March/April Real Estate Update

New Listings

4805 West 28th Avenue

Featured in the photograph above, this remarkable ranch home is like none other!   Due to its well-designed layout, terrific lot and high-end upgrades, this home is a stand out.  Situated a stone's throw from Sloan's Lake, this house boasts unbelievable renovations, including a new addition that creates a spacious third bedroom and attached bath.  Attention to detail is apparent; including new molding, fresh paint, updated hardware, light fixtures and spectacular landscaping.  This home has it all.

389 East Bayaud Avenue

Built in the Rowhome style, 389 E Bayaud has a classic exterior facade with a modern interior. The unique townhome layout features a central stairwell below a large skylight which fills each room with natural sunlight.  Upgrades like hardwood floors, granite countertops and stainless steel appliances are outdone only by the balcony and large rooftop deck with stunning mountain views. Southern exposure allows for use of the roofdeck almost year round.  This home is a rare find in West Wash Park and is sure to please even the most discerning buyer!

Click here for an experiential video of the home!

Colorado Update

Denver, Boulder and Colorado Springs remain some of the hottest markets in the country according to Realtor.Com.  We've witnessed fast changes to how brokers are handling the market and negotiating contracts for their Clients.  Almost every price range is seeing incredible momentum.  Although many Buyers are experiencing the frustration of writing more than one offer to get a house, the good news is that the number of listings is starting to increase - the change we've been waiting for!  See chart below (pulled from the MLS statistics archive).

New Listings in the MLS.jpg

Additionally, as expected, the price increases have come along with the demand for new inventory.  The average sold price across the MLS has gone up significantly Year over Year.

 

Local Reminders

The Long-awaited light rail to the airport, "Train to the Plane" is still slated to open on April 22nd.  Here are the Details.

Street Sweeping Begins April 1st!

The City of Denver has expanded their Composting Program across the city.  Click Here to see if your home qualifies for this new service.

Excel Energy has proposed changes to charging their customers, including new solar customers.  If you're considering adding Solar Panels to your home, read here.

Best Places to Live

The US News and World Report released its latest report on the top 100 best places to live in the United States.  Many polls come out on this topic annually, but we liked this one as it was a far more comprehensive survey to address all facets of life in a city.  We also really liked that Denver is their Number One choice!  Click here to see how other cities your friends and family live in may have fared!

January/February Real Estate Update

Welcome Conner Piretti to the Team!

We are thrilled to welcome Conner Piretti to the Coakley Sacerdoti team.  Conner joined us in January of 2016 and we couldn't be happier to add his expertise and professionalism to our team.  Connor started his real estate career in Massachusetts as a tradesman, learning all facets of construction from pouring foundations all the way to roofing homes.  His professional life in Denver began at Cornerstone Apartment Services where he managed over 20 apartment buildings and provided oversight of building finances, maintenance and tenant relations.  After almost six years in his position as a Portfolio Manager with Cornerstone, Conner moved on to become a Project Manager for a new home development in northern Denver with Lennar Homes.  Conner has vast knowledge of "new-build" real estate, navigating Buyers through the process of negotiating "upgrades" and understanding contractor contracts.  In addition, his time in Boston enabled him to expand his experience in metropolitan real estate including both the rentals and sales of condominiums and commercial property.  Conner's wide-ranging background in Real Estate and negotiating skills have proven invaluable to his clients and made him a valuable part of the Coakley-Sacerdoti team.

2015 In Review

As we close the books on 2015, we wanted to share a break down of the market over the past 12 months.  This demonstrates the strength of the Denver marketplace, and provides some insights into how the market has shifted over a 12-month cycle.  In every market, we have a variety of tools that we employ in our contracts to negotiate harder and smarter in order to best serve our clients.

     

 

 

Kentwood Real Estate News

Once again, Kentwood Real Estate has performed exceptionally well and we are constantly raising the bar for Real Estate.  Please take a look below at our production, our new affiliation with Luxury Portfolio and the location of our newest offices!

