some considerations from realestate.usnews.com
5 Ways to Sell Your Denver Home Fast
Denver is one of the hottest residential real estate markets in the country. Low housing inventory and high demand have made the Mile High City undeniably a seller’s market, where bidding wars are common and buyers need to bring more to the table than ever before.
As the spring selling season ramps up, homeowners should be ready to adopt certain practices to ensure a swift and simple sale of their property. Besides setting a competitive listing price, there are a variety of things homeowners can do to make the selling process as smooth and satisfying as possible.
We asked real estate agents in the Denver area who routinely outsell the competition for advice for selling a Denver home quickly. Here's what they had to say.
Spring clean for success. Many sellers are wary of spending money on a house they aren’t planning to live in much longer, but certain small investments to make a home look and feel fresh will have a worthwhile impact on the listing. Deviree Vallejo, an agent with Kentwood City Properties in downtown Denver, suggests focusing improvements on items that affect the largest surface areas of the home, like putting a fresh coat of paint on the walls or re-surfacing hardwood floors. “Cosmetic items like adding paint or removing carpet will pay off 100 percent,” she says. “Pay the money upfront to make the house look shiny and new.”
Spring is also an ideal time to spruce up a home’s curb appeal to make it eye-catching. Tasks like trimming trees, planting flowers and painting the front door can be completed in a weekend and have a huge impact, as potential homebuyers often spend several minutes upon arrival standing outside the front door while waiting for the agent to get the key out of the lockbox. “First impressions are important," Vallejo stresses.
Stage the ideal atmosphere. Sellers should understand the importance of creating an inviting atmosphere in their home to help potential buyer’s envision the space as their own. Sometimes, that means replacing family photos or heirloom furniture pieces with more updated, generic items that evoke a sense of newness and optimism. Staging is also great way to help a space that may be somewhat cramped feel more spacious.
Cherry Creek Properties agent Vivi Gloriod agrees and says she stages all of her homes. After taking over a listing in South Denver that sat on the market for almost six months with another agent, Gloriod sold the home in just two weeks for a higher price, a success she partly accredits to proper staging. “The very first thing I did was stage it,” she says. “Then I did high-definition photos and videos for marketing materials.”
When staging your home, keep in mind that one of the top reasons people want to live in Denver is to enjoy the beautiful weather and scenery. “It’s wise to also stage your backyard and patio spaces,” Vallejo advises. Even sprucing up a small balcony or rooftop patio is sure to enhance a buyer’s vision of an outdoor lifestyle.
Choose the right real estate agent. All agents interviewed maintain that finding the right Denver real estate agent is crucial to a successful home selling process. Choosing a listing agent that has a high success rate selling similar homes and ample knowledge about the area is mandatory. “Be sure to ask them how many homes they’ve sold in the past six months, and also how many of those homes were located in your neighborhood,” Gloriod advises.
Agents who are familiar with your neighborhood understand that the success of certain marketing methods can vary depending on a home’s location. Gloriod mentioned that while some neighborhoods, like Washington Park, are great for public open houses because of their walkability, areas like Lakewood that are not as pedestrian-friendly may benefit more from broker open houses, or events that showcase a home to other real estate agents.
Amy Ryan, an agent with Re/Max Momentum in Commerce City explained that the process of homebuying and selling is like being in a relationship with your agent, due to the amount of time you spend together during that period of time and how emotional the process can be. “You need to like them and connect with them," Ryan says. “Be sure to talk to a variety of agents. Even if you think you’ve found one you want to use, go interview a few more anyway.”
Flaunt the neighborhood. Millennials make up one of the largest groups of homebuyers in Denver, and one of the top items on their wish list is neighborhood accessibility. “The number one request right now for people in Denver is walkability,” Vallejo says. Millennials want to live within easy reach of restaurants, bars, parks and public transportation. Denver has more than 200 neighborhoods, each with their own attributes and allure. Be sure to showcase all of the attractions that make your neighborhood great, whether it’s new bike lanes or a hot new restaurant.
Since Denver is fairly spread out, proximity to the city’s expanding light rail system is a huge plus. Vallejo affirms, “I am definitely seeing an influx of people towards transit-oriented development areas like Sunnyside and RiNO (River North).” Proximity to public transit also ensures a future increase in property values, which can be a strong selling point.
Drum up demand with “Coming Soon” marketing. You may want your house to go on the market immediately, but you must allow time for your real estate agent to assess the home properly, check past tax records, arrange for necessary staging, take good quality photos (and possibly even videos) and pique buyer interest before the property officially becomes available. Gloriod calls this tactic “Coming Soon Marketing” and believes it diminishes the amount of time a house sits on the market. By the time the house is available for showings there should already be a high demand for it. Aside from a lack of staging, she says lack of proper marketing is another reason the South Denver home sat on the market too long. “Coming soon marketing is huge,” Gloriod says.
Thursday, March 29, 2018
The 25 Best Places To Live in Denver Right Now
interesting article from 5280.com
Looking for a new place to call home? We crunched the numbers—and made a few judgment calls—to come up with our second annual list of the Mile High City’s most livable neighborhoods.
Finding the perfect place to buy a home is never easy.
Do you prioritize Congress Park’s leafy streets or Mar Lee’s affordability? Proximity to Aviano Coffee in Cherry Creek or Washington Park’s high-performing Steele Elementary? Access to the E Line or City Park? It was those types of questions that inspired the livability formula (see “The Fine Print” below)—which balances things like home values, community, nightlife options, school quality, and crime statistics—we created to determine the 25 most well-rounded neighborhoods in Denver today.
If you’re thinking of making a move, you may need our help now more than ever. The housing market is tricky in Denver these days due to a variety of factors, including transplants coming to the Mile High City in droves because of, well, the same things that keep us all here: plentiful sunshine and powder days, craft beer and cornhole in the park, good jobs and great music and museums. For the past several years, Denver has boasted one of the fastest growth rates of any American city, adding almost 80,000 people per year. (Projections by the state demographer indicate that Colorado as a whole will add approximately a million people over the next decade.) And all those people need places to live.
Combine that with low inventory in the housing market and you’ve got something of a perfect storm. In February, there were just 4,968 homes for sale in the Denver metro area—the lowest that figure has ever been, according to REcolorado, the state’s largest multiple listing service (MLS). You don’t need to have a Ph.D. in economics to know that high demand plus low inventory means housing prices are rising—five percent, 10 percent, or in some neighborhoods as much as 30 percent in a year. “I think the market is going to continue to go up, for one main reason: There’s no inventory,” says Charles Roberts of Your Castle Real Estate. “It’s that simple.”
But the challenges posed by a booming housing market don’t mean you should discount the idea of looking for a home. Instead, Roberts says, be smart about your search and plan for the long term. We couldn’t agree more. On the following pages, you’ll find some of the hottest neighborhoods—and maybe even your next home base—in the city U.S. News & World Report recently declared the best place to live in the country.
Our ranking uses four variables: home prices, crime data, school rankings, and an X factor score that accounts for things that can’t be easily quantified, such as access to open space, nearby public transportation, and restaurant and nightlife options. Each category is weighted (35 percent for year-over-year percentage increase in home values; 30 percent for safety; 15 percent for neighborhood school ratings; and 20 percent for the X factor). Ties were broken using the X factor.
-Average home sale prices (as of January 2016) were provided by REcolorado. Percentage increase reflects the change in average sale prices from 2014 to 2015. A few Denver neighborhoods did not have statistics available (or had fewer than five sales in one or both years) and thus were excluded from consideration.
-Crime data—the total number of crimes reported in each neighborhood in 2015—come from the Denver Police Department. The figures were then adjusted per capita using population statistics from the 2010 census.
-School ratings were taken from Denver Public Schools’ School Performance Framework (SPF) for the 2013-’14 school year, the most recent year for which data were available. The SPF scores for the public schools in each neighborhood were averaged: Five is the highest score; one is the lowest. For areas that did not have schools within their boundaries, we averaged the ratings of the neighborhoods’ feeder schools.
-We gave each neighborhood an X factor rating on a scale of 1 to 10 (10 being the highest).
1. Congress Park
Average sale price: $487,297$
Percentage increase: 19.13
Percentage increase rank: 13th
Crime rank: 9th
Schools score: 4
X factor score: 8
Sidewalks marked up with colorful chalk and children’s bikes strewn about well-manicured front lawns are common sights in family-friendly Congress Park, where Denver Squares and bungalows populate avenues lined with mature trees. The neighborhood’s anchor school, Teller Elementary, receives high marks, and residents enjoy nearby retail options such as the Trader Joe’s location on Colorado Boulevard. Congress Park’s X factor score also gets a boost from the recent influx of new restaurants and shops along Colfax Avenue—among them a shared-building concept from Humble Pie Store and Cerebral Brewing as well as the hip-but-approachable Lula Rose General Store coffeeshop.
2. Hilltop
Average sale price: $1,017,431
Percentage increase: 17.68
Percentage increase rank: 20th
Crime rank: 4th
Schools score: 4.5
X factor score: 7.5
One of central Denver’s most prestigious enclaves, Hilltop ranked 16th on last year’s list but climbed to second this year on the strength of its increase in average home price, which jumped by nearly $200,000 to crest the million-dollar mark. Wide, leafy streets are lined with a mix of pricey new builds and homes featuring classic Denver architecture. Historic Cranmer Park sits a few blocks east of Colorado Boulevard and is a treasured community green space. And despite buzz about a spike in break-ins this past winter, Hilltop maintained a comparably low level of crime overall.
3. University Park
Average sale price: $464,467
Percentage increase: 15.99
Percentage increase rank: 25th
Crime rank: 18th
Schools score: 5
X factor score: 8
The average sale price in the well-rounded University Park is slightly higher than those of its similarly named neighbors (numbers eight and 14 on this list) across University and Colorado boulevards. One contributing factor is centrally located Observatory Park—home to the University of Denver’s historic observatory —which is a pleasant place to spend a Saturday afternoon or an evening stargazing through the 26-foot-long telescope. (It’s open to the public on Tuesday and Thursday nights.) Families also love University Park Elementary, which earned the highest possible designation in DPS’ evaluation framework.
4. Hampden South
Average sale price: $292,326
Percentage increase: 33.45
Percentage increase rank: 2nd
Crime rank: 16th
Schools score: 4
X factor score: 5
There’s not much like a 33 percent increase in average sale price to rocket a neighborhood from sleeper status to the big time. Folks who work in the Denver Tech Center should take a hard look at this DTC-adjacent community. Even with the massive spike in home prices, Hampden South offers an affordable entrée into the Denver housing market, with average sales hovering just below $300,000. Though the housing stock consists mostly of late 20th-century homes that evoke a generic, somewhat suburban vibe and big-box stores and strip malls are ubiquitous, this neighborhood—with its fantastic views of the foothills—will likely only see its star continue to rise in the coming years.
5. Indian Creek
Average sale price: $252,052
Percentage increase: 19.76
Percentage increase rank: 10th
Crime rank: 1st
Schools score: 4
X factor score: 4.5
If “safety first” is your motto, check out Indian Creek: For the second year in a row, it notched the lowest crime rate on our list. To the west of Cherry Creek and its cycling path, which bisect the neighborhood, you’ll find warehouse-y blocks that house businesses such as Alchemy Bicycle Company and the Pro’s Closet, which sells secondhand bike gear; on the eastern side, single-family homes mingle with apartments on quiet streets and cul-de-sacs. Although you’re only about 20 minutes from central Denver, Indian Creek doesn’t feel much like the big city—and that’s not a bad thing.
