Stacie Staub

While our family was in London last month, we had the opportunity to visit with many of my husband’s overseas friends and family, and I found it really interesting that several of them mentioned the 16th Street Mall when relating their experiences visiting Colorado.  Obviously, the mall makes an impression on visitors, especially those who spend some time exploring downtown on foot.  As a long-time resident, I never really give the mall a second thought - sure, if I’m downtown I might hit one of the restuarants on the mall for lunch or happy hour, but I have to admit that I tend to gravitate toward the independently-owned restaurants Uptown or in Riverfront because parking near the mall is such a pain.   It would be different if I worked nearby and was parked there, anyway, or if there was a good public transportation option to get there, but living in the suburbs it would take 3 buses and a miracle to get there in less than 2 hours, and I can drive downtown in less than 20 minutes, so that’s the obvious option.

I will be interested to hear what happens with these plans - and if you spend any time on or near the 16th Street Mall, it might be a good idea to attend one of the public planning sessions to express your opinion!

Interesting update regarding the 16th Street Mall on yourhub:

Bicycle lanes, moving buses to 15th among alternatives for mall

Three different visions for a possible facelift of the 16th Street Mall are being examined by Denverites.  Provided by: Kathryn Scott Osler/DP

The first option, and least expensive, involves improving what already exists without major infrastructure changes.

The second alternative involves moving the mall buses closer together, killing the median and widening sidewalk space on the northeast side of the street. It would allow for more patio seating and vendor and kiosk space.

The third and most radical vision includes moving the westbound mall bus to 15th Street to allow for expansion of public space, an emergency lane or possibly a two-way bicycle lane.

Residents and business owners who attended one of two open houses last week to hear about plans had differing opinions of what they wanted to see. (more…)

Stacie Staub

What’s your top 10?  I am always surprised, and a bit amused, when people start their home search looking for one type of house, and a list of “must-haves” which totally changes when they walk into that house that is “the one”.  I often start a home search by asking a bunch of questions - about lifestyle, mostly - because it’s important to hear from the buyer what is vital in their everyday lives, and what they think they want, but can most likely do without.  So what are the deal-breakers?  Of course, they are always different, but according to this article from Real Estate Magazine, based on findings from the experts at the International Builders Show - these are the Top 10:

Americans want smaller houses and they are willing to strip some of yesterday’s most popular rooms-such as home theaters-from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show.”This is a traumatic time in this country and the future isn’t something we’re 100% sure about now either. What’s left? The answer for most home buyers is authenticity,” said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill. Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed ‘green’ from the outset,” she said. The key for home builders is “finding the balance between what buyers want and the price point.”

For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said. “What we’re hearing is ‘harvest’ as a home theme-the feeling of Thanksgiving. It’s all about family togetherness-casual living, entertaining and flexible spaces,” Lavender said.

Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home buyer preferences, said there are 10 “must” features in new homes:

1. Large kitchens, with an island. “If you’re going to spend design dollars, spend them where people want them-spend them in the kitchen,” McCune said.

2. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others “they are on the bubble,” Cardis said.

3. Energy-efficient appliances, high-efficiency insulation and high window efficiency. Among the “green” features touted in homes, these are the ones buyers value most, said Cardis. While large windows had been a major draw, energy concerns are giving customers pause on those. The use of recycled or synthetic materials is only borderline desirable.

4. Home office/study. People would much rather have this space rather than, say, a formal dining room. “People are feeling like they can dine out again and so the dining room has become tradable,” Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the “shift from boom to correction.”

5. Main-floor master suite. This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.

6. Outdoor living room. The popularity of outdoor spaces continues to grow, even in Canada. The idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.

7. Master suite soaker tubs. Whirlpools are still desirable for many home buyers, but they clearly went down a notch in the latest survey. Oversize showers with seating areas are also moving up in popularity.

