Section 4.3.2 of the Colorado real estate contract requires you to choose whether your “cash to close” is immediately verifiable or not.

The clause in the contract states:

4.3.2. Available Funds. All funds required to be paid at Closing or as otherwise agreed in writing between the parties shall be timely paid to allow disbursement by Closing Company at Closing OR SUCH PARTY SHALL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this Contract, Ο Does  Ο Does Not have funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing in 4.1.

Many Brokers will simply check “does” assuming that what their client says they’ll be putting down is available. That’s fine 99.9% of the time.  If you’re in that .1% you could have a problem.

You see, if you’re waiting for a bonus check or a tax return or a wire transfer from overseas and the funds don’t arrive, you won’t be able to use that as a reason to terminate your contract.  You could be at risk to lose your earnest money.

If you still have a Loan Conditions Deadline, you’ll be able to breathe a little easier because in Colorado, buyers can terminate if the loan is declined or doesn’t meet their approval.  However, beware of trying to terminate based on your cash being unavailable or locked up.  That is not a claim you’ll have a right to make, according to most attorneys familiar with Colorado real estate law.

Ask your Broker which box you should check, and let her know whether your “cash to close” is truly available at the time of the contract or not.

Gretchen Faber, LifeStyle Denver author, is a local Denver real estate broker.  Contact Gretchen for information on Denver area real estate.

The Denver Art Museum has finally opened the long awaited Yves Saint Laurent retrospective.

Yves Saint Laurent’s prolific career as a designer inspired women of many generations to embrace fashion and femininity.  The Denver Art Museum has scored a coup in hosting the retrospective as the only stop in the U.S. on it’s travels.  The exhibit has been in Paris and Madrid, and Denver will attract many visitors interested in viewing the globally inspired collection.

Make certain not to miss the excitement by purchasing your tickets soon.  This will surely sell out,  and Denver’s reputation for being an art hub of many mediums continues to be burnished.

Visit yslDenver for more information and tickets.

We did it again,  Inventory is down for the 8th straight month.  As of the end of February, we have just 8,082 single family homes available for buyers to view.

On Friday last week, our office set 101 showings in one day.  We had to take a fire extinguisher to the phones at the end of the day.  The most showings I can remember the receptionist setting up on a busy Friday during the heyday was about 72, and that was with about 50% more inventory than our office is carrying now.

The low inventory is translating into showings, financing is loosening for most buyers, and rates are low.  If you’re an FHA buyer looking for a condo, you’ll have trouble.  Most Homeowner Associations have let their FHA approvals expire and haven’t renewed them.  We currently have 2,004 available condominiums and many of those would qualify for an FHA loan based solely on price point.

Average days on market are down, prices are increasing, under contracts have soared – particularly for “pending” sales – meaning proprieties waiting for short sale approval from the lien holder.  This is the hallmark of a recovering market.  Buyers, get out there and find something!  Even with less to choose from this is an incredibly opportune time to invest in real estate in Denver.

If you’re toying with the idea of selling, get your house on the market quickly.  Soon enough, you’ll be competing with all of the other sellers who figure this out.  And don’t assume you can tack on 10% to the last neighborhood sale when pricing your home.  We’re not there yet.  Realistic pricing is a large part of what’s driving our market, in conjunction with the low inventory.  The sellers who are selling are paying close attention to where they need to be priced.  They are not overpricing and are using the past 6 months sales in their area to carefully analyze where they should price their home.  They’re listening to the brokers.

If you have a house to sell in Denver or would like to look for your next landing pad, contact Gretchen Faber for more information on the current Denver real estate market.

Denver’s Union Station Redevelopment is underway and miraculous changes are happening daily.

Frank Cannon of Continuum Partners gave a special presentation to Kentwood Real Estate Brokers and Managers last Friday with exciting photos and an update on what the “new” Union Station will look like in just a couple of years.

Continuum Partners and East West Partners have teamed up on this massive project.  It will transform the neighborhood into a vibrant multi-modal transportation hub right in the heart of downtown Denver.

