Thursday, November 12, 2009
Thursday, November 5, 2009
Friday, October 30, 2009
I found the news reports to be a little confusing regarding the agreed continuation and modification of the first-time homebuyer tax credit, so I contacted NAR (National Association of Realtors) to get clarification.
Here are the results of my conversation with Linda Goold. Linda Goold serves as the Director of Federal Tax Programs for the National Association of REALTORS® and works for the NAR in Washington, DC. She is an advocate for NAR tax policies that protect and enhance ownership and investment in both residential and commercial real estate.
I’m paraphrasing her comments:
The current news reports are misleading. Senate has agreed to the content of the home buyer tax credit extension with some modifications, BUT senate has not taken vote on final passage. It will be GOING UP FOR VOTE MONDAY EVENING at 5:30pm. Then it will have to go back to the house, but expectation is that the House will take it up the next day and approve it without amendment, and then it will go to the President.
When I asked how long it might take to go before the President, Linda said that sometimes it takes a while, and sometimes it will occur the next day – it has to be printed on parchment and go through an administrative process. This bill extension of home buyer tax credit is included in an extension of unemployment insurance benefits, which Linda says she has “to think the president will want to sign it as soon as possible. Hopefully it’ll be accomplished a week from now, but no guarantees.”
Monday, September 28, 2009
Thursday, September 24, 2009
Thursday, September 10, 2009
Thursday, August 27, 2009
Wednesday, August 12, 2009
"Simply being the cheapest place to live, or the city with the most jobs is not a long-term workforce strategy," says NGCs founder, Rebecca Ryan. Although jobs are important, Ryan says, "The next generation is very savvy about choosing where they'll live. They look carefully at quality of life factors like how much time they're going to spend in traffic commuting, if they can live near a park or hike-and-bike trail, and whether a city's downtown stays awake after five." The Next Cities list ranks cities that are - or have the capacity to be - great places to live and work for the next generation, because they have the best overall score in the seven indexes the next gen values.
Super Cities for Young Professionals with Population over 500,000
2. Seattle, Washington
3. Boston, Massachusetts
4. Washington, District of Columbia
5. Denver, Colorado
6. Austin, Texas
7. Baltimore, Maryland
8. Portland, Oregon
9. New York City, New York
10. Columbus, Ohio
11. Milwaukee, Wisconsin
12. Charlotte, North Carolina
13. Chicago, Illinois
14. Nashville, Tennessee
15. Jacksonville, Florida
16. Tucson, Arizona
17. San Antonio, Texas
18. Los Angeles, California
19. San Diego, California
20. Houston, Texas
Tuesday, August 4, 2009
Monday, August 3, 2009
Wednesday, July 29, 2009
Tuesday, July 28, 2009
Denver Business Journal - by Mark Harden
Home prices in Denver rose in May for the third consecutive month, and the city scored the second-lowest year-over-year price decline of the 20 cities included in Standard & Poor's closely watched S&P/Case-Shiller Home Prices Index.
Released Tuesday, the index reveals how 20 cities are faring as the economy continues to batter the residential market.
Home prices in Denver rose 1.3 percent in May from the previous month, according to the index report. That follows a 1.5 percent rise in April and a 0.1 percent gain in March.
Denver prices fell by 1.7 percent in February and 2.7 percent in January.
Among the 20 cities in the S&P/Case-Shiller index, Cleveland saw by far the greatest month-to-month home price rise in May, 4.1 percent, followed by Dallas (1.9 percent) and Boston (1.6 percent). Denver was tied for the fifth-highest month-to-month price increase in May.
The greatest month-to-month price decline among the 20 cities was in Las Vegas (down 2.6 percent).
Denver home prices fell 4.6 percent in May from the same month in 2008, the index shows.
That's the second-smallest drop of the 20 cities in the index, bested only by Dallas' 4.1 percent year-over-year decline. Boston was No. 3 with a decline of 7.2 percent.
At the other extreme, home prices plummeted 34.2 percent in Phoenix between May 2008 and May 2009, the index showed. Other big year-over-year losers were Las Vegas (32 percent), San Francisco (26.1 percent) and Miami (25.2 percent).
The 20-city composite index shows home prices were up an average 0.5 percent in May from the previous month, and down 17.1 percent since May 2008.
Nationwide, "the pace of descent in home price values appears to be slowing, ... [but] we likely do have a way to go before we see sustained home price appreciation," David Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement.
The index is compiled by comparing matched-price pairs for thousands of single-family homes in each market. It is published by Standard & Poor’s and Fiserv Inc.
FirstAmerica CoreLogic home-price report, released July 22, also showed Denver outperforming the nation on home prices.
Forbes: Denver is America’s best city to buy a home
The report ranked the 25 largest U.S. metro areas on the basis of change in price per square foot, frequency of real-estate transactions, and how evenly distributed home-sales activity is in a metro area.
“Denver tops the list,” Forbes said. “It had 25 percent of its property sales occur within approximately 25 percent of the city’s ZIP codes. This means sales in various parts of the city were fairly evenly distributed, showing proportionate activity. The further a city deviates from the 25 percent mark, the less evenly distributed the market is in that city, and thus the lower that city ranks.”
Forbes also determined that average price per square foot of housing space increased 5.7 percent in Denver between February and March of this year, and that transactions decreased 8.4 percent between March 2008 and March 2009, less of a drop than many cities.
“Denver scores very well in terms of being able to bring people into a stable housing market,” the magazine quoted Moody’s economist Christopher Cornell as saying. “It has better growth potential than most cities today.”
From The Denver Business Journal http://denver.bizjournals.com/denver/stories/2009/06/22/daily46.html
Monday, July 27, 2009
Friday, July 24, 2009
Wednesday, July 22, 2009
Tuesday, July 21, 2009
Every neighborhood in Denver and metro is different. Location really does affect everything.
Explanation: the map is color coded according to what neighborhoods are depreciating (red) and which ones are appreciating (green), from comparing the most recent 12 months with the previous 12 months to get an apple-to-apple comp. Also included is the average sold home price, percentage of foreclosures of all sold homes in the last 12 months, & the average days on market for each neighborhood.
Need a map for a different area? Just let me know.
-Only at Your Castle (= very nerdy)
Monday, July 20, 2009
City -Average Sales Price-Months of Inventory
2) A growing population
3) Good weather
4) Lots of 1st time home buyers - the most important people in market place
5) No overbuilding of condos or office spaces (not happening in Denver)
6) Vital downtowns
7) Well-educated population
8) Large number of foreclosures early - those cities that went down first usually come out first.
The June Market Statistics for the Metro Denver are out. As you can see sales are still strong in Denver. There were 3,328 closings in June, and 15,432 closings year-to-date for 2009. The average sold home price in the entire Metro area is $283,312, only $3,575 less than the average sold price this time last year. That is only 1% less...an extremely marginal percentage in light of what other cities are going through.
Although there are a bit fewer closings in 2009 than 2008, there are 4,315 fewer listings now than in June 2008. That makes the absorption rate (absorption rate just means the number of months it takes to sell all the homes on the market at the current buying pace) only 4.7 months now, vs. 5.3 months one year ago...houses are selling like hotcakes in Denver, especially under $250K.
Check out this PDF for details of whatever area you are interested in: