On Friday, my client called me SO excited to see a listing right around the corner from the LIVE Urban office.  I pulled up the listing and met her there within minutes - it had just gone on the market that morning and seemed too good to be true.

We toured the property, a cute little bank-owned half-duplex with a garage and shady deck, private backyard, and nice, open layout.  There were other buyers going in as we were leaving, so I walked straight back to the office, pulled comps, and we decided to offer almost $20,000 above the list price - my buyers LOVED this property and the comps showed that market value was higher than the property had been listed.

We submitted an offer within the hour, and I called the listing agent and his office several times to make sure that they had everything they needed to submit the offer to the bank.  I was told that the listing agent was out of town, but that the offer would be submitted to the bank immediately - I had a feeling it would not.  We spent the weekend waiting it out, but I knew that the bank would still be accepting offers over the weekend.

Yep, same old story - there were 20 offers on the property - and my buyers didn’t get it - too bad they also didn’t have a chance to enter the bidding war or even receive a counteroffer, because both the listing agent and the bank sat on the offers until there were so many on the table they were rolling in them.

Maybe the banks have the right idea - create a frenzy by pricing the property so low that dozens of buyers fall in love and submit offers, cross their fingers, and then….wait, only to be disappointed by the entire process.  Should homeowners wishing to sell their homes quickly be doing the same thing?  Listing their property at 20-30K below market value?

Maybe.  Maybe this is what the confused market has finally come to - but it’s a rough game for Buyers, and for their agents!

We checked out the Parade of Homes on Friday, so I thought I would put up a quick photo tour:

The villas on the tour have breathtaking views of the foothills as well as Soda Lake and Red Rocks, taking full advantage of the unique location, which is only about 15 minutes from Downtown Denver. (more…)

There are quite a few new developments in Denver that are boasting Green construction, but I think Tremont Point is really exceptional!

For a virtual tour, or to learn more about Tremont Point, visit the property website at www.tremontpoint.com

Want a tour?  Contact me!

At LIVE Urban, we’re fully on board the green train - launching a LIVE green-focused marketing strategy next month, along with an electronic version of our newsletter.  We’re one of the few brokerages in town that uses e-contracts to reduce printing and paper use, and we have a ton of listings that are built completely green.

We do not, however, work in a storage container…yet. (more…)

…The Sky Is Falling…The Sky Is Falling.

I’ve been reading a lot lately about the “real estate meltdown” and I feel like I’m missing something. All of us at LIVE Urban Real Estate are working with buyers and sellers every day. And no one is talking to us about a meltdown. We set the price of a house just like we always have. We figure out how much a buyer can spend, just like we always have. The fundamentals are the same.

Maybe the disconnect is that we’re living in Denver, and our local real estate market, as well as the rest of the state of Colorado, is faring much better than the rest of the country, according to the Office of Federal Housing Enterprise Oversight. While 43 states showed declines in the first quarter of 2008, Colorado averaged 2.29 percent home-price appreciation compared to the first three months of 2007.

The headlines and indexes we all see are skewed by rapidly falling home prices in California, Florida, and Nevada, according to the Rocky Mountain News. “Most people don’t live in a Miami condo” said Michael Englund, chief economist with Action Economics in Boulder. There’s a news flash for you.

Are there some things about a local real estate transaction that are tougher? Yes. Using a local lender who knows we’re not in Miami is key. And doing your homework on the market where you live has never been more important. Now is not the time for buyers or sellers to be unrealistic. But that’s the same as it’s always been.

After thinking about it for awhile, now when I read about the “meltdown,” I’ll remember our buddy Chicken Little and his recurring “the sky is falling” cry, then get back to reality.

I’m so excited. Little Man Ice Cream has opened in the uber-hip LoHi! As 5280 Magazine writes, …housed just behind Lola in Lower Highland, Little Man is both a drop-in neighborhood spot and a landmark destination. Neighbors wander over for the handmade ice cream, gelato, and sorbetto, but it’s Little Man’s building that’s worth the drive. Rounded and bent into the shape of a 1920s steel creamery can, it recalls the era of hot-dog-shaped concession stands and drive-in diners. There’s no indoor seating, so grab a cone and a seat on the patio. Or, better yet, take a stroll through the neighborhood. Rumor has it that once winter hits, Little Man will pop its creamery top, drop in a ladle, and start serving soup, chili, and grilled-cheese sandwiches. Daily 11 a.m.-11 p.m. 2620 16th St., 303-455-3811.

