Friday, March 30, 2012

Reflections from the Seat of an Old Tractor

This was sent to me today from a good friend. I hope you enjoy it as well.



‘An Old Farmer’s Advice’

Your fences need to be horse-high, pig-tight and bull-strong.

Keep skunks and bankers at a distance.

Life is simpler when you plow around the stump.

A bumble bee is considerably faster than a John Deere tractor.

Words that soak into your ears are whispered……not yelled.

Meanness don’t just happen overnight.

Forgive your enemies; it messes up their heads.

Do not corner something that you know is meaner than you.

It don’t take a very big person to carry a grudge.

You cannot unsay a cruel word.

Every path has a few puddles.

When you wallow with pigs, expect to get dirty.

The best sermons are lived, not preached.

Most of the stuff people worry about, ain’t never gonna happen anyway.

Don’t judge folks by their relatives.

Remember that silence is sometimes the best answer.

Live a good and honorable life, then when you get older and think back, you’ll enjoy it a second time.

Don’t interfere with somethin’ that ain’t bothering you none.

Timing has a lot to do with the outcome of a rain dance.

If you find yourself in a hole, the first thing to do is stop diggin’.

Sometimes you get, and sometimes you get got.

The biggest troublemaker you’ll probably ever have to deal with, watches you from the mirror every mornin’.

Always drink upstream from the herd.


Good judgment comes from experience, and a lotta that comes from bad judgment.

Lettin’ the cat outta the bag is a whole lot easier than puttin’ it back in.

If you get to thinkin’ you’re a person of some influence, try orderin’ somebody else’s dog around.

Live simply, love generously, care deeply, speak kindly, and leave the rest to a higher being.

Don’t pick a fight with an old man. If he is too old to fight, he’ll just kill you.

Sales of second homes soar to highest level since 2005

Investment-home sales, nearly half in cash, jump 64.5%
Inman News

Sales of second homes, which include vacation and investment homes, soared in 2011 to their highest market share since the height of the housing boom, according to an annual report from the National Association of Realtors.

NAR’s 2012 Investment and Vacation Home Buyers Survey includes 2,241 responses from U.S. households who bought either new or existing homes in 2011.

Wednesday, March 28, 2012

Development to begin on last piece of former Lowry Air Force Base

More Development is on the way....

Denver Post
3.27.2012

A $165 million residential development at the Buckley Annex on the former Lowry Air Force Base is expected to get started this fall.

The 70-acre site bounded by Monaco Parkway, East First Avenue, Quebec Street and East Bayaud Avenue is the last remaining parcel to be transferred by the Department of Defense to the Lowry Redevelopment Authority, which oversaw the redevelopment of the rest of the Air Force base.

"We're looking to start demolition activities probably late summer or fall," said Monty Force, executive director of the LRA. "Once we have some of the demolition activities underway, we'll get into more detailed design for the neighborhood."

The development will have about 800 residences, including apartments,townhomes, condominiums and single-family homes, as well as up to 200,000 square feet of commercial space — about half office and half neighborhood retail.

It also will include a 4.5-acre community park and several small pocket parks.

At full build-out, the development is projected to generate about $1 million annually in new property taxes and nearly $500,000 a year in new sales taxes. The project is expected to create about 350 construction jobs as building peaks and about 400 retail and office jobs at full build-out.

Lowry residents have raised concerns about the increased traffic the development would bring to the area.

"They're going by old traffic studies done in 2007," said Christine O'Connor, head of Lowry United Neighbors. "We're already pretty stretched at Alameda and Quebec."

Neighborhood groups will be paying attention to the process, but O'Connor doesn't expect they will be very involved in planning for the site.

"We don't see how we can be very involved because the (general development plan) process in Denver doesn't include neighborhood feedback," she said. "People are not up in arms. There is no general outcry like there was during the planning process, but that may happen when they start work. We'll be watching."

Within the next few weeks, the U.S. Air Force is expected to transfer the property to the LRA, which will spend several months creating a general development plan and zoning package. There are a few buildings on the site that need to be demolished, including a 600,000-square-foot office building.
A $165 million residential development at the Buckley Annex on the former Lowry Air Force Base is expected to get started this fall.