In Denver’s pioneer days trains were built to Cheyenne, Wyoming, by-passing the “Queen City of the Plains.”  Denver’s business community, having none of that, raised funds to build trains from Denver to Cheyenne.  A visionary private/public partnership that transformed our city.

Today’s visionary private/public partnership is also transforming Denver.  There will be trains, light rail, and a bus system all terminating at Union Station.  Predictions are for in excess of 205,000 daily trips of passengers going through the station.

There will be a hotel housed within the station, restaurants, shops, condos, apartments and office buildings.  Plans for the outdoor space include a European feeling plaza and an interactive outdoor water feature.

Check out the construction daily via their Union Station Web Cam!

Gretchen Faber is a local Denver real estate broker with over 16 years experience in the Denver market.  Search downtown condos or single family homes at www.GretchensDenver.com!

Kentwood Real Estate is Denver’s leading independent residential real estate brokerage, and with this month’s affiliation with Christie’s International Real Estate the powerhouse brokerage adds another strategic tool to our toolbox.

Christie’s International Real Estate is the largest international real estate network in the world and hosts over 9,300 properties $1 million and higher on their web site.  Kentwood Real Estate’s web site, www.DenverRealEstate.com, hosts all of the MLS-IDX listings in Denver, with numerous luxury homes prominently featured.

Kentwood Real Estate began in the Denver Tech Center area with one brokerage over 30 years ago, and expanded into the Cherry Creek and Downtown areas in 1998.  Since its inception, Kentwood has maintained a high-profile presence in Denver.  The brokerage has discreetly represented many legendary figures in Denver sports and society.

Denver as a city has grown up over those years from cow-town to urban and cultural diversity.  It’s a city to watch, with a healthy real estate market and a variety of neighborhoods offering something for everyone.

Gretchen Faber is the Broker Manager at Kentwood Real Estate’s Cherry Creek office, and represents many luxury home buyers and sellers.

Have you heard of a “Seller’s Market?”

That term hasn’t been uttered since just after the turn of the Millennium.  But it’s back.  Let’s take a look under the magnifying glass.

• Denver’s inventory of available properties is breathtakingly low. So low that it’s less than half what it was just 6 or 7 years ago.  In certain neighborhoods and price points, buyers who aren’t aggressive are losing out to higher bidders, cash buyers and those ready to make a quick decision.

• In other segments of the market, primarily in some higher end neighborhoods and a few specific communities, we still have an abundance of properties, with some sellers who haven’t adjusted their price, condition, expectations or all three.

• Look at the number of Single Family homes available.  Remember, Denver’s metro area has a population of over 2,000,000 residents.  We currently have just 8,356 Single Family (Residential) properties available. There are only 2,087 condominiums on the market. In the entire city!  From Evergreen & Golden to Aurora, Broomfield & Arvada to Castle Rock.

• One of my clients who had determined a condo would best fit his lifestyle added in a single family home search this week (“I’m a loser.”)  Not that he’s particularly convinced a single family home is for him (see the brackets,) but he’s well convinced that there aren’t enough condos available that match his criteria.

• Overall January inventory is nearly 42% below where it was in January of 2011.

• Average sold prices are down only because the homes selling in today’s market are primarily below $350,000.  The mix of properties selling has influenced the overall average. We’re actually seeing prices rise when looking at particular snapshot areas and price points.

• Overall average days on market has come down over 14% since last year, and this is the metric to watch as a leading indicator for prices.  The faster the turnover, the more likely there will be price increases.

Pendulums swing.  The Denver real estate pendulum is rapidly passing the mid-point and swinging toward seller’s market.  If you’re a buyer in this market, get out there quickly when a new listing matches your criteria.  If you’re a seller in this market and you haven’t received an offer, be very clear-eyed about what adjustments you need to make to get the attention of buyers.

It’s a great time for Denver Real Estate!

Gretchen Faber is a local Denver real estate broker with over 16 years experience in the Denver market.  Search homes at www.GretchensDenver.com!

