” As I’ve said in my weekly updates, we’re seeing pockets of significant strength and the housing market is really showing signs of recovery.

Our industry was the first to be hit by the market downturn and if all continues on this path, we will be the first out.

Now if I’ve said it once, I’ve said it a million times. The turnaround won’t be happening overnight. We probably won’t see housing numbers start to appreciate anytime soon. But what we can relish in is Sanders’ conservative viewpoint that “we have to see less bad for a while before we start to see some real positive gains.” What we have right now is the bottoming out of our market. Speculators and investors are competing with first time home buyers. Those individuals are going to continue to gobble up the inventory—both REOs and regular, now much more affordable starter homes. As we see this inventory deteriorate (again, over time), we will continue to see that trickle into our mid-level and upper-end price ranges.

Also interesting to note this week was the Standard & Poor’s/Case-Schiller 20-city index was released and in it, home prices in May posted their first monthly increase since the summer of 2006. Prices rose from April in 13 of the metro areas tracked, notably Cleveland, Dallas, Boston and the Bay Area.

The news followed reports showing sales of newly built and existing homes rose in June for the third consecutive month. New home construction, though still weak, is the best it’s been since the fall.

Although the index is rising nationally and locally, I would caution that this doesn’t necessarily apply to homes across the board. For the most part, the local gains are reflected more in the low-end side of the market, though we are showing signs of improvement in the mid and upper end.

The 20-city home price index rose 0.5 percent from April to a reading of 139.8, but it was still 17.1 percent below the reading of 168.6 in May a year ago. It was the fourth consecutive month that the index indicated prices have turned the corner and are heading back toward positive territory.

And with that news in tow, let’s take a look at this week in real estate:

Boulder/Longmont—The Boulder County market showed a marked decrease in properties under contract, down by over 26%. At the same time, showings increased by 16%. Listings countywide remained steady again, not varying by more than three per week over the past month. Agents report more and more first time buyers determined to get bargains in the short sale and foreclosure markets. Many understand that there is fierce competition for the better properties and are willing to try multiple times until they are able to get a property under contract. Longmont reports the word "normal" has many definitions these days. Normal means that interest rates are holding for a while..Normal means that buyers want to buy. Normal means that 15% of all deals written will not close. Normal means that 30% of all deals written are for short sales whose acceptance can be as long as 2-4 months out. Normal means that the appraiser will not appraise that property for the contract price. Normal means the loan process is like negotiating a mine field with last minute conditions added to the buyer. The real estate industry is doing its part for the recovery of our economy handling all the NORMAL issues and getting buyers into homes quickly.

Evergreen/Conifer—Four listings went under contract during the past week. Showing activity continues to be strong with heavy activity in the $300,000 to $400,000 range. In addition, showing activity in the $1,000,000 plus category is experiencing an increase over prior months. Conifer reports we had one new listing during the week totaling $550,000. Two of our listings went under contract one of which was a single family home in Bailey on 40 acres with S. Platte river access. Two buyers put under contract for a townhome in Evergreen and a patio home in Denver . Showing activity decreased to thirty-five during the week.

Denver Central—No information reported.

Devonshire—We're hoping that the activity this past week is an indication of things to come as we continue through the summer. It seems that buyers are out there looking at homes, making buying decisions and getting settled in their new homes. Although appraisals are still an issue, transactions are getting done. Sellers are now getting off the fence, staging their homes and getting them on the market. We're seeing some movement in the upper end - a good sign. It is still all about the price on houses and we have seen many price adjustments in the market-many of those houses are getting both activity and offers. Once again, we are feeling positive and looking forward to a very busy August.

Douglas County—Our Southwest Metro office reports showing activity has increased since the 4th. We are hearing success stories from floor as well as open houses. Lead Router has been very good this past week. We are seeing increased activity in the homes priced below $400,000. There are still a lot of first time home buyers looking for "the deal.” The short sales seem to be taking as long as 90 or more days to close and some listings are seeking short sale approval. We are hearing from buyers that they are waiting for the new crop of foreclosures that are coming in August/September.

El Paso County—Colorado Springs reports sales activity has increased over the last week and the amount of new listings was steady which will help reduce the listing inventory that has built up in July. Not only are we expecting a number of bank owned properties to be released into the market within the next weeks, we also expect more short sales to be approved by the banks starting this fall.

Larimer County—Our Fort Collins/Loveland office reports our market looks flat, not down, not up, we are flat. One area of increase has been our listings taken. We had a huge week last week and brought twenty-eight new listings to the market. This was the largest bump we've seen in one week since early June. Interest rates are still low and homes priced below $350,000 are moving. Buyers at the lower price points are competing hard for short sale & bank owned properties. Some homes that were under contract via short sale are back on the market because it is taking longer and longer due to backups at the banks. Keep in mind that today's buyers are highly educated on the market & well priced homes sell quickly, usually for the most money the market will bear. This is why you are seeing so many competing offers on homes. Buyers know a good deal when they see it.

North Metro—No information reported.

Parker— Activity is slowing down slightly. We have to see if this is already the trend towards the end of the summer or if we will experience another surge towards the end of August. The REO Agents are waiting anxiously for the lift of the moratorium and the release of many bank owned listings.
Southeast Metro—The SE Metro office hosted a very successful Open House Blitz last weekend. We advertised 60 Open Houses in both the Denver Post and on several online sites. Traffic through the open houses was strong and we even put some deals together. The general consensus is that there are lots of buyers out there not only looking to purchase a home but who are not being represented by a Realtor. Our office is set to close 200 transactions this month & our listing inventory continues to decrease.

West Lakewood—Our Agents are busy listing and showing properties. Consumer confidence has most definitely increased. Our first time home buyers now have somewhat a sense of urgency to purchase and close to be eligible for the $8000 tax credit and to get under contract without multiple offers on any property that is somewhat acceptable.

This week I’ll leave you with a few interesting articles from the week:

http://www.bloomberg.com/apps/quote?ticker=SPCS20%3AIND
http://sbk.online.wsj.com/article/SB124878477560186517.html
http://www.usatoday.com/money/economy/housing/2009-07-28-home-prices_N.htm

Until next week,
Make it a great one,

Chris Mygatt
Coldwell Banker Residential Brokerage Colorado

2009-07-23T16:39:00.002-06:00

Thursday, July 23, 2009
Existing Home Sales Up For Third Straight Month...The Question of the Day: Have We Bottomed Out?

Some are calling it the sign that we have hit bottom and are on our way back up. Others are calling it a blip on the screen. Whatever your take, NAR released Thursday its existing home sales report which showed three key, positive indicators regarding the housing sector:

For the third consecutive month, existing home sales rose
Inventory is easing
Home prices declined less sharply in June
The report noted, “Existing home sales…increased 3.6 percent to a seasonally adjusted annual rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.9 million-unit level in June 2008.

The report also revealed, “Total housing inventory at the end of June fell 0.7 percent to 3.82 million existing homes available for sale, which represents a 9.4 month supply at the current sales pace, down from a 9.8 month supply in May. Raw inventory totals are 14.9 percent below a year ago.”

The Wall Street Journal reported Thursday a look at 28 major real estate markets and where they are headed. The results (http://online.wsj.com/public/resources/documents/retro-HAGERTY.html) were interesting for Denver:

A 19.6% decline in housing inventory (from a year ago)
We are currently at a 6.1 month supply
We’ve seen an 8.3% drop in price since the peak
Also interesting to note this week is the fact that Denver was named the No. 1 city where Americans are relocating, according to Forbes.com (http://www.forbes.com/2009/03/30/americans-moving-cities-lifestyle-real-estate-relocating.html?partner=email).

Among the highlights of the story:

Population increased by 2.17% in 2008; it increased 2.09% in 2007
Denver was the 10th fastest growing metro area in the United States
Denver is the most popular city in America; people like it for its skiing, culture and vibrant nightlife as well as its business opportunities
As of January 2009, the metro area’s unemployment rate was 6.5%; that’s high but still two percentage points below the national average of 8.5% for the same month
What all of this leads us to believe is despite some of the challenges we continue to face nationally and globally, the domestic housing market continues to demonstrate signs of recovery. The temporary first-time home buyer tax credit is clearly helping people make a decision and is contributing to the overall stimulus impact.

Are we out of the woods yet? It’s tough to say but the signs are encouraging and three months of continued increases in home sales are a positive sign that we may be on the road to recovery.

And with that news in tow, let’s take a look at this week in real estate:

Boulder/Longmont—The Boulder County market showed an increase in properties under contract of about 15% last week, the first significant move in several weeks. New listings were exactly the same as the week before. Centralized showings reports a steady, upward trend in showings over the past month, averaging about a 10% increase each week. Agents continue to report frustration with short sales. Our Agents are all on the same page, but other brokerages have either different policies or no policies about how short sales should be accomplished. Longmont reports the Boulder County Fair is coming to town and the fairground is located in Longmont, so no excuses about attending! It is a community event and it brings people and revenue to Longmont. Showings were up 14% week over week. Sales and listings are holding steady. The lending process is still quirky at best. Patience is still needed by all for most every transaction. Clean, well priced homes are selling. Buyers with good credit and some money for a down payment are buying. Good Agents are keeping their deals together with some very trying times for all parties. We are still seeing homes under $250,000 moving quickly.

Evergreen/Conifer—We had two new listings during the week totaling $772,000. Three listings went under contract of which one was bank owned and we had six offers. Two buyers put under contract including one out-of-state buyer from Texas. Our showings increased to fifty one during the week.

Denver Central—The Denver real estate market continues to get positive national and local press. We continue to have substantial drops in housing inventory in the Denver area and we have seen an increase in the number of existing homes sold. This could indicate that the market has bottomed out and is very encouraging for the future of real estate in Denver. We have had an average 71 days on the market for listings that have gone under contract in July. The lower-end market has certainly shifted to a seller's market with properties moving quickly. Properties that are priced aggressively are seeing multiple offer situations. We had a couple of listings this past week below $200,000 that received 10 plus offers and went under contract for way above list price. Many properties in the lower end go under contract within days of being put on the market. The high end market continues to be tough and we are not seeing as much activity.

Devonshire—Happy Summer! It is truly a busy market here at Devonshire. Our homes are getting more showings and the homes that are going under contract are the ones that show picture perfect. We are encouraging sellers with "tired" plants to refresh them with new ones so that they have welcoming curb appeal. Buyers are seeing homes go under contract that they would have liked so there is more motivation to get moving. With the school year approaching, buyers & sellers want to get settled in their new homes soon. It is still an issue getting some houses appraised so correct pricing is essential. This type of market makes it especially important for the consumer to deal with experienced professionals in both the real estate and mortage sectors. We are looking forward to an even better August.

Douglas County—Showings were great this past week and very, very good this past weekend. We had two Agents convert floor calls to buyers. Our lead router Agents are receiving great activity and they are pleased. We are seeing sellers pricing their homes more aggressively in this market and as a result these listings are moving quickly. We are still seeing more activity in the $300,000 and below properties. Open houses were good this past weekend. Several Agents reported that they were able to obtain good leads. Our mortgage rep is busy and that is always a good sign.

El Paso County—We are anticipating the return of a number of troops to Fort Carson. Although we don't yet know the impact on the demand level yet, this certainly should boost sales later in the year. We are still receiving multiple offers on power priced listings in the lower price range (up to $150,000). About 66% of all listings are either short sales or foreclosures!

Larimer County—Our Fort Collins/Loveland office reports showings have been slowing the last week, but inventory is starting to build again. Several competing offer situations have been reported as well priced, clean and ready to move homes are selling. We are seeing movement at the lower price point as jumbo loan interest rates are still higher than conventional. This is likely the reason we are seeing home sales at the lower price bands moving as buyers can take advantage of the lower interest rates. CB Home Loan FHA rates are still the best in town.

North Metro—The average sales price is around $250,000. We continue to see multiple offers on lower priced homes. Inventory in the $200,000 and under market is shrinking and going under contract quickly. Homes listed for over $350,000 have shown a slight reduction in showings in the past few weeks. Our Agents continue to report great turn outs at their Open Houses.

Parker—After a short slowdown last week, activities have increased on all levels again. We still see a high number of buyers losing properties because of multiple offers as well as multiple offers on our power priced listings. Since the government is trying to implement a new loan structure on Fannie Mae and Freddie Mac loans, and holding back on releasing many bank owned properties into the market for now, we are anticipating a high number of new bank owned listings by the end of August or early September. Sellers are advised to put their homes on the market aggressively very soon in order to avoid competition with bank owned listings.

Southeast Metro—The SE Metro office is experiencing a steady increase in properties going under contract within the first couple of weeks on the market. We are averaging six showings during the 1st week on all new listings. This weekend, we are hosting an open house blitz with Agents holding over 60 houses open between Saturday and Sunday. All open houses are being advertised in the Denver Post and all Internet sites! Stay tuned for the exciting results of our Open House Blitz.

West Lakewood—No information reported.