8. Stone and brick exteriors. Stucco and vinyl don’t make the cut.

9. Community landscaping, with walking paths and playgrounds. Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.

10. Two-car garages. A given at all levels; three-car garages, in which the third bay is more often than not used for additional storage and not automobiles, is desirable in the move-up and custom categories.

Stacie Staub

Not sure if you will qualify for the Repeat Purchase (or Move-up Buyer Credit) if you buy another house this year?  The IRS has released the official guidelines for the $6,500 federal tax credit for repeat home purchases, which answer the questions that homeowners have  been asking.

Owners of existing homes — specifically, taxpayers who have occupied the same property as a principal residence for five consecutive years during the previous eight years — may now be able to claim a tax credit on a purchase of another house they intend to use as a principal residence.

The credit is for up to 10 percent of the price of the replacement home, capped at $6,500. The purchase contract must be dated from Nov. 7, 2009, to April 30, 2010 and the closing must occur no later than June 30.

Members of the armed forces and federal diplomatic and intelligence personnel stationed overseas get an extra year to claim the credit.

The maximum purchase price on houses eligible for the credit is $800,000.

Your modified adjusted gross income must be $125,000 or less if you are single, $225,000 or less if you are married and filing jointly. Above these limits, the allowable credit amount begins to phase down in increments and is eliminated once incomes hit $145,000 for singles and $245,000 for married joint filers.

Purchasers are not required to sell their previous home, but they must be able to demonstrate that the replacement house is or will be their principal residence.

On 2009 and 2010 tax returns, buyers should attach the following:  

– Form 5405, which can be found on the IRS website at  http://irs.gov

– A copy of the signed HUD-1 settlement sheet, including the contract sale price and the date of closing. This is to document that the timing of the transaction meets the program’s requirements.

– Evidence of long-term ownership and occupancy of the previous house to meet the five-consecutive-years requirement. This can be property tax records, homeowner’s insurance records or IRS Form 1098 mortgage interest statements for the five-year period.

– For buyers claiming a credit on a newly constructed home, for which a HUD-1 settlement sheet is not available, the IRS will accept a copy of the certificate of occupancy showing the purchasers’ names, the property address and the date.

– For buyers of mobile homes who are not able to get a settlement statement, the IRS will accept a copy of the executed retail sales contract showing the property’s address, purchase price and date of purchase.

Congress mandated all this extra documentation after audits uncovered widespread abuses by applicants for the $8,000 credit. Among these were fictitious home purchases in which taxpayers or tax preparers sought — or obtained — credits on properties that never were sold or bought. This time around, the IRS says it will rigorously investigate all claims filed, starting with a review of the documentation submitted. 

Consult with a tax professional if you are still unsure whether you will qualify for the credit!

An advisory posted by the IRS this month spelled out situations in which recipients of tax credits may have to repay them to the government. These include taxpayers who sell their houses within 36 months after purchase. Recipients must also repay the credit if they convert their principal residence to a rental or business property, or if their lender forecloses on the house.

With all the rules now available, here’s the action message to potential tax-credit seekers: Speed up your search for the house you want to buy. Get moving. There are only 14 weeks to sign a contract and just five months to go to closing. 

Stacie Staub

The plan for the Sunnyside Light Rail Station area.

Many of the buyers that I work with in Northwest Denver start their search at Highlands Square - makes sense, after all, who wouldn’t want to live a couple of blocks from one of Denver’s most popular and hip neighborhood centers? 

But, for first-time homebuyers, the prices in West Highlands can be a bit out of reach.  Go a few blocks north or east, though, and there are opportunities to get a little more square footage, a bigger yard, or better finishes for the money - and the neighborhoods surrounding West Highlands are growing, thriving, and appreciating in value.

