Denver Real Estate News

Denver home market sending mixed messages

2012-03-31T23:25:00.003+03:00

The metro Denver home market can’t decide what it wants to be.
For homes priced under $300,000, sellers are getting multiple offers, fewer days on the market and list-to-sales prices nearing 100 percent or higher, experts say.
But things are slower for the luxury market, homes of $1 million or higher. That market, while showing improvement, still has depressed prices and under-contract activity nowhere near the level of lesser markets.
Lower-priced inventory usually has started the recovery from past down markets. But experts aren’t so sure that’s the case this time.
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Denver Investor Forecloses on Comerica Bank Tower

2012-03-30T17:37:00.000+03:00

A Denver real estate investor said Wednesday that it has foreclosed on part of the debt on one of Dallas’ biggest office towers.

Dividend Capital Total Realty Trust said that it has foreclosed on a $20 million loan it held on the 60-story Comerica Bank Tower at 1717 Main St.

The primary mortgage on the 1.5 million-square-foot skyscraper has been handled by special debt servicers since last spring.

Dividend Capital said that it is the 100 percent owner of the titleholder of the office tower since it foreclosed on its nonperforming mezzanine loan.

“We intend to engage the mortgage note lender in negotiations to modify the terms of the senior loan agreement,” Dividend Capital said in filings with the U.S. Securities and Exchange Commission. “The results of such negotiations with the senior lender will materially impact our ability to own and operate Comerica Bank Tower.”

That $180 million mortgage is set to come due in 2017.

Officials with Dividend Capital did not respond Thursday to requests for more information about their foreclosure on the Dallas building.

Since 2006, New York-based Metropolitan Real Estate Investors LLC has owned the Comerica Bank Tower. Metropolitan Real Estate Investors had previously requested modifications of the debt with bondholders.

Denver Real Estate: Luxury Home Purchases On The Rise

2010-07-05T21:03:00.001+03:00

The sale of Denver-area luxury homes experienced a dramatic increase of 61.8% last month, according to Coldwell Banker Residential Brokerage's May Report. Of these homes, priced at $1 million or more, fifty-five sold in the Denver metro area, including 18 homes in Denver and 11 homes in Boulder.

This upturn is likely a result of low mortgage rates, but also coincides with encouraging reports on the economic recovery in the Denver/Boulder area. The median price for the homes was $1.28 million and the homes on average sold for 93% of their asking price, up 10% from last year.

The priciest metro-area sale last month was a four-bedroom, seven-bathroom, 8,000-square-foot Boulder home that sold for $4.45 million. Nestled in the foothills, this luxury home includes an outdoor kitchen and direct access to several South Boulder Creek hiking trails.

Real estate companies merge to create 215-member team

2008-09-05T20:18:00.000+03:00

The merger between Keller Williams of Northern Colorado and Fort Collins Real Estate creates a 215-broker team that includes a new commercial division, KW Commercial, which was launched last week.

Fort Collins Real Estate owner Mike Jensen, who specializes in commercial, investment and residential real estate in Old Town and the North College Avenue corridor, will lead KW Commercial.

"I'm most excited for the KW Commercial brand and the enhancement that it will afford our agents," Jensen said. "We will maintain a strong downtown niche and together we will be a force to be reckoned with."

The combined company will have more than 215 agents in Northern Colorado, with more than $300 million in annual sales.

The Group Inc., the largest residential brokerage in Northern Colorado, has about 210 agents and $1.3 billion in sales. It spun off its commercial group into Sperry Van Ness/The Group Commercial LLC in November when the commercial brokerage firm expanded to Fort Collins.

Sharianne Daily, president of The Group, said the merger between Fort Collins Real Estate and Keller Williams "brings the strength of the two companies together and national recognition with Keller Williams and the local recognition with Fort Collins Real Estate especially with the downtown market."

In Colorado, Keller Williams has 28 locations and more than 2,800 agents.

Rethinking life in Denver's far suburbs

2008-06-26T01:30:00.000+03:00

Across the nation, the realization is taking hold that rising energy prices are less a momentary blip than a change with lasting consequences. The shift to costlier fuel is threatening to slow the decades-old migration away from cities, while exacerbating the housing downturn by diminishing the appeal of larger homes set far from urban jobs.

In Denver, housing prices in the urban core rose steadily from 2003 until late last year compared with previous years, before dipping nearly 5 percent in the last three months of last year, according to Economy.com. But house prices in the suburbs began falling earlier, in the middle of 2006, and then accelerated, dropping by 7 percent during the last three months of the year from a year earlier.

In Atlanta, Philadelphia, San Francisco and Minneapolis, homes beyond the urban core have been falling in value faster than those within, according to an analysis by Moody's Economy.com.

Tips to Sell Denver Real Estate Fast!

2008-05-28T00:24:00.000+03:00

The first aspect that you need to look at is condition of the property you wish to sell. You need to step back and detach yourself from the property to get an impartial picture of what should be done to get your home in prime selling condition. Make no mistake that right now more than ever, condition sells homes.