Sloan Lake
Average sale price: $521,686
Percentage increase: 22
Percentage increase rank: 6th
Crime rank: 36th
Schools score: 4
X Factor score: 7.5
Sloan Lake is often overlooked in favor of Highland, its bustling neighbor to the north. But this quiet ’hood has an energy all its own: New modern homes have popped up along the tree-lined streets, joining sleek remodels and classic Tudors to create an eclectic mix of residences that attract both young professionals and families. With its proximity to downtown, Highlands Square, and, of course, 284-acre Sloan Lake Park—plus the snazzy mixed-use redevelopment that’s under way on the former St. Anthony Hospital campus to the south—it’s not surprising home prices in the area continue to increase, jumping 22 percent on average from 2014 to 2015.
7. Windsor
Average sale price: $197,263
Percentage increase: 19.12
Percentage increase rank: 14th
Crime rank: 3rd
Schools score: 4
X factor score: 4
Home to the mega apartment and townhome complexes Breakers Resort and Advenir at Cherry Creek North, Windsor doesn’t have quite the same feel as many of the classic Denver neighborhoods dominated by single-family homes. But it does have upsides (on top of its lovely namesake lake): Windsor is one of the safest communities in the city, and even though it’s on the southeastern edge of town, access to both Leetsdale Drive and Alameda Avenue make it easy to get pretty much anywhere. Add in reasonable housing prices and solid schools, and Windsor just may be the right place to search for a starter home.
University Hills
Average sale price: $418,730
Percentage increase: 21.48
Percentage increase rank: 7th
Crime rank: 44th
Schools score: 5
X factor score: 7
With an expansive big-box shopping center anchoring the west side of the ’hood and an abundance of simple ranch-style architecture, University Hills doesn’t have the charm of the neighborhoods immediately to its west. But it more than makes up for those shortcomings thanks to a surge in home values this past year. Average prices rose 21 percent, enough to boost University Hills into our top 10. The neighborhood also gets kudos for high-performing Bradley International School, quick access to I-25, and the artistic and cultural offerings of the University of Denver, located only a handful of blocks away.
9. Washington Park
Average sale price: $674,588
Percentage increase: 11.97
Percentage increase rank: 42nd
Crime rank: 12th
Schools score: 4
X factor score: 9.5
Wash Park—where nearly 100-year-old trees protect venerable bungalows, handsome Denver Squares, and new, modern builds—seems to attract fairly uniform homeowners: upwardly mobile yuppies and families with penchants for running, cycling, and golden retrievers. But even though Wash Park has become one of the de facto neighborhoods of Denver’s bourgeoisie, there are myriad reasons to love this urban jewel. Old South Gaylord Street, on the east side of the park, has ample shopping and dining options, and the Louisiana-Pearl light-rail station is a quick walk (or bike ride) away. Plus, there are few things better than spending a warm spring day sprawled out on a blanket in the 157-acre green space, which is a big reason why Wash Park received the highest X factor score on our list. Hate to say it, but the yuppies are doing it right.
10. Rosedale
Average sale price: $442,152
Percentage increase: 26.12
Percentage increase rank: 4th
Crime rank: 39th
Schools score: 5
X factor score: 5.5
A hefty portion of this tiny hamlet just south of Platt Park is taken up by Harvard Gulch Park (which includes a rec center and a nine-hole, par-three golf course) and Porter Adventist Hospital’s campus. But the 2,553 people—it’s the city’s sixth smallest neighborhood by population—who do live here enjoy more than just good schools, skyrocketing home values, and proximity to the University of Denver and Platt Park’s South Pearl Street. Along and near Rosedale’s western border, South Broadway, you’ll find a smattering of independent food and entertainment options, including Cana Wine Bar, vegan pizza purveyor Rebellion, and Swallow Hill Music.
11. South Park Hill
Average sale price: $474,241
Percentage increase: 12.69
Percentage increase rank: 39th
Crime rank: 17th
Schools score: 4.3
X factor score: 8
Thanks to a well-rounded set of scores across all four of our data points, South Park Hill, one of Denver’s grand dames, has joined our list this year. With towering, mature trees and inviting bike lines, the stretch of Montview Boulevard from Colorado Boulevard to Monaco Parkway is an enviable residential thoroughfare. But South Park Hill isn’t all residential, all the time. The neighborhood also offers the tiny but mighty commercial corridors on 23rd Avenue and Kearney Street—picture enjoying a cozy date night at Tables or snagging mouthwatering slices from Oblio’s Pizzeria—and easy access to City Park, the Denver Zoo, and the Denver Museum of Nature & Science.
12. Wellshire
Average sale price: $504,408
Percentage increase: –7.16
Percentage increase rank: 68th
Crime rank: 2nd
Schools score: 5
X factor score: 8
Though its average home sale price actually dipped from 2014 to 2015, Wellshire is still one of Denver’s most desirable neighborhoods, especially for families, due to its strength in other areas. For starters, the neighborhood boasts the second fewest crimes per capita on our list. Top-rated K-8 school Slavens hosts community-building activities such as a for-the-whole-family fun run and fund-raiser auction. And on weekends, expect to see kids riding their bikes or skateboarding in the streets. All of which combines for a slightly more suburban scene than you’ll find in popular and close-by neighborhoods such as Washington Park and Platt Park—precisely the draw of Wellshire. Think of it as a bit of the ’burbs in the city.
13. Belcaro
Average sale price: $1,029,850
Percentage increase: 8.05
Percentage increase rank: 52nd
Crime rank: 13th
Schools score: 4
X factor score: 8
One of three neighborhoods on our list to soar north of a million dollars in average sale price since last year (see also numbers two and 19), Belcaro has a lot working in its favor to justify those price tags. Mansions, new custom builds, and luxurious ranch-style homes preside over bigger-than-average lots conveniently located between Washington Park and Cherry Creek. But residents needn’t go that far to get their shop and dine on: The Bonnie Brae microhood, which includes the popular Bonnie Brae Ice Cream shop and Bonnie Brae Tavern, falls mostly within Belcaro’s borders.
14. University
Average sale price: $405,921
Percentage increase: 4.23
Percentage increase rank: 66th
Crime rank: 7th
Schools score: 5
X factor score: 8.5
Living in the University neighborhood is a bit like living in a small college town that just happens to be tucked away in a big city. The University of Denver campus and the streets between University Boulevard and Downing Street bustle with fresh-faced college students and the requisite coffeeshops, bars, and fast-casual restaurants they frequent. The housing stock on the south end of the ’hood is a mix of ranches and bungalows, which only—only!—increased about four percent in average price last year (one of the lowest figures of any neighborhood in the city). Still, crime is low, the public schools are highly rated, and the area’s diverse cultural offerings are a prime reason it gets a high X factor score.
15. City Park
Average sale price: $418,249
Percentage increase: 14.06
Percentage increase rank: 33rd
Crime rank: 48th
Schools score: 5
X factor score: 8.5
Yes, 314-acre City Park is a huge draw for this neighborhood’s 2,907 residents. (It’s the Mile High City’s seventh smallest ’hood by population; most of the area within the defined neighborhood boundaries is taken up by the green space itself.) But those who populate the well-kept Denver Squares from Josephine Street to Colorado Boulevard are there for more than City Park Jazz and the Denver Zoo. For families, living in the neighborhood that’s home to sought-after East High School is a big perk. And the strip of East Colfax that acts as the neighborhood’s southern border provides access to a grocery store (Sprouts Farmers Market), restaurant and bar options, the iconic Tattered Cover Book Store, and one of the city’s finest music venues, the Bluebird Theater.
16. Mar Lee
Average sale price: $235,426
Percentage increase: 20.21
Percentage increase rank: 8th
Crime rank: 22nd
Schools score: 3.3
X factor score: 3.5
What Mar Lee lacks in curb appeal—on many blocks, chain-link fences surround mostly single-story homes—it makes up for in affordability. At $235,426, the average sale price is the second lowest in our top 25, and that’s up a whopping 20.21 percent from last year. Relatively low crime, a charming green space in Garfield Lake Park, and some of the city’s best ethnic eateries (Star Kitchen, Pho 95 Noodle House, Playa Azul Mexican Restaurant) within walking or biking distance on Federal Boulevard might be enough to tempt first-time homebuyers who are being priced out of more central, established ’hoods.
17. Montclair
Average sale price: $457,557
Percentage increase: 15.58
Percentage increase rank: 29th
Crime rank: 35th
Schools score: 4
X factor score: 7
In east Denver’s Montclair, calm residential streets are lined with a diverse housing stock of Tudor homes, Denver Squares, and 20th-century ranches. But it’s not all mailboxes and welcome mats: The north border of Montclair is Colfax Avenue, which adds some commercial variety—from Phoenician Kabob to Queen of Sheba Ethiopian Restaurant—to the neighborhood. Locally owned Copper Door Coffee Roasters provides a respite for work-from-homers. Plus, you won’t have to go far to find veggie starters or flowers for your front-stoop container: City Floral Garden Center’s expansive greenhouse has been a resident of the area since 1911.
18. Berkeley
Average sale price: $434,125
Percentage increase: 16.03
Percentage increase rank: 24th
Crime rank: 26th
Schools score: 2.5
X factor score: 7.5
If you haven’t been to Tennyson Street recently, you may not recognize this northwest neighborhood’s main drag. A brand-new Natural Grocers replaced 63-year-old Elitch Lanes in December; more than a dozen restaurants—including an Atomic Cowboy outpost—and breweries have opened their doors in the past couple of years; and modern condo buildings are popping up along the thoroughfare. Not surprisingly, home prices in the area are going up in tandem as young professionals and families flock to the Victorians, Tudors, and Denver Squares on Berkeley’s tree-lined streets (despite less-than-stellar school ratings).
19. Country Club
Average sale price: $1,097,865
Percentage increase: 8.93
Percentage increase rank: 50th
Crime rank: 6th
Schools score: 2.8
X factor score: 8.5
Just outside last year’s top 25, Country Club landed at 19 on this year’s list buoyed by a nearly nine percent jump in average home price. If your bank account can accommodate million-dollar price tags, you’ll have a hard time finding a nicer stock of classic Denver houses. In fact, in 1979, a portion of the neighborhood was listed on the National Register of Historic Places due, in part, to its architectural significance. Many of the immaculate Denver Squares and French Mediterranean- and Colonial-style homes were designed by prominent Denver architects such as Jules Jacques and Benois Benedict. Bonus: The streets are safe, and tony Cherry Creek North is a short walk away.
20. Virginia Village
Average sale price: $341,156
Percentage increase: 12.21
Percentage increase rank: 41st
Crime rank: 11th
Schools score: 4
X factor score: 5
Steal alert: With an average sale price of about $341,000, homes in Virginia Village are around $100,000 cheaper than in neighboring University Park (number three) and more than half a million less than in nearby Belcaro (number 13). But don’t wait too long to get in. Rising home values, low crime rates, and strong schools all combined to bump this quaintly named neighborhood into our top 25. Modest ranch-style homes abound, with a few mid-mod gems mixed in. And although unassuming strip malls line Holly Street, you’ll have saved so much on your mortgage you won’t mind the quick drive to more charming retail districts west of Colorado Boulevard.
21. Cherry Creek
Average sale price: $738,710
Percentage increase: 15.42
Percentage increase rank: 31st
Crime rank: 56th
Schools score: 5
X factor score: 8
Cherry Creek landed near the top of last year’s list on the strength of a big increase in average home price. At about 15 percent, this year’s gains weren’t as bullish—but keep in mind that we’re still talking about a significant jump over the past two years. The draw of Cherry Creek continues to be its access to amenities, whether that’s the high-end shops, bars, and restaurants in the Cherry Creek North business district, the Ross-Cherry Creek Denver Public Library branch, or the nearby entrance to the Cherry Creek Trail. Oh, and the neighborhood’s housing stock—which consists mostly of modern luxury homes, apartments, and plenty of scrapes—isn’t too bad either.
