DENVER HOME SEARCH
April 6, 2021
March Real Estate Highlights!
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March 29, 2021
Moving To And Living In Parker, Colorado
The city of Parker is located in the municipality of Douglas County, Colorado. The town itself is self-declared and is the second most famous in the county. As of today, the city is home to 57,706 people of all ages and ethnicities. Parker’s diverse town is only 30 minutes from downtown Denver, but one would be remiss in writing Parker off as simply another suburb. The main street is historic, featuring many local businesses and wide-open spaces you don't necessarily find within Denver city limits. Parker feels a world away, truly making it feel like its own.
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Buying
March 24, 2021
Should We Fear the Surge in Cash-Out Refinances?
Freddie Mac recently released their Quarterly Refinance Statistics report which covers refinances through 2020. The report explains that the dollar amount of cash-out refinances was greater in 2020 than in recent years. A cash-out refinance, as defined by Investopia, is:
March 19, 2021
To Renovate or Not To Renovate Before You Sell
When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season.
March 12, 2021
6 Simple Graphs Proving This Is Nothing Like Last Time
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, we’re now headed for another crash.
However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic differences.
1. Mortgage standards are nothing like they were back then.
During the housing bubble, it was difficult not to get a mortgage. Today, it’s tough to qualify. Recently, the Urban Institute released their latest Housing Credit Availability Index (HCAI) which “measures the percentage of owner-occupied home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.”
The index shows that lenders were comfortable taking on high levels of risk during the housing boom of 2004-2006. It also reveals that today, the HCAI is under 5 percent, which is the lowest it’s been since the introduction of the index. The report explains:
“Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.”
This is nothing like the last time.
2. Prices aren’t soaring out of control.
Below is a graph showing annual home price appreciation over the past four years compared to the four years leading up to the height of the housing bubble. Though price appreciation was quite strong last year, it’s nowhere near the rise in prices that preceded the crash.
There’s a stark difference between these two periods of time. Normal appreciation is 3.8%. So, while current appreciation is higher than the historic norm, it’s certainly not accelerating out of control as it did in the early 2000s.
This is nothing like the last time.
3. We don’t have a surplus of homes on the market. We have a shortage.
The months’ supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued appreciation. As the next graph shows, there were too many homes for sale in 2007, and that caused prices to tumble. Today, there’s a shortage of inventory, which is causing an acceleration in home values.
This is nothing like the last time.
4. New construction isn't making up the difference in inventory needed.
Some may think new construction is filling the void. However, if we compare today to right before the housing crash, we can see that an overabundance of newly built homes was a major challenge then, but isn’t now.
This is nothing like the last time.
5. Houses aren’t becoming too expensive to buy.
The affordability formula has three components: the price of the home, the wages earned by the purchaser, and the mortgage rate available at the time. Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate is about 3%. That means the average homeowner pays less of their monthly income toward their mortgage payment than they did back then. Here’s a chart showing that difference:
As Mark Fleming, Chief Economist for First American, explains:
“Lower mortgage interest rates and rising incomes correspond with higher house prices as home buyers can afford to borrow and buy more. If housing is appropriately valued, house-buying power should equal or outpace the median sale price of a home. Looking back at the bubble years, house prices exceeded house-buying power in 2006, but today house-buying power is nearly twice as high as the median sale price nationally.”
This is nothing like the last time.
6. People are equity rich, not tapped out.
In the run-up to the housing bubble, homeowners were using their homes as personal ATM machines. Many immediately withdrew their equity once it built up, and they learned their lesson in the process. Prices have risen nicely over the last few years, leading to over 50% of homes in the country having greater than 50% equity – and owners have not been tapping into it like the last time. Here’s a table comparing the equity withdrawal over the last three years compared to 2005, 2006, and 2007. Homeowners have cashed out almost $500 billion dollars less than before:
During the crash, home values began to fall, and sellers found themselves in a negative equity situation (where the amount of the mortgage they owed was greater than the value of their home). Some decided to walk away from their homes, and that led to a wave of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area. With the average home equity now standing at over $190,000, this won’t happen today.
This is nothing like the last time.
Bottom Line
If you’re concerned that we’re making the same mistakes that led to the housing crash, take a look at the charts and graphs above to help alleviate your fears.