A perfect example is the Sunnyside/Chaffee Park area.  Many buyers, especially when searching the MLS or other online home listings, cut off their search at 38th Ave and won’t go further north, or at Federal and won’t go East, but the majority of the northern and eastern streets are totally quaint, tree-lined, quiet, and perfectly located between Lower Highland (LoHi), West Highlands, and Downtown Denver.  Home prices are typically at least 10-20 percent lower once you cross 38th or Federal, but these areas are perfectly situated for both future growth and appreciation.

And even further proof for where this neighborhood is headed?  Check it out:

The City and County of Denver has begun a process to plan for change in the areas surrounding future transit stations. In 2006, the city completed a Transit Oriented Development (TOD) Strategic Plan that identified a need for land use planning for the 38th and Inca station area on RTD’s future Gold Line commuter rail corridor.  Over the past year, RTD examined the station location as part of the Gold Line Environmental Impact Statement.  As a result of this process, RTD is recommending the station be located at approximately 41st and Fox streets on the east side of the Union Pacific Railroad. Over the past two years, the City and County of Denver worked with community members to develop a station area plan for the half-mile area surrounding the future 41st and Fox station.  

Plan Goals: 

• Improve pedestrian connections to the station, between neighborhoods, and along major corridors
• Create opportunities to add more housing, jobs and services to the station area
• Incorporate plazas, parks and open space into redevelopment areas
• Capitalize on the station area’s proximity to Downtown and location on the Gold Line and Northwest Rail corridors
• Balance the needs of new development and existing uses

Plan Elements

• Development of a high intensity activity node close to the station on the east side
• Creation of a pedestrian shopping corridor along Fox Street
• Mixed-use redevelopment of the former Denver Post site
• Linked park and open space improvements to enhance neighborhood livability by providing positive orientation, buffering, aesthetics, recreational amenities, and storm water management
• Capture partnership benefits with Regency Student Housing by encouraging ties between academic institutions, student populations, and incubator employment uses
• Respect existing housing west of the station by redeveloping along the edges of the Sunnyside neighborhood leading to Inca Street and in a mixed-use node at 38th and Navajo
• Incorporate historically significant structures by drawing design inspiration from the area’s historic, industrial character
• Promote pedestrian and bicycle connectivity with improvements to Navajo, 38th, Elati, 41st, 44th, Fox, Inca and other streets
• Promote structured RTD parking that is shared with adjacent development
• Capture views of Downtown and buffer the station area by locating taller structures along I-25 and I-70
• Support for sustainable development, green building practices, housing affordability and healthy, walkable communities 

To check out the entire development plan, please click here.  If you would like to look at property on the market in Sunnyside, or anywhere in the Denver Metro area, contact me!

Stacie Staub

The Children’s Museum of Denver remains a favorite for me and my kids, especially because they are always mixing it up with special programs like the one tomorrow with two of the Harlem Globetrotters - and since I’m a huge fan of the Amazing Race, I was super excited to see that it was  Big Easy and Flight Time who will be hosting the program!

The Harlem Globetrotters are coming to the Children’s Museum!

Bring your little hoopsters to see Big Easy Lofton and Flight Time Lang, two of the world-famous
Harlem Globetrotters!

Thursday, January 7, 1:00 p.m.
at the Children’s Museum of Denver

These world-renowned ambassadors of goodwill and basketball skill will provide Children’s Museum guests with their interactive C.H.E.E.R.^TM program that focuses on Cooperation, Healthy Minds & Bodies, Effort, Enthusiasm, and Responsibility…along with their amazing ball-handling skills and other roundball tricks!

This event is free for Museum members and
is included with the cost of general admission.

Want more of the Globetrotters?
Children’s Museum friends and family can save $5 on select seats at the January 9th, 2:00 p.m., Harlem Globetrotters game at the Pepsi Center!

Not valid for courtside or VIP seats
Online PROMO CODE: MUSEUM
Click here to take advantage of this special offer!

Stacie Staub

There seems to be quite a bit of misinformation floating around regarding the First Time Homebuyer and Move Up/Repeat Homebuyer Tax Credits that are being offered right now.    I have even heard both local and national news outlets misrepresenting the guidelines regarding these two incentives, so I thought it would be worth while to take a minute to answer a few Frequently Asked Questions.