This week I’ll end with a few words of wisdom to our clients:

Pricing and presentation is vital in today’s market. Buyers are paying attention to new inventory and current price reductions so if you want your home to remain competitive in today’s market, you need to consider this fact. I urge you not to test the waters when you place your home on the market. You will prevail if you price your home competitively from the beginning and present it in its best light possible. Listen to your Agent! Once you do this, great opportunities abound.

Until next week,

Chris Mygatt
Coldwell Banker Residential Brokerage Colorado

2009-07-20T08:54:00.001-06:00

Friday, July 17, 2009
Louisville, Colorado Named CNNMoney.com’s Best Places to Live

And Superior wasn’t too far behind…

Well not to brag, but we all know Colorado is an amazing place to live. Our sports. Our activities. Our beautiful scenery. Our thriving economy. Tourism. It’s rare that you find such a remarkable combination but once again, Colorado is making its place on the national map.

Earlier this week, CNNMoney.com released its top 100 list of best places to live and topping the list in the number one position was Louisville, Colorado. Check out this link: http://money.cnn.com/magazines/moneymag/bplive/2009/snapshots/PL0846355.html. The article reported, “It's also weathering the economic downturn well. Robust industries in the area, such as high tech, energy, and health care, make county unemployment among the lowest in the state.”

Superior, Colorado wasn’t too far behind in the number 13 position. Check out this link: http://money.cnn.com/magazines/moneymag/bplive/2009/snapshots/PL0875640.html.

Also interesting to note this week if a Realty Times article which provided some insight into a rebounding market. Here are the highlights:

Pending home sales rose sharply, by nearly 7 percent, in the last month measured by the National Association of Realtors.
Pending sales were up in all four major regions of the country—and that caught the attention of some key industry economists.
Orawin Velz, economic forecaster for the Mortgage Bankers Association, said in a commentary that "the steady improvements in pending home sales are encouraging," and confirm the view that existing home sales hit their cyclical bottom in January and are likely to continue to rise in the coming months.
Since the January low point, she noted, the Realtors' pending sale index is up by 13 percent.
Mortgage rates continue to be favorable, an average of 5.3 percent last week for 30 year fixed rate loans, 4. 8 percent for 15 year fixed, and those rates are pulling in growing numbers of home purchase loan applications.
According to the Mortgage Bankers Association's weekly survey, new applications to buy houses increased by nearly 7 percent in the week ending July 3rd.
Now let’s take a look at this week in real estate:

Boulder/Longmont—Our Boulder office reports new listings took a jump of over 20% in the Boulder county market last week. Sales have been very steady for several weeks, seldom varying by more than 2% for the entire Boulder market. Agents continue to report that the ongoing problem of late and inaccurate appraisals continues to cause headaches. Showing activity on our office listings picked up by more than 10% last week. Longmont reports Colorado looks beautiful and green right now. Some neighborhoods are experiencing a seller’s market. Appraisers are having a hard time keeping up with the prices that are offered. Bidding situations are happening. The loan process is not for the faint of heart. Underwriters are asking for lots of supporting documentation and they are asking for it more than once. Patience is being tested at every turn. The benefit is that most buyers are getting some wonderful homes at great prices. Agents are working harder than ever for their buyers and sellers. Good Agents are keeping the deals together with some very trying times for all parties. We are still seeing homes under $250,000 move quickly.

Evergreen/Conifer—No information reported.

Denver Central—No information reported.

Devonshire— As we move into the heat of the summer, we also see the real estate market heating up and moving. There is still lots of activity in the price point below $400,000 with multiple offers more common than ever. While open houses seemed a little slow last weekend, buyer activity is still good. With July family vacations and people out of town, the open house slowdown was predictable. Finally, we are seeing the upper end market moving. Sellers are getting their homes on the market & we are seeing offers coming in on those houses. Price is crucial, as well as staging, in order to get top dollar in this market.

Douglas County—Our Southwest Metro office reported showings were up but not as good as the weekend before the 4th. We are seeing more listings and many more buyer contracts. Open houses were good this past week. We had several Agents who had picked up potential listings and buyers from their open houses. We had great floor last week. We are seeing activity in the homes priced below $300,000. We had over five listings that went under contract within 2-3 days.

El Paso County—No information reported.

Larimer County—Our Fort Collins/Loveland office reports showings and under contracts are strong. Well priced inventory is moving very quickly and even the condo market is picking up steadily. We are still seeing issues with appraisals and underwriting is taking a significant amount of time to review buyer's credit history and clear loan conditions. The Northern Colorado real estate market is relatively strong in comparison to much of the state. Larimer County in particular is fairing better than surrounding counties. It is still a great time to buy & I really don't think we will be in the doom and gloom for much longer. We're already seeing signs of life in the Northern Colorado market and it is only a matter of time until those buyers sitting on the fence will be kicking themselves for not making a move in what was a declining market.

North Metro—No information reported.

Parker—We have seen a positive trend this week as our listings continue to increase. Our showings and sales were down this week due in part to the beautiful weather we have been enjoying. We are increasing our market share & our agents are picking up many new buyers. With the interest rates low and inventory increasing, we expect to see our sales increase throughout the remainder of July.

Southeast Metro—No information reported.

West Lakewood—Short sales are becoming more streamlined and we continue to have multiple offer situations on bank owned properties. We are hearing back from banks more expeditiously. It seems that sellers are listening to their Agents. They are becoming more realistic and are often adjusting their listing price.
Regardless of the market or the reason behind the recent upswing, things are starting to pick up throughout Colorado. It seems buyers are finally starting to get the message that we may have hit bottom and, as buyers take action, we’re slowly but surely working our way into a transitioning market.

It’s been a challenging ride but what we have to look forward to is exciting. Prepare. The coming months and into 2010 are going to be an exciting ride.

Make it a great week,

Chris Mygatt
Coldwell Banker Residential Brokerage Colorado

2009-06-30T14:37:00.003-06:00

Denver Named One of the Best Places to Buy a Home…Now!

Forbes Magazine released this week its “In Depth: Best Cities to Buy a Home” feature in which the magazine highlights cities with the best real estate deals. Click here to access the article: http://www.forbes.com/2009/06/22/cities-deals-home-lifestyle-real-estate-home-buying.html. Among other large cities, Denver was listed with the magazine noting that “While the majority of the nation’s housing markets are still working toward a bottom, some cities are boasting fundamentals that make them good places to buy a home now.” In addition to Denver, Los Angeles, Boston, Phoenix and San Diego were listed.

To determine which cities feature the best real estate deals, the magazine “looked at three sets of data in the March 2009 RPX Monthly Housing Market Report, distributed by Radar Logic Incorporated, a New York-based derivatives firm. It looks at the market fundamentals in the country’s 25 most populated metropolitan statistical areas (MSAs or metros), geographic entities defined by the U.S. Office of Management and Budget used by federal agencies in collecting, tabulating and publishing federal statistics. First, we examined the number of ZIP codes with 25% of the area's sales to determine those in which activity is most evenly distributed. Next, we examined increase and decrease in price per square footage to determine where market value is the highest. Last, we looked at transaction rates in each city to determine where the housing markets are most active. We scored each city by category, and then combined the scores to determine the final ranking.”

Here’s what the article reported:

“1. Denver, Colo.
PPSF Increase or Decrease
March 2009 vs. Feb. 2009: 5.7%
Transaction Increase or Decrease
March 2009 vs. March 2008: -8.4%
Percentage of ZIP Codes with 25% of Sales: 25%”

Also this week, the National Association of Realtors released its existing home sales report which noted that existing home sales rose for the second straight month in May, signaling low prices and incentives are attracting buyers.

NAR says existing home sales, including single family homes, condos and coops rose 2.4 percent in May. It was the first back-to-back monthly gain in existing home sales since September 2005.

Sales of existing homes rose for the second straight month in May, signaling low prices and incentives are attracting buyers.
NAR chief economist Lawrence Yun had this to say, “Historically low mortgage rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates. First time buyers are also being drawn off the sidelines by the $8,000 tax credit which is helping to absorb inventory.”

The numbers could be even better if it weren’t for poor appraisals. While pending sales of existing homes—those with signed contracts but not closed—indicate stronger activity, some contracts are falling through from faulty valuations that keep buyers from getting a loan, said Yun.

Locally we made some great headlines this week, especially with the Denver Business Journal’s story headlined “Home prices in mountain states up 1.3% outpacing nation.”

The article reported, “Housing prices in Colorado and other mountain states rose 1.3 percent in April from the previous month, the biggest increase of any region of the nation, the Federal Housing Finance Agency reported Tuesday.”

And with that great news in tow, let’s take a look at this week in real estate:

Boulder/Longmont—The Boulder/Broomfield county markets continue to show a drop in new listings, with numbers down about 20% from the week before. Sales, however have shown a slight increase this week, about 2%. A quick check of price reductions in the area show 572 so far this month in Broomfield and Boulder counties! Expired listings only totaled 47 and that includes the last day of May. Great new stats for our side: If you sold a house under $750,000 with CBRB in Boulder county this year compared to the rest of the MLS, you averaged 13 fewer days before contract and $7989 more in your pocket! Our Longmont office reports buyers seem to be confused these days. Some are waiting for interest rates to drop and some are waiting for prices to drop. News that the housing market is local seems to be getting out but it might be adding to the overall confusion in the market. First time buyers are the main thrust of our sales. We have had some higher priced homes sell but homes under $250,000 are still selling fast. Now is a great time to get into the investor market. Investors are not looking to "flip" the homes but are looking for the longer term. The rental market is strong in Longmont. Summer weather has finally arrived, making it pleasant to show homes in the evenings.

Evergreen/Conifer—Our Evergreen office reported we had a total of five new listings for the week. Seven listings went under contract and one buyer went under contract. There was one multiple offer situation for a $208,000 SFH in Wheat Ridge. One listing went under contract in five days after only two showings, a $425,000 SFH in Evergreen. We had a total of 81 showings during the week which is close to normal level for peak season. The majority of activity occurred in three different price points, $200,000 to $250,000 (mostly first time buyers and investors), $300,000 to $350,000 and some recent strong activity in the $500,000 to $750,000 range. Our Conifer office reports we had four listings go under contract during the week, one of which was a bank REO. One buyer went under contract during the week. There were a total of 42 showings for the week and activity continues to improve.

Denver Central—Housing inventory continues to drop in the Denver area and for the fourth consecutive month homes sold in the metro area went for less than $200,000 and 28% were in the $200,000 to $300,000 range with those under $200,00 selling very quickly.

Devonshire—Showings have been very consistent this week. There is a definite feeling of increased activity and lots of contracts being written and accepted. Appraisal issues are still rampant, with multiple appraisals being asked for at the last minute before closing. We are advising Agents to write contracts with 45 day closings where possible to allow for a smooth transaction. Buyers are excited to get into their new homes and open houses are busy in many areas. Activity may slow down a bit with the 4th of July upon us.

Douglas County—Our Southwest Metro office reports we had another week of great showings. Father's Day was our only slow day. We had six properties with multiple contracts and our Agents are finding they are competing with multiple offers on properties they are writing on for their buyers. Open houses were slow this past weekend however floor was very good. Two Agents picked up buyers from their floor calls. We are still seeing very good activity on homes priced under $350,000. We have lots of buyers wanting to take advantage of the $8000.00 tax credit and I believe that the interest rates going up has also helped get buyers off the fence.

El Paso County—No information reported.

Larimer County—Our Fort Collins/Loveland office reports things are looking good in the Northern Colorado real estate market. We are seeing homes moving pretty quickly that are priced at market and multiple offers on short sale and bank owned properties that are priced 5-10% below market. Summer began on Sunday and inventory has increased this week as the summer selling season starts to collect steam. First time home buyers are still the primary home shoppers in the market and are gobbling up the lower priced inventory in search of the American dream. Appraisals are still an issue as Agents, lenders and appraisers learn to work together within the confines of the HVCC. It is still an amazing time to buy and interest rates are still near the lowest they've been in the last 50 years.

North Metro—Activity abounds in the North Metro area. We have put 53 homes on the market this month so far. Average days on market is less than 60 when the property is well priced. The average sales price is around $273,000. The upper end market (million plus) continues to show slow movement unless the home is located in a new build subdivision. Numerous floor calls are coming into the office on our listings and appointments from these calls are increasing. We're beginning to experience buyer calls on floor looking for homes in the $600,000+ range. Relocation buyers are also abundant & increasing in our area. We continue to see a lot of short sale situations.

Parker—After two very busy weeks, activity has slowed down slightly. The listing inventory specifically in the lower to mid price range keeps decreasing steadily which indicates that the trend for declining values could reverse soon. The upper end market (above $600,000) is still very slow and it will take a while to recover. Agents are very busy staying in touch and keeping clients informed about current market conditions while their business is up year over year!

Southeast Metro—Traffic continues to increase at our listings. Multiple offer situations are almost a guaranteed with properties priced below $250,000. Luxury properties are also seeing increased traffic and we currently have nine luxury homes under contract. Our success story of the week: One of our Agents had a listing for three years that went under contract and closed in June!

West Lakewood—Numerous sales are having appraisal problems. Closed short sales and bank owned properties are affecting the appraised prices. We are seeing increased activity in the above $400,000 price range.
One potential challenge that may begin affecting our market is the rise in interest rates.