22. North Park Hill
Average sale price: $327,622
Percentage increase: 11.81
Percentage increase rank: 44th
Crime rank: 10th
Schools score: 3.2
X factor score: 6.5
Depending on which part of the neighborhood you’re in, North Park Hill can have two different vibes. The southern end of the ’hood draws more from the look and feel of South Park Hill. North of about 28th Avenue, homes are a bit more affordable; in fact, North Park Hill is one of only a handful of ’hoods on our top 25 with an average sale price below $400,000. All around, the streets offer quiet residential charm—plus retail options such as popular Italian grocery Spinelli’s Market along 23rd Avenue—and the number of crimes per capita in North Park Hill is actually slightly lower than in South Park Hill.
23. Hale
Average sale price: $254,121
Percentage increase: 11.85
Percentage increase rank: 43rd
Crime rank: 15th
Schools score: 3
X factor score: 7
If you’re a relatively heavy sleeper who can handle squealing ambulances zipping to and from Rose Medical Center along Hale Parkway—a major thoroughfare for a small neighborhood—you will want to consider the area’s wide range of housing options, from classic Denver bungalows to high-end condominiums. Like adjacent Congress Park, Hale’s retail options are along Colfax Avenue and Colorado Boulevard (hello, Trader Joe’s, Snooze, Chop Shop Casual Urban Eatery, and Marczyk Fine Foods), and crime is relatively low. For lower-end-of-the-market buyers, Hale presents an affordable alternative to the very similar neighborhoods nearby (see number 17 Montclair next door, where last year’s average sale price was $457,557).
24. Barnum West
Average sale price: $215,465
Percentage increase: 13.93
Percentage increase rank: 34th
Crime rank: 27th
Schools score: 4
X factor score: 5
Barnum West sits two spots higher than its eastern counterpart, Barnum, on this year’s list. Though Barnum is home to an expansive park and city recreation center, Barnum West has its own upsides: Namely, a significantly lower crime rate, owed in part to its distance from Federal Boulevard, and access to the Weir Gulch recreation trail and recently remolded Weir Gulch Park just south of Alameda Avenue. (The city spent $3.6 million on the green space in 2014.) Although some of the blocks are still transitioning, this year the average price of the neighborhood’s modest ranches jumped above $200,000, a significant increase. Still, in central Denver—Barnum West is close to downtown and the football stadium—that qualifies as a deal.
25. Washington Park West
Average sale price: $464,294
Percentage increase: 6.8
Percentage increase rank: 62nd
Crime rank: 21st
Schools score: 5
X factor score: 7.5
If Wash Park is akin to Manhattan’s Upper East Side, Wash Park West is more analogous to the Upper West Side: Both are a little more gritty, a little less ritzy, and a bit more affordable than their neighbors to the east. Indeed, denizens of this ’hood, which is sandwiched between Washington Park proper and Baker, have it pretty good. A modest mix of bungalows, Victorians, Cape Cods, and Denver Squares lends an authentic vibe, and the massive, modern scrapes that continue to crop up in Wash Park aren’t (quite) as prevalent, due in part to smaller lots. Add to that solid public schools and proximity to, well, just about everything, and Wash Park West is a fitting place to wrap up the top 25 neighborhoods in the city.
Looking for a new place to call home? We crunched the numbers—and made a few judgment calls—to come up with our second annual list of the Mile High City’s most livable neighborhoods.
Finding the perfect place to buy a home is never easy.
Do you prioritize Congress Park’s leafy streets or Mar Lee’s affordability? Proximity to Aviano Coffee in Cherry Creek or Washington Park’s high-performing Steele Elementary? Access to the E Line or City Park? It was those types of questions that inspired the livability formula (see “The Fine Print” below)—which balances things like home values, community, nightlife options, school quality, and crime statistics—we created to determine the 25 most well-rounded neighborhoods in Denver today.
If you’re thinking of making a move, you may need our help now more than ever. The housing market is tricky in Denver these days due to a variety of factors, including transplants coming to the Mile High City in droves because of, well, the same things that keep us all here: plentiful sunshine and powder days, craft beer and cornhole in the park, good jobs and great music and museums. For the past several years, Denver has boasted one of the fastest growth rates of any American city, adding almost 80,000 people per year. (Projections by the state demographer indicate that Colorado as a whole will add approximately a million people over the next decade.) And all those people need places to live.
Combine that with low inventory in the housing market and you’ve got something of a perfect storm. In February, there were just 4,968 homes for sale in the Denver metro area—the lowest that figure has ever been, according to REcolorado, the state’s largest multiple listing service (MLS). You don’t need to have a Ph.D. in economics to know that high demand plus low inventory means housing prices are rising—five percent, 10 percent, or in some neighborhoods as much as 30 percent in a year. “I think the market is going to continue to go up, for one main reason: There’s no inventory,” says Charles Roberts of Your Castle Real Estate. “It’s that simple.”
But the challenges posed by a booming housing market don’t mean you should discount the idea of looking for a home. Instead, Roberts says, be smart about your search and plan for the long term. We couldn’t agree more. On the following pages, you’ll find some of the hottest neighborhoods—and maybe even your next home base—in the city U.S. News & World Report recently declared the best place to live in the country.
Our ranking uses four variables: home prices, crime data, school rankings, and an X factor score that accounts for things that can’t be easily quantified, such as access to open space, nearby public transportation, and restaurant and nightlife options. Each category is weighted (35 percent for year-over-year percentage increase in home values; 30 percent for safety; 15 percent for neighborhood school ratings; and 20 percent for the X factor). Ties were broken using the X factor.
-Average home sale prices (as of January 2016) were provided by REcolorado. Percentage increase reflects the change in average sale prices from 2014 to 2015. A few Denver neighborhoods did not have statistics available (or had fewer than five sales in one or both years) and thus were excluded from consideration.
-Crime data—the total number of crimes reported in each neighborhood in 2015—come from the Denver Police Department. The figures were then adjusted per capita using population statistics from the 2010 census.
-School ratings were taken from Denver Public Schools’ School Performance Framework (SPF) for the 2013-’14 school year, the most recent year for which data were available. The SPF scores for the public schools in each neighborhood were averaged: Five is the highest score; one is the lowest. For areas that did not have schools within their boundaries, we averaged the ratings of the neighborhoods’ feeder schools.
-We gave each neighborhood an X factor rating on a scale of 1 to 10 (10 being the highest).
1. Congress Park
Average sale price: $487,297$
Percentage increase: 19.13
Percentage increase rank: 13th
Crime rank: 9th
Schools score: 4
X factor score: 8
Sidewalks marked up with colorful chalk and children’s bikes strewn about well-manicured front lawns are common sights in family-friendly Congress Park, where Denver Squares and bungalows populate avenues lined with mature trees. The neighborhood’s anchor school, Teller Elementary, receives high marks, and residents enjoy nearby retail options such as the Trader Joe’s location on Colorado Boulevard. Congress Park’s X factor score also gets a boost from the recent influx of new restaurants and shops along Colfax Avenue—among them a shared-building concept from Humble Pie Store and Cerebral Brewing as well as the hip-but-approachable Lula Rose General Store coffeeshop.
2. Hilltop
Average sale price: $1,017,431
Percentage increase: 17.68
Percentage increase rank: 20th
Crime rank: 4th
Schools score: 4.5
X factor score: 7.5
One of central Denver’s most prestigious enclaves, Hilltop ranked 16th on last year’s list but climbed to second this year on the strength of its increase in average home price, which jumped by nearly $200,000 to crest the million-dollar mark. Wide, leafy streets are lined with a mix of pricey new builds and homes featuring classic Denver architecture. Historic Cranmer Park sits a few blocks east of Colorado Boulevard and is a treasured community green space. And despite buzz about a spike in break-ins this past winter, Hilltop maintained a comparably low level of crime overall.
3. University Park
Average sale price: $464,467
Percentage increase: 15.99
Percentage increase rank: 25th
Crime rank: 18th
Schools score: 5
X factor score: 8
The average sale price in the well-rounded University Park is slightly higher than those of its similarly named neighbors (numbers eight and 14 on this list) across University and Colorado boulevards. One contributing factor is centrally located Observatory Park—home to the University of Denver’s historic observatory —which is a pleasant place to spend a Saturday afternoon or an evening stargazing through the 26-foot-long telescope. (It’s open to the public on Tuesday and Thursday nights.) Families also love University Park Elementary, which earned the highest possible designation in DPS’ evaluation framework.
4. Hampden South
Average sale price: $292,326
Percentage increase: 33.45
Percentage increase rank: 2nd
Crime rank: 16th
Schools score: 4
X factor score: 5
There’s not much like a 33 percent increase in average sale price to rocket a neighborhood from sleeper status to the big time. Folks who work in the Denver Tech Center should take a hard look at this DTC-adjacent community. Even with the massive spike in home prices, Hampden South offers an affordable entrée into the Denver housing market, with average sales hovering just below $300,000. Though the housing stock consists mostly of late 20th-century homes that evoke a generic, somewhat suburban vibe and big-box stores and strip malls are ubiquitous, this neighborhood—with its fantastic views of the foothills—will likely only see its star continue to rise in the coming years.
5. Indian Creek
Average sale price: $252,052
Percentage increase: 19.76
Percentage increase rank: 10th
Crime rank: 1st
Schools score: 4
X factor score: 4.5
If “safety first” is your motto, check out Indian Creek: For the second year in a row, it notched the lowest crime rate on our list. To the west of Cherry Creek and its cycling path, which bisect the neighborhood, you’ll find warehouse-y blocks that house businesses such as Alchemy Bicycle Company and the Pro’s Closet, which sells secondhand bike gear; on the eastern side, single-family homes mingle with apartments on quiet streets and cul-de-sacs. Although you’re only about 20 minutes from central Denver, Indian Creek doesn’t feel much like the big city—and that’s not a bad thing.
Sloan Lake
Average sale price: $521,686
Percentage increase: 22
Percentage increase rank: 6th
Crime rank: 36th
Schools score: 4
X Factor score: 7.5
Sloan Lake is often overlooked in favor of Highland, its bustling neighbor to the north. But this quiet ’hood has an energy all its own: New modern homes have popped up along the tree-lined streets, joining sleek remodels and classic Tudors to create an eclectic mix of residences that attract both young professionals and families. With its proximity to downtown, Highlands Square, and, of course, 284-acre Sloan Lake Park—plus the snazzy mixed-use redevelopment that’s under way on the former St. Anthony Hospital campus to the south—it’s not surprising home prices in the area continue to increase, jumping 22 percent on average from 2014 to 2015.
7. Windsor
Average sale price: $197,263
Percentage increase: 19.12
Percentage increase rank: 14th
Crime rank: 3rd
Schools score: 4
X factor score: 4
Home to the mega apartment and townhome complexes Breakers Resort and Advenir at Cherry Creek North, Windsor doesn’t have quite the same feel as many of the classic Denver neighborhoods dominated by single-family homes. But it does have upsides (on top of its lovely namesake lake): Windsor is one of the safest communities in the city, and even though it’s on the southeastern edge of town, access to both Leetsdale Drive and Alameda Avenue make it easy to get pretty much anywhere. Add in reasonable housing prices and solid schools, and Windsor just may be the right place to search for a starter home.
