Beautiful Colorado Homes Owned by Celebrities

from Colorado.ourcommunitynow.com, beautiful Colorado homes owned by celebrities....

What if you popped over to the house next-door to borrow a cup of sugar, only to come face-to-face with the one and only Oprah? Of course, that wouldn’t be reality for most of us (for so many reasons!), but we can certainly be proud of the fact that our beautiful state has attracted the interest and buying power of some of America’s rich and famous.

First, we’ll start with Oprah Winfrey herself. The media mogul purchased this high-tech 8,700-square-foot lodge in Telluride, Colorado, for approximately $14 million. With a host of smart features (like climate control and a weather station), this five-bedroom home came furnished and includes a sauna, a 56-foot-long mine-style wine cellar, and a turret-style tower with lovely 360-degree views of the San Sophia Mountain Range.



Telluride was also the choice of comedian Jerry Seinfeld, whose 14,000-square-foot house sits on 26 beautiful acres with gorgeous views. You could fit a couple modestly sized Denver homes on its huge, 5,500-square-foot deck. There are 11 bedrooms and 12.5 bathrooms in this lovely mansion, which Seinfeld put on the market for $18.3 million a couple years ago (though there are no official records of it ever actually selling).



Don’t expect to bump into Tom Cruise, though. He sold his $59 million property (298 acres and 10,000-square-foot house that he designed) because he was just too busy to visit it anymore. And though the price tag seems a little steep, note that the estate includes a fitness center, recreation room, library, elevator, staff quarters, and its own private helipad, not to mention its knoll-top views of the Telluride valley.



Lastly, Kevin Costner has been building up his Aspen ranch for about 25 years, buying surrounding property around the original parcel; he now owns 165 acres. Its rustic peacefulness and proximity to lively downtown Aspen are the perfect blend, causing him to pass up real estate in other western states in favor of this one. When he’s home, he often dons jeans and a cowboy hat and spends time fishing.

13 Answers to Common Sellers Questions

sage advice from ccpre.com regarding answers to common seller questions....

Question 1: Is there a best time to sell my house?

Property sells year round. It is mostly a function of supply and demand, as well as other economic factors. The time of year you choose to sell can make a difference in the amount of time it takes and the final selling price. Weather conditions are often a consideration in some states than in other parts of the country. Generally the real estate market picks up in the early spring.

During the summer, the market usually slows. The end of July and August are often the slowest months for real estate sales. The strong spring market often places upward pressure on interest rates, many prospective home buyers and REALTORS® take vacations during mid-summer. After the summer slowdown, sales activity tends to pick up for a second, although less vigorous, season which usually lasts into November. The market then slows again as buyers, sellers and REALTORS® turn their attention to the holidays.

The supply of homes on the market diminishes because sellers often wonder whether or not they should take their homes off the market for the holidays. There are still buyers in the market place, but now those buyers have fewer homes to choose from. Those homes on the market at that time have considerably less competition. Generally speaking, you'll have the best results if your house is available to show to prospective buyers continuously until it sells.

Question 2: Are there important factors to consider when selling a home?

The two most important factors are price and condition in selling a home. The first step is to price it properly. Then, go through the house to see if there are any cosmetic defects that can be repaired. A third factor is exposure. It is also important that the home gets the exposure it deserves through open houses, broker open houses, advertising, good signage and listing on the local multiple listing services, as well as the internet. Choose the real estate REALTOR® that you believe will get the job done, not the one that quotes you the highest price - sometimes just to buy your listing.

Question 3: How much is my home worth?

There are two methods many people use to determine their homes value, an appraisal and comparative market analysis. Appraisals vary in cost and are defendable in court. They average about $300 for a single family home and more on multi-family dwellings. Appraisers review numerous factors and base information on recent sales of similar properties, their location, square footage, construction quality, excess land, views, water frontage and amenities such as garages, number of baths, etc. A comparative market analysis on the other hand is an informal estimate of market value performed by a real estate REALTOR® or broker. It is based on sales and listings that will compete with your property that are similar in size, style and location. A range of values will be determined thus arriving at a probable market value. Many REALTORS® offer a free analysis anticipating they will have a new client. The analysis or opinion should be in writing and should involve professionally accepted appraisal practices. Some individuals do their own cost comparison. It may take several hours of research at the county recorder's office, where there will be indexes to match street addresses and parcel numbers. Once matches have been chosen a tax card can be used to find the assessed value, size, style, number of rooms, baths, etc.

Question 4: What should I do to get my house ready?