I came across this CNNMoney.com article which explains why interest rates are on the rise: http://money.cnn.com/2009/06/19/news/economy/higher_inflation.fortune/index.htm. At this point, what we are seeing is the recent uptick is causing many fence sitting buyers to get off the fence and get in the market and in all likelihood that is a very good idea. We probably won’t see interest rates as low as they have been for at least another 20-30 years.

I also recently sat down with our friends at Coldwell Banker Mortgage to discuss interest rates, the future and what we can expect and based on that conversation, I will be focusing my July edition of Reality Check on this very subject.

Watch for it after the 4th of July holiday.

Until then, make it a great week.

Chris Mygatt
Coldwell Banker Residential Brokerage Colorado

Garth Criswell Named Sales Associate for Coldwell Banker Devonshire

2009-05-26T12:48:00.002-06:00

Denver, CO - 5/18/2009 - Coldwell Banker Devonshire Residential Brokerage in Colorado is pleased to welcome Garth Criswell as its newest sales associate. In his new position, Criswell will specialize in residential sales in the central and southern Denver metro area.

"We are thrilled to have Garth join our team," said Jill Croteau, Coldwell Banker Residential Brokerage Devonshire manager. "It is an exciting time to be with Coldwell Banker Residential Brokerage as we continue to build on our dominant presence in Denver."

Prior to joining Coldwell Banker Residential Brokerage, Criswell worked in the computer software industry for 12 years. His responsibilities included sales, client support, software design, and project management.

Criswell, a third-generation Coloradan and Denver native, earned his Bachelor's degree in Biology from California Lutheran University, and is currently an active and founding member of the Denver choir Kantorei.

Coldwell Banker Residential Brokerage Devonshire is located at 200 Fillmore Street, Suite 300, in Denver, and can be reached at 303-758-7611.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 19 offices with more than 1,970 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at "www.ColoradoHomes.com:http://www.coloradohomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 925.275.3085.

Ali van Westenberg of Coldwell Banker Devonshire Honored by Denver Board of Realtors

2009-05-26T12:46:00.002-06:00

DENVER - Ali van Westenberg, a leading broker associate with Coldwell Banker Devonshire, was recently honored by the Denver Board of Realtors (DBR) with two awards for her outstanding sales production in 2008. Ali was ranked by the DBR as the number one broker in total project volume and number in total project sides out of all DBR members. Her truly outstanding performance places Ali in the upper echelon of all real estate professionals nationwide.

Ali van Westenberg was also honored earlier this year with Coldwell Banker's International President's Premier and Top Team award for her stellar performance in 2008. She also earned the distinction of being named to NRT LLC's Top 1,000 sales associates for the second quarter of 2008. NRT is the parent company of Coldwell Banker Residential Brokerage.

Van Westenberg and her team are currently ranked among the top teams at Coldwell Banker. She joined Coldwell Banker Residential Brokerage in 1994 and has been the exclusive listing agent for numerous high-profile residential developments throughout the metro Denver area. Van Westenberg also serves the luxury home market at several exclusive communities in the region. She holds numerous professional designations recognizing the successful completion of stringent continuing education courses in real estate, and her team has garnered a wealth of prestigious sales production awards throughout her distinguished career.

For more information on real estate services from Ali van Westenberg, phone 303-987-4978, or contact Ali via email at ali@alivw.com. Additional information is available online at www.alivw.com.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925-275-3085.

Caryn Schmidt Affiliates with Coldwell Banker Devonshire

2009-05-05T11:23:00.001-06:00

Denver, Colorado - Caryn Schmidt is now serving the Greater Denver Area as a member of the Coldwell Banker franchise system and will now be affiliated with Coldwell Banker Devonshire in Cherry Creek located at 200 Fillmore Street, Suite 300.

Schmidt has served the real estate need of clients for more than five years and will now offer customers products and services exclusive to Coldwell Banker. Services include relocation, first-time buyers, move-up sellers, and investments. The office is staffed by 87 full-time broker associates who are committed to customer satisfaction.

"Coldwell Banker awards affiliation only to brokers who have a strong reputation and exceptional understanding of their market," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "We are proud to have Caryn Schmidt as part of the Coldwell Banker system."

Caryn has been in the business for almost 16 years, starting as an assistant for Re/Max in Suburban Chicago. A former Gold Circle award winner with Prudential Real Estate, she has been in the top 3% of brokers nationally. She is also featured on HGTV's number one show "House Hunters" regularly. She is a member of National Association of Realtors, Colorado Association of Realtors and Denver Board of Realtors.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925-275-3085

Kate Whipple affiliates with Coldwell Banker Devonshire

2009-05-05T11:19:00.002-06:00

Denver, CO April 16, 2009 - Kate Whipple is now serving the Denver Metro area as a member of the Coldwell Banker franchise system and is now working from Coldwell Banker Devonshire located at 200 Fillmore St. Suite 300 Denver, CO 80206.

Kate Whipple has served the Denver area for over three years and will now offer customers products and services exclusive to Coldwell Banker. Services include relocation, first time home buyers and assisting both buyers and sellers achieve their real estate goals with honesty. The office is staffed by 87 full-time sales associates who are committed to customer satisfaction.

"Coldwell Banker awards affiliation only to brokers who have a strong reputation and exceptional understanding of their market such as Kate Whipple," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "We are proud to have Kate Whipple as part of the Coldwell Banker system."

Kate has been successfully helping buyers and sellers close their transactions in both the Denver and Summit County markets for over 9 years. As a Gold Circle Award Winner with Prudential Colorado Real Estate, Kate helps her clients clearly understand the real estate process through a method of efficient and personalized service.

"I am so excited to be a part of the Coldwell Banker Devonshire team. Working with Realtors that are recognized for their high standards and professionalism is what attracted me to the Devonshire office. This office has a level of technology and service that is truly hard to come by" said Kate Whipple.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925-275-3085.

2009-04-30T15:48:00.004-06:00

Thursday, April 30, 2009
“The End is Near”

Well last week I told you the week would bring some interesting twists to the market. And I was right. New mortgage applications for home purchases and refinancings were up 77 percent from the same week in April 2008.

Mortgage rates continue to average well below 5 percent – 4.7 percent last week on average for 30-year fixed rate loans and 4.5 percent for 15 year loans. Rates like these are a major factor pushing applications.

Nearly 600,000 home buyers have already claimed either the $7,500 tax credit from last year or the $8,000 credit for this year, according to IRS data cited by the National Association of Home Builders.

Also of interest, new home sales have been showing signs of improvement. Last week the Commerce Department reported that March sales were off just 0.6 percent, exceeding analysts’ expectations, after climbing in February.

In other positive trends, interestingly enough, The Wall Street Journal reported this week, “Analysts say: The end (of declines) is near. While new home sales show signs of stabilizing as builders cut back on building and boom-bloated inventories are slowly absorbed, prices of both new and existing homes are still being dragged down by a flood of foreclosures. Still, the experts were optimistic that the federal government's efforts to stem foreclosures eventually will have an effect by the end of this year or early next year; Mark Zandi, chief economist of Moody's Economy.com, even ventured (jokingly) a date when home prices would stop falling—December 15, 2009.”

It’s hard to know whether or not the sum of these indicators is equivalent to a recovery but my sense is that the end is near—if we haven’t already passed it here in Colorado (some experts are even saying that we’ve already hit bottom and we’re in slow recovery mode). When the bottom has hit exactly is hard to predict but based on what I am seeing in our offices, based on the statistics that I am seeing on pendings and buyer interest/activity and based on the overall national recovery effort, it seems the prediction by many experts (in late 2008) that we would hit bottom by the middle of 2009 is probably not far off.

Now for those of you who are “timing” the market, I have to caution you on this. The only way you know that the market has hit bottom is when it is on its way up. While certainly housing is one of the biggest and most important investments we will make in our lifetime, it is also important to remember that our home is so much more than an investment. It is where we raise our family, where we create memories and where we plant our roots. So as you try to “time” the market, remember these key facts and make sure that beyond the investment, you are choosing a home that will bring you the happiness you deserve. Because in the end, that is what matters most. Choose the home that is right for you and your family right now and for years to come. Historically speaking, Colorado real estate brings long-term investment gains for almost all homeowners so if you choose the home that is right for you, you almost can’t loose.

Now, let’s take a look at this week in real estate:

Boulder/Longmont—Our Boulder office reports that new listings were up about 10% last week as Spring approaches. Despite a fair amount of bad weather, sales and showings stayed pretty level. More Agents are reporting frustration with getting deals closed, largely due to wildly different methods of handling short sales from one company to another as well as problems with appraisals. The Longmont office reports this is the second week in a row that our showing activity is up. We are up 15% week over week. Our homes "under contract" are up as well as our listings taken. We have more buyers looking at new builds and writing contracts on current builder inventory new home starts. Short sales and foreclosures are still impacting the values of local neighborhoods. Appraisals are continuing to be a stumbling block for some sales. It really is an area where the local Realtor can assist. One of the Agents here today commented that "I am rocking and rolling" with new business. It feels good!
Evergreen/Conifer—We had a total of six new listings for the week. Six of our listings went under contract including one priced at $1,300,000. There were 74 showings for the week which was back to the normal level following a decline the prior two weeks due to bad weather and our office being closed for three days.
Denver Central— We are seeing an increase in under contracts as of late. We continue to see drops in inventory.
Devonshire—This week we have seen a decrease in showing activity which is quite a seasonal anomaly. On the other hand, we are seeing lots of offers being written and actually accepted. It seems that this week buyers have seen what is on the market and are now at the decision making stage. With May here, we are still projecting a strong month and a good summer.
Douglas County—Our Southwest Metro office reports that showings were the best yet for 2009 so far. Friday-Sunday we had 175 showings. Agents are very busy with buyers and have had numerous calls regarding the $8,000 credit. We definitely see signs that buyers are starting to seriously look and make offers on properties. We had several listings that went under contract in less than a week with one on the same day. Our mortgage rep continues to be very busy with loan applications. Sellers are calling, wanting to list their homes.
El Paso County—No information reported.
Larimer County—Our Fort Collins/Loveland office reports that showing activity continues to increase in our market and we had the best week yet with property showings increasing by nearly one hundred showings. We are seeing many first time home buyers coming into the market to take advantage of the $8,000 tax credit. These first time buyers are buying power priced homes in the low to mid $200,000 price range. We had a solid number of homes go under contract last week. In fact, it was the most for a one week time period this year. However, no multiple offers were reported. If your property is in a good location, clean, well priced and under $300,000 there is a good chance it will sell in this tough market.
North Metro—The average price range under contract is around $250,000. Sales to list price is 98% to 100%. Days on market decreased to around 85 days. We've seen multiple offer situations on homes this week when the listing is power priced. Open house activity has increased as have the number of floor and sign calls. We continue to have the challenge of getting appraisers out quickly & loans out of underwriting in time for closing. We're working with many sellers.
Parker—Our Parker office reports: another record week for showings! Once again, sales activity increased last week. We received multiple offers on several power priced listings including eight offers on a bank owned property and three offers on a $1,300,000 listing. The inventory in our marketplace is steady. Depending on the price range however, we see a huge difference in the amortization rate from less than two months in the lowest to over three years in the upper range. In the million dollar plus market, it is necessary to position listings way below the competition in order to create activity.
Southeast Metro—We set 700 showings last week! Open houses traffic continues to increase as buyers are ready to make a move. We have put under contract 139 properties just this month! Homes in the high energy areas of the city are seeing a significant decrease in the average days on market. However, outer areas in the price point above $400,000 are still a bit sluggish.
West Lakewood— If you have a buyer wanting to purchase a bank owned property, they most likely will need to offer a substantial amount over the list price. We've had buyers offer $15,000 over list price and still not be the highest offer. One West Agent went under contract with a buyer for $800,000 a possible indicator that there may be some movement in this price range. Two $500,000 homes were placed under contract this week, again a possible indicator that there may be movement in this price range as well. Showings at all price ranges have increased.

No matter how cynical you are about today’s economy—and trust me, with as much as we’ve all been through over the last few years, I certainly understand—it’s important to point out the positive signs that we are seeing in the local marketplace. All signs are definitely pointing towards a recovery.

Next week I will release my May Reality Check message and I will focus it on why today’s market brings such prime opportunities for savvy investors. I hope you will check it out.

Until then,
Make it a great week,

Chris Mygatt

2009-04-24T11:18:00.003-06:00

First Time Home Buyers Are Finally Fueling the Come Back!

It’s finally happening! In my August 2008 Reality Check message I discussed our market’s need for the revival of the first-time home buyer. Because, as we know, first time home buyers are a critical force that will help jump start our market rebound, creating that important domino effect that will ultimately benefit all price points.

Confused? Just think about it. If first time home buyers purchase entry level homes, that allows the entry-level homeowners to sell and move-up to a mid-level, move-up market. By purchasing those homes, the move-up market is able to sell and ultimately purchase homes in the luxury arena. It’s a much-needed domino effect that could catapult our market’s rebound.

