MLS Statistics August 2009

 August 2009

		% Change vs
	JUL 09	Prior Month	Year Ago
Single Family (Res + Cond)
Active	20,225	-  3.18	-17.94
Under Contract	5 ,248	-  0.72	-  6.12
Sold	3,905	-12.05	-14.02
Avg DOM	95	-  5.14	-  3.68
Avg Sold Price	$251,008	-  0.68	-  3.87
Residential
Active	15,302	-  3.34	-19.67
Under Contract	4,106	-  2.19	-  7.58
Sold	3,066	-12.00	-14.38
Avg DOM	94	– 4.08	-  3.09
Avg Sold Price	$273,972	– 0.97	-  3.71
Condominium
Active	4,923	-  2.71	-12.06
Under Contract	1,142	4.96	-  0.44
Sold	839	-12.24	-12.70
Avg DOM	98	-10.09	- 5.77
Avg Sold Price	$167,090	0.94	- 3.87

© 1998-2009 Metrolist, Inc. All rights reserved

to sell or buy, call…

DEBBIE PALLAI

debpallai@comcast.net

www.debpallai.com

Help for Denver Homebuyers

If you are buying a home in the City and County of Denver in the near future, you will be eligible for a federal income tax credit.

For the life of the loan, 20% of the interest on your mortgage loan will be returned to you in the form of a tax credit.

The Mortgage Credit Certificate Program is anticipated to last through December 31, 2011, but if the $25,000,000 available is used before then, the program will cease.

Available to first time buyers (defined as persons who have not owned real estate for 3 years), the program also has income limits and purchase price limits.  Non-first time buyers are eligible for the program if they purchase within one of several targeted areas in Denver.

For families of 1-2 persons, maximum income limits are $88,600 if the home is in a non-targeted area, and $91,200 for a home purchased in a targeted area.

For families with 3 or more persons, the income limits are $101,900 and $106,400.

Homes in non-targeted areas must have a maximum price tag of $354,900.

Homes in targeted areas can cost up to $433,800.

This program requires that the buyer attend a class and receive a certificate once completed the course.

Qualifying for this program does not preclude your eligibilty for the $8,000 federal tax credit that is currently available through November 30, 2009.

For more information on MCC, please click here.

If you’d like to be put in touch with one of the mortgage lenders that is participating in this program, please give me a call or email me.

to sell or buy, call…

DEBBIE PALLAI

www.debpallai.com

debpallai@comcast.net

Denver Homebuyer Green Program Incentive

The Denver Board of Realtors® reported today that Denver is conducting a green pilot study for homebuyers. 

The program includes a free walkthrough of prospective homes, and discounts on furnaces, insulation and appliances.

In order to qualify, the home must be a single family detached home, have a Denver address and be built before 2000. 

This is a voluntary program with no requirement that the buyer purchase any upgrades.

 For further information, please contact: 

Matt Gibbs
University of Colorado Denver
Director, GAAN and IGERT programs in Sustainable Urban Infrastructure
MATTHEW.GIBBS@email.ucdenver.edu
(303) 501-9075

debpallai@comast.net

www.debpallai.com

MLS Statistics May 2009

 Denver Area Sales May 2009

		% Change vs
	May 09	Prior Month	Year Ago
Single Family (Res + Cond)
Active	20,734	0.14	-21.26
Under Contract	5,343	3.09	-15.70
Sold	3,628	7.02	-22.21
Avg DOM	105	2.21	5.26
Avg Sold Price	$243,022	4.09	-5.05
Residential
Active	15,669	0.19	-22.76
Under Contract	4,301	3.56	-15.93
Sold	2,857	5.58	-23.14
Avg DOM	104	1.96	5.05
Avg Sold Price	$262,066	3.00	-5.18
Condominium
Active	5,065	-0.02	-16.23
Under Contract	1,042	1.17	-14.73
Sold	771	12.72	-18.59
Avg DOM	110	0.00	5.77
Avg Sold Price	$172,454	14.54	- 1.88

© 1998-2009 Metrolist, Inc. All rights reserved.

 debpallai@comcast.net

www.debpallai.com

Mixed Denver Real Estate Indicators

McStain Enterprises Fails

Showings up

Foreclosures and late payments up

Denver in better shape than most other cities

McStain Enterprises has filed for bankruptcy.  The Louisville, Colorado company, known for its sustainable building practices and quality construction, could not survive the housing downturn.  They report having had no sales from July through December of 2008.

On a more positive note, the Real Estate Resource Center, a local showing service, reports setting more showings on May 29th of this year than on any other day this year.  This could be a seasonal adjustment and/or an indication that more buyers are entering the market.