First off, in order to qualify for the tax credit you MUST have a property Under Contract by April 30, 2010 and close by June 30, 2010.  Someone told me that she is planning to list her home later this Summer - I asked her why she was waiting, since she would qualify for the Move Up/Repeat Homebuyer Credit, basically meaning $6,500 for selling the home she has lived in for more than five years, and purchasing a new one.  “Well, I’m sure they are going to extend it again,” she said, “I think that they might even make it permanent.”  UMMMMM….NO.

Most industry specialists think that this is the last hurrah as far as Homebuyer Tax Incentives are concerned - it was difficult to push the extension through the last time, and there is absolutely no buzz that the credits will be extended any further.

SO, if you are considering a purchase, start looking NOW - inventory is LOW, and prices and interest rates are going up slowly but surely.  Most deals are taking 60-90 days to close right now, instead of the traditional 30 - and if you don’t close by that June 30 deadline, you are not going to get a tax credit.  I don’t know how to say it more clearly.

And, if you are thinking of selling your current home in order to take advantage of the offer for Move Up buyers - get your house on the market NOW.  For the same reasons as above - inventory is low, and your house will not have much to compete against.  Contact me if you have questions about what your house might be worth, what needs to be done in order to get top dollar, or if you are considering a move. 

If you would like more information about the Tax Credits, check out the official website at http://www.federalhousingtaxcredit.com/home.html - it’s a great resource and has loads of information about both the First Time Homebuyer and Move Up/Repeat Buyer Tax Credits.

Stacie Staub

Before you hit those after-Christmas sales in search of upgraded appliances for your home, take a minute to do your research - and make sure that your purchases will be eligible for the State Appliance Rebate Program, which is expected to launch in Colorado in March 2010.

MSNBC.com featured this program yesterday…here’s some of their article…

Modeled after the popular Cash for Clunkers program, which was intended to get cars with low gas mileage off the road, a federal appliance rebate program is launching in early 2010. It offers a boost to people buying energy-efficient clothes washers, refrigerators and other appliances — those that qualify for the federal “Energy Star” designation — and to manufacturers, whose sales fell 10 percent in 2008 and another 12 percent through mid-December this year.

Read the rest here.

The program differs from state to state, here are the details regarding Colorado’s program, from Energysavers.gov, where you can also go to learn about Energy Credits, to compare different products, etc.

The State of Colorado will implement a mail-in rebate program to help residents replace older, inefficient appliances with ENERGY STAR® qualified appliances. The program is tentatively scheduled to begin in March 2010 and will continue until funds are exhausted.Eligible products include

Refrigerators
Clothes washers
Dishwashers
Gas storage water heaters
Gas tankless water heaters
Gas furnaces
Gas boilers
The state encourages residents to recycle their old appliances. Check with state officials for information on proper disposal of appliances.

Contact: Governor’s Energy Office

Total Funding: $4,739,000

Program information subject to change. Rebates may be offered for a limited time only. Before purchasing a product, check with your program sponsor to ensure rebates are available, and to confirm product eligibility and program requirements. Products purchased must meet efficiency criteria as established by the state.

Stacie Staub

John Rebchook of InsideRealEstateNews.com has a great write-up on his blog, posted a few hours ago, detailing Denver’s latest top spot - Denver is on a lot of Top 10, Top 50, Top 100 Lists this time of year, as everyone wraps up 2009 in a big round ball and chucks it toward the recycling bin, but this is a FANTASTIC way to welcome the new Real Estate Decade.

Here’s a highlight…

Denver performed the best of the 20 major metropolitan housing market tracked in the closely watched S&P/Case-Shiller Home Price Indices report released today.