Well I talked about it eight months ago but at least you can’t accuse me of being a day late and a dollar short. I guess in this case I was a day (or eight months) early and, as my wife would say, still a dollar short. But it’s finally happening and numbers released over the last two weeks are certainly proving that.

First, let’s look at NAR’s release this week of its March existing home sales. Now of course some media did use the nationwide decrease in sales as an opportunity to take a negative spin but there were a lot of positives in this news. First, nationally, prices rose from February to March by 4.2 percent which is much higher than the typical 1.8 percent seasonal increase between those two months.

Second, housing inventory at the end of March fell 1.6 percent to 3.74 million existing homes available for sale which represents a 9.8 month supply at the current sales pace.

In the West, existing home sales declined 4.2 percent to an annual rate of 1.13 million in March but, and this is a big but people, are 18.9 percent higher than last year at this time.

Now what do all of these numbers mean? Well the fact is, the share of lower priced home sales have trended up, indicating a return of many first-time buyers. Sales in the upper price ranges remain stalled but there are two reasons for this. First, jumbo loans still are difficult to obtain right now—though that may change in the second and third quarters thanks to the government’s work to restore this—and second, now that first time home buyers are once again entering the market, it will take some time for the domino effect to take shape onto other price ranges.

Another interesting note, the Mortgage Bankers Association this week released its Weekly Mortgage Applications Survey for the week ending April 17. The index showed an increase of 5.3 percent from the previous week and that was a 76.9 percent increase compared with the same week a year ago. Yes, 76.9, that’s not a typo.

Whatever you think about what our government is doing to revive our economy, it seems some of the early work like the first time home buyer tax credit is working. Earlier this week Inman News reported that the preliminary numbers from the IRS suggest 1.4 million taxpayers will claim the federal first-time home buyer tax credit on their 2008 tax returns, meaning the program is likely to meet or exceed the 2 million target set by lawmakers before it ends November 30, 2009.

Finally and I think this is probably most notable, the Wall Street Journal reported this week that prices have fallen back into line with what the typical household can afford to pay in most of the U.S. The report showed that home prices are dubbed “fairly” valued in 202 of the 330 markets studied. That means the average price level is within a band 14% above or below the historical norm. Twenty-one markets are “overvalued” or between 14% and 34% above the norm. And 106 markets are considered “undervalued” or more than 14% below the norm. Take a look at this graph which showcases where we were in the early part of the decade as compared to today:

Now I know some of you are scratching your heads and saying, how is the drop in property value a positive thing. But the fact is that though the ride was nice in the big real estate boom of the early 2000s, we couldn’t sustain those types of record appreciation levels without eliminating certain consumer niches, including first time home buyers. Now that levels are back within range, the first time home buyers are once again able to reenter the market which is why we are seeing such a strong surge in sales in that level.

It’s just a matter of time before we weed through the remaining banked owned inventory and we should begin to see prices stabilize. Once we see that, the remaining areas of the market should begin to see an upswing, too.

With that said, let’s take a look at this week in real estate:

Boulder/Longmont—Our Boulder office reports that under contracts in the Boulder market are up 30% over the previous week with new listings down over 40%! I know it's only a week, but that's the kind of trend we like. The Boulder office showed a big uptick in under contracts over the previous two weeks. The Longmont office reported that business is happening. Our showings increased by 19% week over week. This is especially significant due to the blizzard like weather late in the week which caused us to close the office early on Friday. Some buyers are choosing not to buy foreclosures and short sales due to the challenges that those properties can bring. This bodes well for the non-distressed sellers. Homes in the lower and moderate price ranges are selling quickly. After the snow, the weather became wonderful. Spring has made it to the Rocky Mountains. We are also experiencing positive job growth year over year and the unemployment rate in Boulder county is lower than the state figures.

Evergreen/Conifer—Our Evergreen office reported that we had a total of two new listings for the week. Three listings went under contract. There were forty-eight showings for the week. Sales and showing activity were affected by the weather. Our office was closed for three days.

Denver Central—No information reported.

Devonshire—Our Devonshire office is reporting that in spite of snow storms and other weather issues, showings are increasing consistently. Buyers are finding it easier to pre-qualify for loans and are anxious to get out and begin looking. The moderate price range properties are holding strong with multiple offers. We know that the upper end will follow in the next few months. Buyers are coming to realize that if they don't move quickly on available properties someone else will.

Douglas County—No information reported.

El Paso County—Our Colorado Springs office reports that buyer activity is picking up dramatically mostly due to military and Schriever Space Center. Short sales are slowing and a lot of those sellers are renting their homes. REOs have slowed as well as foreclosures.

Larimer County—Our Fort Collins office reports that activity continues to increase in our market with property showings increasing and still the occasional multiple offer situation. The majority of the current activity is coming from homes in the $200,000 to $300,000 price range. The upper end is moving slowly. The three days of rain/snow did decrease the activity somewhat last week, but we are looking to rebound strong with the great spring weather and 70 degrees this week. We are still experiencing numerous short sales and some foreclosure activity. However, the banks are responding to offers a little quicker than before as these situations are becoming more commonplace. Interest rates are the lowest they have been since 1954 and the property values are holding relatively strong for our economy. If you are waiting for a better time to buy you may have to wait another 55 years!

North Metro—Our North Metro office reports that Agents are going out on many listing appointments. Some sellers remain overly optimistic about the price they would like to get for their home, over current market value. We are seeing an increase in listing appointments that are in short sale situations. The first time home buyer tax credit is helping to increase the number of buyer appointments. The result is a lower average sales price of the homes we put under contract. Floor calls continue to be strong. Average list price this week has been around $250,000.

Parker—Our Parker office reports that although we set a new record for listings under contract for the month of March, our inventory increased slightly because we added another high producing team to our sales force. Showing activity has been the highest since 2006! Our number of showings increased by over 100 in one week! We still receive multiple offers on power priced listings. Last week’s record was 14 offers on one listing within the first four days on the market.

Southeast Metro—WOW!! Busy, busy, busy with showings averaging 100+ per day! Our success story of the week is a condo near City Park that went on the market and closed in two weeks at full price! We continue to see multiple offers on homes priced below $250,000. Open houses are generating lots of energy and excitement in the market.

West Lakewood— Nearly 70% of our sales are under the $250,000 range. Very little is moving over $500,000. Many, many first time homebuyers are taking advantage of the $8,000.00 tax credit. Nearly all multiple offers are on bank-owned properties.

Next week will bring some more interesting news. Check out this article that ran Monday in The Wall Street Journal: http://www.washingtonpost.com/wp-dyn/content/article/2009/04/19/AR2009041901875.html. Once we see the results of new home sales (existing home sales were already reported), we should have a better indicator of where we are. I’ll leave you with this excerpt from the The Wall Street Journal’s story:

“Whatever the March numbers say, there are good reasons to think that home sales will improve as the spring selling season gets underway. Anecdotal reports suggest that low mortgage rates and an $8,000 first-time home-buyer tax credit are coaxing buyers back into the market. And while foreclosures are set to rise as banks begin to move on delinquent homeowners, that actually could boost home sales as banks auction homes for whatever the market will bear.”

The market is without a doubt changing and we may finally be seeing the end of the great housing challenge of the 2000s. I for one am very happy to see it.

Until next week,
Have a great one,

Chris Mygatt
President
Coldwell Banker Residential Brokerage Colorado

2009-04-10T15:00:00.004-06:00

Are Happy Days Here Again?

We awoke Thursday morning to some very positive economic news—Wells Fargo reported a better-than-expected first quarter profit of $3 billion surging the company’s stock by 32% and boosting shares of many other big banks as investors bet that Wells Fargo’s peers may also post results that exceed Wall Street’s estimates. The hope by all involved is that the banking sector is stabilizing. Much of Wells Fargo’s recent success is in part related to the recent increases in mortgage loan applications which could be a strong sign that consumer confidence is on the rise.

Also revealed this week is the fact that new jobless claims fell more than expected. The Labor Department said Thursday that the tally of initial jobless claims fell to a seasonally adjusted 654,000 from a revised 674,000 the previous week. Analysts expected claims to drop to 660,000

This week there were so many positive headlines that, rather than provide you with my ongoing synopsis, I thought I’d give it to you straight from the horse’s mouth. Yes, even the media is now on board with the positive headlines which tells me that the market is definitely changing.

New jobless claims, trade gap fall; retailers see signs of hope; http://www.usatoday.com/money/economy/2009-04-09-jobless-trade_N.htm
Big rally on Wall Street; http://money.cnn.com/2009/04/09/markets/markets_newyork/index.htm?postversion=2009040918
The case for buying a home right now; http://online.wsj.com/article/SB123913901841798375.html

With affordability up, home buyers are returning to the market; http://www.nahb.org/news_details.aspx?sectionID=0&newsID=9000
Outlook on economy is brightening; http://www.nytimes.com/2009/04/07/us/politics/07poll.html?_r=1&scp=23&sq=economy&st=nyt
Real Estate Outlook: Promising Numbers; http://realtytimes.com/rtpages/20090407_realestateoutlook.htm

Denver: 10 Cities Where Americans Are Relocating; http://www.forbes.com/2009/03/30/americans-moving-cities-lifestyle-real-estate-relocating_slide_2.html?thisspeed=25000

And with that very exciting and uplifting news in tow, let’s take a look at this week in real estate:

Boulder/Longmont—Our Boulder office reported new listings continue to rise in the Boulder market, especially condos but sales are increasing as well. Sales in the Boulder market are up 36% from the week before. New listings are up 48% week over week. A front page story in the newspaper today shows 1st quarter single family home sales in the 1st quarter of 2009, down 50% from 2008. Prices up 0.4%. Prices also up in Louisville (0.9%), Superior (4%), Erie (4.2%) and Lafayette (6.9%)! Sales were up 15.9% in Broomfield, but prices were down 5.7%. Figure that out!

Evergreen/Conifer—Our Evergreen office reported we had a total of four new listings for the week. Of the three listings that went under contract, two are short sales. There were 60 showings for the week. We had five buyers put under contract during the week, but only one was a bank owned property, the others were normal sales. One contract is for land ($400M), two are for homes priced in $175,000 range, one home is at $400,000 and one REO is priced at $900,000.

Denver Central—We have seen a big increase in activity in March/April. With interest rates so low, buyers and investors are purchasing properties. We continue to see a marked reduction in inventory. Number of days on the market continues to drop. Our office average is 82 days.

Devonshire— Our Devonshire office reports that once again we are seeing a surge in showing activity which indicate that buyers are jumping off the fence and into the market. All of the economic reports and the news coverage seem to indicate that the bottom is here or near for home prices and buyers are hearing the news, therefore moving ahead in their search for homes. The federal government first time home buyer tax credit is helping to create momentum for buyers. As the listing inventory decreases, sellers are seeing that this is the time to get their own homes on the market. They don't want to miss this surge in buyer activity. I would say that this spring should show a considerable surge in sales. We look forward to a productive summer.

Douglas County— Our Southwest Metro office reports that showings were down a little last week due to the weather, especially Friday and Saturday. We are still seeing buyers looking and writing on properties. We had several Agents that had buyers looking and then writing on properties. We had several Agents with buyers that wrote on properties where there were multiple offers. Recently we are seeing properties going close to their list price. Sellers are now looking into listing their home this month or in early May. Our mortgage rep is still very busy taking loan applications and approving buyers. Open houses and floor calls are still going strong.

El Paso County—Colorado Springs reports that the weather has slowed the market a bit but board sales remain good, as do ours. Commercial vacancies are still growing and unemployment here is growing fast.

Larimer County—Activity is up and multiple offers are coming in on well-priced homes. One Agent reported three offers on a new listing that had only been on the market for one day. Consequently, the property went for above asking and the sellers were thrilled. Buyers will come out of the woodwork to see well priced homes in the area. Showing activity has been steady and the spring season is bringing additional inventory to the market. Home prices are stable. Prices have been virtually flat or only slightly down for the last several years and with exception to short sales and foreclosures, the market appears to be at or very near the bottom. Given what has been happening on both coasts as well as Arizona/Nevada, we are fortunate our prices have remained comparatively stable. Homes in this area represent an excellent value for today's home buyer.

North Metro—Our Agents are busy going out on numerous listing appointments, power pricing the homes to get them sold. A total of 14 of current listings put under contract in this past week. The price of homes put under contract this past week are all under $250,000. Higher priced homes are still slow, with minimal showings. We had numerous floor calls from buyers looking for properties, both personal and investment.
Average days on the market in the office before a contract is written is right around 92 days.

Parker— Although we set a new record for listings under contract for the month of March, our inventory increased slightly because we added another high producing team to our sales force. Showing activity has been the highest since 2006! Our number of showings increased by over 100 in one week! We still receive multiple offers on power priced listings. Last week’s record was 14 offers on one listing within the first four days on the market.
Southeast Metro—In the southeast area we are seeing a steady increase of activity in the luxury home market. Inventory overall is increasing and there is fierce competition in the price point $200,000 and below. Buyers are moving quicker to write offers. Spring has sprung!