Feb. 26, 2021
Are There Going to Be More Homes to Buy This Year?
Feb. 19, 2021
Will Low Mortgage Rates Continue through 2021?
With mortgage interest rates hitting record lows so many times recently, some are wondering if we’ll see low rates continue throughout 2021, or if they’ll start to rise. Recently, Freddie Mac released their quarterly forecast, noting:
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Feb. 15, 2021
The 10 Best Condos To Live In, In Denver, CO
Denver is a vibrant city consisting of fantastic amenities, colorful shops, and interesting people. There is nonstop excitement and activity year-round, allowing the residents of this fantastic city ample opportunity to explore their community. One of the most popular living options for the locals is condominium buildings. Denver is filled with an excellent selection of luxury condos to choose from. The following is a list compiling the very best condos in Denver.
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Beauvallon Condos
925 Lincoln Street, Denver, Colorado, 80203
Located in the Golden Triangle neighborhood of Denver, Beauvallon Condos is one of the best luxury condo buildings in the city. This upscale building is found near the State Capitol and the Civic Center in Downtown Denver. Beauvallon was built in 2001 and consists of 15 floors and 200 spectacular, upscale units.
Beauvallon Condos offers a range of incredible condo units from 769-square foot, one-bedroom homes to grand, 5,708-square foot, four-bedroom homes. The cost of real estate at Beauvallon ranges between $349,900 to $2,800,000 for the largest and most luxurious units. The homes of Beauvallon Condos are made up of open floor plans, gourmet kitchens, and scenic patios that provide sweeping mountain views and overlook the busy city.
The Beauvallon offers residents an array of amazing amenities, including a top-of-the-line exercise room, a sauna, jacuzzi, and rooftop pool complete with a poolside bar, secured parking, and 24-hour concierge services.
Venturing out into the neighborhood, residents of The Beauvallon can easily find opportunities for shopping and dining. There are a plethora of unique boutiques, fine dining restaurants, exciting nightlife, and interesting museums and art galleries. Everything you could ever need is within walking distance from this incredible, upscale condo building.
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Four Seasons Private Residences
1133 14th Street, Denver, Colorado, 80202
The Four Seasons has a reputation for being one of the top five-star hotels in the world. The private residences of this fabulous chain are no exception to that reputation. The gorgeous homes within this 45-story building are made up of one- to four-bedroom units featuring stunning, sweeping views out over the surrounding city and mountainside.
There are 101 residential units within the Four Seasons featuring large, gourmet kitchens, open floor plans, and sparkling walnut floors. The custom fireplace in the living room adds a touch of cozy and the floor-to-ceiling windows flood the condos with natural light.
One-bedroom homes found within the Four Seasons condos start around $979,900 and are approximately 964 square feet. The largest and grandest of the homes within the building consist of three bedrooms, four bathrooms, and 4,828 square feet of upscale living quarters. The cost for these more stately homes can cost an upwards of $4,999,000. Residents have exclusive access to the Four Seasons in-house amenities such as 24-hour concierge and valet service, a bar and restaurant, gorgeous pool and sauna facilities, as well as state-of-the-art fitness facilities.
The Four Seasons Private Residence condo building is located in the center of the Denver Theater District, providing residents with ample opportunity to explore their artistic side and the nearby shopping district is perfect for all essential shopping needs as well as luxury retailers and unique local boutiques.
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Related Post: Moving to and Living in Denver, Colorado
Larimer Place
1551 Larimer St, Denver, Colorado, 80205
Larimer Place is one of the most desirable condo buildings in one of the most desirable areas of Denver, the thriving downtown region. The thirty-one-story high-rise was built in 1981 and consists of 170 fantastic one-bedroom and two-bedroom units.
The beautiful Larimer Place reaches 335 feet, providing stunning views of the surrounding area. In-house amenities include a party room for group gatherings, a fitness center, 24-hour security, a pool and heated sauna spa, tennis courts, and an incredible fire pit perfect for hosting guests.
Steps away from the building is a multitude of activity and entertainment options. Residents of Larimer Place can explore the historic Larimer Square, the beautiful Cherry Creek Trail, and a variety of unique retail shops, diverse dining opportunities, and lovely public parks.