Also open in the same hip ‘hood is Red Trolley Ice Cream. Although I haven’t been yet, word on the street about this spot is great too. Not only do they have ice cream, but great goodies too, and nice indoor seating for those hot summer nights. Sunday - Thursday 11 am - 10pm, Friday & Saturday 11 am - 11pm. 2639 W. 32nd Ave., 303-433-7200.

I love northwest Denver. I’ve lived here for nearly 20 years now, and bought my house way before the Highlands and Berkeley were cool. Matter of fact, most of my friends and family thought I was crazy. “You’re going to live where?” they asked, “Why?

I moved here because of the same reasons most of us have… great historic homes, an interesting neighborhood vibe, a compelling multi-cultural mix, etc. We’re heard the list so many times, we all have it memorized. Its great. We know. And it really hasn’t changed. Maybe some, but for the better, don’t you think?

That’s why I get bummed when I read all those cranky letters in local newspapers from a few NW Denver residents about the rapid ‘decline and fall’ of the area because of the on-going scrape and builds. Is it really all bad?  These new homes, are by-in-large, creating  stronger, more valuable, and ‘greener’ neighborhoods. Now I’ll admit that some of the new homes aren’t well designed, and don’t quite fit in. But most of these homes are being built on large, under-utilized lots that used to have a small, crappy house on them. Frankly, they’re not worth saving. Rarely is a nice, brick bungalow or tudor torn down. (I hate that too!)

Cities evolve, grow and change. They get bigger and denser. Increasing density in city-close neighborhoods, like NW Denver, is smart. Its a fact that more and more people want to live in the city. They want to commute less, and as a result, walk and bike more. That creates more livable neighborhoods, more vibrant neighborhood business areas, and increases the value of our investments. And increasing density in these urban areas decreases urban sprawl. That’s really a good thing, isn’t it?

Your credit score: did you know that you have to have a credit score of 700-plus to qualify for a low-rate mortgage?First, your credit score is a number assigned to your creditworthiness.

Your credit score indicates how well or how poorly you’ll repay a debt. The higher the number, the more likely you’ll repay on time.

Your bill paying information on credit reports provides the basis for your credit score.

Consumers who take the time to obtain their credit score, for only about $15 under most circumstances, are more likely to have a better understanding of the scores.

That includes knowledge that mortgage lenders rely heavily upon credit scores to approve or reject home loan applications.

Informed consumers also know they can generally raise their credit score by consistently paying bills on time every time; by paying off debt and closing those paid off accounts; by not coming close to maxing out credit cards and by regularly checking their credit reports to make sure they are accurate.

Your credit report is free from AnnualCreditReport.Com. For more information about your credit score go to MyFICO.com.

Your walk score: An agent in my office told me about this website yesterday, and I think it’s really cute - type in your address, and a Google Map appears showing everything that is within walking distance of your place!

Check it out here.

I just learned about this website, http://www.greenprintdenver.org/ , and I love it. 

What a great resource to learn about the initiatives that Denver is undertaking to go green - including the Mayor’s Bicycle Committee, FasTracks, and the Insulate and Seal Rebates that are now available, among many others!

Check it out!

From MSNBC — A mortgage rescue to help hundreds of thousands of struggling homeowners avoid foreclosure and get more affordable, safer loans passed the Senate overwhelmingly Friday, but it faces a bumpy road amid continuing turmoil in the housing market.

The 63-5 vote reflected a keen interest by Democrats and Republicans to send election-year help to distressed homeowners with economic issues topping voters’ concerns.

The plan lets homeowners buckling under mortgage payments they can’t afford keep their homes and get more affordable mortgages backed by the Federal Housing Administration. Banks that agreed to take substantial losses on those distressed loans could avoid costly foreclosures and be assured of recovering at least some money.

The new program would let the FHA insure as much as $300 billion in new mortgages, helping an estimated 400,000 homeowners.

But it still faces major hurdles, including a promised veto from President Bush…read the rest here.

How will the bill change things for buyers and sellers in Denver?  I’m not sure if it will help the people that are honestly in trouble, who have already fallen behind on their payments, and who are going to have a really hard time catching up.  I do think that it will probably benefit the lenders more - which is actually bad news for those buyers who are shopping the great deals right now created by the surplus of foreclosed properties and the lenders’ need to get rid of them.

But I do appreciate the Senate actually doing something, anything to work towards solving the problem…