West Lakewood—Many sellers are still unreasonable regarding their price. One Agent in particular felt he priced a home well, however the feedback from Agents is that it is substantially overpriced. Another Agent would not take a listing because the seller was unwilling to price for the market. Buyers do not seem to know the market is changing. They still think everything should be a "steal.” In the $200,000 - $300,000 range the market is still saturated with short sales and foreclosures. The stimulus package is working in the lower price points. It will take time to have it work upwards in the higher price points.

Now what should we do with these positive stories? Don’t look a gift horse in the mouth! Spread the word. One of the biggest challenges hindering our sector right now is low consumer confidence. We’ve just finished three years of a very gloomy and challenging time in United States real estate. And while this optimism can’t yet be explained by official statistics, which lag behind the current market by 30-60 days, pendings are up in many markets and units sold are certainly on the rise. It’s time to target our family, friends and clients alike and educate them on the opportunities and possibilities in today’s market. The time is right now. The market is poised for a rebound. With the $8,000 first time home buyer tax credit, the historically low interest rates, the high rate of affordability—we couldn’t be in a better position for a rebound. Read my lips: spread the word! Tell your friends. Tell your family. If you’re considering buying a home, now may just be the perfect time.

Next week I will be taking a brief hiatus from Weekly Market Watch. I’ll return the following week with another exciting, robust edition.

Have a great one,

Chris Mygatt
President and Chief Operating Officer
Coldwell Banker Residential Brokerage Colorado

Scott Coors of the Coors Family Home on Lookout Mountain Scheduled for Auction on April 25th

2009-04-09T13:36:00.001-06:00

Premiere Estates Auction Company Partners with Coldwell Banker's Ali van Westenberg to Sell Custom Home Showcasing Remarkable Views

DENVER - Premiere Estates Auction Company of Los Angeles is partnering with Ali van Westenberg of Coldwell Banker Devonshire to auction the Coors family custom home nestled atop Lookout Mountain on Saturday, April 25, 2009. The auction for this exquisite home showcasing magnificent views will begin at noon, with registration starting at 11 a.m. Previously valued at more than $4 million, the suggested opening bid for this magnificent Coors residence is $1,250,000. The home will be open for viewing on April 4th, 11th, 18th and 24th from noon to 4 p.m.

The Coors family custom home offers amazing entertainment spaces throughout 8,676 finished square feet. The extraordinary views are panoramic, including day and nighttime vistas of downtown Denver, the tent roof at DIA on the horizon, and the legendary city of Golden a thousand feet below. The home is buffered by forests and Apex Open Space Park. The fortunate owners will enjoy elegance and privacy on a grand scale complimented by some of the finest interior appointments available.

The showplace home was created on three levels that descend to a final rear deck with an infinity pool where the views can be enjoyed in a premier outdoor environment. The home showcases Brazilian textured stone, a fabulous kitchen featuring Viking, Fisher Paykel, and Sub-Zero appliances, plus two elegant master suites with sumptuous baths. The buyers will also enjoy a housekeeper's apartment and a five-car garage. The main level and elaborate walk-out lower level are ideal for both formal and informal entertaining where your guests will appreciate truly amazing views.

All potential buyers need to become registered bidders during one of the open house dates or by downloading a Bidder Registration Form at www.PremiereEstates.com. Bidders need to bring a $50,000 cashier's check payable to Guardian Title and be prepared to place a total deposit of 10 percent at the close of the auction if fortunate enough to be the winning bidder. The buyer's premium of eight percent will be added to the gavel price or winning bid. Local area brokers who submit their registrations before auction day will be compensated should they represent the winning bidder.

Premiere Estates Auction Company was founded to help estate owners receive the maximum value possible for their unique and prestigious properties, and to assist them in getting their properties sold quickly. They specialize in auctioning luxury residential properties across the country.

Ali van Westenberg is a top-producing real estate professional and one of Coldwell Banker's most honored broker associates. She recently garnered Coldwell Banker's prestigious International President's Premier Award for outstanding sales production in 2008.

For more information on the April 25th auction of the Coors Family custom home, contact Ali van Westenberg at 303-987-4978, email ali@alivw.com, or contact Jeri Bryant with Premiere Estates Auction Company at 310-698-3625, Ext. 232, email jbryant@premiereestates.com.

For more information on Coldwell Banker Residential Brokerage, visit the leading real estate company online at www.ColoradoHomes.com.

2009-04-07T11:38:00.002-06:00

I’m Invigorated!

Okay, I know that headline seems a little exaggerated and maybe even a little far-fetched, but honestly I am. I don’t know if it is a combination of the sun, the clean Spring air and the excitement that seems to be brewing in our offices, but I can feel that change is abuzz in the real estate market and for the first time in a long time, I’m truly invigorated!

This week was yet another week of milestones. Several weeks ago I questioned, are all of these positive indicators the start of a trend or are they just that, positive indicators that will have a short shelf life. Well, after at least four weeks of some strong, positive gains, I truly am invigorated.

This week, NAR released its Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, reporting that pending home sales rose 2.1 percent to 82.1 from a reading of 80.4 in January. Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains.

NAR’s Housing Affordability Index also rose 0.9 percentage points to a record high of 173.5 in February from an upwardly revised index of 172.6 in January, and is 36.3 percentage points higher than a year ago. This broad measure of housing affordability using consistent values and assumptions over time, shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970. 1970!!!!

Also interesting, Inman News released a survey this week noting that of the 225 readers who responded to an online survey from March 23 to April 1, 48.9 percent said housing markets in their area were improving, 27.1 percent said they were stabilizing and just 12.9 percent characterized them as worsening.

That, along with the indicators I’ve referenced over the last several weeks including last week’s jump in mortgage applications, the historic drop in interest rates and the surge in new housing starts, we truly are seeing some very positive and indicative signs of recovery. I truly believe that buyers are seeing inventory move and that gets them moving.

It seems some of Obama’s various recovery efforts are starting to have some effect on the market. The billions to slow foreclosures and goose bank lending, plus the tax credit, are getting buyers to move which is a positive sign.

Now, of course, we’ll have to keep our eye on it and watch as the market continues to progress through our traditionally busy Spring selling season, but thus far the signs are positive and my magic eight balls says “Outlook is Good.”

With that good news in tow, let’s take a look at this week in real estate:

Boulder/Longmont—Our Boulder office reported very strange two weeks in the Boulder market. New listings fell about 33% during the last week of March compared to the week before but under contracts skyrocketed! They went from 3 to 27! A 900% increase. Showings were down due to the snowstorm. Inventory in Boulder County continues to increase but we are holding steady at about 10% of going under contract in the first two weeks on the market. Our Longmont office reports showing activity was down 35% from last week…the blizzard of March 2009 did impact the showings! The week ended on a positive note with the showings going up again. Buyers are finally getting the message that the interest rates are awesome! More investors are writing contracts to purchase.
Evergreen/Conifer—Our Evergreen office reported a total of two new listings for the week. Two listings went under contract, one is a short sale property. 63 showings for the week making a total of 335 for the month of March.
Denver Central—Our Denver Central office reports we have seen a big increase in activity in March. The lower-end market is very hot right now with multiple offer situations. We are also seeing increases in sales volume.
Devonshire—Our Devonshire office is reporting that we are still seeing showings increase even with the unsettled weather. Buyers are getting tired of waiting for things to stabilize and are anxious to get out there and get a home. They are however, looking at many more homes before making a decision. The interest rates are wonderful so I believe that activity and closings will increase as we move further into Spring. Sellers are seeing that price and staging of their homes are more important than ever. Now is truly the time to move forward towards your real estate goals.
Douglas County—Our Southwest Metro office reports our floor has been generating great leads this past week. We have had four Agents that picked up buyers from their floor shifts. Open houses were very successful this past weekend. We are seeing a turning point (small but turning). Our mortgage rep is still very busy. He registered 25 leads out of 26 this month!
El Paso County—Our Colorado Springs office reports that the under $250,000 market seems to be the hottest price range right now compared to $350,000 two months ago. This may be due to more of the workforce of some of the companies at the Space Command Center at Schreiver coming in and the executive transfers have slowed.
Larimer County—Our Fort Collins/Loveland office reports that Spring has sprung and following a fast-moving blizzard this past week, we've seen a spike in activity in Larimer County. Loveland overall remains slower, but all indicators are that the Spring selling season is underway in the Fort Collins/Windsor area as showings are up 20% from previous weeks. Contracts are strong as well with an end of month blitz that doubled the number of the week before. We are seeing an increase in open house activity and sign calls as interest in current inventory increases while interest rates remain unbelievably favorable.
North Metro—Our North Metro office notes that Agents are going out on many listing appointments. Sellers are ready to "sell.” Numerous buyer appointments as well. Seeing an increase in number of short sale listings. Average days on market for our listings is about 95 days.
Parker—What a busy week last week of March! We set a record for March under contracts as well as for showings during week one of March of over 300! The biggest impact comes without a doubt from the first time home buyers that want to take advantage of the $8,000 tax credit. Because of the increased activity and the decreased inventory, more and more communities in the lower price ranges show a stable value. The upper end communities are still slow, however it's only a question of time until those pick up as well.
Southeast Metro—No information reported.
West Lakewood— We have bank owned properties that are receiving multiple offers. This week we had a short sale listing receive seven offers. Of the property with seven offers, the selling Agent was asked to give their highest and best offer. Two owner-occupied homes which have been listed since Fall received multiple offers. The buyer offered $10,000 over list price and lost the home to an investor. First time buyers who want to take advantage of the tax credit are finding themselves either in multiple offer situations or the property went under contract within hours of them viewing it. They are also in competition with investors. Owner occupied sellers are busy getting their homes ready for market. They are open to staging, painting and carpeting so they can compete well. Eight parties came through a $730,000 home at an open house last weekend. That is the highest traffic since last summer.

As you can see, the market is heating up. Consumer confidence is finally on the rise and buyers are edging off the fence. For those who are still cautious, please consider all of the positive signs that are knocking at your front door. From the first time home buyer credit to the historically low interest rates to the increases in conforming loan limits to the generous amount of inventory to the motivated sellers to the…honestly, the list goes on. Opportunity is knocking and it is time for buyers to recognize this and jump in.

Until next week,
Have a great one,

Chris Mygatt
President and Chief Operating Officer
Coldwell Banker Residential Brokerage Colorado

2009-03-27T11:44:00.004-06:00

From a Slow Crawl to a Brisk Walk

I heard someone earlier this week say that the housing market has gone from a slow crawl to a brisk walk. I think that is the perfect metaphor to explain the recent changes in the real estate market. The market is coming back. It’s not roaring, but it’s coming back.

This week, according to Reuters.com, U.S. mortgage applications jumped as record low interest rates spurred a surge in demand for home refinancing loans. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, increased 32.2 percent to 1,159.4 for the week ended March 20. Refinancing accounted for 78.5 percent of all applications.

Furthermore, interest rates on mortgages fell after the Federal Reserve last week said it would buy Treasury securities for the first time in more than four decades as well as more than double its planned purchases of mortgage-related securities. Reuters.com reported that “Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.63 percent, down 0.26 percentage point from the previous week, reaching a record low….Interest rates were well below year-ago levels of 5.74 percent.”

Meanwhile, according to Realty Times, housing starts took a surprise jump of 22 percent in February over January's depressed levels. Most of the increase was attributable to apartments and condominiums, but single family starts were up by one percentage point, and new home permits were up by 11 percent, after months of sharp declines.

Existing home sales are also seeing some good trends. NAR reported this week that sales activity for single family, townhomes, condominiums and co-ops rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January.

Last week I recommended that you watch Coldwell Banker president and CEO, Jim Gillespie on CNBC’s “Roadmap to Rebound” which focused on the state of the housing market. If you missed it, Gillespie stated that “the government could do a lot more than they are already doing in order to get the real estate market moving again.” Congressmen and economists continually say that in order to get the economy going, we need to first get real estate going. Gillespie believes that two key changes are needed in order to get the economy moving, and the first item that needs to be addressed is to set a fixed-rate mortgage. “Lowering the interest rate to 4% to 4.5% for 12 months is one way to get the inventory moving.” Along with setting a fixed-rate mortgage, increasing the tax credit to $15,000 and including all buyers of primary residences will help move buyers along and get the market to shift.

Gillespie also stated that the demand side needs to be looked at closely, because once we start to burn off the inventory that we currently have, prices will begin to stabilize and go up again, which will help those in distressed situations. “Fifty-five percent of loan modifications have failed after six months because jobs are not being created and homeowners are losing the jobs they have,” says Gillespie. “In order to create jobs, we need to create demand, both of which will get the housing market and economy moving.”

I for one appreciate seeing our leadership team speaking out on our behalf, serving as the visionaries for our industry. It’s enlightening and certainly makes me proud.

