In an index compiled by the Business Courier of Cincinnati, Denver ranks seventh among 43 U.S. metro areas in a report on America’s greenest cities.

The “Green Cities Index” ranks metro areas on a variety of environmental factors, including traffic congestion, transit use, water quality, carbon emissions, LEED-certified projects and number of “green” jobs.

(“LEED” refers to the “Leadership in Energy and Environmental Design” green-building certification system developed by the U.S. Green Building Council.)

Among the individual yardsticks used by the Courier to compile the index, Denver ranks highest in the number of LEED professionals (third), LEED architects per capita (fourth), lack of sprawl (sixth), and number of Energy Star rated facilities (eighth).

And not surprising for anyone that has sat in traffic on I-25 lately, the Mile High City ranks lowest among the 43 cities in travel delays (31st), travel time (31st) and traffic congestion cost (30th).  Hopefully with an improved Light Rail system, if it ever gets completed, these traffic issues will decrease and Denver could easily move up the ‘green’ scale.  Stayed tuned.

The Portland, Ore., area ranks No. 1 on the list, followed by:

• 2. San Francisco-Oakland.
• 3. Honolulu.
• 4. Austin, Texas.
• 5. Boston.
• 6. Seattle-Tacoma.
• 7. Denver-Aurora-Broomfield.
• 8. Pittsburgh.
• 9. Albuquerque.
• 10. Albany, N.Y.

Last month, we discussed Denver’s positive signs of recovery. We are encouraged with the increases in home prices and the number of homes closed.  The good news continues!

Based on data from the Multiple Listing Service, the average home price rose by 13.8% in February compared to 2009. The average price was $269688. Condos showed even better gains, rising 20.2% over last year to an average of $166206. Additionally, there are 7% less homes actively for sale, which lowered the number of days on the market by 14%. In February, the average number of days on market was 92.

While prices increased, the number of completed sales dropped by 5% compared to the same period in 2009 for the metro area. In comparison, Northwest Denver increased in number of closed sales by 40% and average prices increased by 4.2%. Here is a breakdown by area compared to the same time period in 2009.

Northwest Denver
4.2% increase in average sold price for homes ($273644)
28% increase in average sold price for condos ($255654)
40% increase in home sales
111% increase in condo sales
10 % increase in days on market for homes (88 days)
68% increase inb days on market for condos (178 days)
2.8% increase in the number of active home listings
14% decrease in the number of active condo listings

Northeast Denver
16.7% increase in average sold price for homes ($184275)
103% increase in average sold price for condos ($265900)
24% decrease in home sales
3% decrease in condo sales
35 % decrease in days on market for homes (64 days)
53% decrease in days on market for condos (82 days)
18% decrease in the number of active home listings
20% decrease in the number of active condo listings

Southeast Denver
9.6% increase in average sold price for homes ($437604)
51% increase in average sold price for condos ($197952)
6.4% increase in home sales
5% decrease in condo sales
10 % decrease in days on market for homes (109 days)
8% decrease in days on market for condos (122 days)
9% decrease in the number of active home listings
14% increase in the number of active condo listings

Southwest Denver
38% increase in average sold price for homes ($162866)
34% increase in average sold price for condos ($117950)
39% decrease in home sales
5% decrease in condo sales
41 % decrease in days on market for homes (53 days)
15% decrease in days on market for condos (76 days)
10% increase in the number of active home listings
2% decrease in the number of active condo listings

For surrounding areas, feel free to email me at martin@liveurbandenver.com for specific information.

• Geothermal Heat Pumps 
• Solar Panels 
• Solar Water Heaters 
• Small Wind Energy Systems 
• Fuel Cells 

• Name and address of manufacturer
• Identification of the class of eligible building envelope component
• Make, model number and any other property identifiers
• A statement that the component is eligible for the credit (may include U factor, class of window or door, etc.)

2) Interest Rates – still hovering around 5% , but experts agree they have no where to go but up.

3) FHA financing is readily available and requires only 3.5% down.

4) There is a 0% down (that’s right I said ZERO) program available for those that qualify, and it is a good loan with no MI which will save you a lot of money.

