Condo construction can start again now

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CondoOn Monday the Colorado Supreme Court did what our state legislators couldn’t do as the Supreme Court voted 5-2 to affirm the Colorado Court of Appeals ruling “that developers can retain a right to consent to any HOA’s proposed amendments on contracted declaration regarding arbitration for construction-defects claims,” per the Denver Business Journal.

The case involved was Vallagio at Inverness Residential Condo Association v. Metro Homes Inc in which the condo association voted to change the developers By-Laws that then allowed the condo association to sue for construction defects instead of using binding arbitration that the By-Laws from the builder required. The condo association believed that the Colorado Consumer Protection Act provided them with the right to vote to switch from binding arbitration to litigation. The Colorado Supreme Court rejected this argument.

Thus, if the builder/developer requires that construction defects claims be settled by binding arbitration in the future that is how construction defects claims will be settled.
So every smart builder/developer will write into their By-laws that binding arbitration is how construction defects claims will be settled going forward, which is GREAT NEWS! Builders now have the legal protection they need to start building condos again
Author: Lonnie Glessner

PMI – How to Avoid it!

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Worried about PMI (Private Mortgage Insurance)? I work with a lender that has programs with 3% or 5% down on conventional loans. These programs require NO mortgage insurance by using Freddie’s Home Possible Advantage program with 3% down and their Home Possibly program with 5% down.  You do need to make < $80,100 or the property does need to be in an area that is not income-restricted.   Call me with questions!  HAPPY SUMMER!

Population growth in Denver

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Denver Population

Denver PopulationWith job growth comes population increase, with population increase come housing demand.  The US Census Bureau  just released population growth figures for the year that ended July 1st, 2016. For that year the City of Denver added 13,028 net new people to its population, now totaling 693,060 people. Denver ranked #13 among large cities for the number of people added.

June 2017 Housing Market Minute

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Housing Market Minute

  Minutes released from the Fed’s May FOMC meeting support a possible rate hike in June.  However, chances of a September rate hike went down.
The average sales price for May single family detached homes came to $483,376 and $319,017 for Condos and Town-homes.  This is a steady increase month over month since the beginning of the year.
( Data provided from REColorado for Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree)

In my last issue I talked about job growth being one of our factors for the increase in housing prices.  With job growth comes population increase, with population increase come housing demand.  The US Census Bureau  just released population growth figures for the year that ended July 1st, 2016. For that year the City of Denver added 13,028 net new people to its population, now totaling 693,060 people. Denver ranked #13 among large cities for the number of people added.
Worried about PMI (Private Morgage Insurance)? I work with a lender that has programs with 3% or 5% down on conventional loans. These programs require NO mortgage insurance by using Freddie’s Home Possible Advantage program with 3% down and their Home Possibly program with 5% down.  You do need to make < $80,100 or the property does need to be in an area that is not income-restricted.   Call me with questions!  HAPPY SUMMER!

May Market Minute

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Housing Market Minute

Housing Market MinuteMay, 2017

Pending home sales were down slightly in March, a by product of continuing low inventory and high demand.
The average sales price for April single family detached homes came to $471,145 and $312,320 for Condos and Town-homes.  This is a study increase month over month since the beginning of the year.
(Data provided from REColorado for Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree)
In my last issue I talked about the top 5 factors driving our hot housing market.  Two of the reasons mentioned were people moving here and job growth.  I happen to have a home for rent here in Englewood, CO and after renting this home since 2004 I have never had so many out of state applicants.  Many of them flying in for the week to buy or rent in the short week they are here.  Although not a representative sample, my everyday life seems to be evidence coinciding with the report I posted last month entitled “Is the Denver Real-estate Market in a Bubble?”.
Last but maybe least on my list is a Spring Cleaning checklist.  Items I will realistically never get to, but maybe you are more on top of spring cleaning then me!  🙂  Happy Winter (I mean Spring!)

Englewood Home for Rent

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Fabulous 4 bedroom house in a mature neighborhood (this used to be a 3 bedroom house upstairs, two old bedrooms have been turned into one). So their is 2 bedrooms upstairs and 2 rooms down in the basement (non-conforming). Lots of trees, great value! 4 bedrooms including one master and 2 full bath, finished basement. Dishwasher, garbage disposal, granite fireplace. Granite counter tops, remodeled kitchen, stainless steel appliances, large fenced back yard, storage shed. Walking distance to light rail, the community recreation center, and park. Close to Platte River biking trail, and 2 dog parks. The light rail is a 15 min ride to Auraria Campus and the general downtown area. The light rail also can take you to Arapahoe Community College and downtown Littleton. There are shops nearby, one light rail stop away in the Englewood City Center. Walking distance to Riverpoint shopping area (Costco, Target etc.) This house has been recently remodeled.

THIS PLACE WILL GO FAST so please only contact us if you are ready (in town) and serious about scheduling a viewing.  Available 1st of June!

 

Valuation notices May 1st.

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The Arapahoe County Assessor’s Office will mail 2017 Notices of Valuations to residential and commercial property owners beginning May 1.

These notices of valuation provide you with information on the actual value of your property as of June 30, 2016. Arapahoe County also includes photos and information on five similar properties that sold in your area to provide more information about the valuation process and how the value was determined.

What happens if you disagree with the valuation? You can appeal and Arapahoe County strives to make the process as easy as possible. Appeals must be filed by June 1 to be considered.

To learn more about the valuation process and how you can appeal your value, visit: http://bit.ly/ACGNOVs.

Is the Denver Market a Bubble?

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Is the Denver Real Estate Market in a Bubble?  There are five items that are driving the hot housing market in Denver. These are not the same as reasons for the past housing bubble.  See the full report.
#1 – Population Growth
#2 – Job & Wage Growth
#3 – Soaring Rents
#4 – Record Low Interest Rates
#5 – Awards for Denver – US News & World Report Denver as #1 city to live in.