The 70-acre site bounded by Monaco Parkway, East First Avenue, Quebec Street and East Bayaud Avenue is the last remaining parcel to be transferred by the Department of Defense to the Lowry Redevelopment Authority, which oversaw the redevelopment of the rest of the Air Force base.

"We're looking to start demolition activities probably late summer or fall," said Monty Force, executive director of the LRA. "Once we have some of the demolition activities underway, we'll get into more detailed design for the neighborhood."

The development will have about 800 residences, including apartments,

"I'm pleased to hear it's being conveyed to LRA," said Betty Jean Dayoub, a Lowry resident and real- estate agent who served on the 12-member Buckley Annex Community Advisory Committee. "That was the best thing that could have happened to all of us in the surrounding communities. It won't be helter-skelter. It will be organized."

The committee adapted the LRA's original development plan for the site to conform more to Lowry's design guidelines, Dayoub said.

The final plan calls for a maximum height of 65 feet, which will accommodate a four- to five-story building.

"We're also being sensitive to the edges," Force said. "We wouldn't put necessarily the highest buildings against the edges. We would step it up."

Tuesday, March 27, 2012

Denver-based website a hit with real estate investors

A place for more resources...

Denver Business Journal
March 2nd, 2012

What started as Josh Dorkin’s inability to find good real estate-investing advice online turned into a web-page business that is now generating some 300,000 unique visitors per month.

BiggerPockets.com also tries to rise above other real estate “advice” websites that are nothing but thinly veiled vehicles to get people to buy real estate through a particular agent or invest in some get-rich real estate scheme, Dorkin said.

“I found the information industry around the real estate-investing space was dominated by self-proclaimed gurus,” said Dorkin, who runs his business out of his Denver home. “Our website is where people can come and get information and answer each other’s questions. ... We don’t allow pitches, and I will boot them off the site if I find one.”

Much of the information is free. An RSS feed from the site delivers a daily column from an expert on topics like “Note Investing and Retirement Planning.” There also are tiered subscription levels ($5 and $15 a month) that give users tools, the chance to ask questions of experts and the ability to list or view properties. Dorkin interview experts via Skype and posts their videos on the website.

“The quality of the contributors is just awesome,” said Jeff Brown, a San Diego-based broker, owner of Brown & Brown Inc. and second-generation real estate investor.

Brown is a regular contributor and user of the site. He is not a sponsor or advertiser on the site and said he was running a successful blog of his own before being recruited by Dorkin.

“He put me next to a guy on the blog who, you could study investing for six months straight and still not know what he’s forgotten,” Brown said of the quality of the experts.

Brown has gotten some spin-off business from the website when people have reached out to him after he’s published an article.

“I’ve put some gems out there, but they’re under his copyright,” Brown said of his articles. “But it’s the right thing to do ... I was doing fine before BiggerPockets, but being associated with it has helped.”

Dorkin started the site about seven years ago. It now has about 83,000 members. As far as where he got the name, it came from a “cheesy” B-movie Dorkin saw where a pimp pulled out a roll of cash and exclaimed: “I’m going to need bigger pockets.”

He’s got lofty goals of changing the industry and bringing more credibility to it.

To that end, he’s hosting the first BiggerPockets real estate investing conference in Denver March 23-24 at the Colorado Convention Center, which carries a $250 registration fee. He’s making all the speakers sign a “no up-sell” agreement to avoid the type of event where people pay money to get information, but then are encouraged to spend more on classes, books or get-rich schemes.

“This will be top-notch educational content on real estate investment,” Dorkin said. “It will appeal to beginners and experts alike.”

Brown, who is known as the “BawldGuy” (bawldguy.com), will speak at the conference.

“I want to demonstrate that an event can happen and not take people for a ride,” Dorkin said. “I’ve never claimed to be ‘the’ real estate expert. I don’t promote myself. I promote BiggerPockets.”