There are a variety of real estate options for potential residents of Larimer Place. One-bedroom, two-bathroom homes start around $530,000 and are approximately 1,205 square feet in size. Two-bedroom units range between $565,000 and $789,900 for 1,455-1,725 square feet homes.
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Glass House
1700 Bassett Street, Denver, Colorado, 80202
The Glass House is a unique condo building that was built in 2005. The uniqueness of this incredible residential building is due to the spacious, 25-acre front grounds that provide residents with access to the river, trails, and plenty of open outdoor space for lounging, picnics, and group gatherings. Those who live in the building have a real sense of community akin to membership at a private club. The luxury amenities and fantastic features make the Glass House one of the top condo buildings in the city.
Glass House is made up of twenty-three floors and 386 beautiful units. The high-rise building features stunning views from the private balconies and terraces for residents to enjoy. This luxury condo building houses a fantastic pool deck, a Lounge, a private theater, a bar, and a state-of-the-art fitness center.
As one of the most popular and coveted high-rises in Downtown Denver, the units of Glass House move quickly among the real estate listings. One-bedroom, 769-square foot homes start around $419,000 and the largest units, two-bedroom, 1,383-square foot homes, start at $769,000.
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One Lincoln Park
2001 Lincoln Street, Denver, Colorado, 80205
One Lincoln Park is a beautiful, upscale, high-rise community located close to uptown Denver, just outside of the downtown core. The surrounding neighborhoods include LoDo, Five Points, and Curtis park. Built in 2008, One Lincoln Park is one of the newer condo developments in the city and consists of thirty-one floors and 177 condo units.
Residents of One Lincoln Park are within close proximity to plenty of incredible amenities including unique shops, diverse restaurants, bars, and pubs, and the nearby Coors Field. The in-house amenities include an infinity pool and jacuzzi, two outdoor barbecues and a fantastic fireplace, perfect for hosting, a state-of-the-art fitness facility, and a secure parking garage. The owner’s club features a gourmet kitchen, a large flat screen, and a full-service bar. Outdoor terraces complete with glass railings are the perfect place to relax outside and enjoy the spectacular view out over the city.
Real estate at One Lincoln Park is highly desirable and moves quickly. If you’re looking to make this incredible building your home, you need to act fast. One-bedroom, two-bathroom units start at $430,000 and feature 820-square foot, open-concept floor plans. The most expensive property found within the building is 2,561 square feet, featuring two bedrooms and three bathrooms, which sells for $1,799,000.
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Barclay Towers
1625 Larimer Street, Denver, Colorado, 80202
This beautiful condo building was built in 1980 and has been a staple of the downtown core of Denver ever since. The thirty-two story high-rise is situated in the very heart of Denver, the historic LoDo neighborhood, and is made up of 225 units.
Barclay Towers consists of a variety of excellent condo units, from studio to three-bedroom homes. The units of the building include floor-to-ceiling windows, gorgeous terraces, and large balconies, providing panoramic views of Denver, the surrounding mountains, and direct water views.
The cost of real estate at Barclay Towers ranges between $330,000 for charming studio homes to approximately $559,900 for the larger, three-bedroom units. The average size of condos available at Barclay Towers ranges between a quaint 350 square feet to more expansive 3,000 square feet.
The residents of Barclay Towers have ample access to the surrounding amenities as well as the in-house facilities. The year-round rooftop pool is a favorite among residents, the exercise facility is top-of-the-line, and the concierge service is readily available, 24/7. The surrounding area is filled with shops, restaurants, bars, and the well-known Writers and Larimer Squares.
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Brooks Tower Residences
1020 15th Street, Denver, Colorado, 80202
Located next to the Denver Center for Performing Arts, the Four Seasons, and just blocks from the thriving downtown excitement, Brooks Tower is one of the oldest condo buildings in the city. Established in 1967, this affordable and well-known high-rise has been a staple of the community for decades. At 420 feet with forty-two floors and 566 condo units, Brooks Tower Residences is one of the largest buildings available on the Denver real estate market.
