Rebecca Cooper

Seven Numbers that Explain Denver Real Estate in Early August

Source: Megan Arellano at The Denverite

7 Numbers that Explain Denver Real Estate in 2017

We will go ahead and put your mind at ease: this article isn’t talking about seven-figure home prices! Instead, Denverite brilliantly breaks down the seven different numbers that are affecting the Denver real estate market.

From Denver’s ranking in the Case-Shiller index, to the number of construction complaints the City of Denver has received, this is a fantastic cheat sheet to help understand whats going on in the Mile High City.

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Denver’s Most Expensive Neighborhood for Renters is a Culture Capital

Source: Denver Business Journal

Golden Triangle - Civic Center Neighborhood, Denver Colorado | Love Your Hood®

Denver real estate has thrown us an interesting curve ball and we love where it’s taking us. Golden Triangle, one of Denver’s oldest neighborhoods, is the most expensive area to rent (we’re talking median rent of $2,100 for a one bedroom!). The art scene, local restaurants and bars, and all of the happening festivities draw people into this culturally rich, upscale neighborhood. But wait for it….

It may be ridiculously pricey to rent in Golden Triangle, but it’s not ridiculously pricey if you want to buy, with properties for sale starting at $219k.* Which means you can buy in this hood and have a mortgage that is less than the median rent. We’ll take it!

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*at the time this article was written.

Selling your Denver Metro Home isn’t the problem. It’s finding a new one to buy.

Source: Ben Markus at Colorado Public Radio

Selling your Denver Metro Home isn’t the problem. It’s finding a new one to buy.

With Denver’s hot seller’s market, everyone thinks sellers have it easy. But that couldn’t be farther from the truth (unless a seller is moving to the south or midwest. In that case: they’ve got it made!).

A seller can sell their place fairly easily. But if they want to stay in Denver, they’ll have to deal with the lack of housing inventory with the rest of us. This is causing sellers to stay put and opting to remodel (rather than replacing) their homes.

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Denver future home appreciation shows no signs of letting up

Source: Ben Miller at Denver Business Journal

Denver future home appreciation shows no signs of letting up

“Is the Denver market going to pop?” This is one of the most frequently asked questions we hear from buyers

The short answer: no.

The long answer: Denver’s low unemployment rate, insane population growth, and short supply of homes is proof that the market isn’t letting up any time soon. In fact, Veros estimates that Denver’s homes will appreciate 10.3 percent over the next year, placing us at #2 under Seattle in the “strongest markets in the country” category.

We’ll take it!

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Homes Statewide in Short Supply Heading into Peak Selling Season

Source: Aldo Svaldi at The Denver Post

Homes statewide in short supply heading into peak selling season

“Slim pickings” now refers to more than just Denver real estate — there is a short housing supply for all of Colorado (even Pueblo!). Housing inventory is down 32% from this time last year, with only 20,100 active real estate listings in the entire state. As expected, buyers are quickly snatching up these homes and they are flying off the market.

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99 percent of Denver homes regain or surpass pre-recession value, Trulia analysis says.

Source: Aldo Svaldi at The Denver Post

99% of Denver Homes Regain Pre-Recession Value

Remember the recession? Your home most likely doesn’t! Almost 99% of homes in Denver metro have exceeded prices from their pre-recession peak. Out of 100 housing markets that Trulia researched, Denver metro is among the best in recovering from what happened a decade ago. This is great but Denver still has some catching up to do in the income department. Incomes are only up 20% since the recession and buyers are having a harder time affording a house.

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Worried about higher property taxes? 6 things you need to know about protests and alternatives.

Source: Aldo Svaldi at The Denver Post

6 Tips for Protesting Higher Property Taxes

If you disagree with the value of your property, the deadline to protest is June 1st. On the fence if you should protest? Find a friendly real estate broker (we know a couple!) to compare your house to recent neighborhood sales. If the value of your house comes out lower, then it may be worth it to protest. When working on your protest, focus on the condition of your property or compare the specs to county records. Finally, file at your assessor’s office in person, by mail, or online (if available).

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Construction Defects Measure in Colorado Passes Critical Vote

Source: John Aguilar at The Denver Post
Kathryn Scott, Denver Post
Colorado legislature unanimously supported a bill that, for the most part, makes it harder for homeowner associations to sue condo developers. In short, the bill will require a majority vote among homeowners before the HOA can sue. Of course, issues like leaky windows or slumping foundations will always be worthy of seeking redress without the majority vote. 
Passing this bill (which is expected in May) could be a game-changer for the housing industry. The cards are stacked against builders with the current builder defect law. This reform will give builders some assurance that they won’t end up in the depths of expensive litigation if they develop condos. This is important to know because if builders are given a little bit more protection, then they’ll develop more condos. More condos being built means more options for buyers, which could help stabilize condo prices in the city.
As with anything political, there is no single bill that will solve every problem. But, this could be a good move forward. They said it best in the article: “it should raise the cloud and allow the sun to shine down and thaw what has been a frozen market.”

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