Now, let’s take a look at this week in real estate:

Boulder/Longmont—Our Boulder office reports that the past few weeks have been a bit slow with properties going under contract. The feedback from the Agents is that with all the talk and hopes that the stimulus items will include further reductions in the interest rates before they commit to writing an offer. While we are still actively taking listings, ONLY the homes that are priced well are being shown and getting offers. The homes that are priced at a value to the public are getting multiple offers allowing for the seller to get more than what they originally priced. The Longmont office reports that showings were off 6% from the previous week. Calls into the office from potential sellers and buyers were up. Buyers are using many methods of searching for properties. They are reading specialty home sales magazines, newspapers and using the Internet. Some buyers are realizing that well priced properties need quick action, they are sold quickly. Overall, days on market have decreased 11% year over year.
Evergreen/Conifer—Our Evergreen office reported it had a total of two new listings for the week. Two listings went under contract, one was a short sale. Two buyers went under contract—both are short sales. Three other offers are pending acceptance—one is an REO and the other two were short sales with multiple offers. One Agent was preparing to make an offer on a bank owned property but was unable to submit because the bank stopped taking offers after 18 were submitted. The listing was in the $150,000 price range in Denver. We had 83 showings for the week.
Denver Central—Our Denver Central office reported that spring is adding many new observers to open houses and the low rates combined with the new tax incentives have many buyers anxious to tie up a property to add to the interest deductions they get normally. They know the longer they are in the home the more interest is available to deduct for 2009 tax year. With the new additional incentives it makes for a nice bonus around April 2010.
Devonshire—What a strange market. We are seeing homes go under contract at a slower pace but once under, they don't seem to be falling as frequently as before. Buyers seem to be doing their due diligence before going into contract. One of our professionals in the office is counseling her clients that in this age of "restructuring,” purchase a home because it's a place that you want to remain and in a neighborhood that you love. Do not purchase a home for the quick money you will make on it. These comments seem to have real value and we see inventory decreasing. It's a perfect time to buy the home you want in the area you love. Seeing homes selling spurs sellers to get their homes on the market. Things are looking up and we look forward to an active spring/summer season.
Douglas County—Our Southwest Metro office reports that showings this past weekend were the best yet! Our open house activity was fantastic with Agents having such busy open houses that some ran out of flyers! Buyers seem anxious to find homes and our Agents are busy writing offers. It seems as though sellers and buyers are beginning to see a little light at the end of the tunnel. There is excitement around the office and among the Agents.
El Paso County—Our Colorado Springs office reports that open houses are still active. We’re seeing lots of buyers in town just checking things out to see if they want to accept a transfer to Colorado Springs. USAA transferees from Sacramento are getting several options for relocating as are some Lockheed people from San Jose. Foreclosures are slowing down as are short sales. Buyers get frustrated when they try one and avoid them after that. Lenders are tightening up finally.
Larimer County—Our Fort Collins/Loveland office reports that as predicted, showings during Spring Break week in Larimer County increased dramatically with many families remaining in town and weather cooperating beautifully. We are expecting to see an uptick in contracts in the following week especially with 30 yr fixed rates now in the 4.6% range. Despite continued unsettling economic news on both local and national fronts, Northern Colorado enjoyed a key job creation groundbreaking ceremony of their 2nd blades plant and 1st nacelle assembly plant in neighboring Weld County. At full capacity, these two operations will employ over 1300 people in the area.
North Metro—The North Metro office notes that the market under $250,000 is very hot right now. Inventory is low and several homes are getting multiple offers. Interest rates are low and buyers have gotten off the fence.
Parker—Listings as well as showings were up again last week. The traffic through open houses is way above average. For the first time in months we see stable values in some communities. Canterberry Crossing, Stonegate and other established neighborhoods show a drastic increase in sales activity. More and more, energy priced listings receive multiple offers. We continue to watch the trend closely and are confident that we will be able to announce a shifting market for some areas in Douglas County soon.
Southeast Metro—Showing activity continues to increase. Our office set 660 showings last week! Several market adjustments were put into place on our listings. Lots of traffic at open houses and buyers are making offers quicker as inventory continues to decrease in the price range $200,000 to $300,000. Outer areas are still sluggish as inventory is at a stand still.
West Lakewood—One buyer had 20% down, excellent credit asked for $2000 in seller concessions. The seller countered without the concession and the buyer took the counter offer. We are seeing a reduction in the number of bank owned listings that are coming on the market. Showings are up substantially as are visitors to open houses. More offers are coming in. A lot of first time buyers in the market are now taking advantage of the $8000 tax credit. One Agent put three of her listings under contract and is writing on one of her own listings with her buyer.
After a week of positive indicators, my best advice is for buyers to get out there. There are some fantastic deals out there right now and as more people begin to realize it, competition will come back and begin to drive activity. You know what they say about the early bird!

The weather over the next few days is going to be cold and wintery—even after my message last week in which I kicked off spring. Stay warm and safe and have a wonderful weekend!

Until next week,
Make it a great one,

Chris Mygatt
President and Chief Operating Officer
Coldwell Banker Residential Brokerage Colorado

Ali Van Westenberg of Coldwell Banker Devonshire International President's Premier and Top Team Awards

2009-03-27T11:40:00.002-06:00

DENVER - Ali Van Westenberg, a leading broker associate with Coldwell Banker Devonshire, was honored with the company's International President's Premier and Top Team award during Coldwell Banker's annual awards celebration held February 7, 2009 at the Broadmoor Hotel in Colorado Springs. Van Westenberg's truly remarkable performance places her in the upper echelon of approximately 1,300 broker associates operating from 14 Coldwell Banker offices along the Front Range.

For more information on real estate services from Ali van Westenberg, phone 303-987-4978, or contact Ali via email at ali@alivw.com. Additional information is available online at www.alivw.com.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.coloradohomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.coloradohomes.com or call 925-275-3085

The Levine Team of Coldwell Banker Devonshire Residential

2009-03-25T10:10:00.002-06:00

DENVER – The Levine Team, leading broker associates with Coldwell Banker Devonshire, was honored with the company’s Diamond Society during Coldwell Banker’s annual awards celebration held February 7, 2009 at the Broadmoor Hotel in Colorado Springs. Carol and Nancy Levine‘s truly remarkable performance places them in the upper echelon of approximately 1,300 broker associates operating from 14 Coldwell Banker offices along the Front Range.

“Though it has been a challenging year for real estate, when the market is complicated is when buyers and sellers realize they need competent, experienced, full time Realtors” said Nancy Levine. “Working as a team we are better able to address the 24/7 needs of our clients.”

Carol Levine said they have a robust move-up segment of clientele. “There could not be a better market for the move-up buyer. If you loose 5% on the sale of your 500K home and are able to purchase a 1 million home for 5% less, the economics are very favorable”

For more information on real estate services from The Levine Team, phone Carol at (303) 884-7653 or Nancy at (303) 619-7800, or contact them via email at levineteam@DenversGreatHomes.com. Additional information is available online at www.DenversGreatHomes.com.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925-275-3085.

What’s Happening in Real Estate

2009-03-20T14:34:00.001-06:00

Home Prices in Denver

• “Home prices in the Denver-Aurora metropolitan area have less than a 1 percent chance of declining in value during the next two years, “ “The U.S. Market Risk Index released by PMI ranked Denver as the 10th least risky of the 50 largest metro areas in the country.”
“Overall, year-over-year home values in the Denver area are down 3 percent, while the average drop for the top 50 metropolitan areas is about 11 percent.”
Source: www.rockymountainnews.com/news/2009/jan/15/metro-housing-holding-its-value/

• Average sales price is down by 14% reflecting the shift in the mix to lower priced homes.
• Prices for homes under $600,000 are very stable and may be starting to increase; homes priced under $300,000 are generating multiple offers for Sellers; homes priced over $600,000 are in a Buyer’s market and Buyers who are flexible in their purchase requirements can find exceptional values.
• Homes that need updating or other work by the Buyer are selling slowly and prices are discounted.

Sales Activity

• On a year-to-date basis, total closed home sales in Metro Denver declined 4.2 percent.
Source: Metro Denver Economic Development Corp www.development research.net

• “Foreclosures in metro Denver decline 11.8 percent. Denver area saw first year-over-year drop in at least 12 years.”
Source: www.rockymountainnews.com/news/2009/jan/14/foreclosures-decline-118-percent

• Residential construction activity in Metro Denver continues to decline. Dropping from 16,460 building permits in 2005, only 3,476 permits were granted in 2008.
Source: http://recenter.tamu.edu/data/bpm/sfm2080m.htm

• Available homes to purchase (inventory) has fallen over 20% in the Denver-Metro area since January of 2008 (from 24,600 in 2007 to 19,600 in 2008).

2009-03-20T11:12:00.002-06:00

It Was a Week of Surprises…And Best of All, Spring Has Sprung!

First, CNNMoney.com reported a sudden, unexpected surge in U.S. housing starts. According to the Commerce Department, housing starts rose to a seasonally adjusted annual rate of 583,000 last month, up 22% from a revised 477,000 in January. The big surprise: Economists were expecting starts to decline to 450,000, according to consensus estimates by Briefing.com.

Furthermore, applications for building permits, considered a reliable sign of future construction activity, rose 3% to a seasonally adjusted annual rate of 547,000 last month. The other big surprise: Economists were expecting permits to fall to 500,000.

Also interesting this week, retail sales figures fell much less than expected in February, and surprisingly strong January sales were revised even higher. According to CNNMoney.com, “U.S. store sales showed a smaller-than-expected decline in February after an unexpected surge in January that was bigger than originally reported…The Commerce Department said total retail sales fell 0.1% last month, compared with January’s revised increase of 1.8%. Economists surveyed by Briefing.com had been expecting a decrease of 0.5% for February.”

So, is it safe to call this a trend? Are we out of the woods yet? It’s tough to say. In all honesty, you don’t know whether or not you’ve hit bottom until you’re on your way back up but it seems some of the critical signs are starting to show signs of life which is welcome relief for our wounded economy.

Also in the news this week, the Federal Reserve announced plans to purchase up to $750 billion in mortgage-backed securities and up to $300 billion in longer term Treasury securities. Our representatives at the National Association of Realtors applauded the plans noting “This is great news for American home buyers and homeowners because mortgage interest rates will continue at historic lows.”

What this means for Americans is that a greater number of home buyers will be able to purchase a home and homeowners facing challenges will be able to refinance into better terms. As NAR noted, “We already are experiencing a great improvement in housing affordability due to historically low interest rates and the Fed’s move will push affordability conditions to the best levels in 40 years. In addition, continued low rates will lessen foreclosure pressure and help stabilize home prices sooner, as more Americans buy homes and draw down inventory.”

Along the lines of mortgage relief, the Treasury Department this week launched a new website for consumers seeking information about the Obama Administration’s Making Home Affordable loan modification and refinancing program. The site, www.MakingHomeAffordable.gov, offers features including interactive self-assessment tools that will empower borrowers to determine if they are eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program.

This is a helpful site that we should all be sharing with our friends, families and clients alike.

Finally, on Friday, Jim Gillespie, president and CEO of Coldwell Banker Real Estate LLC, will participate in a discussion about the state of the housing market, live from the New York Stock Exchange on CNBC. This will occur on Friday at approximately 4:30 p.m. (Eastern).

Jim will participate on the “Roadmap to Rebound” segment hosted by Maria Bartiromo. Yale economist Dr. Robert Schiller and Sanjiy Das, CEO of CitiMortgage, will also participate.

In another powerful symbol of what our Coldwell Banker and Realogy leaders are doing on behalf of consumers and the real estate sector in general to enact change that will stimulate housing and ultimately the economy, Jim plans to call upon government leaders to enact a $15,000 non-refundable tax credit to ALL buyers and also a mortgage buy down that would bring rates to the 4-4.5% range. This, NAR reports, could generate an additional 840,000 home sales over 12 months. This home buying activity would have major implications in stimulating the overall US economy since NAR also reports that each home sold generates more than $60,000 in economic activity. The proposal would also have a greater impact on foreclosures than the current stimulus package. I hope you will all watch.

Now, with all of that exciting news for the week in tow, let’s take a look at our local real estate news:

Boulder/Longmont—Our Boulder office reports that new listings are down 10% from the week before, but listing activity is still very busy. Sales in the second week of March increased by 23% (from the previous week). Showing activity continues to climb and based on Agent reports there are loads of buyers out there. They still are taking longer to pull the trigger than in past years, but not as many seem gripped by fear as a few months ago, as the increased rate of sales shows. Houses that are in top condition and under the median price ($539,000 in Boulder) are selling briskly, often within 10 days of listing. Our Longmont office reports that showings were off 11% from last week. We are seeing activity in the new builder market. Builders are offering some super incentives and buyers are seeing great values. We are still seeing a lot of buyers "sitting on the fence.” They are waiting for the interest rates to go down or they are waiting for the prices to decline—the problem, there hasn’t been much movement on either end. We are all waiting for the press to realize that real estate markets are local and we are not in any kind of drastic state here in Longmont.

Conifer—Our Conifer office reports one new listing during the week. Four listings went under contract during the past week plus one buyer—one listing was under contract within one day of going on the market and one within two days. Showing activity continues strong with 34 showings during the week.
Evergreen—Our Evergreen office reports a total of five new listings for the week. Two listings went under contract. We had 73 showings for the week plus seven Agent previews for a total of 180 thru mid-month.