Some adjustable rate mortgages, which historically adjust upward, will be adjusting downward.  This will lower the monthly payments on those mortgages, and may allow some homeowners to stay in their homes.

Nationally, approximately 12% of homeowners are currently behind in their mortgage payments or in foreclosure.  This is a record high since 1972, when statistics were first kept.

On May 26, 2009, The Denver Business Journal reported that Denver is one of 2 cities out of 20 that saw a small uptick in home prices (.10%) in March 2009 over February 2009.  Denver prices declined in March 2009 over March 2008 by 5.5%, the smallest priced decline in the 20 cities surbeyed.  The average price reduction in the 20 cities from March 2008 to March 2009 was 19.1%.

Some are predicting that Denver will recover from the real estate crisis before other cities.  Indicators are mixed.  We’ll see.

www.debpallai.com

debpallai@comcast.net

Walk Score Comes to Denver Metrolist

Denver Metrolist has added a new field to its program:  walk score.

Brokers can now search for homes for their clients by putting a minimum walk score into the search parameters.

A home’s walk score is calculated by locating nearby stores, parks, restaurants and more. 

Metrolist is responding to the growing demand by some buyers to purchase homes in neighborhoods where their environmental footprints will be reduced.  The demand for homes that are located in areas where one can live a car-light or car-free lifestyle is increasing.  Although public transportation is not part of the walk score calculation, light rail has added to the consciousness about this issue.

The higher the score, the less driving required to live in the neighborhood.

• 0-24       Car-dependent.  Virtually no destinations within walking distance.
• 25-49     Car-dependent.  Few destinations within walking distance.
• 50-69     Somewhat walkable.
• 70-89     Very walkable.  It is possible to manage without a car.
• 90-100   Walkers paradise.  Most errands can be done on foot and many folks in the neighborhood don’t own cars.      

For more information go to www.walkscore.com.

If you’d like help calculating the walk score of your current home, please email me at debpallai@comcast.net or call me at 303–883-8837.

Neighborhood Profile: Baker Historic District

from 6th Avenue to Alameda, Broadway to Platte River

A walk through the Baker neighborhood is a walk through Denver history. 

One of  Denver’s first residential districts, Baker boasts elegant and nostalgic Victorian, Dutch Colonial and Denver Square homes.  Many of the homes are on smaller lots.

The Baker neighborhood was granted historic designation in 1985.

Since then, developers have built modern condominium and retail areas, giving the area an ecclectic feel.

Within easy reach of downtown and I-25, restaurants, art galleries  and antique stores, Baker provides convenient and quality  inner city living.

I Repeat: $8,000 First Time Buyer Tax Credit

The first time buyer tax credit won’t be around forever.

Transactions must be completed by December 1, 2009 and purchasers must occupy the property as their primary residence.  This program is for first time buyers, defined as anyone who has not owned a home for 3 years. 

The tax credit is for 10% of the purchase price, up to $8,000.  There are some income limitations.

If you know anyone contemplating a purchase this year, please let them know this program exists.

For more details, please click here or send me an email or give me a call.

debpallai@comcast.net

303-883-8837

MLS Statistics April 2009

		% Change vs
	Apr 09	Prior Month	Year Ago
Single Family (Res + Cond)
Active	20,705	0.37	-20.89
Under Contract	5,183	7.40	-17.56
Sold	3,390	5.74	-20.52
Avg DOM	104	-2.25	-2.64
Avg Sold Price	$233,482	0.47	-5.70
Residential
Active	15,639	0.35	-22.02
Under Contract	4,153	6.30	-18.05
Sold	2,706	4.48	-19.30
Avg DOM	102	-3.77	-0.97
Avg Sold Price	254,442	1.14	-4.80
Condominium
Active	5,066	0.44	-17.18
Under Contract	1,030	12.08	-15.50
Sold	684	11.04	-25.00
Avg DOM	110	3.77	-7.56
Avg Sold Price	$150,560	-0.76	-14.09

© 1998-2009 Metrolist, Inc. All rights reserved.

 

Real Estate Tax Assessments in Mail

Your real estate tax assessment is in the mail.

Brace yourself.  Your assessment is likely to be higher than the current market value of your property.

Assessments are based on real estate sales from January 1, 2007 through June 30, 2008.

Counties are expecting more appeals this year than in the past.  To appeal, you must present hard data of home sales during the subject period.  You have until June 1, 2009 to appeal.

If you live in the Denver metro area, and are having trouble find the appropriate sales data, please call or email, and I’ll try to help:

debpallai@comcast.net

303-883-8837.