Brad Colburn's Denver Real Estate Blog
Observatory Park, the first 2 months of 2009.
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Observatory Park, one the premier Denver neighborhoods for so many reasons. It’s proximity to transportation, DTC, Downtown, DU, so many great schools, whether private or public. The 7500 sq. ft. lots have called the builders and the neighborhood has seen so much redevelopment! How is the neighborhood faring currently? Well, let’s take a look. All data from the Denver MetroList.
Sold Properties:
11 homes closed Jan. 1, 2009 – Feb. 23-2009. These homes ranged in price from $200,000 to $1,700,000. In the last 6 months (Sept 1, 2008) 31 homes have sold after being on the market an average of 154 days. The difference in selling price from the original list price was -6.78%.
Active Properties:
There are currently 88 properties on the market, ranging in price from $200,000 to $2,095,000. The current average days on market for these 88 properties is 198. The current list price is 4.4% less than their original list price. Of these 88 properties, only 15 of them are less than $500,000. 36 of them are over $1,000,000, that is a 12 month supply considering 3 closed in January however none in Febuary, which leads me to believe that the top end in observatory park will be coming down.
Are you thinking about Observatory Park, whether buying or selling, give me a call. 2450 S. Garfield St. is fantastic home on the market for $425,900, take a look.
Written by Perry & Co. Real Estate Agent Brad Colburn
A Little About Me.
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Real Estate is not a job for me, it never feels like work. I really enjoy real estate and the people that I get to build relationships with. I truly believe in the agency relationship, putting my clients’ interests before my own. Your transaction is not just another ‘deal’ for me. I understand that this is your life; you’re picking up your family, everything you own and moving that into the largest single purchase you’ll ever make. The person to help you with this life change is an important decision and you need to work with a true professional with the utmost integrity, market knowledge and honesty.
As a Denver native and the son of a real estate father has given me the understanding of Denver’s diverse neighborhoods that few agents have. In fact, my college years at Midland Lutheran College is the only time I’ve lived outside of Denver. Denver is and always will be home. My passions outside of real estate are my family, road cycling, skiing, fly fishing and camping. Denver is the perfect place to live and participate within these passions, I love this city and have enjoyed watching it transform itself, as it continues to redevelop, I’m always on top of what is going on.
Prior to my 9 year real estate career, I was a project/operations manager for a software firm in the financial services industry. This laid the groundwork for being a detail oriented, result driven person while always holding myself accountable for my actions and my responsibilities.
With extensive knowledge of all of the Denver Neighborhoods, Observatory Park, Lowry, University Hills, Southern Hills, Highlands, Lower Highlands (LOHI), Cherry Creek, Belcaro, Bonnie Brae are a few of my favorites. I also have an extensive knowledge and client list in the suburbs. Highlands Ranch, Aurora, Greenwood Village, Broomfield, Arvada, Thornton, Centennial, Littleton and Lakewood.
Many of my clients are relocations from out of state, first time buyers, move up sellers, empty nesters looking for that next lifestyle, investors. I truly enjoy all aspects of real estate!
Will Housing Lead the Economic Recovery?
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There are 5 reasons why housing will lead the economic recovery in 2009.
- Housing is the most affordable it’s been in 15 years. Coupled with 40 year low interest rates and the first time buyer tax credit, buyers will start buying.
- Rates are at an all time low. Since thanksgiving, rates have dropped the most in the shortest amount of time, Ever!
- Inventory, currently there are 19,400 homes on the market which is a huge reduction from past years. Many people believe that there is a large ‘shadow market’ of people waiting to put their homes on the market.
- There are fewer industry players. The people left in the business are true professionals that know the marketplace.
- The federal government is considering many tax policies to help stimulate the housing market. There is currently a $7500 tax credit for 1st time buyers that has to be paid back over 15 years. However, congress is looking at making this a true credit and not a loan and extending this to all homeowners! In addition, there are many policies to help with people who can’t afford their mortgage currently, making those transactions easier.
Written by Perry & Co Real Estate Agent Brad Colburn
Up and Coming LOHI Denver Neighborhood
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Want the perfect Denver location? Come take a look at LoHi, or Lower Highlands – Denver’s hottest up and coming neighborhood. Featuring Pasquini’s Pizzeria and Duo in the heart of the neighborhood. Walk downtown using the new 16th St. Pedestrian Bridge. Short walk to the renowned REI, Forest Room 5, Highland Square at 32nd and Lowell, and Union Station Light-Rail Station. 
With plenty of real estate redevelopment occurring, property values are looking good, even in our down market! There are many loft type projects that have been recently completed, as well as, new townhomes. Fortunately, the builders have done a great job keeping the appeal of the LoHi neighborhood intact. That’s where 2455 W. Caithness Pl. fits in, an extremely charming 1 bed, 1 bath rowhome. This home has been updated with hardwood floors, maple cabinetry, and designer colors. It even has a great private backyard, walk to Ashland Rec. Center and everything else LoHi has to offer.