5) The Up-Front-Mortgage-Insurance premiums which are very common for FHA loans will be increasing from 1.75% to 2.25 on April 5th, so it will cost you more to get an FHA loan.

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.

Sherry Patten, who has lived on the mall for the past 14 years, preferred the second option because of the wide sidewalk space.

“I really like the whole idea of using 15th Street too, but it’s a big expense,” she said. “Option one is too near to what it is now, and I think we need a new start,” Patten added.

The hope with the third option is that 15th, which doesn’t have much pedestrian draw currently, becomes as viable as 16th. The worry of some is that moving the bus to 15th will make transportation confusing for tourists and others who might not go to 15th. Or, it could take people off 16th.

The possibility of adding bicycle lanes in the third option is appealing to several people who commented on the 16th Street Mall Facebook page.

Leon Stor and Saul Tamariz agreed that the second option is best, but for a different reason than Patten. The duo is considering the possibility of a healthy Mexican food cart on the mall.

“I think if they allowed more room for kiosks, it would be perfect, not just for business owners, but for pedestrians,” Stor said.

Bruce Briggs disagreed. Briggs is a sales associate at Overland Sheepskin Co. at 16th and Larimer Street.

“The big concern at the store was the kiosk effect, whether it would turn everything into a big swap market,” he said. “The merchandise at kiosks is more just trinkets. We’d rather them encourage a department store. How many hot dog stands can you have on one mall?”

Briggs said the mall just needs to be updated as in option one.

A complete reconstruction of granite pavers in the bus lanes would be included and trees preserved no matter what option is picked for needed improvements on the mall, said John Desmond, vice president of urban planning and environment at the Downtown Denver Partnership, which is spearheading the effort.

Response has been evenly divided among the options, Desmond said. An option is expected to be endorsed by a steering committee in July. To see all options, go to http://bit.ly/16thstreet.
_____

Up next
What: 16th Street Mall urban design plan public meeting No. 3
When: 4:30-5:30 p.m. open house, 5:30-7 p.m. presentation and public comment
April 6
Where: Wellington E. Webb Municipal Office Building, 201 E. Colfax Ave., Denver
Info: R.S.V.P. to info@downtowndenver.com. You can also send comments to 16thstreetplan@downtowndenver.com.

“Walkable neighborhoods offer surprising benefits to our health, the environment, and our communities.

Better health: A study in Washington State found that the average resident of a pedestrian-friendly neighborhood weighs 7 pounds less than someone who lives in a sprawling neighborhood.¹ Residents of walkable neighborhoods drive less and suffer fewer car accidents, a leading cause of death between the ages of 15–45.

Reduction in greenhouse gas: Cars are a leading cause of global warming. Your feet are zero-pollution transportation machines.

More transportation options: Compact neighborhoods tend to have higher population density, which leads to more public transportation options and bicycle infrastructure. Not only is taking the bus cheaper than driving, but riding a bus is ten times safer than driving a car!²

Increased social capital: Walking increases social capital by promoting face-to-face interaction with your neighbors. Studies have shown that for every 10 minutes a person spends in a daily car commute, time spent in community activities falls by 10%.³

Stronger local businesses: Dense, walkable neighborhoods provide local businesses with the foot traffic they need to thrive. It’s easier for pedestrians to shop at many stores on one trip, since they don’t need to drive between destinations.”

–from www.walkscore.com

ALSO IN CAPITOL HILL? LIVE IT UP! from music venues, to favorite restaurants, this hood as it all! and its an easy bikeride or walk. http://www.guidespot.com/guides/capitol_hill_denver_best

SO WHY NOT LIVE HERE? Live simply….

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A city is sized up by its skyline, both its might and its imagination. When we look at tall buildings from far away, we don’t care about their science — if the elevators are fast or how much energy they consume.

We take in how they shape the urban outline, if they are innovative or traditional, if they give the city a personality that’s distinct from the next city down the interstate.

For two decades, Denver’s skyline stood virtually still as commercial development pushed its way horizontally toward the south and west. Buildings went up downtown, many interesting, but none were the sort of high-rises that truly affect the view.