University Hills
Average sale price: $418,730
Percentage increase: 21.48
Percentage increase rank: 7th
Crime rank: 44th
Schools score: 5
X factor score: 7
With an expansive big-box shopping center anchoring the west side of the ’hood and an abundance of simple ranch-style architecture, University Hills doesn’t have the charm of the neighborhoods immediately to its west. But it more than makes up for those shortcomings thanks to a surge in home values this past year. Average prices rose 21 percent, enough to boost University Hills into our top 10. The neighborhood also gets kudos for high-performing Bradley International School, quick access to I-25, and the artistic and cultural offerings of the University of Denver, located only a handful of blocks away.
9. Washington Park
Average sale price: $674,588
Percentage increase: 11.97
Percentage increase rank: 42nd
Crime rank: 12th
Schools score: 4
X factor score: 9.5
Wash Park—where nearly 100-year-old trees protect venerable bungalows, handsome Denver Squares, and new, modern builds—seems to attract fairly uniform homeowners: upwardly mobile yuppies and families with penchants for running, cycling, and golden retrievers. But even though Wash Park has become one of the de facto neighborhoods of Denver’s bourgeoisie, there are myriad reasons to love this urban jewel. Old South Gaylord Street, on the east side of the park, has ample shopping and dining options, and the Louisiana-Pearl light-rail station is a quick walk (or bike ride) away. Plus, there are few things better than spending a warm spring day sprawled out on a blanket in the 157-acre green space, which is a big reason why Wash Park received the highest X factor score on our list. Hate to say it, but the yuppies are doing it right.
10. Rosedale
Average sale price: $442,152
Percentage increase: 26.12
Percentage increase rank: 4th
Crime rank: 39th
Schools score: 5
X factor score: 5.5
A hefty portion of this tiny hamlet just south of Platt Park is taken up by Harvard Gulch Park (which includes a rec center and a nine-hole, par-three golf course) and Porter Adventist Hospital’s campus. But the 2,553 people—it’s the city’s sixth smallest neighborhood by population—who do live here enjoy more than just good schools, skyrocketing home values, and proximity to the University of Denver and Platt Park’s South Pearl Street. Along and near Rosedale’s western border, South Broadway, you’ll find a smattering of independent food and entertainment options, including Cana Wine Bar, vegan pizza purveyor Rebellion, and Swallow Hill Music.
11. South Park Hill
Average sale price: $474,241
Percentage increase: 12.69
Percentage increase rank: 39th
Crime rank: 17th
Schools score: 4.3
X factor score: 8
Thanks to a well-rounded set of scores across all four of our data points, South Park Hill, one of Denver’s grand dames, has joined our list this year. With towering, mature trees and inviting bike lines, the stretch of Montview Boulevard from Colorado Boulevard to Monaco Parkway is an enviable residential thoroughfare. But South Park Hill isn’t all residential, all the time. The neighborhood also offers the tiny but mighty commercial corridors on 23rd Avenue and Kearney Street—picture enjoying a cozy date night at Tables or snagging mouthwatering slices from Oblio’s Pizzeria—and easy access to City Park, the Denver Zoo, and the Denver Museum of Nature & Science.
12. Wellshire
Average sale price: $504,408
Percentage increase: –7.16
Percentage increase rank: 68th
Crime rank: 2nd
Schools score: 5
X factor score: 8
Though its average home sale price actually dipped from 2014 to 2015, Wellshire is still one of Denver’s most desirable neighborhoods, especially for families, due to its strength in other areas. For starters, the neighborhood boasts the second fewest crimes per capita on our list. Top-rated K-8 school Slavens hosts community-building activities such as a for-the-whole-family fun run and fund-raiser auction. And on weekends, expect to see kids riding their bikes or skateboarding in the streets. All of which combines for a slightly more suburban scene than you’ll find in popular and close-by neighborhoods such as Washington Park and Platt Park—precisely the draw of Wellshire. Think of it as a bit of the ’burbs in the city.
13. Belcaro
Average sale price: $1,029,850
Percentage increase: 8.05
Percentage increase rank: 52nd
Crime rank: 13th
Schools score: 4
X factor score: 8
One of three neighborhoods on our list to soar north of a million dollars in average sale price since last year (see also numbers two and 19), Belcaro has a lot working in its favor to justify those price tags. Mansions, new custom builds, and luxurious ranch-style homes preside over bigger-than-average lots conveniently located between Washington Park and Cherry Creek. But residents needn’t go that far to get their shop and dine on: The Bonnie Brae microhood, which includes the popular Bonnie Brae Ice Cream shop and Bonnie Brae Tavern, falls mostly within Belcaro’s borders.
14. University
Average sale price: $405,921
Percentage increase: 4.23
Percentage increase rank: 66th
Crime rank: 7th
Schools score: 5
X factor score: 8.5
Living in the University neighborhood is a bit like living in a small college town that just happens to be tucked away in a big city. The University of Denver campus and the streets between University Boulevard and Downing Street bustle with fresh-faced college students and the requisite coffeeshops, bars, and fast-casual restaurants they frequent. The housing stock on the south end of the ’hood is a mix of ranches and bungalows, which only—only!—increased about four percent in average price last year (one of the lowest figures of any neighborhood in the city). Still, crime is low, the public schools are highly rated, and the area’s diverse cultural offerings are a prime reason it gets a high X factor score.
15. City Park
Average sale price: $418,249
Percentage increase: 14.06
Percentage increase rank: 33rd
Crime rank: 48th
Schools score: 5
X factor score: 8.5
Yes, 314-acre City Park is a huge draw for this neighborhood’s 2,907 residents. (It’s the Mile High City’s seventh smallest ’hood by population; most of the area within the defined neighborhood boundaries is taken up by the green space itself.) But those who populate the well-kept Denver Squares from Josephine Street to Colorado Boulevard are there for more than City Park Jazz and the Denver Zoo. For families, living in the neighborhood that’s home to sought-after East High School is a big perk. And the strip of East Colfax that acts as the neighborhood’s southern border provides access to a grocery store (Sprouts Farmers Market), restaurant and bar options, the iconic Tattered Cover Book Store, and one of the city’s finest music venues, the Bluebird Theater.
16. Mar Lee
Average sale price: $235,426
Percentage increase: 20.21
Percentage increase rank: 8th
Crime rank: 22nd
Schools score: 3.3
X factor score: 3.5
What Mar Lee lacks in curb appeal—on many blocks, chain-link fences surround mostly single-story homes—it makes up for in affordability. At $235,426, the average sale price is the second lowest in our top 25, and that’s up a whopping 20.21 percent from last year. Relatively low crime, a charming green space in Garfield Lake Park, and some of the city’s best ethnic eateries (Star Kitchen, Pho 95 Noodle House, Playa Azul Mexican Restaurant) within walking or biking distance on Federal Boulevard might be enough to tempt first-time homebuyers who are being priced out of more central, established ’hoods.
17. Montclair
Average sale price: $457,557
Percentage increase: 15.58
Percentage increase rank: 29th
Crime rank: 35th
Schools score: 4
X factor score: 7
In east Denver’s Montclair, calm residential streets are lined with a diverse housing stock of Tudor homes, Denver Squares, and 20th-century ranches. But it’s not all mailboxes and welcome mats: The north border of Montclair is Colfax Avenue, which adds some commercial variety—from Phoenician Kabob to Queen of Sheba Ethiopian Restaurant—to the neighborhood. Locally owned Copper Door Coffee Roasters provides a respite for work-from-homers. Plus, you won’t have to go far to find veggie starters or flowers for your front-stoop container: City Floral Garden Center’s expansive greenhouse has been a resident of the area since 1911.
18. Berkeley
Average sale price: $434,125
Percentage increase: 16.03
Percentage increase rank: 24th
Crime rank: 26th
Schools score: 2.5
X factor score: 7.5
If you haven’t been to Tennyson Street recently, you may not recognize this northwest neighborhood’s main drag. A brand-new Natural Grocers replaced 63-year-old Elitch Lanes in December; more than a dozen restaurants—including an Atomic Cowboy outpost—and breweries have opened their doors in the past couple of years; and modern condo buildings are popping up along the thoroughfare. Not surprisingly, home prices in the area are going up in tandem as young professionals and families flock to the Victorians, Tudors, and Denver Squares on Berkeley’s tree-lined streets (despite less-than-stellar school ratings).
19. Country Club
Average sale price: $1,097,865
Percentage increase: 8.93
Percentage increase rank: 50th
Crime rank: 6th
Schools score: 2.8
X factor score: 8.5
Just outside last year’s top 25, Country Club landed at 19 on this year’s list buoyed by a nearly nine percent jump in average home price. If your bank account can accommodate million-dollar price tags, you’ll have a hard time finding a nicer stock of classic Denver houses. In fact, in 1979, a portion of the neighborhood was listed on the National Register of Historic Places due, in part, to its architectural significance. Many of the immaculate Denver Squares and French Mediterranean- and Colonial-style homes were designed by prominent Denver architects such as Jules Jacques and Benois Benedict. Bonus: The streets are safe, and tony Cherry Creek North is a short walk away.
20. Virginia Village
Average sale price: $341,156
Percentage increase: 12.21
Percentage increase rank: 41st
Crime rank: 11th
Schools score: 4
X factor score: 5
Steal alert: With an average sale price of about $341,000, homes in Virginia Village are around $100,000 cheaper than in neighboring University Park (number three) and more than half a million less than in nearby Belcaro (number 13). But don’t wait too long to get in. Rising home values, low crime rates, and strong schools all combined to bump this quaintly named neighborhood into our top 25. Modest ranch-style homes abound, with a few mid-mod gems mixed in. And although unassuming strip malls line Holly Street, you’ll have saved so much on your mortgage you won’t mind the quick drive to more charming retail districts west of Colorado Boulevard.
21. Cherry Creek
Average sale price: $738,710
Percentage increase: 15.42
Percentage increase rank: 31st
Crime rank: 56th
Schools score: 5
X factor score: 8
Cherry Creek landed near the top of last year’s list on the strength of a big increase in average home price. At about 15 percent, this year’s gains weren’t as bullish—but keep in mind that we’re still talking about a significant jump over the past two years. The draw of Cherry Creek continues to be its access to amenities, whether that’s the high-end shops, bars, and restaurants in the Cherry Creek North business district, the Ross-Cherry Creek Denver Public Library branch, or the nearby entrance to the Cherry Creek Trail. Oh, and the neighborhood’s housing stock—which consists mostly of modern luxury homes, apartments, and plenty of scrapes—isn’t too bad either.
22. North Park Hill
Average sale price: $327,622
Percentage increase: 11.81
Percentage increase rank: 44th
Crime rank: 10th
Schools score: 3.2
X factor score: 6.5
Depending on which part of the neighborhood you’re in, North Park Hill can have two different vibes. The southern end of the ’hood draws more from the look and feel of South Park Hill. North of about 28th Avenue, homes are a bit more affordable; in fact, North Park Hill is one of only a handful of ’hoods on our top 25 with an average sale price below $400,000. All around, the streets offer quiet residential charm—plus retail options such as popular Italian grocery Spinelli’s Market along 23rd Avenue—and the number of crimes per capita in North Park Hill is actually slightly lower than in South Park Hill.