2455 W. Caithness Pl. is offered by Brad Colburn of Perry & Co. Real Estate Professionals, Denver, CO.
Advantages of being a first time buyer in today’s market!
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The First Time Buyer….
They are buying homes today that don’t have inflated equity..
They don’t have to wait for their home to sell…
They have sellers willing to pay their closing costs and buy-down already good interest rates
They are in the first “Buyers” Market in nearly 8 years.
They have the largest selection of homes in 15 years.
The current down turn in pricing will allow them to buy homes in neighborhoods that were out of their reach 2 years ago…
They can get that extra bedroom or bath or garage…
They can still buy a home with 3.5% down, a job, and reasonable (not perfect) credit through FHA..
FHA loan limits are the Highest ever $406,250 in Denver Metro Area
If rates go dramatically lower …FHA has a streamlined refinance program that doesn’t require re-qualification of the buyer.
If they buy before July 9, 2009 they are eligible for a $7500 tax credit loan….
Written by Perry & Co Real Estate Agent Brad Colburn
Tags: Brad Colburn, Denver, Denver Colorado Real Estate, Denver Real Estate, First Time Buyer
Are you Ready for 2009?
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Let’s agree that 2008 was a tough year for most people. Not atypical for an election year, right? The federal government continues to bail out the financial industry, the auto industry and countless other companies.
Now is the time for homeowners, or future homebuyers, to benefit from our current situation. Interest rates are at an all time low, and with the government committing to buy hundreds of millions of dollars worth of mortgage backed securities, some people are speculating that mortgage rates could go as low as 4.25% sometime in January. Another real estate incentive is the first time buyer tax credit (loan). Or, if you’re one of the unfortunate ones looking at a short sale, the government is at least now giving you the difference tax free. Low vacancy rates and high foreclosure rates make for a great rental market for you Investors out there.
Are we at the bottom of this market? The only thing that we have to go by is history, and history tells us that when there is correction in the market, the bottom lasts 12-18 months. Experts say that we’re now into our 13 month down. The time to get in the market is now for the following three reasons:
1. We have a quality inventory to choose from with the least amount of buyer competition.
2. If, you can afford to hold your new real estate purchase for long enough to see the gains (3-5 years), then you will realize a good profit.
3. Lastly, if you miss-time the bottom, the only way you know that is when it is too late!
Written by Perry & Co Real Estate Agent Brad Colburn
Tags: Brad Colburn, Denver, Denver Colorado Real Estate, First Time Buyer
Frank Lloyd Wright inspired Tri-Level in Observatory Park!
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Sandwiched between Downtown Denver and the Denver Tech Center, you can’t find a more central locati
on convenient to everything. Neighboring DU, the newly streamlined I-25 and light rail stations, families are embracing this neighborhood and watching University Park elementary school grow to it’s full potential as well. Convenient to the S. Pearl St. business district, Mustard’s Last Stand, The Chez Artiste Theatre, Sunflower Market, University Hills Plaza, Colorado Center and Dave and Busters.
The tree lined streets in this serene traditional neighborhood harbor the 1880’s built 20-inch refractor lens telescope, housed in the Romanesque Chamberlain Observatory, along with much of the classic architecture original to the neighborhood and some outstanding redevelopment. Included in this neighborhood is 2450 S. Garfield St. A perfect Frank Lloyd Wright inspired tri-level boasting 4 bedrooms, 2.5 bathrooms, a two car garage on a wonderful 6000 sq. ft. lot. New Paint, Carpet, windows, roof, bathrooms, and landscaping allow the new homeowners to move right in and not touch a thing. Garfield
is a family friendly street that does not go through, a little horseshoe, offering little traffic and noise in this already pristine neighborhood. The charm of the neighborhood and a great home offered at $439,900! Listed by Brad Colburn with Perry & Co.
Tags: Brad Colburn, Denver Colorado Real Estate, Denver Real Estate, Observatory Park
The Dam West and 2nd Generationers
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The Dam West was built by Writer Homes from 1970-1973. Denver native George Writer built nearly 10,000 homes in Colorado and was known for his exceptionally well planned communities. The Dam West is no exception, with Polton Community School, 24 acres of green belts throughout the neighborhood, all of the amenities combined with Writer’s architectural style, the community is timeless.
Timeless? The proof is in the numbers of second generation buyers moving back to the Dam West. With this most recent Perry & Co closing at 2888 S. Oakland Cir E, there are now nine buyers that were raised in the neighborhood that have moved back (sure says something about the fond memories we must all have). Being located in the highly desirable Cherry Creek School District, makes this a great family neighborhood. The award winning schools, the neighborhood pool, tennis courts, club house, Easter Egg hunt, and July 4th celebration all contribute to the attractiveness of the Dam West neighborhood. Extremely close to many transportation arteries; I-225, Parker Road, the 9-Mile Light Rail Station plus the Cherry Creek State Park Recreation area.
My family and I moved back last year, the schools, pool and central location were the main reasons. So, I’m happy to be a 2nd generation resident as well. If you need any assistance in the Dam West, real estate or not, please don’t hesitate to contact me.
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