Then, in December 2005, the 37-story Convention Center Hyatt came online, and since then five more high-rises, predominantly residential, have taken shape in rapid succession, a trend that the current economy is likely to curtail.

So how are the six new upstarts making their mark, and what do — or will — they bring to the mix? Here’s a quick take on each one.

Hyatt Regency Convention Center

14th and Welton streets. klipp architects, Denver. Opened 2005.

How high: 37 stories.

The look: A slender matchbox of a building, this giant hotel’s grace overshadows its size: 1,100 rooms. From a five-story, glass-and-stone box, two distinct rectangles shoot skyward. Zinc bands run top to bottom along the sides, adding upward thrust, while tiny cantilevered roofs top off the south side.

The takeaway: As the foremost accommodator of conventioneers, the hotel gives tourists the impressive first impression that Denver is stylish and up-to-date. Marble and limestone in the lobby make it luxe, but stainless-steel details keep it contemporary. It helps that the hotel is friendly and in tune with the latest hospitality trends. Self-check-in, anyone?

If we could change one thing: The Hyatt is impressive, but not a signature building for Denver. Why? Because it could exist in any city. It lacks notable historical or geographical references. Think about the convention center itself, with its mountain-mirroring roof lines and giant back terraces that pay homage to the city’s best asset: its Rocky views.

The Glass House

Bassett and Little Raven streets, Preston Partnership, Atlanta. Opened 2007.

How high: 23 stories

The look: It’s not a house exactly, but this place is aptly named. Twin glass condominium towers, set perpendicular to each other, rise from a brick base. The building takes advantage of a deep setback over the seventh floor to offer a roof deck complete with trees and a swimming pool.

The takeaway: The Glass House gets credit for transforming Denver’s Riverfront Park neighborhood into an urban hot zone, with pedestrians and attractive retail. That’s a huge accomplishment for any building. But it towers over its neighbors along the park. Time will tell if the hulking structure is out of place in its low-rise section of town, or if it’s an invitation for others to reach higher.

If we could change one thing: We’d simplify its exterior shapes, drop the brick and bring the shine down to the street. Or expand the name to the Glass-and-Brick House.

One Lincoln Park

East 20th Avenue and Lincoln Street, Buchanan Yonushewski Group, Denver. Opened 2009.

How high: 32 stories

The look: Think beachfront condos in the heart of downtown. One Lincoln Park is all curve and stretch in a city that likes its buildings at right angles. An interesting mishmash of setbacks, swoops and surface material, this 186-unit structure is in constant motion. It all leads up to a curved shell roof.

The takeaway: One Lincoln Park dares to be different. Its exaggeration borders on cartoon, but it forces Denver to rethink what a residential building can be. Is it fresh, or is it a novelty act? It’s important, if only for its location, pushing the high-rise district farther north and east. Its unique shape means anything goes as the city develops in that uptown direction.

If we could change one thing: Great buildings have great lobbies, inviting entrances that define the experience. This one feels more like a pass-through, not a spot for neighbors to mingle with one another or the neighborhood. That, and the bulky garage at its base, separate the building from the very downtown it is meant to connect to. Oh, and where’s the park?

Spire

14th and Champa streets, RNL Design, Denver. Completed 2009.

How high: 41 stories

The look: The modern high-rise as seen through a mile-high eye. Spire energizes the city skyline by adding what appears from a distance to be four, flat planes assembled into a slim, glass rectangle — a classic international design trick. But look closer: Those planes break up so the building can present balconies and long views of our mountains and plains. The base sits forward so residents can enjoy, of all things, a small in-house dog park. What could be more Denver?

The takeaway: This building is a winner, and not just because its glass takes on pleasing shades of blue or gray as the sun comes and goes. The high-rise brings a sense of the now to a downtown that can look stuck in the ’80s. Best of all, its 496 units will lure a diverse group of residents to the area; the mix of livable, affordable starter homes and high-end skypads means the neighborhood won’t become a playground for the wealthy.

If we could change one thing: Well, it’s not really a spire, is it?

The Four Seasons hotel and condominium residences

14th and Arapahoe streets, Dallas-based HKS Inc. (architect of record), Jackson Hole-based Carney Architects, (architect of design). Set to open fall 2010.