The way you live in a home and the way you sell a house are two different things. First and foremost, "declutter" counter tops, walls and rooms. Too many "things" make it difficult for the buyer to see their possessions in your rooms or on your walls, however don't strip everything completely or it will appear stark and inhospitable. Then clean and make attractive all rooms, furnishings, floors, walls and ceilings. It's especially important that the bathroom and kitchen are spotless. Organize closets. Make sure the basic appliances and fixtures work and get rid of leaky faucets and frayed cords. Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce simmering on the stove. Hide the kitty litter, and possibly put vases of fresh flowers throughout the house. Pleasant background music is also a nice touch. The second important thing to consider is "curb appeal." People driving by a property will judge it from outside appearances and make a decision then as to whether or not they want to see the inside. Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard. Clean the windows (both inside and out) and make sure the paint is not chipped or flaking. Also make sure that the doorbell works.

Question 5: Should I make repairs?

Minor repairs before putting the house on the market may lead to a better sales price. Buyers often include a contingency "inspection clause" in the purchase contract which allows them to back out if numerous defects are found. Once the problems are noted, buyers can attempt to negotiate repairs or lowering the price with the seller. Any known problems that are not repaired must be revealed as a material defect. You do not have to repair the problem, only reveal it and the house should be appropriately priced for that defect.

Question 6: What are my obligations to disclose?

Items sellers often disclose include: homeowners association dues: whether or not work done on the house meets local building codes and permits requirements; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as any restrictions on the use of property, including but not limited to zoning ordinances or association rules. It is wise to review the seller's written disclosure prior to a home purchase and ask questions if it does not satisfy you entirely. No, according to experts, sellers do not have to disclose the terms of other offers. You may disclose the existence of other offers, so that all parties are aware that they should be submitting their best offer.

Question 7: Are there standard contingencies in an offer?

Yes, the two basic contingencies in a purchase contract are financing and inspections.

Question 8: Should I be flexible in granting contingencies?

That often depends on if you are in a buyer's or a seller's market, the condition of your home, the price you hope to get, how motivated you are to sell, as well as the quality and quantity of the offers you are getting. Any contingencies that are negotiated are written into your contract. Both the buyer and seller can place requirements on the table during the negotiation phase. A frequently seen contingency is regarding the sale and closing of the buyers home before they can purchase yours. Whether this requirement is reasonable, or even achievable, depends on the individuals involved. Financial capabilities usually play a major role in negotiations. Few people can afford to own two homes simultaneously, except for some all-cash buyers.

Question 9: What do I do if my house isn't getting activity?

Even in a slow market, price and condition are the two most important factors in selling a home. If a home is not getting the activity it needs in order to sell it is probably because it is overpriced for the market. The first step is to lower the price. Then go through the house and see if there are cosmetic defects that you missed that can be repaired. The second step is to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the multiple listing service and internet. A third option is to remove the home from the market and wait for overall housing conditions to improve and catch up to the price your asking. Finally, frustrated sellers who have no equity and are forced to sell because of a long term illness, divorce or financial considerations should discuss a short sale or a deed in lieu of a foreclosure with their mortgage lender and their REALTOR®. A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender. In a deed-in-lieu-of-foreclosure, the lender agrees to take the house back without instituting foreclosure proceedings. These are considered more radical options than lowering the price.

Question 10: Is it possible to sell for less than my mortgage?

A "short sale" is for home sellers who are upside down on their mortgage. The home's value is less than the amount of the mortgage. A hardship must exist, then sometimes home owners can negotiate with lenders and split the difference between the sale price and loan amount, which still must be paid. A short sale is often complicated. If the loan has been sold into the secondary market, the lender will have to get permission from Fannie Mae or Freddie Mac to negotiate a short sale. Fannie Mae, the secondary market giant, has a policy of looking at each loan individually. If the loan was a low-down-payment mortgage with private mortgage insurance (or PMI), the lender needs to involve the mortgage insurance company that insured the low-down loan. Once all these issues are resolved or negotiated, the house may be sold.

Question 11: How will a foreclosure effect my credit?

Without a doubt a property foreclosure is one of the most damaging events in terms of the borrower's credit history. Talking to the lender who holds the mortgage note on the property might provide specific answers as the possible courses of action available to the borrower, as well as to the effects those actions might have on that person's credit report. In terms of the effect on credit history, a deed in lieu of foreclosure or a short sale are not as adverse an event as is the forced foreclosure. However, even after a foreclosure or bankruptcy, there are lenders who are providing loans after 7-10 years have lapsed. The borrower will have many obstacles to overcome and will need to provide a good paper trail to the lender proving they are once again credit worthy.

Question 12: How long will a bankruptcy or foreclosure stay on my credit report?