Denver’s chapter of the Institute of Classical Architecture & Art offers monthly get-togethers to share information about local architecture and building design.

Columns & Coffee provides education about classical influence in local architecture.

February’s Columns & Coffee provides another rare opportunity to learn about The Equitable Building, one of Denver’s most beautiful commercial buildings, from the inside out.  This month’s tour will be directed by Tom Noel, whose extensive knowledge of the Equitable Building and humorous insight will combine for a memorable Columns & Coffee tour.

Noel has written many books about Denver and Colorado history, and he’s well-known in town as the go-to historian.

Saturday, February 18, 2012*

8:30 a.m. – 10:30 a.m.

Meeting Location:   Starbucks in the Magnolia Hotel; 818 17^th Street (across Stout Street from the Equitable)

Free to ICAA members and the general public

RSVP:      Chad Cox at chad [at] bluearchitects [dot] net

*Space is limited to 30 participants and is on a first come, first served basis

The Equitable building is a fascinating building, and this will be a fun seminar for anyone interested in classical architecture.

Interested in residential architecture as well?  Search for your new Denver home at Gretchen Faber’s real estate web site.  You can set up regular property alerts as well as contact me for a free market study on your home.

This year,  “Restaurant Week” is actually two weeks.  From February 25 – March 9 over 325 restaurants are offering their multicourse meals for $52.80 per couple.

This is always a hot event, and the restaurants are already booking up.  The most popular times are taken, so you’ll need to be flexible about eating early or late.

Denver Restaurant Week is presented by Visit Denver, and their web site allows you to choose a restaurant by cuisine, by neighborhood, or you can see all participating restaurants.  It’s a great event, highlighting Denver’s foodie culture.  Join with a couple of friends and make it a night out!

When Gretchen Faber isn’t eating and drinking, she’s selling houses in Denver.  Visit GretchensDenver to look for a new home, or to read descriptions of local neighborhoods. That may help you narrow down your restaurant search.

We’re buried.

Imagine a friend dumps a bucketful of shaved ice over your head after the Super Bowl.  It all comes down in a rush and where you were previously dry, you’re now covered in ice.

That’s Denver today.  We were dry and warm until Thursday, our normal balmy temperatures.  Yesterday, the bucket was upended.

So here are a few tips if you’re new to Denver on how we while away the hours on those rare, glorious snow days:

1. We Shovel: And shovel, and shovel.  With 15-26 inches in various Metro Denver locales coming down in 34 hours, you have to stay on top of it.  Shoveling is a great calorie burner, and Denver is the fittest city in the U.S. (and the thinnest, pound for pound.)  Ideas: Not into the workout aspects of shoveling? Keep a neighborhood teenager on retainer, or get your own teenager. I have two, and they really stepped up yesterday.  Get a Snowblower and clear off both sides of your entire block.  Young mothers and widows will gratefully bake for you.

2. We Bake: See number 1. Ideas: Bake for your snow blowing neighbor or the teenagers with frost bitten fingers.  Don’t eat too much of what you baked, or we won’t keep up the “fittest city” classification.  Add applesauce in place of oil.

3. We Play Words With Friends: This new obsession has expanded beyond movie stars and the jet set.  Denver happens to be one of the most literate and well-educated cities in the U.S.  So we know our Scrabble! Idea: Scrabble is always fun, but if you don’t have the actual game board, you can download Words With Friends for free and play in any locale or time zone.

4. We Visit Our Neighbors and Drink Wine: Colorado wines are getting better.  One of my neighbors makes it a point of pride to always order Colorado wines whenever we go out, and she’ll purposely seek out managers to “educate” them if they don’t offer local wine.  Our household leans toward California and Italy, but we’ll give anything a try if we can get out of the house for a few hours.  Idea: Stock up ahead of time, or prey upon your neighbors’ wine cellars.  It’s not a good idea to drive on a “beer run” in a blizzard.

5. We Facebook: And look at everyone else’s blizzard pictures. Then comment on who had to shovel more. Ideas: Keep your camera charged up; quit taking photos with a yardstick in the snow.  We’ve seen that one.