Denver’s housing market showed only a only a 0.1 percent dip in housing prices in the year ending in October, compared with an overall drop of 7.3 percent for the 20 areas in the report. The 10-city index in the report fell overall by -6.4 percent.

Tom Clark, executive vice president of the Metro Denver Economic Development Corp., said that Denver’s No. 1 ranking is the latest sign that Denver’s economy is out-performing the nation’s.

“Job growth does matter,” Clark said. “What a concept.”

Gary Bauer, an independent residential broker in Denver couldn’t agree more.

“Once again, this shows the strength of the Denver market,” Bauer said. “We continue to lead the nation as far as recovering from the recession - the recession is not over yet - but we will be one of the first to emerge.”

Bauer said that “two-thirds” of the Denver-area housing market “still moving,” if not showing spectacular performance. Only the high-end market continues to be soft.

“The market has moved from the only activity being in the first-time buyer to what I call the “move” buyer,” Bauer said.

Bauer has said that the move buyer will benefit from the expansion of the federal tax-credit for qualified people who own their owns. Some of those buyers who qualify for the $6,500 tax credit will downsize to smaller, less expensive units, while others will move-up, according to Bauer and other Realtors.

Read the rest here, then get off the fence already and join the party!

Stacie Staub

Uncle Sam is offering taxpayers generous incentives to make their residences more energy efficient. Many of the eligible home improvements, such as adding insulation, can earn a tax credit of up to $1,500. More ambitious upgrades, such as installing solar panels, can net a credit worth 30% of the total cost of the project.

Improvements must meet IRS energy-efficiency standards to qualify. Don’t assume an Energy Star label is enough. Sometimes it isn’t. Save receipts and manufacturers’ statements certifying the tax credit-worthiness of the products. The IRS could ask for them. Consult a tax adviser.

Tax credit capped at $1,500

Replace aging windows, HVAC systems, and non-solar water heaters, install efficient biomass stoves, add insulation, or fix a worn roof, and you might collect a tidy credit come tax time. To encourage greater energy efficiency, homeowners can recoup 30% of the cost, up to $1,500, for making any of these qualifying upgrades during 2009 or 2010. Claim the credit for the year in which you complete the project.

The improvements must be made to your existing primary residence to be eligible. You can include the labor costs for HVAC, stove, and water heater installations; only the cost of materials counts for insulation, roofs, and windows (as well as exterior doors and skylights). Ask your contractor for a receipt that itemizes materials and labor. The IRS refers to the tax relief you can get for these projects collectively as the Nonbusiness Energy Property Credit.

Keep in mind that the $1,500 cap applies to all of the projects combined for both years. You can’t claim a $1,500 credit for new windows in 2009 and a separate $1,500 credit for a new furnace in 2010. A $5,000 project would max out the credit.

Uncapped energy tax credit

There’s no cap on tax credits for a handful of residential projects that involve alternative energy sources including solar, geothermal, and wind. That’s good news considering costs can run into five figures for photovoltaic systems (for electricity), solar water heaters, geothermal heat pumps, and small wind turbines. Fuel cells qualify too, though they’re subject to slightly different criteria.

This tax incentive is called the Residential Energy Efficient Property Credit by the IRS. Homeowners can earn it anytime between 2009 and 2016 for the tax year that one of these systems is placed into service. The tax credit, equal to 30% of the project cost, applies to second homes as well as primary residences. New homes are eligible too. A rental property generally is excluded unless it’s a second home that’s only rented out part of the year.

You can use the uncapped tax credit even if you’re using the capped tax credit. In fact, you can claim separate uncapped credits for a wind turbine, a geothermal heat pump, and a solar water heater. Use IRS Form 5695, which has separate pages for capped and uncapped tax credits.

How tax credits work

A tax credit is usually more valuable than a tax deduction because the credit lowers your tax bill—or increases your refund—dollar for dollar. Think of it this way: A $1,500 deduction will save $363 on taxes owed for a married couple filing jointly with an adjusted gross income of $100,000. That same couple would save the full $1,500 with a $1,500 tax credit. Married filing separately taxpayers may be able to take separate $1,500 tax credits.