Denver Neighborhood Associations

Neighborhood Associations

Alamo Placita Neighborhood Association

Email: email.APNA@gmail.com

www.facebook.com/APNeighbors

720-984-6015



Bellevue-Hale Neighborhood Association

www.neighborhoodlink.com/denver/bellehale

303-399-7101



Bluebird District

www.bluebirdbeat.com


Capitol Hill United Neighborhoods

Email: chun@chundenver.org

www.chundenver.org

303-830-1651



Cherry Creek North Business Improvement District

Email: matt@cherrycreeknorth.com

www.cherrycreeknorth.com

303-394-2903



Cherry Creek North Neighborhood Association

Email: newleeway@msn.com

www.ccnneighbors.com

303-333-3243



Cherry Creek Steering Committee
720-865-2930



City Park West Neighborhood Association

www.neighborhoodlink.com/denver/cityparkw

303-860-9084 (temporary)



Civic Center Conservancy

Email: office@denverccc.org

www.denverccc.org

303-312-4286



Colfax Business Improvement District

www.colfaxave.com

303-832-2086



Colfax Avenue

www.colfaxavenue.com



Colfax on the Hill

Email: dave@colfaxonthehill.com

www.mycolfax.org

www.colfaxonthehill.com

303-503-0408



Congress Park Neighbors

Email: brent@hladky.com

www.congressparkneighbors.org

303-885-9102



Country Club Historic District

Email: president@countryclubhistoric.org

www.countryclubhistoric.org

303-331-1368



Downtown Denver Partnership

Downtown Denver Business Improvement District

Email: info@downtowndenver.com

www.downtowndenver.com

303-534-6161



East Cheesman Neighbors Association

Email: thepp1154@comcast.net

www.neighborhoodlink.com/denver/echeesman

303-320-8329



Enterprise Hill Homeowners Association

Email: tfreedman@krysboyle.com

303-297-1433



Golden Triangle Association

www.goldentriangleofdenver.com

720-253-2774



Greater Park Hill Community, Inc.

Email: gphc@ecentral.com

www.gphc.org/

303-388-0918



Inter-Neighborhood Cooperation (INC)

Email: kbeaudrie@totalspeed.net

www.neighborhoodlink.com/denver/INC

720-941-8026



Neighbors on the Hill

www.neighborsonthehill.com



Old San Rafael Neighborhood Association

Email: beningtonpaul@hotmail.com

www.neighborhoodlink.com/denver/sanrafael

303-863-7061



South City Park Neighborhood Association

Email: jslotta@earthlink.com

www.scpna.org

303-388-3388



The Unsinkables

Email: theunsinkables@msn.com

303-343-4069



Uptown Urban Design Forum



Whittier Neighborhood Association

Email: chc@blondedesign.com

www.whittierneighborhood.org

303-296-1680



Wyman Historic District Neighborhood Association

303-321-9975


Uptown on the Hill
http://UptownOnTheHill.com

Interested in Your Own Island? Rock Island, Marathon, FL $12,000,000

From Zillow.com


















E Sister Rock Island, Marathon FL
For sale: $12,000,000

Many homes in the Florida Keys boast private beachfront and spectacular water views. Few, however, can lay claim to having a 360-degree beachfront, but this special private island home does.

Located a quarter-mile off the Atlantic shore of Marathon, FL, this small and private oasis on East Sister Rock Island is surrounded by white sand and coral reef.

Although the city of Marathon includes several keys and smaller private islands, the property is unusual for the size of its home, explains listing agent Marvin Arrieta.

“If they [the islands] have a home, it’s a little house,” said Arrieta. “This house is 5,000 square feet.”

[See more private islands for sale]

The Marathon home for sale is completely off-the-grid, relying on solar panels on the roof and side of the house for power, and cisterns collect rainwater.

Built in 1980 as a family getaway spot, the home holds all the vacation essentials: a wrap-around porch measuring 2,700 square feet, private dock and 21-foot-long boat, which is included in the sale. The island also has a helipad for ease of transportation to the Marathon and Miami airports.

The Bahamas-style residence was updated in 2001 and features enormous windows and 19 sliding glass doors that open out to veranda. In addition to the three bedrooms and two bathrooms in the main home, there is a smaller, detached 1-bedroom, 1-bathroom guest house.