23. Hale
Average sale price: $254,121
Percentage increase: 11.85
Percentage increase rank: 43rd
Crime rank: 15th
Schools score: 3
X factor score: 7
If you’re a relatively heavy sleeper who can handle squealing ambulances zipping to and from Rose Medical Center along Hale Parkway—a major thoroughfare for a small neighborhood—you will want to consider the area’s wide range of housing options, from classic Denver bungalows to high-end condominiums. Like adjacent Congress Park, Hale’s retail options are along Colfax Avenue and Colorado Boulevard (hello, Trader Joe’s, Snooze, Chop Shop Casual Urban Eatery, and Marczyk Fine Foods), and crime is relatively low. For lower-end-of-the-market buyers, Hale presents an affordable alternative to the very similar neighborhoods nearby (see number 17 Montclair next door, where last year’s average sale price was $457,557).
24. Barnum West
Average sale price: $215,465
Percentage increase: 13.93
Percentage increase rank: 34th
Crime rank: 27th
Schools score: 4
X factor score: 5
Barnum West sits two spots higher than its eastern counterpart, Barnum, on this year’s list. Though Barnum is home to an expansive park and city recreation center, Barnum West has its own upsides: Namely, a significantly lower crime rate, owed in part to its distance from Federal Boulevard, and access to the Weir Gulch recreation trail and recently remolded Weir Gulch Park just south of Alameda Avenue. (The city spent $3.6 million on the green space in 2014.) Although some of the blocks are still transitioning, this year the average price of the neighborhood’s modest ranches jumped above $200,000, a significant increase. Still, in central Denver—Barnum West is close to downtown and the football stadium—that qualifies as a deal.
25. Washington Park West
Average sale price: $464,294
Percentage increase: 6.8
Percentage increase rank: 62nd
Crime rank: 21st
Schools score: 5
X factor score: 7.5
If Wash Park is akin to Manhattan’s Upper East Side, Wash Park West is more analogous to the Upper West Side: Both are a little more gritty, a little less ritzy, and a bit more affordable than their neighbors to the east. Indeed, denizens of this ’hood, which is sandwiched between Washington Park proper and Baker, have it pretty good. A modest mix of bungalows, Victorians, Cape Cods, and Denver Squares lends an authentic vibe, and the massive, modern scrapes that continue to crop up in Wash Park aren’t (quite) as prevalent, due in part to smaller lots. Add to that solid public schools and proximity to, well, just about everything, and Wash Park West is a fitting place to wrap up the top 25 neighborhoods in the city.
Wednesday, March 28, 2018
Denver-area growth-control measure gets go-ahead from Colorado Supreme Court
a big heads up on potential growth control measure...
from Denver business Journal...
Denver-area growth-control measure gets go-ahead from Colorado Supreme Court
The Colorado Supreme Court has ruled against an effort to keep an initiative limiting Front Range housing growth off the November ballot.
The ruling sets the stage for a historic electoral battle over whether the rapid growth of areas from Colorado Springs to Greeley can be allowed to continue unabated.
Justices affirmed a ruling of the state’s Ballot Title Board that petitioner Daniel Hayes of Golden, a veteran backer of local slow-growth initiatives for a quarter-century, can begin collecting signatures on Initiative 66.
The measure would:
▪Limit the growth of new housing units in 10 Front Range counties -- Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Larimer and Weld -- to no more than 1 percent a year.
▪Allow other cities and counties to ask voters to approve similar regulations.
▪Establish statutory requirements on the number of voters required to launch such local elections.
The Colorado Association of Home Builders had petitioned the court to rule that the initiative violates the single-subject rule on statewide ballot questions. But the court declined to do so.
As a result, Hayes said he expects to get the petition form as soon as Friday.
He is negotiating with a Colorado Springs signature-collection firm to handle the petitions for Initiative 66. He believes that if the company can come to an agreement with him on cost, he will find plenty of support among potential voters to put the question before them.
“Once we get started, you can pretty much be assured that it’ll be on the ballot,” Hayes said Thursday. “The people are sick and tired of this.”
Leaders of the Colorado Association of Home Builders (CAHB), meanwhile, will pivot to organizing a coalition of groups to oppose the measure — a coalition that is likely to include builders, business interests, municipal leaders and even educators concerned with what effect such a curtailing of housing growth could have on generating property tax revenue for the state’s school systems.
The message will be multifaceted: That Initiative 66 would limit new housing, driving up already escalating home and apartment prices, and that it would sour potential employers who are looking to expand or relocate to Colorado, bringing the state’s rapid economic development to a grinding halt, CAHB chief executive Ted Leighty said.
“You’re going to artificially truncate supply,” Leighty said of the potential effect of Initiative 66. “It’s going to exacerbate the affordability issue because they’ll no longer have the market set demand. It’s going to have it defined for them.”
Cumulative household growth in the 10 largest Front Range counties has averaged between 2 and 2.2 percent each year since 2011, with none of the counties experiencing an annual growth of less than 1.3 percent in any year during that time.
That growth is expected to continue at rates between 1.7 percent and 2 percent over the next 10 years — including growth of more than 3 percent annually in Broomfield and Weld counties for several years to come.
So the initiative could force significant cutbacks in the housing units allowed in each place going forward.
Limiting a housing market that already has historically few properties for sale will drive up costs because of a lack of supply, Leighty said, and it will drive down employment opportunities in the construction industry.
A study done in November by a collaboration called REMI Partnership estimated that Initiative 66 could drive down the amount of building by 26,050 units in the 10 counties over the next two years, cutting construction employment 10 percent and costing the state $353 million in tax revenue.
REMI Partnership is a collaboration of the Common Sense Policy Roundtable, the Colorado Association of Realtors, Colorado Concern and the Denver South Economic Development Partnership.
An analysis by the Legislature's nonpartisan Legislative Council also suggested that the measure could lead growth to sprawl into counties where there is not a limit on new housing units.
“The value and price of existing housing units may increase in communities where there are binding growth limits, impacting potential home buyers and existing homeowners, landlords and tenants. Limits on housing permits will also impact the geographic distribution of construction employment, retail trade and population between different areas within Colorado,” the analysis said.
“Assuming the measure’s 1 percent growth limits are binding for some counties, the measure will shift construction employment and activity from counties that meet the 1 percent limit to jurisdictions where the 1 percent limit is not binding," it said. "Accordingly, some construction employment and activity will shift from the 10 named counties to neighboring counties without a growth limit.”
Under Hayes’ proposal, those 10 counties would be allowed to increase housing units by just 1 percent a year in 2019 and 2020, with each stand-alone home or apartment unit, rather than apartment building, counting as one unit toward that cap.
Local residents could petition to remove the cap beginning in 2021. And other cities and counties could seek elections to impose it beginning next year.
Hayes, who owns about 20 rental units and is a graduate-school student in psychology at the University of Denver, has experience in this area, having led the effort to impose a cap on annual new housing units in Golden in 1995.
And his petition comes during a time of rising anti-growth sentiment in the Denver area. Several suburbs voted slow-growth majorities onto their city councils in November, and polls show significant pushback against the state’s efforts to recruit Amazon.com Inc.’s second headquarters and the 50,000 workers it would employ.
He said Thursday that his efforts are driven by his belief that unfettered growth has led not to increasing traffic congestion in the Denver area and to the decreasing quality of schools in places like Jefferson County. This measure would cure some of the ills that gall residents, he said.
“If you let developers get their way, you’re going to have solid growth from Colorado Springs to Fort Collins and it would be a mess,” he said.
from Denver business Journal...
Denver-area growth-control measure gets go-ahead from Colorado Supreme Court
The Colorado Supreme Court has ruled against an effort to keep an initiative limiting Front Range housing growth off the November ballot.
The ruling sets the stage for a historic electoral battle over whether the rapid growth of areas from Colorado Springs to Greeley can be allowed to continue unabated.
Justices affirmed a ruling of the state’s Ballot Title Board that petitioner Daniel Hayes of Golden, a veteran backer of local slow-growth initiatives for a quarter-century, can begin collecting signatures on Initiative 66.
The measure would:
▪Limit the growth of new housing units in 10 Front Range counties -- Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Larimer and Weld -- to no more than 1 percent a year.
▪Allow other cities and counties to ask voters to approve similar regulations.
▪Establish statutory requirements on the number of voters required to launch such local elections.
The Colorado Association of Home Builders had petitioned the court to rule that the initiative violates the single-subject rule on statewide ballot questions. But the court declined to do so.
As a result, Hayes said he expects to get the petition form as soon as Friday.
He is negotiating with a Colorado Springs signature-collection firm to handle the petitions for Initiative 66. He believes that if the company can come to an agreement with him on cost, he will find plenty of support among potential voters to put the question before them.
“Once we get started, you can pretty much be assured that it’ll be on the ballot,” Hayes said Thursday. “The people are sick and tired of this.”
Leaders of the Colorado Association of Home Builders (CAHB), meanwhile, will pivot to organizing a coalition of groups to oppose the measure — a coalition that is likely to include builders, business interests, municipal leaders and even educators concerned with what effect such a curtailing of housing growth could have on generating property tax revenue for the state’s school systems.
The message will be multifaceted: That Initiative 66 would limit new housing, driving up already escalating home and apartment prices, and that it would sour potential employers who are looking to expand or relocate to Colorado, bringing the state’s rapid economic development to a grinding halt, CAHB chief executive Ted Leighty said.
“You’re going to artificially truncate supply,” Leighty said of the potential effect of Initiative 66. “It’s going to exacerbate the affordability issue because they’ll no longer have the market set demand. It’s going to have it defined for them.”
Cumulative household growth in the 10 largest Front Range counties has averaged between 2 and 2.2 percent each year since 2011, with none of the counties experiencing an annual growth of less than 1.3 percent in any year during that time.
That growth is expected to continue at rates between 1.7 percent and 2 percent over the next 10 years — including growth of more than 3 percent annually in Broomfield and Weld counties for several years to come.
So the initiative could force significant cutbacks in the housing units allowed in each place going forward.
Limiting a housing market that already has historically few properties for sale will drive up costs because of a lack of supply, Leighty said, and it will drive down employment opportunities in the construction industry.
A study done in November by a collaboration called REMI Partnership estimated that Initiative 66 could drive down the amount of building by 26,050 units in the 10 counties over the next two years, cutting construction employment 10 percent and costing the state $353 million in tax revenue.
REMI Partnership is a collaboration of the Common Sense Policy Roundtable, the Colorado Association of Realtors, Colorado Concern and the Denver South Economic Development Partnership.
An analysis by the Legislature's nonpartisan Legislative Council also suggested that the measure could lead growth to sprawl into counties where there is not a limit on new housing units.
“The value and price of existing housing units may increase in communities where there are binding growth limits, impacting potential home buyers and existing homeowners, landlords and tenants. Limits on housing permits will also impact the geographic distribution of construction employment, retail trade and population between different areas within Colorado,” the analysis said.
“Assuming the measure’s 1 percent growth limits are binding for some counties, the measure will shift construction employment and activity from counties that meet the 1 percent limit to jurisdictions where the 1 percent limit is not binding," it said. "Accordingly, some construction employment and activity will shift from the 10 named counties to neighboring counties without a growth limit.”
Under Hayes’ proposal, those 10 counties would be allowed to increase housing units by just 1 percent a year in 2019 and 2020, with each stand-alone home or apartment unit, rather than apartment building, counting as one unit toward that cap.
Local residents could petition to remove the cap beginning in 2021. And other cities and counties could seek elections to impose it beginning next year.
Hayes, who owns about 20 rental units and is a graduate-school student in psychology at the University of Denver, has experience in this area, having led the effort to impose a cap on annual new housing units in Golden in 1995.
And his petition comes during a time of rising anti-growth sentiment in the Denver area. Several suburbs voted slow-growth majorities onto their city councils in November, and polls show significant pushback against the state’s efforts to recruit Amazon.com Inc.’s second headquarters and the 50,000 workers it would employ.
