Archive for the 'Info For Buyers' Category
ARE YOU A MOUNTAIN/FOOTHILLS PERSON?
Your "Rocky Mountain" Home
The Foothills Dream
Your "Rocky Mountain" Home
Many of you who are moving to Colorado and to the Denver area are thinking in terms of that “Rocky Mountain Experience”. A bit of reality is that Denver is “The Queen City of the Plains”. Get it? Plains. As in flat. (Well, pretty flat. On my bicycle it is admittedly hilly.) So to have that mountain experience you will likely be heading west of Denver to one of the foothills communities of Evergreen, Conifer, Genesee and parts of Golden. There are some wonderful and beautiful settings in these areas. Beauty and “wonderfulness” come with a price.
Some Foothills Realities
It should be a his and hers decision. My experience is that the “dream” is usually “his” and the responsibilities and inconveniences become “hers”. The drive to shopping is invariably longer and your children have little mobility independence. You (her?) will be driving them everywhere! You now exist somewhere between spouse, mom and bus driver.
Oh yeah, the sun sets earlier too. I was just showing homes in Conifer and while we were standing in the shade, we could see the sunshine on the ground to the east. This is generally more significant during the shorter days of fall and winter. You really did not want to garden anyway. Right?
The reason for not placing your trash out until the morning of pickup does not have to do with neighborhood esthetics. It is so that bears are not attracted.
It Does Work for Many Families
Okay, maybe I should have hit some positive points first. I sometimes get so caught up in my role as a Buyer’s Agent that I tend to provide the negatives first. If you are still reading, then you may be a candidate for a great experience. I never fail to stop and watch the herds of deer and elk as they nochalantly walk through the neighborhoods. Beautiful! Not too bad either is being 20-30 minutes closer to skiing. I do have many friends and clients who have lived in these areas for years and they would not even consider living with the “flatlanders”. They have determined that the views, tranquility and environment are more than a reasonable tradeoff for a few inconveniences.
Want The Best Help With Your Foothills Purchase?
I am an experienced Exclusive Buyer’s Agent with the knowledge of these communities that will help your family to have a great experience. You can email me at russ@buyerbroker-denver.com or call 303-721-1100, ext. 1.
MARKET NOT GREAT IN CASTLE PINES VILLAGE
My “Anecdotal” Observation
I am currently representing a couple whose primary focus is on Castle Pines Village (CPV), a luxury gated and golf community to the south of metro Denver. Because of their schedule and need to narrow their search I previewed eight homes yesterday. Asking prices were from $800,000 to $1,200,000 Two of the homes were occupied, two were being “packed” and four were vacant. That is a reallly unusual ratio of essentially unoccupied homes and is testimony that the market is soft in this luxury segment.
What Did I Find Next?
They had enough interest in one of the homes and requested a preliminary evaluation so I searched for recent sales of similar homes. Of the six recent sales, one was “lender owned” and two were “short sales”. Days on market were 717, 606, 113, 208, 170 and 622. A full 50% of these transactions were of the “troubled” variety. Several of these had turned over twice over the past three years and we found a reduction in price of from 15% to 30%. Those figures are almost unheard of in a community like CPV.
Is There a Lesson or a Message?
I think so. It is that this economy is reaching both up and down the ladder and having an effect on higher income owners along with lower and middle income people. Because we don’t know all of the circumstances we can certainly not make any judgements, but with this kind of result there becomes a better understanding of why high LTV jumbo loans are so scarce and why lenders have so tightend their underwriting.
Why should I (You) Care?
If you have been considering CPV there are opportunities for buyers. While you may not realize as much from the sale of your, say, $400,000 home as would have been the case 12-15 months ago, the potential savings if you “buy up” will be significant.
You can contact me to discuss your individual situation at 303-721-1100, ext. 1 or russ@buyerbroker-denver.com
MONEY PIT? DO YOU REALLY WANT A “VINTAGE” HOME?
Dream or Nightmare?
Close to “Downtown” and “Charming”
Dream or Nightmare?
A significant number of my clients approach me with the goal of living close to the city core and in a “period” type home. For Denver that usually means such neighborhoods as Washington Park, Congress Park, Park Hill, Capitol Hill, the Highlands neighborhoods and several others. They are seeking the convenience of living close to where they work and/or recreate as well as the “charm” and anticipated “quality” of the home.
Look behind the facade
Homes in these areas will have been constructed between the late 1800’s and the early 1900’s. (More in another post about “mid-century” homes.) As to “quality”, if the home has not been unfortunately “updated” to a 1950’s or later “look”, the buyer will find some of the sought after ”charm”. However, many of these older homes also come without true foundations, with lead water lines, no insulation “knob and tube” wiring, undersized electric panels and very scary heating systems. Just in my office, our experience is that 20% of these homes have old clay-tile sewer lines that are leaking and discharging raw sewage underground. We have a conversation with our clients regarding these challenges at the beginning of our search. I sometimes (tongue in cheek) recommend the DVD of “The Money Pit” with Tom Hanks and Shelley Long as a fun way to see the worst case.
You can minimize the risk
The best way to minimize (but not eliminate) post-closing surprises is to find an inspector who is not just “experienced”, but who is experienced with these vintage homes. You may need a separate inspector for a vintage heating system (if you expect to nurse it along) and, ABSOUTELY an experienced professional to video the sewer line. Our clients have saved more money as result of a sewer video than for any other identified deficiency. Your broker should be familiar with all of these conditions and have professionals who can help. You will still want to interview several inspectors and even obtain references. Inspections are always important and even moreso if you are jumping into the vintage home market.
Keep a positive attitude!
I recently visited a client who had just completed a $500,000 renovation on an $800,000 purchase and we noticed that a steam heat line was leaking. Her response? “It’s just part of living in an old home!”
Have an experienced broker on your side!
If your dream is to be in one of these classic and interesting period Denver homes and you want to pursue that dream with an Exclusive Buyer’s Agent who can help to make it a great experience, then contact me. russ@buyerbroker-denver.com or 800-621-9747.
HOW IMPORTANT IS YOUR AGENT’S EXPERIENCE?
Experience = Results
How do you measure “experience”?
Experience = Results
There are brokers who have one year’s experience twenty times over and then there are brokers who have twenty years (or more) of experience representing only buyers plus prior years in and around residential construction. I am in the latter category and continue to borrow from Ronald Reagan’s mantra, “Trust but verify”.
How does that relate to a real estate transaction?
Consider a recent transaction where the video of the sewer line in a “vintage” Highlands home revealed a break in that line. The seller agreed to correct the defect, hired a contractor and presented us with a video of the repair. End of story. Not quite.
I said “thank you” on behalf of my client and then, per the language in the “Inspection Notice”, had our inspector re-video the line. You guessed it! There was another break ten feet further down the line. Our language in the inspection agreement and our diligence in adhering to that language saved our client money for the obvious future repairs along with the stress of having a sewer backup in their home.
How can I have that level of expertise?
You can contact me at 303-721-1100, ext. 1 or russ@buyerbroker-denver.com .
I COULD HAVE HAD AN EBA!
I could've had an EBA!
That is what you do not want to say just before or just after you have closed on your dream home and are wondering if you have been told everything.
EBA “Defined”
EBA is the acronym for Exclusive Buyer’s Agent. These are real estate professionals who have determined that consumers are best served by a licensee who always and only represents the interests of home buyers. EBA’s do not list and sell homes and therefore do not have the conflicts of interest or conflicts of attention that are a part of life in a “traditional” real estate office. To torture a phrase from a famous purveyor of chicken, “they do buyers right”. Read the rest of this entry »