If you find it difficult to impartially evaluate your home you should give considerable weight to what your Realtor advises. Realtors know the market and they understand what it takes for a home to sell. To catch a prospective buyer your home needs to stand out from the crowd.

Denver home values fall less than nation's

2008-05-06T12:57:00.000+03:00

Despite all of the doom and gloom surround the Denver-area residential real estate market, the local housing market fares quite well relative to the rest of the country.
The latest report that shows this trend comes from Zillow, the company that made its name in the real estate industry by estimating the values of individual homes across the nation.

A Zillow report released today shows that homes prices in the Denver-Aurora metropolitan statistical area, the 21st largest MSA in the U.S., dropped by 5.1 percent in the first quarter from a year ago.

That is consistent with the S&P/Case-Shiller index of 20 markets released last week.

Denver Financial Center sold for $84M

2008-04-20T14:32:00.000+03:00

But the 666,653-square-foot Seventeenth Street Plaza at 1225 17th St., at the other end of downtown from Denver Financial Center, is on the market for sale by owner JP Morgan Chase Co. with an asking price of $385 per square foot, or $250 million, according to brokers. Seventeenth Street Plaza is similar to Denver Financial Center's tower component in height and age, in that both buildings stand about 30 stories tall and were completed in the early 1980s.

Metro Denver office buildings have been attractive to investors in recent years, and continue to be, according to recent commercial real estate reports.

Why Some Denver Homes Don´t Sell

2008-04-12T11:07:00.001+03:00

A couple reasons that cause´s the asking price to be too high are unrealistic expectations from the seller and an over enthusiastic listing agent. These reasons and many more can cause a house not to sell. Even in cases where an offer is made on an overpriced home, the hopes of the homeowner and buyer can be shattered when the buyer realizes he will have some problems financing the home. One way to determine if you have an overpriced home is by checking the prices of similar homes that are nearby. If those homes are selling for less than yours, you may have priced your house too high. In the end it is the buyer that sets the price of the home because they are shopping for the best deal and will typically pick a similar home that has the lower asking price.

Forbes ranks Denver among 10 riskiest real estate markets

2008-04-02T12:35:00.000+03:00

Forbes.com this week ranked Denver the eighth riskiest real estate market in the country, based on its analysis of the 40 largest metropolitan areas.

Detroit was the riskiest market on the Forbes list, followed by Orlando, Fla.; Cleveland; St. Louis; Miami; Las Vegas; Sacramento, Calif.; Denver; Tampa, Fla.; and Phoenix.

Denver's ranking was based largely on the number of foreclosures the city has experienced, which amount to 2.6 percent of the market, according to Forbes.com.

Tips and Advice for Buying a Home in Denver Colorado

2008-03-28T23:10:00.000+02:00

Finding the right real estate property can be tough due to the many options available today. Denver Colorado is an excellent place to work, live or even to retire. It is common to hear people talking about investing in Denver real estate.

So why should you consider living in Denver, Colorado? The state is mostly surrounded by open space, setting on the foothills of the infamous Rocky Mountains. Denver is often seen as a city nestled between scenic mountain ranges and reality. It is considered as America´s premiere sport´s city that is popular for its friendly, nature loving residents and diverse culture.

Green Real Estate 2008 Conference and Expo July 16 and 17 at Denver Colorado

2008-03-20T23:36:00.000+02:00

Based in Evergreen, EcoBroker International offers educational programs on "green" real estate topics related to energy efficiency and sustainability, and the EcoBroker designation to students who complete its program.

The company teamed up with the Association of Energy and Environmental Real Estate Professionals, also based in Evergreen, for the conference.

EcoBroker International expects 1,000 attendees at this year's event.

Buying a Colorado home at auction is a process fraught with uncertainty

2008-03-16T11:51:00.000+02:00

With foreclosure rates spiking, more homebuyers may heed the siren song of the auction, a sound that can mean sizable savings for some. But it also might mean you're the proud owner of a money pit.

Opportunities to buy homes at auction are on the rise. Some experts say the share of homes sold at auction could double this year.

One potential advantage for today's auction shoppers is inventory. The number of foreclosed properties is clearly on the rise.

Learn how to invest in real estate

2008-03-09T00:12:00.000+02:00

You Will Learn How To buy the best foreclosures (not bank and not HUD). Learn how to choose the best location and the best loan. Do 100% loans work? Increase your income with rental properties. How to create wealth for your retirement. Which is best for you, commercial or residential? How to get 15% or more return on your money, 1031 Exchanges and Reverse Exchanges, and how to reduce your income taxes. You can get cash flow starting day one. Learn an analytical approach to investing. You can be your own boss and never get fired! We compare Denver's market to three other hotter markets. Learn how to invest in cash flow mini storages. An individual meeting with the instructor is included. Jim Flint, CRS, has 30 years experience with real estate in four states.