How high: 45 stories

The look: With 102 residences stacked on top of 240 hotel rooms, the hybrid Four Seasons puts the emphasis on the inside, where it is stunning enough to advertise its top unit for $7.5 million. The outside, the part the rest of us live with, offers the basic high-rise rhythm. It starts as a block and stays that way, getting glassier and glassier and more balconied as it grows, which is lovely — if you own a unit. The terraces curve a bit high up, and on top sits a white spire.

The takeaway: Some buildings serve a city simply because they exist. Downtown needs great hotel rooms and more full-time residents who can keep it going after rush hour. The Four Seasons will contribute mightily. The questions that remain: Will its conservative design make it easy to overlook, despite its size? The buzz of incoming residents — overnighters and beyond — will surely make the city look bigger and busier, but will it look better? Occupancy, please.

If we could change just one thing: We’d take that spire off the top and give it to Spire, down the street.

1800 Larimer

RNL Architects, Denver. Set for completion in spring 2010.

How high: 22 stories

The look: This office tower, stacked high with bands of smoky glass and beige concrete, would fit well in the Tech Center, except for the quirky, multistory patches of reflective, blue glass appliqued — randomly — to the facade. Add to those two personalities a distinct third, courtesy of a bright, white flat roof.

The takeaway: This building is all conflicting adjectives: horizontal, vertical, rectangular, triangular, square, shiny, matte, mirrored, transparent, squat, tall, attractive and ugly. And the noun? Box. Take away the tricks, and it’s kinda ordinary. It’s gonna have a tough time winning fans.

If we could change one thing: We’d encourage the doubters to give it a chance. RNL, among the city’s best firms, knows it has tried something different - and that’s admirable. Plus, this building’s transparent lobby, to be filled with trees and cantilevered landings, will offer more to pedestrians than the other buildings on this list combined. Lights and tenants, including big name Xcel, may bring it alive. But if that doesn’t work, judge as you will.

Read more: http://www.denverpost.com/ci_14479459?source=sb-facebook#ixzz0h9QZX3HF ]]> http://blog.liveurbandenver.com/the-brand-new-denver-skyline-will-it-keep-changing/feed/ http://blog.liveurbandenver.com/thinking-fix-and-flip/ http://blog.liveurbandenver.com/thinking-fix-and-flip/#comments Fri, 26 Feb 2010 22:22:55 +0000 Martin Yeager http://blog.liveurbandenver.com/?p=870 I recently attended a real estate investor meeting regarding buying foreclosures for fix and flips. It was a packed room. As I scanned the faces in the room, I tried to determine how many people were actually investors. The few I spoke to were other agents, financing and loan originators, or contractors. By the nature of the questions to the presenter, there were a number of participants who knew little of the process but eager to learn how they could profit as well.

The continual popularity of Do It Yourself shows on cable channels proves there is a bit of Bob Villa in all of us. The words “Your can do it, we can help” created a confidence in American consumers that they just need to ask any expert in an orange apron and perfection in construction becomes a weekend task. Combine that with the urban legends of fortunes made at the closing table, the interest in fix and flips continue to draw the causal and curiously interested bystanders.

Here are a few preliminary recommendations to remember as you start to explore the idea.

Don’t believe anything after 9PM at night!

Those late night TV promises of fortunes in real estate with no money down are legends, not reality. I don’t know of one legitimate lender who is willing to finance you with no money down. If you are not occupying the property yourself, new circumstances apply. You will need to provide real dollars to make this happen.

Define your comfort level.

This will be an investment. It may be more hands on and carries more personal achievement than a stock portfolio, but it is still an investment. Define the type of return on your investment you are looking for and compare to your existing investments. Find your comfort level in terms of the amount of funds you are willing to commit, the amount of time you are willing to wait for a return (this is to itself a real cost) and what level are you willing to risk.

Study the landscape

Neighborhoods define property values. Two identical homes that are two miles apart could vary tens of thousands of dollars when you go to sell. Actual appraisals are based on subdivisions rather than improvements. It is easy to over improve a home if the neighborhood itself is faltering. Insure you have realistic reports on previous sales, current pricing trends and actual market values after completion. Do your homework and trust the right agent to provide you the necessary data to make the best decision.

Ready-Fire-Aim often leads to shooting yourself in the foot.

It is tempting to feel compelled to move quickly. In some circumstances, it is required but not at the sake of forgoing a real assessment of the property and the deal. Plan on losing the first few deals; someone faster and more in tune with the market is going to be out there. The right scenario will be available for you as well if you remember to Aim and then Fire.

The D formula Distressed=Disclosures and Documentation

Unless you are buying a bank owned (REO property) that has already been foreclosed, most likely you are looking at a pre foreclosure and/or short sale. Consider these properties as DISTRESSED. There are specific contractual procedures you must follow if you are not going to occupy the property as your primary residence. If the homeowner is in default of their mortgage, meaning even one payment behind, you must proceed under the Colorado Foreclosure Prevention Act guidelines. DISCLOSURE is paramount. The seller is given the right of rescission as part of the process as well, even after the contract is accepted. Make sure you have third party documentation of all liens and encumbrances. Even after foreclosure, certain liens are unrecorded but stay attached to the property after a sale. (HOA, water bills etc) Make sure the title company has provided a comprehensive determination of the encumbrances on the property.

In a short sale, you are negotiating with the homeowner and the lender to accept a sales price lower than the current balance of the mortgage. Banks rarely feel obligated to respond in a timely manner, as you would expect in a normal contract negotiation. It is frustrating to both the seller and the buyers. Patience is often required and even less rewarded but it is the only way to complete the purchase.

After the purchase of the home, DOCUMENT the cost of improvements, the permits, and the condition before and after. Appraisers do not favor opinions, only fact and look carefully at the true market conditions rather than appreciating the efforts of your labors. Documentation will assist the inspection and the appraisal of the home.

In conclusion

As properties value start to climb upward in certain neighborhoods, there will be some good opportunities to invest in real estate. The rewards of bringing an ugly property back to a marketable position are found in both personal and financial achievements.
Build a trusted group of advisors, starting with a real estate agent you trust and have a strong dialogue between your resources. Interview contractors and trades professionals to find the best. Talk to the municipalities on securing the permits and understand the basics of building codes. Real estate has long proven to be a valuable and important investment. Discover if it is a viable resource for you.

The focus of the U.S. real-estate market lately has been the number of foreclosures and people trying to purchase cheap housing. But Brian Wesbury, chief economist at First Trust Advisors, says that if Americans don’t start focusing on building new houses, the market will have a much bigger problem on its hands.

“We need one and a half million houses per year just to keep up with population growth,” Wesbury said in an interview with Steve Forbes. “And then if you throw in, you know, fires and tear-downs and just worn-out properties, we need 1.6 million or more per year. Right now, we’re down to about six and a half, seven months’ inventory whether you look at new homes or existing homes.”

Privately owned housing starts in December 2009 were at a seasonally adjusted annual rate of 557,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4% less than where it was in November, which had 580,000 housing starts.

Housing completion numbers also contribute to this dire picture, with privately owned housing completions reaching a seasonally adjusted annualized rate of 768,000 in December 2009. That was down 11.2% from the 865,000 completions in November and down 25.3% from the 1.03 million completions in December 2008.

Some people might shrug these statistics off, considering the number of foreclosures on the market. “Yes there’s foreclosures coming into the market, but we’re only starting right now,” Wesbury says. “… We’re starting one-third of the houses we need just to keep up with population growth, and that can’t last.”

There were 315,716 properties last month with foreclosure filings, according to RealtyTrac. These filings include default notices, scheduled auctions and bank repossessions. Though last month’s filings were 15% more than a year ago, they were 10% less than in December.

Jason Thomas, chief investment officer for Aspiriant, a California wealth-management firm, says he doesn’t see the foreclosure situation getting better until the labor market picks up. “So many people are getting to a point where they just can’t hold on anymore, and we may see another wave of that if we don’t see a pretty robust turnaround in the labor market,” he says.