Bankruptcies and foreclosures can remain on your credit report for 7 to 10 years. However, there are lenders who will consider an applicant who went through a bankruptcy as recently as two years ago, as long as good credit has been re-established. Much will depend on when the bankruptcy was discharged and what kind of credit a borrower has re-established since then. The longer ago the discharge occurred, the better off a loan applicant will be. Another factor considered will be the circumstances surrounding the bankruptcy. If a borrower went through a bankruptcy because his or her company had financial difficulties due to downsizing or merger resulting in job loss, that means one thing to a lender. If, however, a borrower went through bankruptcy because of overextended personal credit lines from living beyond their means, that means quite a different thing. If you have additional questions consult "Rebuild Your Credit: Law Form Kit," Nolo Press, Berkeley, Calif.

Question 13: Is it possible to refinance after bankruptcy?

Although a good idea, it is usually difficult to refinance after a bankruptcy. If you have been struggling but keeping current on your payments the lender may be accommodating. You first need to contact them and explain your situation. They may suggest or perhaps you can suggest a way to work out alternative payments until you recover.

If you would like more information or have any questions about selling your home or property please Contact Us. Please also visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

Pro Tips: How To Score A Home Sale In Denver's Hot Market

from npr.org some good, genuine advice that I agree with from another industry professional...

Buying a home in metro Denver can be a frustrating experience. With the influx of people to the state, limited number of homes for sale, and investors gobbling up properties to convert to rentals, it's not uncommon for a home to receive dozens of offers as soon as it hits the market.

Kevin Risen, executive vice president of Coldwell Banker Residential Brokerage of Colorado, one of the biggest real estate companies in the state, has a few tips. He's been selling homes in Denver since 1978. Risen spoke with Colorado Matters host Ryan Warner.

Try paying both commissions

According to Risen, offering to pay both the buyer's and seller's commissions, but only offering the asking price on the home, can be a successful strategy. That may be more comforting to a seller than an artificially high bid.

Try an emotional appeal

Writing a sincere note to the sellers can make your offer stand out. Recently, people have even started to make short videos to connect with sellers. These are especially effective if the other offers are coming from investors, rather than individuals or families.
•For Denver-Area Families, Home Buying Has Become A Growing Struggle

"The truth of the matter is real estate is a very emotional business," says Risen. "Sometimes that sweet letter or that sweet video can affect the homeowner who may say, ‘I’d rather sell this to a couple with a family that’ll fit into the neighborhood, rather than dealing with an ongoing tenant situation where my old neighbors are now mad at me because I sold to an investor.'"

Be flexible

Many people begin looking for one type of home -- a single family unit, for instance -- but find a condominium or townhome that is a better fit. It's often a choice between changing the type of property they're looking for or moving away from their desired neighborhood.

If you can afford a $300,000 home, you should probably be looking at homes closer to $250,000 in price. In such a competitive market, you'll likely have to bid above the asking price, so it makes sense to create this buffer to allow for that.

Get preapproved

It's not uncommon for homes to sell within a few days of being listed, so you want to be prepared to move quickly. While a sizeable down payment may be helpful, "more important than that is getting preapproved from a lender," says Risen. "You want to be able to pull that trigger."

Don't skip the essentials

Buyers are sometimes tempted to grease the wheels for sellers by opting out of things like the appraisal, inspection, or warranty on a home. That's dangerous, Risen says, because there can be serious problems that are not immediately obvious.

Do your homework

Risen says that these days, nearly every buyer starts their search online using sites like REColorado, Realtor.com, Trulia, or Zillow. It seems as though the days of driving around and looking for houses are over.

Risen thinks that it will remain this way in Denver for the foreseeable future, saying "with my experience, I expect this market to continue at this pace at least for another 24 months, and possibly as long as 36 months because the inventory is so severely low." But while buyers have to be patient and flexible, sellers are quite pleased, Risen says.

"We laugh and say they're listing the property with the sold sign in the back seat."

Here's how much salary you need to buy a home in Denver in Q1

of course, there are many factors that go into this number, so be sure to speak to a lender first, but an interesting article all the same from Denver Business Journal...

If you want to afford a home in Denver, you better make some decent money — $77,662.37, to be exact.

That's according to Riverdale, New Jersey-based mortgage company HSH.com's new report.

Last quarter, the salary to afford a home in Denver was $72,771.94, a 3.8 percent quarter-to-quarter increase.

HSH compiled a list of the salaries required to buy a home priced at the median market rate in the U.S.'s 27 largest metros based on:
▪30-year fixed mortgage rates and percent change from Q3 2016.
▪Median home price and percent change from Q3 2016.
▪Monthly payment.