The owners, according to Arrieta, are listing the property because they no longer use the island as often as they’d like.

“When they bought this property, they had one small child and they spent a lot of time there [on the island],” he said. “Now they have four children that are almost grown and they don’t go to the island.”

The property is designed to be a vacation paradise. The coral reef surrounding the home is perfect for snorkeling and just off the home’s shores are plenty of fishing areas or other opportunities for water sports, explained Arrieta.

If you find the $12 million price tag a bit too much too swallow at once, the private isle is also available for rent: $5,000 a week.

According to Zillow’s mortgage calculator, a monthly payment on the private island would currently be $44,803 assuming a 20 percent down payment on a 30-year-mortgage.

Changes in F.H.A. Fees

changes for some on the horizon...

By NYTimes.com
Published: March 22, 2012

FEES charged on mortgages backed by the Federal Housing Administration are set to change this spring; they’ll go up for some and down for others.

In a nutshell, here is what’s happening: Fees for refinancings will fall sharply, as the upfront mortgage insurance decreases to 0.01 percent of the base loan amount, from 1 percent, starting on June 11. For buyers, the upfront mortgage insurance premium will increase to 1.7 percent of the loan amount, from 1 percent, effective April 9, and annual insurance costs, paid monthly, will rise 0.10 percentage points. Those with so-called jumbo loans, those above $625,500, will see a 0.35-percentage-point jump in the annual insurance premium, effective June 1.

The F.H.A. announced these changes over the last several weeks; they reflect an Obama administration initiative to make refinancing easier and more affordable for the three million or so homeowners with F.H.A. mortgages. The reduction in refinancing fees applies to those borrowers who are current on payments.

Charles Coulter, the deputy assistant secretary for single-family housing at the Department of Housing and Urban Development, said the changes were intended in part to shore up the insurance fund, “while having a minimum impact on the borrowers’ payments.” The higher fees could add more than $1 billion to the fund through fiscal year 2013, HUD said in an announcement.

The F.H.A.’s market share has risen sharply in recent years as subprime lenders and others left the business during the housing crisis, or were forced out. F.H.A.-insured mortgages represented almost a third of all mortgages in 2011, and as many as 47 percent in the second quarter of 2010, according to HUD data.

From a recent low of 1.8 percent in 2006, F.H.A.’s loan volume grew to a high of 20.4 percent of all mortgage originations in 2009, and last year it insured 15.2 percent based on dollar volume, according to data from Inside Mortgage Finance, an industry publication. In the last three years, F.H.A.’s volume was about four times its levels of 2005 and 2006.

“That is tremendous growth in just five years,” said Terence Floyd, a vice president of People’s United Bank in Bridgeport, Conn. F.H.A. loans appeal to first-timers who otherwise could not afford to buy, he noted, adding, “They don’t have 20 percent to put down.”

Loans insured by the F.H.A. require only a 3.5 percent down payment for borrowers with a credit score above 580; those with a score of 500 to 580 need at least 10 percent down. Some lenders require higher scores. For instance, Somerset Hills Bank in Madison, N.J., looks for a score of at least 640 for an F.H.A loan, according to Jody Tobia, a senior vice president.

Mr. Tobia says he expects many borrowers to continue with F.H.A. loans despite the higher fees, because of the low down payment and the ability to wrap the upfront insurance fee into the initial loan balance.

While some lenders consider F.H.A. “the only game in town” for first-time buyers of modest means, there are other options. Some credit unions, including New York Municipal Credit Union, are offering mortgages with a 5 percent down payment, said Daryl Newkirk, a mortgage loan originator at the New York credit union. The loans are for single-family homes; buyers must have a credit score of 660 or higher. Mr. Newkirk said that about half the borrowers who come to New York Municipal Credit Union are looking for mortgages with down payments of 5 percent or less.

For first-time buyers, determining a maximum affordable monthly payment is key. F.H.A. mortgage insurance premiums are added into the principal, along with interest and escrowed taxes and insurance amounts. HUD estimated that the annual premium increase will add, on average, $5 a month to consumers’ mortgage costs. Some low-income buyers, however, may be eligible for grants or other assistance to cover some of their closing costs.