The unemployment rate is currently 9.7%, down from 10% at the end of 2009, according to the Bureau of Labor Statistics.

Thesis Fund Management portfolio manager Stephen Roseman says the likelihood of a housing shortage is slim to none. “You need to have an accurate housing turnover number, and right now we have anything but that,” he says.

There is some demand, though, from companies that are scooping up whole floors or housing developments because they have the cash on hand, Roseman says.

And for those people who can get a mortgage, homes are very affordable. The median price for U.S. existing single-family homes in metropolitan areas was $173,200 in 2009, according to the National Association of Realtors, compared with $198,100 in 2008.

Mortgage rates are also very low. For instance, both JPMorgan Chase and Wells Fargo are offering 30-year fixed mortgages at 5%, and some can be found for a hair less.

“A mortgage is not difficult to get if you have the right income stream,” says Margaret Starner, senior vice president for the financial services firm Raymond James.

But even if you can get a mortgage, maintaining the income to pay for that mortgage isn’t easy. “There’s a lot of potential problems that can come out if unemployment continues to drag; people deplete their savings and their credit card,” says Michael Ervolini, head of behavioral finance at Cabot Research. “It appears to be more of an income issue than a housing issue that we’re going to be looking at for the next couple of years.”

“Is the market finally showing signs of real improvement?”
“Is it really safe to consider upgrading into a better scenario for my family?”
“Is equity going to be our favorite word once again?”

The last three months of 2009 certainly indicated prices leveled off in the metro area and Northwest Denver saw increases. In January, prices in the metro area showed a significant improvement with a 12.8% increase compared to January 2009. Condos also improved by 6.2%. Northwest Denver was one of the more stable neighborhoods last year and January to January still increased by 3.4% while leading the metro area with a 31% increase in sales.

Other indications:

Homes are selling faster.

The average number of days a home is on the market before going under contract is down 9% from last year and Northwest Denver homes are on the market less than other urban neighborhoods, averaging 68 days compared to the overall average of 90 days for the entire metro area.

Fewer foreclosures

Denver was one of the few cities to show a decrease in foreclosure from 2008 to 2009. Denver historically is one of the first cities to show trends and we certainly did in 2007 as our foreclosure rates were close to the top of the list. In comparison, Denver recovers faster as well. We dropped in foreclosures by 4% in 2009 while other areas are still increasing rapidly such as Phoenix and Las Vegas. In those cities, prices continue to fall substantially.

Historically, Denver recovers neighborhood by neighborhood. In Northwest Denver neighborhoods, the number of pre foreclosures and short sales are significantly less than other neighborhoods. A Notice of Election and Demand is the first step in a foreclosure process and occurs 110-120 days prior to the actual auctioning of the property, usually back to the bank that holds the 1st mortgage. A Notice of Election and Demand is a strong indication of trends and neighborhoods to be affected by foreclosures later in the year. Typically, homes in the zip codes of Northwest Denver and Southeast Denver are minimal with less than a few appearing each week out of the 500-600 homes listed along the Front Range.

New homebuyers numbers are growing

With the incentive in tax credits, first time buyers represented 39% of sales in the end of 2009. The average age of new buyers was 29 with women leading men overall. Commuting times were mentioned as somewhat to very important in 77% of those new buyers, offering insights to the increases in more urban neighborhoods.

Bottom Line for buyers.

There is little advantage in waiting to see what happens. The indications that prices are on the rise and increases are still reasonable based on the lower interest rates and the tax incentives. I would not anticipate Congress will approve another round of incentives and interest rates are historically lower than they should be. If rates go up and prices go up, the affordability drops quickly. Take advantage of this unique scenario.

Bottom line for sellers

The good news is equity is returning and buyers are in the marketplace. Moreover, the number of foreclosures down the block is shrinking quickly and values are returning to more realistic levels. Tax incentives for returning buyers remain in place through the end of April and lower interest rates are keeping the option of finding a more appropriate sized home possible. For a free market analysis, check with Live Urban Agents as we combine our unique marketing mix with reliable and up to date research techniques to insure success for our clients.

For a full report of the most recent market statistics, please email me at martin@liveurbandenver.com