Residential energy tax credits do have limits. The IRS considers the credits “non-refundable,” which means you can’t claim more in credits than you paid out in federal income taxes. You may be able to carry forward some of your surplus uncapped tax credits to future years.

While Form 5695 shouldn’t take more than an hour or two to complete, it’s a good idea to consult a tax adviser. Credits are gold, so you don’t want to risk missing one.

Want more information about Tax Credits or the upgrades that qualify?  Visit www.houselogic.com - it’s a great resource for home purchasing, selling, or valuating.

Stacie Staub

As you are writing out your New Year’s Resolution list this year, you might find yourself adding “Sell this house and Buy a new one” to the list - and it would be great timing if you did.  With the Tax Credit extended to existing homeowners, and with a shortage of great properties on the market, early 2010 might just be your opportunity to Move Up to that bigger home, better neighborhood, etc.  Or, it might be a smart move to Move Down the property ladder, consolidate your stuff and move to a smaller place in a more walkable area.  Whichever way you are looking to go, there are going to be buyers looking for a place like yours, so now is the time to get it ready and get it on the market.   We are expecting a rush of new business at the start of the new year - especially because properties must be under contract by April 30 in order to qualify for both the First Time Buyer and Existing Homeowner Tax Credits.

Here is a list of small projects that will improve your property’s value - allowing you to get top dollar and pull the most equity out of your current home to put toward your new place:

1. Tidy up kitchen cabinets.

Potential buyers open kitchen cabinets and look inside, so make it look like there is plenty of space for all of their dishes and cooking supplies.

 2. Add or replace tile.

By retiling, you make a room look way nicer than it was, and you can do it on the cheap - many stores, including Lowe’s and Home Depot have $1 to $2 tile, so it’s very affordable to add a new kitchen backsplash or bathroom floor without breaking the bank, and it makes a huge impact on buyers.

3. Add a breakfast bar.

When a wall separates a kitchen from a family room try cutting out an opening to create a breakfast bar. Buyers will be looking for open floorplans and great spaces for entertaining.  So take a look at the walls dividing your rooms - if they don’t need to be there, get rid of them.

4. Install granite tile instead of a slab.

Granite kitchen countertops have become a necessity, even in lower priced homes, but slabs can be really expensive.   As an alternative, install 12-inch granite tiles with very tight grout lines - you will create a similar look and feel for a fraction of the cost of slabs.

5. Freshen up a bathroom without retiling.

An outdated bathroom is easily updated by installing a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300. Instead of replacing the tile, consider simply applying new grout - it can make ugly tile appear new again.  There are also tile paints that can cover seriously outdated colors in a fresh coat of white.

 6. Freshen up the basement.

If you have cement block or poured concrete walls in the basement, fill in cracks with hydraulic cement and then paint with waterproofing paint, then add a top coat to add color. You can also paint the basement floor with a good floor paint, which will really clean it up. The basement may not be finished, but it also shouldn’t be a damp dungeon.

 7. Add a room.

Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. As long as there is a window and  a closet in that new space, you have added a ton of value for very little investment.

 8. Spruce up cabinet fronts.

Update tired-looking kitchen cabinets. Paint or stain old cabinets for a fresh new look and feel in the kitchen.  Install new hardware as well - you will be shocked at the difference, and buyers will be able to focus on the counter space and layout rather than the ugly old oak.

9. Replace light fixtures.

Especially in the foyer and in bathrooms and kitchen, replacing the lighting is a very easy and inexpensive project that can change the entire look of the home.  Installing recessed lighting, especially when ceilings are low, and pendants over the kitchen island also add a lot of bang for just a few bucks.

 10. Tech-up the garage.

Replace the garage door opener with a remote touchpad entry system - makes any system feel high-end.