This video is a great visual representation of the Denver Real Estate Market. The slides show the decade and price point for homes built in Denver, dating back to 1880. Pretty interesting stuff, presented by my good friend Michael Canon. Leave a comment if you have any questions.
Monday, July 27, 2009
Saturday, July 25, 2009
Friday, July 24, 2009
Wednesday, July 22, 2009
$8k Tax Credit- Charles Roberts interview on Denver 7 News
Me on 7 News... Leave a comment with Questions!
Saturday, July 18, 2009
Egress Windows
A lot of investors ask what an egress window is and when one is needed. Technically, it’s a window for a room below grade that a municipality has deemed large enough to be safe for exit in case of emergency. Most often, it’s associated with a basement bedroom window, making it a legal bedroom. Basement bedrooms without egress windows are illegal. Installing an egress window makes them legal. The confusion is that different cities, counties and agencies have different size requirements and height-above-floor requirements for these windows. Therefore, before you start cutting into the concrete foundation you better make sure you’ve visited the local building department to get their requirements. In addition, HUD, distributing Section 8 vouchers, also has their own requirements for egress windows. So if you’re going to rent to a Section 8 tenant make certain you know what their requirements are. If you don’t, you won’t get credit for that basement bedroom and get way less rent than you expected – believe me it happens every day. But, to be honest there are probably hundreds if not thousands of rentals in Metro Denver that have basement bedrooms without egress windows. In my opinion, this is not only illegal, it’s immoral. And if that wasn’t enough to discourage you from having one, ask yourself what happens if there is a catastrophic fire and someone dies in your illegal basement bedroom. Not good! For about $2,000 - $2,500 you can get a competent contractor to install an egress window (only 1 is required per basement bedroom) and sleep better at night.
Thursday, July 2, 2009
Recap of 2Q 2009 Home Price Performance
Comparing 2007 to 2008, the average home price across the metro dropped 13%, to $267,000: a 13% decrease. Comparing the 1Q of 2008 ($271,000) to 1Q 2009 ($241,000), we saw an additional 11% drop. 2Q looked much better, only a 5% drop. As with many of the national headlines, things may still be getting worse, but the pace of the decline has slowed significantly.
While it’s certainly too soon to call it a trend, we noticed that the average sales price in MLS region AUN (Aurora North) and DSW (Southwest Denver) increased in June. After significant declines in 2006 and 2007, prices were generally stable in 2008. Prices are now edging upwards in these distressed areas!
While it’s certainly too soon to call it a trend, we noticed that the average sales price in MLS region AUN (Aurora North) and DSW (Southwest Denver) increased in June. After significant declines in 2006 and 2007, prices were generally stable in 2008. Prices are now edging upwards in these distressed areas!
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