6. We Say We’re Going to Do Our Taxes: But who wants to waste a snow day on something as boring and onerous as taxes?!  Idea: Do your taxes on a sunny day, Denver has 300 sunny days a year. Or was it 425?  I think I heard that recently.

7. We Make Chili: It’s always a good idea to keep beans and tomato sauce in the cupboard and ground meat in the freezer in case of a Denver “weather event.”  Up and down every block you can smell chili cooking.  Idea: Chili is great to have on hand when the neighbors stop by for number 4.  Let them bring the Number 2 and you have a meal with every food group!

8. We Watch Movies: The Oscars are coming up, time to catch up on movies you missed from the year before.  The actual Oscar nominees are still in the theaters.  Ideas: Have a movie party with the neighbors, or play a game of Scrabble and the winner chooses which movie to watch.  Watch some old black and white movies or classics.

9.  We Chase the Dog Around the Dining Room Table: When the snow is so high that Duke won’t go out (he’s tall enough to rest his head on the table) you really feel sorry for those little pooches.  We take turns chasing Duke around the dining room table trying to steal his toy.  He loves it, and begs for the “table game.” Ideas: A variation is to run up and down the block with your dog where the neighbor has snow blown the side walk.  You can also sit on your couch while watching Number 8 and throw a ball across the room (if he’s a retriever.)

10. We…Never Mind: Just keep your eye on the birth rates in 9 months.

Enjoy the Denver snow, you know the sun will be back out tomorrow and the melting will begin!  Then you can work on your taxes.

If you need another idea and you’re looking for a new house, you can search through all the homes listed in Denver on my property web site: Gretchen’s Denver.  Have fun!

They liked it, and decided they might make an offer.  Being savvy buyers, they asked me to give them an analysis of other properties that had recently sold around the listing they were considering.

I also pulled the history of the listing, and we found that the house had been on the market for 10 months, with two different real estate brokers.  I called the current broker and asked him a few of the usual questions, when do the sellers want to close, is there anything we need to know, etc.

Then came the shocker.  The broker said, “I’d suggest your buyers not low ball the price, these sellers don’t have to sell.”

Wow! They’ve endured showings for 10 months, kept the house in show-ready condition, and expected their broker(s) to work hard on the marketing.  You almost wonder if that For Sale sign means anything?

I’ve heard sellers tell me this same thing in listing appointments, “I don’t have to sell, so I won’t take anything less than my price.”

Sellers Beware! You may not sell your house if this is your attitude.  Don’t expect a professional broker to come in armed with her analysis and years of experience, only to tell her you’ll decide the price.  Pricing is not an exact science, and it’s definitely a collaborative effort with sellers’ motivation factored in, but don’t throw out the baby with the bath water.  Pay attention to the data if you really DO want to sell your house.

There are times when the initial analysis needs adjustment based on the ever moving barometer of closed sales, and the broker doesn’t always nail it the first time.  In certain instances an initial market analysis might actually be a little high, and downward adjustments are warranted.  If the seller and the broker can collaborate based on a new analysis, it will be a much better working relationship than one based on a seller dictating the price without credence to the market.  If the price is low, you’ll know by the bidding war that ensues.  If the price is right, you’ll sell quickly without a lot of drama.

Buyers won’t offer you what you need.  They won’t offer you what you put into it.  They won’t offer you what you owe.  They’ll offer you what their own analysis suggests is a realistic price – less some negotiating factor.  Buyers don’t walk in and over pay because you have your house on the market and you’re a nice, deserving person. In fact, you’re reinforcing their decision to go make an offer on the competition.

Sellers – if you don’t have to sell, then your house isn’t really “on the market.” Save yourself months of grief and frustration. Save me and my buyers some time, please. Thank you.

Gretchen Faber works with buyers and sellers in Metro Denver’s luxury home market, as well as in-town neighborhoods, new construction and corporate relocation.  Check out all the Metro Denver listings at www.GretchensDenver.com.