Cole is becoming Denver neighborhood attractive option

2008-03-03T00:40:00.001+02:00

In Cole, residents walk everywhere and are eager to engage their neighbors.

Most houses in Cole date back to the early 1900s, if not earlier. Much of Cole is small Victorian homes with small, manicured lawns.

Like nearby parts of Denver, Cole attracts a melting pot of demographics.

"We have Hispanics, African-Americans, new white residents, gay and lesbian residents — it's very diverse," said Cole, a 36-year-old teacher and member of the Cole Neighborhood Association. "I think people want to come to a neighborhood like ours if they're seeking out that diversity."

Behringer Harvard completes sale of Denver office building

2008-02-26T23:00:00.000+02:00

Behringer Harvard's Behringer Harvard REIT I has sold a 153,000-square-foot, fully leased office building in the Englewood suburb of Denver, Colo.

"In this first disposition for Behringer Harvard REIT I, we have demonstrated our ability to achieve property level objectives in benefit of the overall portfolio," said Robert M. Behringer, founder and CEO of the company, in a release.

A real estate professional specializing in divorcing

2008-02-23T18:08:00.000+02:00

Real Estate Divorce Specialists are real estate professionals specializing in divorcing clients. They are trained in the legal and tax aspects of the divorce process and learn obscure legal rulings, regulations and tax implications. This specific training allows them to help their divorcing clients take advantage of tax laws that are specific to selling a house in divorce.

"Real Estate Divorce Specialists are a growing trend in the real estate industry," Cohen said. "A real estate professional who understands the special problems and laws that govern the dissolution of a marriage can be a great asset at a very difficult time."

The Colorado Trust has sold its historic Denver headquarters building

2008-02-18T09:55:00.000+02:00

The trust's property, located at 1600 Sherman St. in downtown Denver, includes a 12-story office building and a two-story parking garage. The property encompasses 155,000 square feet of space.

The Capitol Center LLC is an F&C Holdings LLC partnership. F&C is affiliated with Denver real estate brokerage firm Fuller Real Estate, and headed by Jeff Roemer, a Fuller senior vice president and industrial broker.

Improvements That Help Sell Denver Real Estate

2008-02-14T07:13:00.000+02:00

Basic maintenance is pretty vague but is very important for home buyers when they are looking for a home. If you want your Denver, Colorado home to sell it should look freshly painted both inside and outside. Make sure the windows are energy efficient double pane. The roof on your home should be in good condition and your furnace and air conditioner well maintained with regular servicing. Your landscaping should be fresh with a manicured look to it. Your basement should be look, smell and feel dry with no dampness or mustiness.

RE/MAX Denver based real estate franchisor receives top rankings

2008-02-08T02:22:00.000+02:00

The survey, which appears in the January 2008 edition of Entrepreneur Magazine, gives RE/MAX a Top 10 ranking in four different franchise categories. In addition to being picked as 10th best of all franchises, the Denver-based real estate franchisor was ranked first among low-cost franchises, seventh among global franchises, and 10th in the fastest-growing franchise category.

Finding Colorado Real Estate and Homes

2008-02-04T02:18:00.000+02:00

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Denver apartments cost more to rent

2008-01-31T03:44:00.000+02:00

Apartment vacancies were down and rents were up in the last year's fourth quarter, compared to 2006's final period, said the Metro Denver Multifamily Vacancy and Rent Survey. The report is produced under the auspices of the Colorado Division of Housing and the Apartment Association of Metro Denver.

Next grand vista may be coming right up

2008-01-26T14:59:00.000+02:00

Denver has little reason to exist, and that may be why its inhabitants excel at superlatives. Like most American towns, it has been through booms and busts, but Denver’s big surges have been more dramatic than most — gold, war, the space race, oil and then the dot-com rise and fall.

Last year Denver was dubbed foreclosure capital of America as the backwash from the sub-prime mortgage market swept through the city’s suburbs. Denver has been a victim of its own popularity — the real estate tumble followed an extended period of growth.

Denver's downtown office buildings saw the seventh-highest increase in rents

2008-01-24T23:46:00.000+02:00

The Colliers study didn't include downtown Denver rental rates, but a recent study by CB Richard Ellis Inc. of Denver showed the average asking office rent in the Central Business District was $26.22 per square foot, as of last year's fourth quarter. The average metrowide office rent for the same period was $20.08 per square foot.

Downtown Denver office space constitutes 22.5 percent of the entire metro-area office market, according to CBRE.

Local housing market looking up, real estate economist says

2008-01-22T11:26:00.001+02:00

Colorado should fare better than the rest of the nation when it comes to the housing market, according to one economist.

The fallout from defaults in subprime loans continues to make national headlines almost every day, said Lawrence Yun, chief economist for the National Association of Realtors.

But he advised a group of Longmont real estate agents Wednesday to ignore the national stories and focus on what’s happening locally.