He said Thursday that his efforts are driven by his belief that unfettered growth has led not to increasing traffic congestion in the Denver area and to the decreasing quality of schools in places like Jefferson County. This measure would cure some of the ills that gall residents, he said.
“If you let developers get their way, you’re going to have solid growth from Colorado Springs to Fort Collins and it would be a mess,” he said.
Sunday, February 25, 2018
How to Find and Buy Off-Market Homes
interesting considerations in a tight inventory market....from Investopedia.com
How to Find and Buy Off-Market Homes
With real estate inventory still tight in many markets around the country, home buyers need an edge, and that’s where off-market listings come in. Otherwise known as pocket listings, these are homes that are for sale but aren’t listed on the multiple listing services. That means the real estate agents selling these properties have to do the legwork to find buyers.
Off-market listings may seem counter-intuitive to the seller. After all, there is more demand than inventory which means bidding wars are a common occurrence in many neighborhoods. This all poses the question why would a seller want to do a secret listing? Some opt for an off-market listing to test the waters while others go this route for a more private sales process. Certain homeowners even think a pocket listing will create an allure that will get them an even higher price than a traditional bidding war.
Buyers Get An Edge Over The Competition
For buyers, the benefits of an off-market listing are twofold. For starters, it gives them access to inventory that their competition isn’t seeing. If you are buying in a particularly hot market, pocket listings may be the only way to purchase a home. In regular market climates, buyers of pocket listings often get a deal partly because the commission the seller has to pay is lower. Buyers who have access to these off-market listing increase the odds they will end up purchasing a home. (Read more, here: How To Avoid Overpaying In A Real Estate Bidding War.) And today it is easier than before to locate off-market listings. In the past, the only way to hear about a pocket listing was through word of mouth. The Internet changed all that and now websites like Zillow.com and HiddenListings.com are examples of places buyers can find off-market houses.
Off-Market Listings Come In Different Varieties
When it comes to off-market listings, they come in different flavors. There are the traditional, secret prestigious listings-the exclusive, million dollar homes that most of us only see on T.V. Then there are those listings that will show up on real estate search websites 30 days or more before the house will hit the multiple listing service that everyone has access too. There’s also those opportunistic off-market listings where a real estate agent will approach a homeowner about selling their home.
Real Estate Agents Are Often Key To Off-Market Listings
Finding a traditional, exclusive, off-market home isn’t going to be as easy as searching the web. It’s going to require a little homework and lots of networking. Once you have pinpointed the neighborhood, you want to buy in you’ll need to come up with a list of top agents and contact them about any pocket listings they may have. That’s going to mean calling or sending an email to make contact. Some real estate agents even have websites where they showcase their off-market houses and have services that buyers can subscribe to and get email alerts about new listings.
Websites Make It Easier To Find Them
In addition to contacting real estate agents directly, buyers have a lot of Internet tools available to them to find listings before they are open to the general public. For instance Zillow’s “coming soon” feature lets agents, brokers and multiple listing services market homes on Zillow thirty days before it hits the multiple listing services. That gives quick acting buyers a bit of an early advantage, granted their competition isn’t using Zillow as well. PocketList.co is a website that lists off-market real estate in the San Francisco Bay area and is an example of a local pocket listing service.
Finding a pocket listing is half the battle but seeing a deal go through is the end-game, which is why buyers of off-market listings have to know the ins and outs of the process. Once you get to contract, it is a standard deal, but since the agent is likely representing both of you, it can get a bit murky. While a pocket listing gives you VIP access to the real estate market, the tradeoff is often the real estate agent is representing both you and the seller. Known as a dual agency sale, while perfectly legal, it can be hard for the buyer to tell if the agent has his or her's best interests in mind. The higher the sale price, the heftier the commission for the agent. If you are buying in a market with little inventory, it may not matter if you are getting the best deal as long as you get the home, but it pays to be aware of any conflicts of interest.
How to Find and Buy Off-Market Homes
With real estate inventory still tight in many markets around the country, home buyers need an edge, and that’s where off-market listings come in. Otherwise known as pocket listings, these are homes that are for sale but aren’t listed on the multiple listing services. That means the real estate agents selling these properties have to do the legwork to find buyers.
Off-market listings may seem counter-intuitive to the seller. After all, there is more demand than inventory which means bidding wars are a common occurrence in many neighborhoods. This all poses the question why would a seller want to do a secret listing? Some opt for an off-market listing to test the waters while others go this route for a more private sales process. Certain homeowners even think a pocket listing will create an allure that will get them an even higher price than a traditional bidding war.
Buyers Get An Edge Over The Competition
For buyers, the benefits of an off-market listing are twofold. For starters, it gives them access to inventory that their competition isn’t seeing. If you are buying in a particularly hot market, pocket listings may be the only way to purchase a home. In regular market climates, buyers of pocket listings often get a deal partly because the commission the seller has to pay is lower. Buyers who have access to these off-market listing increase the odds they will end up purchasing a home. (Read more, here: How To Avoid Overpaying In A Real Estate Bidding War.) And today it is easier than before to locate off-market listings. In the past, the only way to hear about a pocket listing was through word of mouth. The Internet changed all that and now websites like Zillow.com and HiddenListings.com are examples of places buyers can find off-market houses.
Off-Market Listings Come In Different Varieties
When it comes to off-market listings, they come in different flavors. There are the traditional, secret prestigious listings-the exclusive, million dollar homes that most of us only see on T.V. Then there are those listings that will show up on real estate search websites 30 days or more before the house will hit the multiple listing service that everyone has access too. There’s also those opportunistic off-market listings where a real estate agent will approach a homeowner about selling their home.
Real Estate Agents Are Often Key To Off-Market Listings
Finding a traditional, exclusive, off-market home isn’t going to be as easy as searching the web. It’s going to require a little homework and lots of networking. Once you have pinpointed the neighborhood, you want to buy in you’ll need to come up with a list of top agents and contact them about any pocket listings they may have. That’s going to mean calling or sending an email to make contact. Some real estate agents even have websites where they showcase their off-market houses and have services that buyers can subscribe to and get email alerts about new listings.
Websites Make It Easier To Find Them
In addition to contacting real estate agents directly, buyers have a lot of Internet tools available to them to find listings before they are open to the general public. For instance Zillow’s “coming soon” feature lets agents, brokers and multiple listing services market homes on Zillow thirty days before it hits the multiple listing services. That gives quick acting buyers a bit of an early advantage, granted their competition isn’t using Zillow as well. PocketList.co is a website that lists off-market real estate in the San Francisco Bay area and is an example of a local pocket listing service.
Finding a pocket listing is half the battle but seeing a deal go through is the end-game, which is why buyers of off-market listings have to know the ins and outs of the process. Once you get to contract, it is a standard deal, but since the agent is likely representing both of you, it can get a bit murky. While a pocket listing gives you VIP access to the real estate market, the tradeoff is often the real estate agent is representing both you and the seller. Known as a dual agency sale, while perfectly legal, it can be hard for the buyer to tell if the agent has his or her's best interests in mind. The higher the sale price, the heftier the commission for the agent. If you are buying in a market with little inventory, it may not matter if you are getting the best deal as long as you get the home, but it pays to be aware of any conflicts of interest.
Bidding Wars: How to Lose (but Also How to Win One)
good considerations from realtor.com
Bid wars crop up during prime home buying and selling season, and if you’re looking to buy in an area with low inventory and high demand, you’re probably going to run face-first into a bidding war. After the housing crunch of 2008, they certainly went away for a while, but now a recent study has found bidding wars are back in force.
So here's the question for buyers: Do you know how to handle a bidding war, or are you going to let that dream home get away? Here are all the things you can do wrong—so you know how to do it right.
Fail to realize you're in a bid war
A surefire way to lose a bidding war is to not realize there's going to be one. So, how do you know?
First thing's first: Know where you're shopping. If you're in one of the following markets—some of the hottest in the country, viewed two to seven times more often on our site than the national average—chances are, there's going to be a bidding war:
Even if you're not in one of those regions, the housing market remains tight nationwide (too many buyers, not enough inventory). So, observe your surroundings. How many people are at the open house?
“If it feels as though you're at Grand Central Station at rush hour, chances are there will be a multiple-offers situation,” says Victoria Vinokur, an estate broker at Halstead Property in New York City.
Finally, if you’ve made an offer and your agent tells you they’ve heard of higher bids, “you now know you have competition,” says Susan MacDonald of Daniel Gale Sotheby's International Realty in Garden City, NY.
Be completely disorganized
Sellers want your offer to come in a crisp, easy-to-read package, not in a mis-autocorrected Snapchat. When you know you’re in a bidding war, says Vinokur, get answers to these questions:
• Is there a deadline to submit offers?
• Is there a specific offer format the seller wants to see?
• Are there any other factors that might be important to the seller? Do he want a quick closing or a delayed one?
Noncontingent financing offers? Does the seller want to stay in or rent the home until he can find another home (also known as a rent-back agreement)?
Not asking these questions is a good way to get your offer rejected. You also want to know what the seller is looking for and if it lines up with what you’re willing to do.
“Have a clean, correct, and easily legible offer packet, with a pre-approval letter or proof of funds,” said Sepehr Niakin, a broker who owns CondoBlackBook.com in Miami. Add a cover letter, and don’t be afraid to get personal.
“Write a letter to the owners stating why you love the home," Vinokur said. Make no mistake: This should not be a lighthearted letter—it should be well-written and sincere.
An effective cover letter should include these things:
• An introduction complimenting the seller’s property
• A second paragraph describing what you’re like—your job (a good one, we hope!), your family, your interests.
• The third paragraph should describe how you envision your future in the property. For example: "We hope you
will accept us—we would love to raise our kids here."
Make a lowball offer that doesn't stand out in the bid wars
In a hot market, don’t lowball to see if the seller will entertain your offer (that’s for the off-season). When crafting your bid, make it a strong figure—and make it a number that might stand out.
“Most offers will be in round numbers, so stand out by going to the next highest number with a 1 or a 6 at the end of it,” says Brian Horan, a broker with Home Buyers Marketing II in Los Angeles.
Don't sweeten the pot
When you’re competing with multiple offers, you have to come prepared. If you can pay with cash, that’s a huge plus—our experts agree it’s one of the best ways to win. But not everyone can do that. Get pre-approved so the seller knows you’re serious. If that’s not enough, sweeten the pot.
“Pay with cash if possible; if not, consider increasing the amount of your down payment,” said Sharon Voss, president of the Orlando Regional Realtor® Association.
You can also put down some substantial earnest money—“1% or greater,” says Lera Lasater Lee, a Realtor® with Briggs Freeman Sotheby's International Realty in Dallas.
If you’re still dead-set on getting that home, you can also offer to pay the seller’s closing costs.
Lose sight of your limits
It's a fine line to walk, though––sweetening the pot can be helpful, but be careful not to get caught up in a buying frenzy. If you overpay for the house, did you really win? Take a step back and figure out a limit on how much you want to pay for that property.
You can go about this in two ways:
1. Make your best offer upfront, pre-emptively assuming you won’t have a chance to make another, Voss says.
2. Go with an escalation clause, which details how much you’re willing to outbid another offer up to a certain limit, says Niakin.
For example, you make an offer of $400,000 with a cap of $425,000, offering to outbid the last bidder by $5,000 increments until it reaches $425,000. (You’ll also want to get a lawyer to word the clause correctly.)
“This is only recommended if the buyer really wants the property and is willing to lay all their cards on a table when they know there will be multiple, very motivated buyers making offers,” Niakin said.
Put in a bid, then skip town
Now is not the time to head to the Bahamas. If you really want that home, you should stick around until you know whether your offer fell through or was accepted.