Homes for sale within the Brooks Tower condo building offer an affordable condo experience for those of all lifestyles. Studio units start at $235,000 and the largest, three-bedroom home costs an upwards of $540,000. Brooks Tower offers residents a multitude of fantastic, in-house amenities including a resident community room, a rooftop swimming pool, a conference room for meetings, and a fantastic fitness center available 24/7. The building also happens to be within a walkable distance to Downtown Denver, offering even more incredible amenities to the locals.
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The Pinnacle at City Park South
2990 E 17th Avenue, Denver, Colorado, 80206
The Pinnacle at City Park South, most commonly referred to as Pinnacle Condos, is a set of beautiful high-rise buildings consisting of a total of 268 residential condo units. These towers were developed in 2008 and offer gorgeous mountain views to those who reside there.
Pinnacle Condos offers a range of excellent housing options varying from single-bedroom, 1,054-square foot units to three-bedroom, four-bathroom, 3,547-square foot homes priced between $565,000 to $2,295,000. These units feature open-concept floor plans, large windows allowing plenty of natural light to flood the rooms, and private balconies overlooking the surrounding mountains, cityscape, and waters of Denver.
The amenities of Pinnacle Condos includes a business center, a large theater room, a fully-equipped exercise center, an outdoor pool, sauna, and hot tub, as well as dry cleaning services and secure parking.
Nearby, residents of Pinnacle Condos can discover ample opportunity for entertainment, dining, and shopping. Several fantastic music venues are located close by for those who love to indulge in the performing arts, and a diverse selection of restaurants including sushi, Mexican, and traditional American comfort food to choose from.
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Spire Condos
891 14th Street, Denver, Colorado, 80202
Spire Condos is one of the newest condominium developments found within Denver, established in 2010. These luxury condos are the epitome of urban living, surrounded by the vibrant downtown district that consists of diverse eateries, eclectic shops, and interesting people. All of these fantastic amenities are within walking distance of the Spire and easily accessible to those residing within the building.
With forty-one storys and 496 units, Spire Condos is definitely among the larger residential buildings in Downtown Denver. With a height of 483 feet, the views from this beautiful building are absolutely spectacular. Private balconies and terraces offer direct views to the residents on the higher floors of the Spire.
Homes for sale within Spire Condos range in price from approximately $665,000 to over $1,435,000 and everything in between. There are one-bedroom units that are about 1,000 square feet and the largest condos are approximately 2,143 square feet, containing three bedrooms. The condos of the Spire consist of open-floor layouts, large master bedrooms, many complete with a private ensuite, and top-of-the-line appliances.
The amenities found within the Spire Condos building include a fully equipped fitness center, resort-style pools, spacious lounges, outdoor fire pits, and 24/7 concierge services. Nearby, many fantastic features can be explored including the Cherry Creek bike path, the Denver Arts Complex, a multitude of diverse restaurants and coffee shops, a thriving nightlife community, and ample park space to enjoy the great outdoors.
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Riverfront Towers
1610 Little Raven Street, Denver, Colorado, 80202
Riverfront Towers is located in the heart of the beautiful Riverfront Park and within close proximity to Commons Park along with the many unique boutiques, restaurants, and bars that line the surrounding streets. Riverfront Towers was built in 2002 and consists of thirteen floors and seventy loft-style units.
The starting cost of a real estate at Riverfront Towers is $689,000 for a one-bedroom, two-bathroom, 1,270-square foot home. The largest and grandest space available for sale is a 4,907-square foot, four bedroom, four bathroom home costing $4,450,000. There are several styles and sizes in between, perfect for residents of all walks of life.
The condos found in Riverfront Tower feature gorgeous views of the mountains, parks, and vibrant citylife. The homes in Riverfront are larger than the average condo unit in the nearby buildings, allowing residents to enjoy spacious living spaces in the busy city. The building also offers fireplaces, gas appliances, and a fantastic heated garage.
No matter which condo building peaks your interest, rest assured that any one of these excellent options is going to be a great choice. The many luxury condominium buildings of Denver offer a plethora of incredible amenities, spectacular views, and close proximity to the many wonderful shops, restaurants, and entertainment venues of the city. Denver is a fantastic city filled with fantastic people, and anybody would be lucky to call one of these upscale condos home.
Posted in
Moving to Denver
Feb. 12, 2021