Denver Central—Our Denver Central office reports that buyers can expect to compete with other offers for ANY property priced under $250,000 in the Denver Metropolitan marketplace. There is renewed interest from buyers because of low mortgage rates, new tax incentives and an overall feeling that the Denver market has hit bottom in inventory. Anticipation is high that price increases will follow shortly.

Devonshire—Our Devonshire office is reporting that even in these challenging times we are still setting showings at a pretty good rate so we know that buyers are out there. Buyers are very hesitant to make offers and commit to purchasing at this time as they are feeling the angst of the current economic conditions. With rates for mortgages dropping again, it may be the perfect time to buy. If sellers are pricing their homes correctly, they are selling. As real estate brokers, we continue to underscore our value as we are knowledgeable on what it takes to get transactions done. It would behoove consumers to use a full time real estate professional. We are making a concerted effort to get the good news out there when most news seems to be gloomy at best. It may be a great time to buy. Interest rates are fabulous and sellers are pricing their homes realistically at last.

Douglas County—Our Southwest Metro office reports that our showings have increased as well as the attendance at our open houses. We have had several Agents report excellent turn out at their open houses and they have picked up buyers and listings. We had a phone call from an article regarding our community service that was run in last Sunday's paper. Our mortgage rep is quite busy and buyers are ready to start taking the steps to buy a home.

El Paso County—Our Colorado Springs office is reporting steady sales and showing activity. We had our first VA listing cancellation due to the new government guarantee on VA loans. I suspect there will be a few more this week. Commercial financing is extremely tight and guidelines need to be checked daily. Work has stopped on the new mall at Highway 83 and Voyager due to construction financing changes.

Larimer County—Inventory is increasing throughout Larimer County as the prime selling season inches closer. However, the market remains very price sensitive—so those sellers with super clean homes and terrific curb appeal will continue to have a leg-up on the competition. Many buyers are looking at foreclosures and short sales but due to substantial waiting periods for responses from banks, many don't have time to wait. With the change to daylight savings, we're seeing an increase in showings weekdays as buyers are able to view properties after work.

North Metro—We have seen a big increase in activity in March so far. The lower-end market is very hot right now with multiple offers common. We are seeing increases in sales volume overall.

Parker—Our Parker office is reporting that activity has increased and although we see more new listings on the market, the inventory did not go up because the sales activity is steady as well. Traffic through open houses was very high over the last weekend and the call volume on our listings has increased as well as an increase in showings. Sellers are now better educated through our Agents and are power pricing their homes to create more energy in the buyer pool. They also react faster to changes in the market.

Southeast Metro—Brokers are very busy writing offers! In some cases, brokers are writing at least three offers before going under contract due to multiple offer situations. Showing activity continues to increase as we are now consistently setting over 500 showings a week. We are also seeing an upswing in traffic at our Previews properties, too.

West Lakewood—Our West Lakewood office is reporting that open houses are very active. We had 19 groups at one home and 23 at another. It appears that many of the buyers are relocating or want to relocate from other parts of the country. Most Agents are working with from one to five sellers who are getting ready to place their homes on the market in April.

With spring break ending and the weekend weather outlook to be gorgeous, look for the first of the spring garage sales as well as lots of great homes holding open houses! For a schedule of open houses, go to www.OpenHouse.com or www.ColoradoHomes.com. Spring has sprung!

Until next week,
Make it a great one,

Chris Mygatt
President and Chief Operating Officer
Coldwell Banker Residential Brokerage Colorado

Kelly Westergren, Nona Warburton Join Coldwell Banker Devonshire as Top-Producing Team

2009-03-17T12:50:00.002-06:00

DENVER - Nona Warburton and Kelly Westergren, a top-producing mother/daughter real estate team, have joined Coldwell Banker Devonshire in Cherry Creek as broker associates. Warburton and Westergren bring a wealth of award-winning experience to Coldwell Banker and now serve the diverse real estate needs of clients throughout many of Denver's most historic and highly desirable neighborhoods. The prolific sales team joined Coldwell Banker Devonshire from their previous positions with The Kentwood Company at Cherry Creek.

Nona Warburton, Kelly's mother, earned her real estate license in California in 1972 and her Colorado license in 1992. She a member of the Denver Board of Realtors and has garnered the board's Million Dollar Roundtable Award for outstanding sales production. Warburton also won the Lifetime Million Dollar Roundtable Award from the Sacramento Board of Realtors. She enjoys staging homes and decorating, and she earned her bachelor's degree from the University of Colorado at Boulder.

Kelly Westergren earned her real estate license in 2002 and is also a member of the Denver Board of Realtors where she earned the Million Dollar Roundtable Award. She was a Fine Arts major at Plymouth College in New Hampshire and was a licensed Group Insurance Broker in Sacramento and San Francisco. Prior to pursuing a career in real estate, Westergren was an Employee Benefits Consultant and Broker/Owner in Denver. She is a DU Junior Pioneer Hockey Mom, a soccer mom, and enjoys tennis, travel, and decorating.

Both Nona and Kelly are active within the community, including the Junior League of Denver Sustainer Council Members. Nona is a board member of the Cherry Creek North Condominium Association, a member of the Cherry Creek North Neighborhood Association, and a past board member of the Carriage Row Association.

Kelly is a parent volunteer for Bromwell Elementary School and the Good Shepherd Catholic Middle School of Denver. She is also a Delta Zeta Sorority alumnus, a sponsor and fundraiser for the Rocky Mountain MS Society, and was a March of Dimes committee chair in Sacramento.

Warburton and Westergren chose Coldwell Banker Devonshire due to the company's superior reputation and outstanding performance in the Denver area marketplace. Other key factors include Coldwell Banker's leading Internet presence, worldwide brand recognition, excellent marketing tools, and focus on premier customer service.

For more information on real estate services from the Warburton/Westergren team at Coldwell Banker Devonshire, contact Nona at 720-244-8943 or via email at NonaDenver@aol.com, and Kelly at 303-883-4913, email Kelly@Kellywestergren.com.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with approximately 1,300 sales associates serving communities throughout the Front Range. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.coloradohomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.coloradohomes.com or call 925-275-3085.

Weekly Market Watch with Chris Mygatt

2009-03-16T15:44:00.003-06:00

What Will Real Estate’s Big Selling Season Bring?

With real estate’s traditionally busy Spring selling season right around the corner, what do we expect March-June to do for our market this year? Well as much as I’d love to say that we anticipate a sudden, overwhelming surge in sales and that all of our challenges are behind us, I won’t. What I can say is that we are seeing some bright spots thanks to heightened consumer confidence, following the recent legislation passed by the Obama administration. January and much of February had many buyers sitting on the fence as they awaited the results of the Economic Stimulus Package. The lowering of interest rates, induction and improvement of the home buyer tax credit, reduction in preventable foreclosures and reinstatement of the higher loan limits now have some buyers getting off the fence.

We’re definitely feeling the beginning effects of this, in many markets, with an increase in calls to our branch offices and Agents as well as increased traffic at our open houses.

But will this “interest” translate into closed transactions is the million dollar question.

Though none of us holds a crystal ball, I would say that we’re anticipating a moderate Spring. In markets hardest hit by foreclosures, we still have quite a few distressed properties to weed through before we can begin to work our way up. Our hope is that the recent passing of the foreclosure prevention plan will significantly reduce the number of foreclosures hitting the market over the next several months, and once this takes effect, we should be able to weed through the current inventory and start making our way through to the other side. In all honesty, this could take several months before we really feel its full impact.

For those markets impacted less by foreclosures and more so by Wall Street and the general state of the national and global economy, we’re really facing two main challenges: a lack of quality inventory and buyers who are struggling with whether or not to get off the fence.

Many buyers right now have misgivings about whether or not now is the best time to buy. Many are trying to time the market. My response to this is, it is very difficult to time a market. Just as you can’t time the stock market, you can’t time the real estate market. Real estate needs to be seen as a long term investment. If you plan to stay in your home for two, three or even five years, buying now probably makes good business sense. And that is solely if you are looking at purchasing a home from a business or investment purpose. But as we all know, purchasing a home isn’t just an investment. Home is where we live. Where we raise our families. Where we create memories. Rather than simply trying to time the market, we should be reminded of this fact and instead, focus on choosing the best home in which we can make that “life” happen. Of course, prosperity in real estate is how the majority of Americans have built their wealth in this country and I for one won’t overlook that fact but I do think it is important for all of us to reflect on the fact that beyond being a solid investment, our home is much more than that.

For buyers who are out there and are considering buying right now, if you plan to stay in your home for a long period of time, you probably can’t go wrong purchasing today. Though we anticipate moderate home sales in the near term, buyers are ultimately expected to respond to much improved affordability conditions as well as the $8,000 first-time home buyer tax credit and the market will pick up. It’s just a matter of time. And when it does, that pick up will translate into more competition, less inventory and possibly higher home prices, resulting in less purchasing power for you. Consider my advice: waiting may cost you.

And with that news in tow, let’s take a look at this week in real estate:

Boulder—Our Boulder office reports that the first week of March showed a jump of over 30% in both new listings and properties going under contract. Agents are still reporting that buyers are taking a long time to decide but after they see several listings they are moving ahead with contracts. Our Longmont office reports that the wonderful weather continues to hold and it plays directly into the increased showings. The price point of our showings was down this week—all under $319,000. Deals are becoming more streamlined. We are seeing short sales closing in three weeks as well as the FHA bottlenecks clearing up. Properties that are priced well are being shown. Properties that are priced great are being sold! One of our listings came on the market this week & sold this week with multiple offers. It is a good time to buy in Longmont. The rental market continues to be strong and investors are paying attention to this situation.
Conifer—Our Conifer office reports one new listing during the week. Four listings went under contract during the past week, one with multiple offers. Our showing activity continues strong with 33 showings during the week.
Evergreen—Our Evergreen office reported a total of two new listings for the week. Two listings went under contract and two buyers went under contract. We had 86 showings for the week plus five Agent previews. There are a few sellers that are now offering to exchange/purchase homes of buyers interested in their property if the buyers need to sell their home to purchase, i.e. swap home in Evergreen for one in Highlands Ranch. Creative deal making is flourishing.
Denver Central—Our Denver Central office reports that we have seen a slight increase in our under contracts—a direct result of all the activity and appointments we have set over the past couple of weeks. Buyers are still tentative, but confidence is growing as we help to educate the public on the market and the benefits of home ownership. We are having success with our onsite Home Buyer Seminars and have decided to hold them monthly.
Devonshire—Our Devonshire office is reporting a lot of activity. Lots of offers are being written and buyers are finding themselves in competing situations. Unfortunately, a real stumbling block right now is the banks and the lack of timely responses to offers. Our showing activity is up and we are seeing more listings coming onto the market every week. We are encouraging all of our sellers to really work on their curb appeal and get those pansies planted on garden areas and pots as landscaping looks very tired this time of year. Buyers perceive that homes are well cared for when they see colorful plants out front. We are still forecasting a fairly strong spring. It will be about the pricing for all homes on the market.
Douglas County—The Southwest Metro office reports that open houses were very successful last weekend. We had several Agents who had as many as 15, 20 or 25 groups through and they picked up several buyers and potential listing opportunities. We are seeing buyers ready to make decisions to buy now and not wait. Our mortgage rep is still busy writing approval letters for our Agents and with the increased traffic at open houses we feel very good about where the market seems to be heading.
El Paso County—Our Colorado Spring office reports that condo sales are up 31% over January and single family up 22% over January. Average sales prices jumped $10,000 in one month and verifies that listing prices are remaining firm. Open houses got better and ad calls were much better than last month.
Larimer County—The Fort Collins/Loveland/Windsor area continues to see slow but steady activity in all areas of the market. Property showings for our offices remain well over 250 per week, with listings going under contract at a steady pace. With Spring Break approaching we may see a bump-up in weekday showings as many folks are staying put for the school holiday. Weather outlook appears to be mild. Our area received additional encouraging news with regard to the recent release of 4th quarter 2008 statistics by the Office of Federal Housing Enterprise Oversight (OFHEO). Colorado moved to the 19th position in terms of national year over year change in value and the Loveland/Fort Collins metropolitan statistical area (MSA) reported just a .09% decrease in prices. This positions our area very favorably as an affordable market, highly attractive to future employers.
Loveland—See report for Larimer County.
North Metro—No information reported.
Parker—Our Parker office reported that we have added a number of great properties to our inventory again. The tour of our new listings created very positive feedback and most of those listings should create a lot of traffic and multiple offers soon. Since the total inventory in our marketplace is still dropping due to the number of expired and withdrawn listings, some areas are showing signs of a stabilized market. If the trends continue and the relation of new listings on the market to properties under contract shifts to a true declining inventory, we might see some areas actually increase in value within a few months.
Southeast Metro—Wow! Buyers are ready to move! Traffic at open houses continues to break all the rules for this time of year! We are averaging five showings during the first week that new listings are on the market. We will close on over 140 homes this month. Inventory between $200,000 and $300,000 is moving quicker than we can replace it and our luxury homes are seeing an increase in traffic as well.
As you can see, we really have a mixed bag. Some markets remain slow while others are seeing huge leaps in sales and contracts.