“Don't go out of town or be otherwise inaccessible to your Realtor during a bidding war,” says Voss. “Be prepared to make decisions very quickly and respond very quickly to questions about your offer.”
Drag your feet to the closing
Sellers like to close fast. When you’re in a multiple-offer situation, it’s best to make an offer with few contingencies. That can mean forgoing repairs or added appliances and furniture.
An appraisal contingency is debatable if you're paying with cash—if you really know your area and are confident it will appraise right, you might decide to waive it—but be sure to ask your agent. One thing you don’t want to do is skip the inspection contingency.
No matter what, be quick about it.
“Tighten up your timelines,” Niakin said. “Instead of 15 days, make it seven or 10 days. If you run into some issue, you can always ask for an extension later.”
Lose your sense of perspective
Above all else, keep a clear head.
“Don't be emotional; set a threshold price and don't be upset if you lose,” Vinokur said.
“Get your ducks in a row before entering the home purchase process," Lee echoed. "Don’t be afraid to walk away.”
Bid wars crop up during prime home buying and selling season, and if you’re looking to buy in an area with low inventory and high demand, you’re probably going to run face-first into a bidding war. After the housing crunch of 2008, they certainly went away for a while, but now a recent study has found bidding wars are back in force.
So here's the question for buyers: Do you know how to handle a bidding war, or are you going to let that dream home get away? Here are all the things you can do wrong—so you know how to do it right.
Fail to realize you're in a bid war
A surefire way to lose a bidding war is to not realize there's going to be one. So, how do you know?
First thing's first: Know where you're shopping. If you're in one of the following markets—some of the hottest in the country, viewed two to seven times more often on our site than the national average—chances are, there's going to be a bidding war:
Even if you're not in one of those regions, the housing market remains tight nationwide (too many buyers, not enough inventory). So, observe your surroundings. How many people are at the open house?
“If it feels as though you're at Grand Central Station at rush hour, chances are there will be a multiple-offers situation,” says Victoria Vinokur, an estate broker at Halstead Property in New York City.
Finally, if you’ve made an offer and your agent tells you they’ve heard of higher bids, “you now know you have competition,” says Susan MacDonald of Daniel Gale Sotheby's International Realty in Garden City, NY.
Be completely disorganized
Sellers want your offer to come in a crisp, easy-to-read package, not in a mis-autocorrected Snapchat. When you know you’re in a bidding war, says Vinokur, get answers to these questions:
• Is there a deadline to submit offers?
• Is there a specific offer format the seller wants to see?
• Are there any other factors that might be important to the seller? Do he want a quick closing or a delayed one?
Noncontingent financing offers? Does the seller want to stay in or rent the home until he can find another home (also known as a rent-back agreement)?
Not asking these questions is a good way to get your offer rejected. You also want to know what the seller is looking for and if it lines up with what you’re willing to do.
“Have a clean, correct, and easily legible offer packet, with a pre-approval letter or proof of funds,” said Sepehr Niakin, a broker who owns CondoBlackBook.com in Miami. Add a cover letter, and don’t be afraid to get personal.
“Write a letter to the owners stating why you love the home," Vinokur said. Make no mistake: This should not be a lighthearted letter—it should be well-written and sincere.
An effective cover letter should include these things:
• An introduction complimenting the seller’s property
• A second paragraph describing what you’re like—your job (a good one, we hope!), your family, your interests.
• The third paragraph should describe how you envision your future in the property. For example: "We hope you
will accept us—we would love to raise our kids here."
Make a lowball offer that doesn't stand out in the bid wars
In a hot market, don’t lowball to see if the seller will entertain your offer (that’s for the off-season). When crafting your bid, make it a strong figure—and make it a number that might stand out.
“Most offers will be in round numbers, so stand out by going to the next highest number with a 1 or a 6 at the end of it,” says Brian Horan, a broker with Home Buyers Marketing II in Los Angeles.
Don't sweeten the pot
When you’re competing with multiple offers, you have to come prepared. If you can pay with cash, that’s a huge plus—our experts agree it’s one of the best ways to win. But not everyone can do that. Get pre-approved so the seller knows you’re serious. If that’s not enough, sweeten the pot.
“Pay with cash if possible; if not, consider increasing the amount of your down payment,” said Sharon Voss, president of the Orlando Regional Realtor® Association.
You can also put down some substantial earnest money—“1% or greater,” says Lera Lasater Lee, a Realtor® with Briggs Freeman Sotheby's International Realty in Dallas.
If you’re still dead-set on getting that home, you can also offer to pay the seller’s closing costs.
Lose sight of your limits
It's a fine line to walk, though––sweetening the pot can be helpful, but be careful not to get caught up in a buying frenzy. If you overpay for the house, did you really win? Take a step back and figure out a limit on how much you want to pay for that property.
You can go about this in two ways:
1. Make your best offer upfront, pre-emptively assuming you won’t have a chance to make another, Voss says.
2. Go with an escalation clause, which details how much you’re willing to outbid another offer up to a certain limit, says Niakin.
For example, you make an offer of $400,000 with a cap of $425,000, offering to outbid the last bidder by $5,000 increments until it reaches $425,000. (You’ll also want to get a lawyer to word the clause correctly.)
“This is only recommended if the buyer really wants the property and is willing to lay all their cards on a table when they know there will be multiple, very motivated buyers making offers,” Niakin said.
Put in a bid, then skip town
Now is not the time to head to the Bahamas. If you really want that home, you should stick around until you know whether your offer fell through or was accepted.
“Don't go out of town or be otherwise inaccessible to your Realtor during a bidding war,” says Voss. “Be prepared to make decisions very quickly and respond very quickly to questions about your offer.”
Drag your feet to the closing
Sellers like to close fast. When you’re in a multiple-offer situation, it’s best to make an offer with few contingencies. That can mean forgoing repairs or added appliances and furniture.
An appraisal contingency is debatable if you're paying with cash—if you really know your area and are confident it will appraise right, you might decide to waive it—but be sure to ask your agent. One thing you don’t want to do is skip the inspection contingency.
No matter what, be quick about it.
“Tighten up your timelines,” Niakin said. “Instead of 15 days, make it seven or 10 days. If you run into some issue, you can always ask for an extension later.”
Lose your sense of perspective
Above all else, keep a clear head.
“Don't be emotional; set a threshold price and don't be upset if you lose,” Vinokur said.
“Get your ducks in a row before entering the home purchase process," Lee echoed. "Don’t be afraid to walk away.”
10 surefire ways to scare off homebuyers
good considerations for how to market your home during your home sale from bankrate.com
You may have a right-sized home in a good neighborhood, but that doesn’t mean you have the upper hand in selling your house, especially if the house is smelly and cluttered.
To talk about homebuyer turnoffs, we assembled a coast-to-coast team of experts: Chad Goldwasser of Pure Gold Realty in Austin, Texas; Terry Cannon, a buyer’s agent and broker with EBA Realty, in Salem, Oregon; and Julie Dana, a “home stylist” in East Aurora, New York, and co-author of “The Complete Idiot’s Guide to Staging Your Home to Sell.”
They suggest 10 turnoffs that sellers should avoid.
Dirt, grime and filth
Nothing will turn off a homebuyer faster than showing a house with filthy floors and kitchen counters where new life-forms are evolving.
“The No. 1 biggest mistake is not getting the home in the best possible condition. That’s huge,” Goldwasser says. “I won’t even represent sellers at this point unless they are fully aware of how important it is to get their home in the absolute best condition that they’ve ever had it in.”
Goldwasser recommends that sellers make an extra effort, from steam-cleaning tile and grout to replacing carpets.
“If the carpets are old and smelly, you should put in new,” he says. “If they’re relatively new, you should at least have them shampooed.”
Cannon agrees that grime can derail any showing.
“The home should be neat and clean and free of all debris,” Cannon says. “If it reeks of cats or the kitchen sinks and counters are so filthy that it almost looks like the food is moving, I won’t even want to come in.”
Odors from food, pets and smoking
Don’t sell a stinky house. Buyers don’t like to detect by smell what your favorite foods are and the types of pets you have.
“Odors are a big one, especially kitchen odors,” Dana says. “I advise my clients not to cook fried food, fish or greasy food while the house is on the market.”
Some pet owners mistakenly believe pet smells to which they’ve become accustomed help make their residence homey. Wrong.
Dana advises her clients to remove all traces of pets, not just pet odors. It’s important to get rid of pet paraphernalia and have a “pet plan” to make sure the animals are not around when the house is shown.
“A lot of times, people will leave pet items out — dog dishes, cat litter boxes, etc.,” Dana says. “That immediately turns off a buyer because they wonder, ‘What has that animal done in the house?’ Also, some people really don’t like dogs. The minute they walk in and see this big, old dog bowl, they immediately won’t like the house.”
The same rules hold true for smokers: Remove all ashtrays, clean all curtains and upholstery, and consider smoking outdoors while your house is on the market.
Outdated fixtures and appliances
Buyers are not impressed by tarnished doorknobs, disco-era light fixtures or old ceiling fans.
“You need to change out old fixtures in your house,” Goldwasser says. “New cabinet hardware and doorknobs will probably cost all of $400 or $500, but it makes a huge difference.”
The same holds true for dated ceiling fans, light fixtures and kitchen appliances.
“Homes that have old fans, lights, ovens, microwaves, ranges and dishwashers can really turn a buyer off,” says Goldwasser. “Sellers will say, ‘Oh, the buyers can take care of that.’ Well, yes, they can, but it’s going to impede you from getting the highest price possible for your home.”
Wallpaper
Today’s buyer doesn’t want wallpaper, no matter how much your grandfather liked it.
“Wallpaper is a definite no-no,” Dana says.
Wallpaper is difficult to remove and simply adds another chore to a buyer’s to-do list, Dana says.
“Wallpaper is extremely personalized. You’ve spent hours looking over books to pick out the wallpaper you want,” she says. “What are the odds that the person walking in the door will also like that wallpaper that you picked out?”
Popcorn acoustic ceilings
The shag carpet from the ’60s or ’70s was replaced long ago. But acoustic popcorn ceilings, another artifact of that era (and of the ’80s, too) might remain. They badly date your home.
If you can’t stomach the cost or the mess to remove the overhead popcorn, be prepared to credit a buyer in certain markets to close a sale.
“The popcorn acoustic ceiling is a major, major turnoff to buyers these days,” Goldwasser says.
Lots of personal items
Shopping for a house is like shopping for clothes. Buyers are trying on your home to see how it fits, as if it were a pair of shoes. If personal items clutter your house, it’s like the buyer is trying on those shoes while you’re standing in them. A fit is unlikely.
“Anything that makes your house scream ‘you’ is what you don’t want,” Dana says. “I tell all my clients that how we decorate to live and how we decorate to sell are different, and right now, we’re decorating to sell.”
Sellers should try to remove personal items, including family photos, personal effects and even unique colors, she says.
“As soon as you have family photos, buyers get very distracted. ‘Oh, did I go to school with him? What do their children look like?'” she says. “Suddenly, you’re selling your family, and you’re not selling the home.”
If you really want to entice a buyer, Dana offers a tip: “I try to place a mirror strategically so that people can actually see themselves in the home, so they can actually picture themselves living there.”
Sellers who hang around the house
Generally speaking, buyers don’t like it when sellers meet them at the door, follow them around, eavesdrop and make unsolicited comments.
“It’s so annoying,” Goldwasser says. “They will want to walk around with the potential buyer and put in their 2 cents’ worth. It’s not good. Normally, there are 1 out of 10 sellers where it’s OK to have them there, and that’s because they know what is up with the property and how everything works.”
