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homes for sale

Who’s Buying the Foreclosures?

by Larry D. McGee, Denver Realtor on August 17, 2008

The Denver Post ran an interesting feature article on Sunday, August 17. The feature with the byline of Margaret Jackson, discussed just what kind of buyer was snapping up the low priced foreclosures in Metro Denver. Turns out it is real estate investors, not the fix-and-flip bunch, but the serious folk that buy for long term hold. I have had extensive conversations with Margaret over the past year concerning the impending onset of this good news phenomenon, and I am most pleased that she wrote a well researched piece on this subject. The fact that long term hold investors are buying cheap is a strong indication that they expect to sell high. All of those unfortunate families that have lost out to foreclosure have to live somewhere, and after living in a house, it’s tough to go back to an apartment. The fantastic thing is, these properties are cash flowing. How can that be?

Well, it is actually pretty easy. The various financial institutions that have been foreclosing on homes find themselves with a bit of an excess of inventory. This excess of inventory is forcing values down to a point that it makes sense for the investor to buy such properties and rent them to people that have lost out to foreclosure. Investors are buying with cash, or making considerable down payments to obtain acceptable financing.

It is the market at work (albeit the bloody side of the market), with a little help from various levels of government. And a caution, before everyone rushes out to cash in on foreclosures, this is a long term investment strategy, probably 4-5 years. Those savvy investors who buy cheap and rent the houses for 4 years or so will fix an improve as necessary, and sell into a much busier market down the road.

This is an exceedingly complicated story that will take many blogs to fully explain, so stay tuned. In the meantime, thanks Margaret. Investors buying for long term hold is great news for the Denver area market.

Written by Larry D. McGee, Denver Realtor - Visit Website Sphere: Related Content

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Denver Country Club is located just west of the fashionable Cherry Creek neighborhood and the area extends from Speer Boulevard north to 6th Avenue and from Downing Street east to Oak Street. Many of the most socially elite people live in this area and have private membership privileges to the prestigious Denver Country Club. The Denver Country club prides itself in featuring a beautiful 18-hole private golf course, indoor and outdoor tennis facilities, and outdoor Olympic sized swimming pool, and an outdoor ice-skating rink. Country Club North, located near the Cheeseman Park recreational and open space area, is just north of 6th Avenue up to 8th Avenue. At Cheeseman Park on can enjoy a beautiful jog thru the tree lined running path. This time of year, the changing colors of the trees are absolutely stunning. You also have the area just south of Denver Country Club that is known as Country Club South and Washington Park North. All three of these neighborhoods that make up the Denver Country Club neighborhood and are conveniently located to great shopping, art galleries, restaurants, bars and popular hangouts.

Denver Country Club home statistics include: 36 homes have sold in this area in the past 6 months at an average price of $1,376,816. The Median income per household is $165,428 and the average age is 41. For more real estate information please send me your questions or call me at 303-246-6629.

7the Ave Historic District The East 7th Avenue Historic District extends from Logan Street to Colorado Avenue, and from 6th Avenue to 8th Avenue. Between Steele and Harrison Streets, the district is limited to the 7th Avenue Parkway. Because Downing Street was a main thoroughfare in the late 1890’s, the earliest construction in the district is found nearby on the 700 Blocks of Corona and Marion. 7th and Williams Street contained a stable for horses. The 700 Blocks of Franklin and Gilpin were homes to flourishing greenhouse businesses.

7th Avenue Historic District home statistics include: 23 homes have sold in this area in the past 6 months at an average price of $727,817. The Median income per household is $99,744 and the average age is 56. For more real estate information please send me your questions or call me at 303-246-6629.

Both the Denver Country Club and 7th Avenue Historic districts offer fine dining or a fun evening out at one of the many local restaurants and bars all centrally located around these neighborhoods. Whatever type of food you are in the mood for, this area has it covered! Here are just a few of my favorite choices:

Elway’s Steakhouse, Cherry Cricket Bar and Grill, Hapa Sushi Grill & Sake Bar, Cucina Colore Italian food, Bombay Clay Oven Indian/Pakistani, and Piatti Italian

Nordstrom Cherry CreekCherry Creek Shopping Center is located in the heart Denver. With a total of 160 shops, restaurants and services, Cherry Creek is Denver’s premier shopping destination and a favorite tourist attraction in town. This enormous shopping center has premier stores such as Neiman Marcus, Saks Fifth Avenue, Nordstrom, Macy’s, Tiffany & Co., and Burberry. The Grand Opening of the Nordstrom’s of Cherry Creek is Friday, October 19, 2007 at 10:00AM. Be sure to get there early for the Cosmetic Tailgate Party from 8:00-9:30. This Grand Opening celebration is sure to be a hit! Maybe I’ll see you there! Be sure to let me know what you think of the Grand event if you do dare the crowds and join in on the fun!

Written by Angela Fox - Visit Website Sphere: Related Content

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Stroll Washington Park

by Vali Wimberly on October 16, 2007

Colorado’s natural diversity constantly intrigues and amazes me through each season. Fall is no exception with the changing trees and ideal weather it’s difficult to find an equal match.

Smith Lake at Wash ParkActually the question I get asked most by people relocating to Denver from other climates is about our freezing cold weather. This is a myth that I assure people is not only untrue but further from the truth than one would imagine. Anybody who has been in Denver for the entire cycle of the year knows that the weather is the most favorable element of Colorado living. There aren’t many places that one could wake up and walk for coffee in shorts and hours later be skiing in a foot of snow–still in the sunshine.

The pictures here were taken in Washington Park, one of Denver’s charming urban neighborhoods. The area is made up of historic single-family houses, duplex living and some multi-family communities. The charm comes from the original architecture blended with the beauty & recreation of Washington Park. The park is Denver’s most used park with rec paths, tennis & basketball courts, jungle gyms, two small lakes and open fields for soccer & volleyball. The 165-arce park is an oasis in the city and draws much attention year-round.

Washington ParkThe residential areas are split into two areas: Washington Park and West Washington Park and homes and lots sizes vary in each. Currently the average home price in Wash Park is $560,000 while West Wash Park is around $460,000. While many of the original features still exist in the majority of these homes they have been updated–some a little and others completely renovated or scraped & a new home built in it’s place. There are a number of homes currently available for sale.

Below is a slide show of what Washington Park looks like in Fall, please feel free to contact me directly for additional information about this or any other Denver neighborhood.

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Written by Vali Wimberly - Visit Website Sphere: Related Content

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Loan Program of the week ~ CTX Mortgage

by Frances on September 21, 2007

Each week The Berkshire Group Realtors invite various mortgage loan officers to tell us about a loan programs that might work for our clients purchasing homes in the Denver Metropolitan area.

So, here goes for the program of the week (which I happen to think is pretty cool). It’s actually for someone who wishes to state their income, but not have it verified. The income must seem reasonable for the type of work and at least one borrower on the application must be self employed and have been in the same line of work for 2 years. Assets are also stated, and must include at least 2 months reserves after the transaction is finalized. [click to continue...]

Written by Frances & Rusty Wehner - Visit Website Sphere: Related Content

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