Home Prices Start to Rise, Sales Trend Higher: Housing Recovery Underway

An article by RIS Media

For the first time in 18 months, home prices in February rose higher. With a median price of $171,881, prices in the 53 cities surveyed by the RE/MAX National Housing Report rose by 1.1% over February 2011.

Home sales were even higher, up 8.7% from one year ago. With a positive sales trend of 8 straight months above the previous year, it’s looking like 2012 will witness a very strong home-selling season, RE/MAX reports. As a result of reduced foreclosure activity, inventory continued a downward trend for the 20thstraight month, 22.4% lower than the housing inventory in February 2011.

Consumer sentiment appears to be rising, and record low mortgage rates coupled with favorable home prices are attracting homebuyers and investors who don’t want to miss a historic opportunity.

“All the data is pointing to a very active spring and summer selling season this year, which is great news for a recovering housing market,” said Margaret Kelly, CEO of RE/MAX, LLC. “As sales numbers have trended higher for several months, we have been anticipating a turnaround in home prices, and it looks like it’s finally starting.”

Home Sales in February were 8.7% higher than sales in February 2011. This was the 8th straight month year-to-year sales have risen. February home sales were also 8.1% higher than sales in January. Of the 53 metro areas included in the survey, 45 saw increases over February last year and an impressive 26 metro areas saw double-digit jumps, including: Albuquerque, NM +46.6%, Providence, RI +36.7%, Raleigh, NC +33.8%, Boston, MA +30.5% and Chicago, IL +27.5%.

Median Sales Price

The Median Sales Price of homes sold in February was $171,881. This price represents a 1.4% increase from January, and a 1.1% rise from the median price seen in February 2011. February is the first time in 18 months that the year-to-year home price has increased. Of the 53 metro areas included in the February survey, 24 experienced price increases from February 2011, including: Miami, FL +20.5%, Orlando, FL +15.8%, Phoenix, AZ +12.5%, Tampa, FL +11.1%, St. Louis, MO +9.8% and Detroit, MI +8.9%.

Dayson Market–Average of 53 Metro Areas

The average Days on Market for properties sold in February was 103, the same as for the month of January, and the same average seen in February 2011. Only two months in the last 12 months saw a Days on Market average below 90: July and September both reported 88. Days on Market is the number of days between first being listed in an MLS and when a sales contract is signed.

Months Supply of Inventory–Average of 53 Metro Areas

In the month of February, the average inventory of homes-for-sale in the 53 surveyed metro areas dropped 0.8% from January and also dropped 22.4% from February 2011. Month-to month inventories have now fallen for 20 consecutive months. Given the current rate of sales, and the size of the active inventory, the resulting Months Supply is 6.6 months, a drop from the 7.3 month supply seen in January, and significantly lower than the 9.3 month supply reported in February 2011. Months Supply is the number of months it would take to clear a market’s active inventory at the current rate of sales. A six-month supply is considered a balanced market between buyers and sellers.

New Real Estate Poll: Americans Increasingly Optimistic About Home Ownership

Interesting article by RISMedia...

Americans are significantly more optimistic about homeownership than they were a year ago. That’s according to a new national survey released this week from Prudential Real Estate, a Brookfield Residential Property Services company. According to the second-annual Prudential Real Estate Outlook Survey, a full 60 percent of Americans have favorable views toward the real estate market. That’s up 8 points since last year.

The survey shows that signs of increasing optimism are widespread:

• With interest rates at historically low levels, 96 percent agree or somewhat agree that now is a good time to buy.

• A full 70 percent of respondents have some degree of confidence that property values will improve over the next two years; with an 8 point increase in those very confident or confident compared to last year.

• 63 percent believe that real estate is a good investment despite the recent market volatility; that’s up 11 points from last year.

The survey confirms that despite the recession, homeownership remains a central part of the American Dream. Eight in 10 respondents said homeownership is very important to them; only 15 percent said the economic downturn made homeownership less important.