Goldwasser makes a point to shoo his sellers away from showings when he’s the listing agent.
“They like to think they know what they’re doing, and that’s fine,” he says. “But when you’ve sold thousands of homes and you have a system, you know how to get people the maximum value for their home. That’s why they hire you, right?”
Misrepresenting a home
Sellers use photos and words to make their homes enticing on the multiple listing service. But sometimes the words and pictures paint a false portrait. Buyers don’t like that.
One of Cannon’s buyers loved a home she saw online. When Cannon drove by, he was surprised to see acres of ramshackle mobile homes across the street.
“Sellers are going to paint the best picture they can,” he says. “Some listings I’ve looked at and wondered how in the world they got that gorgeous photo without showing all the junk that’s around it. When you get there, you wonder, why didn’t they just be upfront?”
Poor curb appeal
Seeing a house for the first time is like meeting a person for the first time: Appearance counts. That first-glance impression of a house is called “curb appeal.”
“You have to totally trim and edge your yard to get it into the most immaculate condition you can,” Goldwasser says. “It’s a big mistake to not freshly mulch the beds and trim the trees. Every little detail counts.
“To not power wash the exterior or leave mud dauber and wasp and bird’s nests in your eaves and above your doors? You’ve got to be a fool to do that.”
Clutter
A lot of us live with clutter. We get so accustomed to it that we scarcely perceive it anymore. But homebuyers notice. Where to begin with clutter?
“I usually start in the closets,” Dana says. “Your closets should be half-full, with nothing on the floor. Why? Because most people looking for a house have outgrown their previous house. Showing them that you’ve still got room to grow gives them a reason to buy.”
Kitchens and bookshelves should showcase spaciousness by following the rule of 3. For kitchens, no more than 3 countertop appliances. Meanwhile, bookshelves should be divided into thirds: one-third books, one-third vases and pictures, and one-third empty.
The home office should be generic so any type of professional can imagine living there, Dana says. “Otherwise, it can be a distraction: ‘What does he do for a living? How much money does he make?'” she says.
Dana’s tip for toddler parents is to pack away extraneous “kiddie litter” and keep a laundry basket handy.
“When you get that phone call one hour before a showing, toss everything in that basket and take it to the car with you and your kids, and you’re all set,” she says.
You may have a right-sized home in a good neighborhood, but that doesn’t mean you have the upper hand in selling your house, especially if the house is smelly and cluttered.
To talk about homebuyer turnoffs, we assembled a coast-to-coast team of experts: Chad Goldwasser of Pure Gold Realty in Austin, Texas; Terry Cannon, a buyer’s agent and broker with EBA Realty, in Salem, Oregon; and Julie Dana, a “home stylist” in East Aurora, New York, and co-author of “The Complete Idiot’s Guide to Staging Your Home to Sell.”
They suggest 10 turnoffs that sellers should avoid.
Dirt, grime and filth
Nothing will turn off a homebuyer faster than showing a house with filthy floors and kitchen counters where new life-forms are evolving.
“The No. 1 biggest mistake is not getting the home in the best possible condition. That’s huge,” Goldwasser says. “I won’t even represent sellers at this point unless they are fully aware of how important it is to get their home in the absolute best condition that they’ve ever had it in.”
Goldwasser recommends that sellers make an extra effort, from steam-cleaning tile and grout to replacing carpets.
“If the carpets are old and smelly, you should put in new,” he says. “If they’re relatively new, you should at least have them shampooed.”
Cannon agrees that grime can derail any showing.
“The home should be neat and clean and free of all debris,” Cannon says. “If it reeks of cats or the kitchen sinks and counters are so filthy that it almost looks like the food is moving, I won’t even want to come in.”
Odors from food, pets and smoking
Don’t sell a stinky house. Buyers don’t like to detect by smell what your favorite foods are and the types of pets you have.
“Odors are a big one, especially kitchen odors,” Dana says. “I advise my clients not to cook fried food, fish or greasy food while the house is on the market.”
Some pet owners mistakenly believe pet smells to which they’ve become accustomed help make their residence homey. Wrong.
Dana advises her clients to remove all traces of pets, not just pet odors. It’s important to get rid of pet paraphernalia and have a “pet plan” to make sure the animals are not around when the house is shown.
“A lot of times, people will leave pet items out — dog dishes, cat litter boxes, etc.,” Dana says. “That immediately turns off a buyer because they wonder, ‘What has that animal done in the house?’ Also, some people really don’t like dogs. The minute they walk in and see this big, old dog bowl, they immediately won’t like the house.”
The same rules hold true for smokers: Remove all ashtrays, clean all curtains and upholstery, and consider smoking outdoors while your house is on the market.
Outdated fixtures and appliances
Buyers are not impressed by tarnished doorknobs, disco-era light fixtures or old ceiling fans.
“You need to change out old fixtures in your house,” Goldwasser says. “New cabinet hardware and doorknobs will probably cost all of $400 or $500, but it makes a huge difference.”
The same holds true for dated ceiling fans, light fixtures and kitchen appliances.
“Homes that have old fans, lights, ovens, microwaves, ranges and dishwashers can really turn a buyer off,” says Goldwasser. “Sellers will say, ‘Oh, the buyers can take care of that.’ Well, yes, they can, but it’s going to impede you from getting the highest price possible for your home.”
Wallpaper
Today’s buyer doesn’t want wallpaper, no matter how much your grandfather liked it.
“Wallpaper is a definite no-no,” Dana says.
Wallpaper is difficult to remove and simply adds another chore to a buyer’s to-do list, Dana says.
“Wallpaper is extremely personalized. You’ve spent hours looking over books to pick out the wallpaper you want,” she says. “What are the odds that the person walking in the door will also like that wallpaper that you picked out?”
Popcorn acoustic ceilings
The shag carpet from the ’60s or ’70s was replaced long ago. But acoustic popcorn ceilings, another artifact of that era (and of the ’80s, too) might remain. They badly date your home.
If you can’t stomach the cost or the mess to remove the overhead popcorn, be prepared to credit a buyer in certain markets to close a sale.
“The popcorn acoustic ceiling is a major, major turnoff to buyers these days,” Goldwasser says.
Lots of personal items
Shopping for a house is like shopping for clothes. Buyers are trying on your home to see how it fits, as if it were a pair of shoes. If personal items clutter your house, it’s like the buyer is trying on those shoes while you’re standing in them. A fit is unlikely.
“Anything that makes your house scream ‘you’ is what you don’t want,” Dana says. “I tell all my clients that how we decorate to live and how we decorate to sell are different, and right now, we’re decorating to sell.”
Sellers should try to remove personal items, including family photos, personal effects and even unique colors, she says.
“As soon as you have family photos, buyers get very distracted. ‘Oh, did I go to school with him? What do their children look like?'” she says. “Suddenly, you’re selling your family, and you’re not selling the home.”
If you really want to entice a buyer, Dana offers a tip: “I try to place a mirror strategically so that people can actually see themselves in the home, so they can actually picture themselves living there.”
Sellers who hang around the house
Generally speaking, buyers don’t like it when sellers meet them at the door, follow them around, eavesdrop and make unsolicited comments.
“It’s so annoying,” Goldwasser says. “They will want to walk around with the potential buyer and put in their 2 cents’ worth. It’s not good. Normally, there are 1 out of 10 sellers where it’s OK to have them there, and that’s because they know what is up with the property and how everything works.”
Goldwasser makes a point to shoo his sellers away from showings when he’s the listing agent.
“They like to think they know what they’re doing, and that’s fine,” he says. “But when you’ve sold thousands of homes and you have a system, you know how to get people the maximum value for their home. That’s why they hire you, right?”
Misrepresenting a home
Sellers use photos and words to make their homes enticing on the multiple listing service. But sometimes the words and pictures paint a false portrait. Buyers don’t like that.
One of Cannon’s buyers loved a home she saw online. When Cannon drove by, he was surprised to see acres of ramshackle mobile homes across the street.
“Sellers are going to paint the best picture they can,” he says. “Some listings I’ve looked at and wondered how in the world they got that gorgeous photo without showing all the junk that’s around it. When you get there, you wonder, why didn’t they just be upfront?”
Poor curb appeal
Seeing a house for the first time is like meeting a person for the first time: Appearance counts. That first-glance impression of a house is called “curb appeal.”
“You have to totally trim and edge your yard to get it into the most immaculate condition you can,” Goldwasser says. “It’s a big mistake to not freshly mulch the beds and trim the trees. Every little detail counts.
“To not power wash the exterior or leave mud dauber and wasp and bird’s nests in your eaves and above your doors? You’ve got to be a fool to do that.”
Clutter
A lot of us live with clutter. We get so accustomed to it that we scarcely perceive it anymore. But homebuyers notice. Where to begin with clutter?
“I usually start in the closets,” Dana says. “Your closets should be half-full, with nothing on the floor. Why? Because most people looking for a house have outgrown their previous house. Showing them that you’ve still got room to grow gives them a reason to buy.”
Kitchens and bookshelves should showcase spaciousness by following the rule of 3. For kitchens, no more than 3 countertop appliances. Meanwhile, bookshelves should be divided into thirds: one-third books, one-third vases and pictures, and one-third empty.
The home office should be generic so any type of professional can imagine living there, Dana says. “Otherwise, it can be a distraction: ‘What does he do for a living? How much money does he make?'” she says.
Dana’s tip for toddler parents is to pack away extraneous “kiddie litter” and keep a laundry basket handy.
“When you get that phone call one hour before a showing, toss everything in that basket and take it to the car with you and your kids, and you’re all set,” she says.
People in glass houses: The best uses of glass in architecture
not for the shy, especially the bathroom photo at the bottom, just in case you're looking for some interesting design ideas, here's an article excerpt from newatlas.com
S-House, by Japanese architect Yuusuke Karasawa, offers a take on the glass house that requires a very outgoing person. Situated in Tokyo, the unusual 50 sq m (538 sq ft) dwelling is envisioned by the architect as a comment on the limited privacy we face in the internet age.
Though the majority of S House's interior, including kitchen and lounge areas, are completely open to nosey passersby, Karasawa did at least put the master bedroom and bathroom in a basement below street level.
Vertical Glass House – Atelier FCJZ
Atelier FCJZ's Vertical Glass House can be found in Shanghai and was built for the West Bund Biennial Architecture and Contemporary Art exhibition, and it now serves as unusual guesthouse for visiting artists and architects. The home is mostly glass and steel except for the facade, which is concrete, and sports small glass slits. A generous glazed roof offers plenty of daylight inside.
Still, lest you get the impression that this is a glass house suitable for shy, retiring types, check out the placement of the toilet in the photo above.
S-House, by Japanese architect Yuusuke Karasawa, offers a take on the glass house that requires a very outgoing person. Situated in Tokyo, the unusual 50 sq m (538 sq ft) dwelling is envisioned by the architect as a comment on the limited privacy we face in the internet age.
Though the majority of S House's interior, including kitchen and lounge areas, are completely open to nosey passersby, Karasawa did at least put the master bedroom and bathroom in a basement below street level.
Vertical Glass House – Atelier FCJZ
Atelier FCJZ's Vertical Glass House can be found in Shanghai and was built for the West Bund Biennial Architecture and Contemporary Art exhibition, and it now serves as unusual guesthouse for visiting artists and architects. The home is mostly glass and steel except for the facade, which is concrete, and sports small glass slits. A generous glazed roof offers plenty of daylight inside.
Still, lest you get the impression that this is a glass house suitable for shy, retiring types, check out the placement of the toilet in the photo above.
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