What I’ll leave you with this week is a reminder that, for buyers, opportunity is knocking this Spring. Buyers need to be aware of today’s advantages—attractive interest rates, increased affordability, sizeable inventory, increased loan limits, $8,000 first time home buyer tax credit and motivated sellers. The stars couldn’t be more perfectly aligned.

For sellers, pricing is key. Homes that are priced well (really well) and show well, are selling. Home that aren’t, sit. Consider this as you prepare your home for market and please, take my and your Agent’s advice, and don’t test the market. Price your home well from the beginning to generate the largest pool of potential buyers.

Until next week,
Make it a great one,

Chris Mygatt
President and Chief Operating Officer
Coldwell Banker Residential Brokerage Colorado

Laura Dirks of Coldwell Banker Devonshire

2009-03-13T15:20:00.001-06:00

DENVER – Laura Dirks, a leading broker associate with Coldwell Banker Residential Brokerage in the Devonshire office, was honored with the company’s Presidents Circle during Coldwell Banker’s annual awards celebration held February 7, 2009 at the Broadmoor Hotel in Colorado Springs. Dirks’ truly remarkable performance places her in the upper echelon of approximately 1,300 broker associates operating from 14 Coldwell Banker offices along the Front Range.

Laura Dirks’ background includes an MBA from the University of Colorado, Marketing Director for a Washington DC financial holding company, Adjunct Marketing Faculty at University of Colorado at Denver, Partner in a Training and Publishing Company and author and co-author of numerous articles, columns, and books about marketing and about Colorado, such as:
Welcome to Denver
Marketing Without Mystery
A Colorado Kind of Christmas
One Style Home Doesn’t Fit All Stages of Our Lives
She has been a continual volunteer on community boards for projects and fundraising events. And she finds it a natural fit to combine her knowledge of Colorado and professional experience to benefit buyers, sellers and investors in the “heart of Denver” and along Colorado’s front range.

“I am grateful to the many clients who have trusted me to help them with buying or selling a home or investment property which reflects their needs and lifestyle choices,” said Dirks. “Yes, this business is competitive, but it is also cooperative with the support of other exceptional realtors, suppliers and enthusiastic clients and the tremendous resources of Coldwell Banker locally and internationally. Everyone likes to be associated with a caring, winning team with emphasis on quality client service. I can truly say that I LOVE BEING A REALTOR—especially in these challenging times!”

For more information on real estate services from Laura Dirks phone 303-918-2170, or contact Laura via email at lauradirks@comcast.net . Additional information is available online at www.ColoradoHomes.com/LauraDirks and www.DevonshireHomes.com .

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with approximately than 1,300 sales associates serving communities throughout the Front Range. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925-275-3085.

Barbara Ridgway of CB Devonshire Earns International Sterling Society Award

2009-03-13T15:17:00.002-06:00

Barbara Ridgway of Coldwell Banker Devonshire
Garners International Sterling Society Award

DENVER – Barbara Ridgway, a leading broker associate with Coldwell Banker Devonshire in Cherry Creek was honored with the company’s International Sterling Society Award during Coldwell Banker’s annual awards celebration held February 7, 2009 at the Broadmoor Hotel in Colorado Springs. Ridgway‘s truly remarkable performance places her in the upper echelon of approximately 1,300 broker associates operating from 14 Coldwell Banker offices along the Front Range.

Barb has been practicing Real Estate for 8 years and is a member of the Denver Board of Realtors and holds the Certified Residential Specialist (CRS) designation recognizing the successful completion of stringent continuing education courses in real estate. She has been the recipient of the Sterling Award in 3 of the past 4 years and has been eligible for the Denver Board of Realtors Roundtable for 4 years. For more information on real estate services from Barb Ridgway, phone 303-355-3729, or contact Barb via email at barb@barbridgway.com. Additional information is available online at www.barbridgway.com.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with approximately than 1,300 sales associates serving communities throughout the Front Range. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925-275-3085.

Karen Brinckerhoff of Coldwell Devonshire Earns International President's Circle Award

2009-03-12T13:19:00.001-06:00

Karen Brinckerhoff of Coldwell Banker Devonshire

Garners International President’s Circle Award

DENVER – Karen Brinckerhoff a leading broker associate with Coldwell Banker Devonshire in Denver, was honored with the company’s International President’s Circle Award during Coldwell Banker’s annual awards celebration held February 7, 2009 at the Broadmoor Hotel in Colorado Springs. Brinckerhoff’s truly remarkable performance places her in the upper echelon of approximately 1,300 broker associates operating from 14 Coldwell Banker offices along the Front Range.

Over sixteen years of selling experience, together with exceptional negotiating skills, is a testament to Karen’s achievements on behalf of her clients. She is consistently recognized as a top volume producing Broker in Denver by the Denver Board of Realtors Roundtable, as well as from Coldwell Banker Residential Brokerage. Brinckerhoff is a Certified Previews Property Specialist, a Certified Relocation Specialist, a Certified Denver Landmark Real Estate Professional, a Member of The Denver Board Of Realtors, The National Association of Realtors, and Estates Internationale. Karen Brinckerhoff is a fourth generation southeast Denver native with a Bachelor of Science Degree from Colorado State University.

For more information on real estate services from Karen Brinckerhoff phone 303-758-7611, or contact Karen via email at karen.brinckerhoff@devonshirehomes.com Additional information is available online at www.karenbrinckerhoff.com

Sean Gilliland Elected to Capitol Hill United Neighborhoods Board

2009-03-11T14:58:00.002-06:00

Sean Gilliland of Coldwell Banker Devonshire Elected to Capitol Hill United Neighborhoods Board

Leading Realtor is also Teaching Spanish to Coldwell Banker Agents DENVER � Sean Gilliland, a leading broker associate with Coldwell Banker Devonshire in Cherry Creek North, has been elected to the board of directors and as a delegate to the 4th district of Capitol Hill United Neighborhoods (CHUN). Gilliland attended his first CHUN meeting on January 8th at 1400 Lafayette Street. Gilliland also announced that he will be teaching Spanish for beginners to Coldwell Banker agents at the company's Coldwell Banker Devonshire office located at 200 Fillmore Street, Suite 300, in Cherry Creek. Classes are $7 each, and interested agents are invited to contact Gilliland for class dates and times at 720-284-4411. Sean Gilliland has been a broker associate with Coldwell Banker Devonshire since May 2006. He earned his B.S. degree in business finance with an economics minor. Gilliland studied Spanish for several years, including eight months at the University of Granada in Spain where he became proficient. He was also certified as a TEFL professor and has taught English as a foreign language for many years. Gilliland studied martial arts under 9th degree Black Belt Grand master Sun Duk Choi for over 10 years and taught with him for six years. During his years as a student and teacher, Gilliland developed a spirit to persevere which has served him well in the highly competitive real estate business. He serves the diverse real estate needs of buyers and sellers throughout metro Denver, including Capitol Hill, uptown and downtown Denver, Washington Park, Cherry Creek, many other historic and prestigious Denver area neighborhoods. For more information on real estate services from Sean Gilliland, phone 720-284-4411, or contact Sean via email at sean.gilliland@coloradohomes.com. Additional information is available online at www.realestatedenverinfo.com. For more information on Coldwell Banker Devonshire, visit the leading real estate company online at www.DevonshireHomes.com.

Coldwell Banker Residential Brokerage Launches Monthly Luxury Home Price Report for Denver Metro Area

2009-03-09T10:28:00.000-06:00

First report shows median price of $1.5 million for luxury homes in November
DENVER, Colo. - December 18, 2008 - Coldwell Banker Residential Brokerage, a leading provider of real estate services in Colorado, has launched a new monthly luxury housing market report for the Denver metro area with the first report finding a median price of $1.5 million and 34 property sales in excess of $1 million last month.

November's median price was up nearly 12 percent from Octobers median of $1.34 million and up 1 percent from November 2007. Sales of million-dollar homes, however, fell to 34 properties in November from 52 in October and 78 a year ago.

The average sale price of luxury homes last month reached $1.67 million, up from $1.63 million in October but down from $1.73 million in November 2007. The new report includes all sales over $1 million that closed escrow during the month, as reported by the Multiple Listing Service.

Luxury home prices and sales in the Denver metro area have held up relatively well considering the pressures on the overall housing market, Coldwell Banker Residential Brokerage reported. The median sale price of all single-family homes sold in November, for example, fell 15 percent from last year, while the median price for condos was off more than 6 percent.

"The Denver metro area certainly is not immune from the challenging housing market we're seeing in the rest of the country," said Chris Mygatt, president and chief operating officer of Coldwell Banker Residential Brokerage in Colorado. "But compared to many other regions, our local economy remains relatively strong and the upper end of our housing market continues to be in demand by well-healed buyers."

One sign of that strength is that million-dollar homes are selling faster than they have in recent months. It took an average of 80 days to sell a luxury property last month, down from 125 days a year ago.

Mygatt said Coldwell Banker Residential Brokerage decided to launch the monthly Denver Metro Area Luxury Housing Report because the company has a special expertise in marketing high-end properties through its internationally renowned Previews® program.

"This was a natural fit for us as a high-end, luxury brokerage, and it was something no one else was doing," he said. "We see this as a useful tool for Colorado homeowners and buyers, and we think this will serve as a key barometer of the local housing market in the future."

Some other findings from the November luxury report:
· The most expensive sale was $3.1 million for a four-bedroom, five-bath 5,361-square-foot home in Greenwood
· Denver boasted the most multi-million-dollar sales in October with 10, followed by Boulder, Cherry Hills and Greenwood with five apiece
· Homes sold for 92 percent of their average list price of $1.85 million.

Foreclosures in metro Denver decline 11.8 percent

2009-01-27T13:59:00.001-07:00

By John Rebchook, Rocky Mountain News
At a time when the country is mired in the worst foreclosure crisis since the Great Depression, the Denver area is bucking the trend by seeing the first year- over-year decline in foreclosures in more than a dozen years.

There were 24,494 foreclosures filed with public trustee offices in the seven-county Denver area in 2008, an 11.8 percent drop from the record 27,785 filings in 2007.

Although 2008 was the second-worst year on record, it is a far cry from the 41.5 percent increase in foreclosures posted in 2007 from 2006.

Foreclosures had been rising each year since the mid-1990s, but when the economy was strong in the late 1990s, the increase was smaller than the housing and population growth.

"It is possible that Colorado has gone through the worst of its foreclosure cycle," said Rick Sharga of Irvine, Calif.-based RealtyTrac.

RealtyTrac will release its national foreclosure report Thursday, and the numbers will not be pretty.

"Nationally, we're seeing huge increases," Sharga said.

Mike Rinner of the Genesis Group, which tracks housing along the Front Range, said the Denver area, which suffered from rising foreclosures longer than the rest of the country, is coming out faster than most of the nation.

"I think it is a sign of times," Rinner said. "I think the market is ready to start on the upward track. But I think it is going to be a long slog."

Neither Sharga, Rinner nor anyone else is saying the foreclosure crisis in the Denver area is over.

"I think the decline in foreclosure filings is attributed to a few things, not any one thing," said Carol Snyder, public trustee for Adams County.

She pointed to lenders "putting a hiatus" on new foreclosures at least temporarily. Lenders are more willing to work with borrowers to avoid foreclosures through things such as short sales, where the lender accepts less than the loan amount. And more affluent homeowners now are running into problems making mortgage payments, while in the past it was primarily low-income people who had few alternatives other than foreclosure.

"I think the decrease in the number of filings has been somewhat of a blip to the extent that when the hiatus goes away, we could be dumped with a higher number of foreclosures again," Snyder said.

Sharga also pointed to the success of the nonprofit Colorado Foreclosure Hotline.

Spokesman Ryan McMaken said that at least 9,000 homeowners have avoided foreclosure because of the hotline during the past two years.

"If we simply added those people back in, we would have seen another record year," McMaken said.

"Our hotline data is showing that people are calling sooner than they used to," McMaken said. "They used to call when they were three months or more behind, while now a larger percentage are calling when they are still current on their payments."

Shannon Peer of Brothers Redevelopment, which runs the hotline, said that "obviously, there is no reason to send my counselors packing," because of the drop in foreclosure filings. "But any indication that we might see some start or signal in a retreat in (foreclosures) is good news."

Peer said that the number of calls to the hotline has more than doubled from a year ago.

Sheila Smith of Your Short Sale Solutions works with lenders and homeowners to keep people out of foreclosure.

"Lenders are working with homeowners more with options like short sales, interest rate modifications and even principal reductions," Smith said.

Denver County showed the biggest decrease in foreclosure filings last year, both in total numbers and as a percentage drop.

It had 6,145 filings in 2007, a 25 percent drop from the 8,240 in 2007.

Denver City Councilman Michael Hancock, who in 2007 launched a Foreclosure Task Force, said he thinks the drop in foreclosures may be because many people who had the riskiest mortgages have worked their way through the system.

"That is tremendous news, but we're not out of the woods yet," Hancock said. "Now my biggest concern is that people who have safe fixed-rate loans and good credit may lose their homes if they lose their jobs."