Real Estate & Relocation ^ Colorado

Larry McGee Quoted in Denver Post

Real Estate in the year 2007 has gotten off to an unusual start.  Denver residents who seldom see snow unless they drive to the mountains, got more than their fair share in December, January and February. 

Margaret Jackson, Staff Writer of the Denver Post did a story on the real estate market, interviewing The Berkshire Group  Realtors' Managing Broker, Larry McGee.

Larry was quoting not only the affect of the weather, but also about homeowners, here's what was said,

Another factor contributing to the declining market is the number of people taking the equity out of their homes to pay for vacations or expensive toys, said Larry McGee of The Berkshire Group.

"If you use your house like an ATM it may be hard to sell it," McGee said. "Unless prices go up, you're in trouble. It's irresponsibility of the public."

Bauer and McGee agree that cold, snowy weather in the first part of February contributed to the drop in sales.

"When you've got 60 days of snow on the ground and repetitive snowstorms, it dampens people's desire to go look at houses," McGee said.

The Bauer quoted is Gary Bauer.  To read the entire article (you may have to pay a fee) follow this link, "Home Sales slide in  February"

Let's talk statistics

The February sales statistics are out (see my previous blog report).

Overall in the Denver Metro area prices have dropped.

Days on market increased from 120 last month to 125 in February.

The absorption rate increased by 5 weeks over February. I suspect, no I know the 60 days of snow on the ground had an effect on business.

But you can read the stats for yourself and see that.  What I want to point out here comes from February's Monthly Summary for the Denver Metro Market. (see graphic above).  These percentages are a breakdown of Total Days on Market before a home sells.

19.96% of the homes that sold, sold in 1-30 days at 98.61% of list price.

51.83% of the homes that sold, sold in OVER 90 days at 96.60% of list price.

Even though we have an average 125 Days on Market, there are homes selling in 30 days or less, 20% of them in fact! These homeowners net more, sell quicker and move on to their next destination at least 3 times faster than there counterparts who speculate on the market.

Let's do some math:

On a $300,000 home the difference in the average List/Sale ratio means $6210 more in the homeowner's net. It doesn't take into account the added aggravation of more days on market. This is aggravation a homeowner DOESN't get paid for, they get less.

The statistics prove yet another case for pricing your home correctly IN THE BEGINNING, staging it to perfection and enjoying the success of your wisdom.

Selling a home is more than putting a sign in the yard.  Hire a professional who knows the market inside out, then listen to them.  A professional is one who can back up what the market is doing with facts, not fluff.

What could be easier than that?

Denver metro market statistics for February 2007

February 2007

Metro Denver Prices:

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Single Family Average Price: (Detached Dwelling)		Feb 2007	$292,143
		Jan 2007	$297,368
		Feb 2006	$305,017
Condo Average Price: (Attached Dwelling)		Feb 2007	$169,498
		Jan 2007	$170,440
		Feb 2006	$175,422
Combined Average Price:		Feb 2007	$265,272
		Jan 2007	$266,066
		Feb 2006	$276,746
Percent of Sales Price Change: from February 2006 to February 2007		Single Family:	-4.22%
		Condo:	-3.38%
		Combined	-4.15%
Total Combined Number of Homes for Sale:		Feb 2007	24,838
		Jan 2007	24,350
		Feb 2006	25,484
Percent of Change in Available Inventory: (Feb 2006 vs. Feb 2007)			-2.53%
Number of Combined Homes Sold this month		Feb 2007	3,090
vs. previous month		Jan 2007	3,540
vs. same month last year		Feb 2006	3,273
Average days on Market: (Combined Sales)		Feb 2007	125.22
		Jan 2007	120.45
		Feb 2006	109.58
Absorption Rate: (number of weeks necessary to sell current combined inventory at current rate of sales)		Feb 2007	34.83 weeks
		Jan 2007	29.81 weeks
		Feb 2006	33.74 weeks
Median Sold Price:Single Family		Feb 2007	$235,000
		Jan 2007	$236,000
		Feb 2006	$238,500
Condo		Feb 2007	$144,950
		Jan 2007	$154,900
		Feb 2006	$149,440

A Foot Bridge Connects the City

Highland Bridge

Downtown  Denver and NW Denver are separated by a busy Interstate.  Pedestrians who wish to go back and forth have had to use the auto bridges. 

Now thanks to the new pedestrian bridge across I-25 folks can easily traverse the highway.  The bridge is still undergoing some finishing touches, but it's open. 

The foot traffic doesn't seem to mind that the bridge isn't finished.  In fact the day I took this photo, the traffic going back and forth was amazing.  Walkers, joggers and cyclists were making their way back and forth.

Off hand I'd say this bridge is a huge success! 

It doesn't matter which way you are going there is something to do or see on both sides. 

Northwest Denver is a very special part of the city with many retail shops, bakeries, and corner grocery stores. 

On the Downtown side of the bridge the immediate neighborhood is known as Riverfront.  Here one has access to Elitch Gardens a Six Flags Amusement Park, Invesco Field at Mile High (Go Broncos!), Coors Field (Yeah Colorado Rockies!), Downtown Aquarium, Pepsi Center (home to Nuggets and Avalanche) Children's Museum, Denver Center of the Performing Arts and the REI store.

Cyclists using the bridge will be happy to know it is not necessary to dismount, just slow down and use the ramp. The Platte River Greenway is right there.  You can go east to Cherry Creek, south to Chatfield or north to well let's say Wyoming!

Denver is not only the Base Camp for the Rockies, but an awesome playground for anyone who wants to be active and enjoy the movement of life.

Get out and enjoy it!

Denver Skate Park

When I was a kid we did the roller skates with the little metal keys.  The skates screwed onto your properly worn out Keds until they were tight enough to not come lose.  Away we went down the sidewalk. Occasionally we'd find it necessary to hop over a crack, whoa wild ones we were!  Around and 'round the block we would go, joyously feeling the excitment of motion.  I still remember how my feet tinkled after a day of roller skating on the sidewalk.

Nowadays we have fancy skate parks. Kids come from all around to spend their days doing tricks.  No longer are they satisfied with plain old moment. They jump, flip, skip, slide their fancy board up and over, in and out, air is not something you breathe but try to achieve.

Defy gravity. Slip, slide and roll.

Visiting the Denver skate parks makes me want to be a kid again. Can I have a mulligan?

Mobile Blog Unveiled Explained & Trained

So I tell a few folks I just built a Mobile Blog.  Instead of kwell kudos, I get a blank stare.

The third person (my husband) looks at me in earnest and says "What is a mobile blog?"

Oh so that's the problem, communication gap...

A mobile blog means I can post to my bloglog from my phone.  However since I communicate with photos, I decided to make my mobile blog a mostly photo blog. 

They say a photo is worth a 1000 words...oh my can I save a lot of keyboarding!

Here's how it works, as I go through my day I will share my actual views by clicking a shot with my TREO.  The photo is then attached to an email and sent to my new blog.  Within minutes the photo is posted along with a word or two, depending on my mood.

OK so it really isn't rocket science, it's more about sharing and thinking about life and how lucky I am to know what the heck I am talking about even if others don't.

Check out the new MOBILE BLOG at http://thedenver.blogs.com/at

The AT is short for Around Town.

kk