With a median home price of $396,100 and Denver's 30-year fixed mortgage rate stands at 4.29 percent, up 0.32 percent from Q4.

That means a homeowner would pay $1,812.12 a month for a home, requiring a salary of $77,662.37, the report says. That an increase of just over $4,800 compared to Q4.

The Metro Denver Economic Development Corp. pegs the median household income here at $71,146.

Nationally, homeowners need to make $52,969.46 to afford the $232,100 national median home price, according to the report.

Among the 27 metros analyzed, Denver ranked 21st for growth in the necessary salary. Pittsburgh ranked first, followed by Cleveland and Cincinnati, respectively.

Can accessory dwelling units help tamp down sky-high metro-area home prices, rentals?

interesting consideration to providing more housing in this tight housing market...from the Denver Post...

ENGLEWOOD — As home prices and rental rates continue to soar with little restraint across the metro area, a decidedly unsexy topic — accessory dwelling units — is generating more heat as communities look to the small living spaces on small lots for needed relief in an overheated real estate market.

On Tuesday night, Englewood will hold an open house on accessory dwelling units to get feedback from the public on what the rental units should look like and where in this city of 33,000 they should and should not be allowed.

“It’s a direct response to this market,” John Voboril, long-range planner for Englewood, said of the renewed interest in accessory dwelling units, which traditionally have taken the form of mother-in-law-style apartments built on top of garages or “garden cottages” erected in backyards.

According to the Denver Metro Association of Realtors, the average price in April of a single-family home in metro Denver reached a dizzying $487,974 — a new high. Meanwhile, rents in the metro area resumed their upward climb this year after pulling back somewhat last fall. According to Axiometrics, a Dallas firm that tracks multifamily housing trends, average apartment rents rose to $1,446 in May, up $19 over April’s average.

“I am hearing a lot more about accessory dwelling units,” said Sara Reynolds, executive director of Housing Colorado, a Denver-based membership organization that represents the state’s affordable housing industry. “It is a way that communities can provide more affordable units.”

By virtue of their smaller size, accessory dwelling units tend to be cheaper to rent than conventional apartments. Englewood is proposing limiting the size of the units to 650 square feet. ADUs initially would be contained to the older parts of town, where alleys provide a natural access to the auxiliary homes.

The owner of the main home would have to live on the property, Voboril said, as a way to ensure that the landlord has skin in the game. He said the city wants to make a final decision on accessory dwelling units by year’s end.

“They’ll need a permit to construct anything, and it will be inspected by our inspectors,” he said. “They’d look like the tiny house phenomenon.”

While a home that small won’t work for a family of four, it could accommodate a single person or childless couple and “take a little bit of pressure off the conventional apartment market,” Reynolds said.

Accessory dwelling units are not a foreign concept in the metro area. In 2010, Denver eased its rules on building “granny flats” or cottage houses in the city. Arvada first gave the green light to the dwelling units a decade ago and allows them in single-family-home neighborhoods anywhere in the city unless prohibited by homeowner associations.

There were 23 accessory dwelling units in Arvada in 2013. Now there are 77.

“ADUs are an important contributor to affordable housing,” said Greg Carr, neighborhood services manager for the city. “Since they are limited in size, rents are inherently more affordable. The presence of an ADU and its income potential also can enable a senior to stay in the home and make necessary repairs.”

Golden planning manager Rick Muriby said there are 35 permitted accessory dwelling units in his city since they were first allowed, starting seven years ago.

“Interest started slowly, but we are finding that it has been gathering momentum as home prices have been climbing rapidly over the last few years in Golden,” he said.

Whereas accessory dwelling units typically have been a convenient way of providing housing to an aging parent or a struggling child fresh out of school, an increasing number of units today are being rented to complete strangers. The rental income can help a homeowner offset the cost of monthly mortgage payments.

“People owning a property see an opportunity and would like to take advantage of it,” Voboril said.

Inquiries about building accessory dwelling units have increased significantly in Englewood during the past few months, he said, with half a dozen property owners a week asking whether the city will lift its restrictions.

An early test of how they might work in this city is underway at Logan Street Residences, which the city approved for accessory dwelling units as part of a planned unit development. Westminster-based Shadow Creek Homes built three detached garage units fronting an alley just west of Logan Street.

Shadow Creek owner Toby Terhune said the city’s main concern centered on whether the additional homes would eat up valuable parking space. Once that issue was resolved with tuckaway spaces next to each garage, Terhune said people have been calling him to see how they can get an home equipped with a unit.

“They see people are getting additional income, and people who are renting are getting an affordable space in Englewood,” he said. “The city is open to having this discussion — the market is changing, and they are asking how they can help address these issues.”