“Respondents told us what our sales professionals see every day that, despite recent market volatility, homeownership remains integral to the dreams of most Americans and that consumers’ confidence in the housing market is returning,” said Earl Lee, president, Prudential Real Estate. “This is good news for home buyers and sellers, communities and our economy as a whole. As more people look to take advantage of historic interest rates and prices, we believe the foundation for a sustainable recovery is in sight.”

The survey also highlighted strong ties between homeownership and the community: 77 percent agree that homeownership strengthens a sense of community with 87 percent agreeing or somewhat agreeing that neighborhood comprised of homeowners have a stronger sense of community than neighborhoods made up mainly of renters. This is critical in an environment where two in three respondents believe community feelings in America are declining.

Among the generations, 94 percent of respondents believe that finding the right home and community are crucial to helping their family be happy. Only a small minority of older Americans said the recent housing crisis made homeownership less important to them. Nearly half of Gen Y respondents said it made homeownership more important. Gen Y’ers are particularly optimistic about the road ahead with 72% expressing favorable views about the residential real estate market.

“Characteristically, many of these consumers, particularly Gen Y, share a firm sense of family and community,” Lee said. “It’s not surprising now that they’re embracing homeownership to build on that sense.”

The survey also highlighted consumer caution in a recovering real estate market: 93 percent of respondents said that the housing crisis reminds them that they must be more careful about buying and selling property. More than 90 percent of respondents said a good real estate sales professional can help them make the right choices about homes and communities; and 71 percent believe good agent representation is more important than ever, up 4% from last year’s survey.

Methodology: Interviews with 1,251 Americans who are “in the market” to buy or sell a home were conducted online by Palisades Media Ventures and Penn Schoen Berland, between Feb. 10 and 20, 2012. Respondents are aged 25-64 with a household income of at least $50,000, and either recently bought/sold a home or are considering buying/selling a home. The margin of error is +/- 2.8% for all respondents and higher for subgroups.

Luxury home market improves in Denver

interesting article....

Denver Business Journal by Dennis Huspeni, Reporter
Date: Friday, March 16, 2012, 2:04pm MDT

Metro Denver’s luxury home market improved slightly in February from the same month last year, but the low inventory of homes might be hurting the market as the spring buying season nears, according to the report Coldwell Banker Residential Brokerage released Friday.

Thirty-one homes, with a selling price of more than $1 million, sold last month, as compared to 27 homes in February 2011. That level was down from January’s 41 sales.

“The high-end market in the Denver metro area continued its gradual but steady improvement last month, along with the overall housing market,” Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said in a statement. “We have gained momentum over the past year and probably would have greater sales gains if we had the inventory to meet buyer demand.”

There were approximately 42 percent fewer homes on the overall metro Denver market in February than last year at this time.

Other highlights from the report:

• The median sales price dropped to $1.21 million from $1.25 million in January.

• Nine luxury homes sold in Denver, beating Boulder and Cherry Hills Village, which had six apiece.

• Average days on the market, at 213, increased both year-over-year, at 184, and month-over-month, at 190.

• Sellers got 91.3 percent of their asking price, as compared to 91.6 percent in January and 93.9 percent in February 2011.

The report is compiled using multiple listing service data. The numbers closely mirror a Metrolist Inc. report issued last week.

Wednesday, March 21, 2012

Denver third in nation in job growth, ASU study finds

Denver Post
3.21.2012

The Denver had the third fastest job growth of any metropolitan area with a million workers or more when comparing January 2012 with January 2011, according to an Arizona State University study.

The overall growth rate for the United States, for the same time frame, was 1.5 percent, the study said. The actual number of jobs went up by nearly two million nationwide.

"As far as the cities, Houston and Dallas have fared especially well since they're located in Texas, a state that has stayed ahead of most, throughout the recession and recovery," Lee McPheters, the ASU JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business.

The top ten cities for job growth:

Houston - up 3.7 percent

Atlanta - up 3.1 percent

Denver - up 2.5 percent

Dallas - up 2.4 percent

Seattle - up 2.2 percent

Cincinnati - up 2.1 percent

Phoenix - up 1.9 percent

Riverside, Calif. - up 1.7 percent

Tampa, Fla. - up 1.7 percent

Pittsburgh - up 1.6 percent