October/November Real Estate Update

5280 Magazine - 5 Star Real Estate Agent

The Coakley Sacerdoti team was again featured in 5280 Magazine's September Edition on 5 Star Real Estate Agents.  This distinction is awarded to brokers who receive high marks from a survey sent to recent home purchasers.  Brokers must meet both production standards and customer satisfaction. This is awarded to less than 7% of Real Estate brokers in the Denver area.  Thank you for your support!

New Listings All Over Denver!  

UNDER CONTRACT: Washington Park: $515,000 3 Bed/2 Bath Victorian: Virtual Tour

Mayfair/Montclair: $475,000 3 Bed / 2 Bath Tudor  Virtual Tour

Congress Park: $550,000 3 Bed / 2 Bath Bungalow: Virtual Tour

New TRID Is now in Effect!

The Loan Disclosures changes were formally put into effect this past Saturday, October 3rd!  There will be some unforeseen delays as lenders, title companies and realtors work together to understand the ramifications of the new laws, but the consumer has the largest impact on if/when there are delays.  As the new disclosures stem from confirmation of receipt from the borrower on documentation, YOU the borrower must check that you have provided your lender with a response on all of their emails ASAP in order to keep your loan on track!  

Your Home Equity

Understanding what your home's equity may be is one of the most important ways home owners can fully realize the investment potential of owning a home.   Paying down a mortgage, making improvements to your home and price increase are the three principal ways this number increases over time.  To gain some perspective on how much equity you have the potential to realize, the Home Price Expectation Survey put together this chart to demonstrate what you may have to gain by buying now versus later.

Are Mortgages Easier or Harder to Get Post-Recession?

The world of getting a mortgage is a complicated one for many borrowers as the factors relevant to qualifying for a mortgage may not necessarily be in line with a borrower's actual ability to perform the terms of the loan.  After the recession, mortgages were much more challenging to qualify for and it's been a slow progression to loosen lines of credit again to enable both borrowers and unique property to be approved for a loan.  This chart from the Mortgage Bankers Association demonstrates the availability of mortgage credit to consumers since 2013.

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Want to Keep your First Home as a Rental and Buy a New One?  It just got easier....

Fannie Mae has recently updated some of their guidelines which make it easier to hold on to that first home as an investment property and still qualify for a new loan on a principal residence.  Historically, you needed about 30% equity in the first home.  Now, borrowers can use the rental income from their first property to help qualify, which is a huge help to many Buyers.  Another helpful change includes the fact that 100% of a borrowers vested stocks, bonds and mutual funds can be considered as available reserves.

August/September Real Estate Update

Loan Changes

In our last e-newsletter, we mentioned the major changes coming to loan disclosures that will have a significant impact on the timeline to close a loan.  Since that post, the Consumer Financial Protection Bureau announced it will delay this law, called the "Know Before you Owe Law"  until October 2015.   Click Here to link to  the CFPB website with more information about exactly what will be changing.  This is an important read for Buyers looking to purchase in the next few months.

Price Changes and Inventory Across the United States

There are many metrics people are using to analyze data about the price changes of real estate markets across the United States.  I've included this one provided from FHFA below.

A 'balanced' real estate market is based on the premise that, at any given time, there is a 6 month supply of inventory.  Nationwide, our inventory falls below that number, and this chart demonstrates how significant a dip we've had over the last few months in the Denver metropolitain area.

Now, when you break down the inventory across various price points, you can see further how the price range you're considering may be significantly more or less competitive than another one.  This important chart clarifies the notable disparity between the luxury market and all other price ranges.

What's Going on with Mortgages Right Now?

There's been some fluctuation recently as global markets and domestic reports have triggered both small increases and decreases in the interest rates our Buyers are able to lock with their lenders.  While there appears to be no doubt that, on a larger scale, interest rates have nowhere to go but up, here's a chart that highlights how low they still remain and will continue to be for the next few years compared to historic rates over the last 40 years.

 

Worried We're in A Bubble?  Don't Be....

The Chief Economist for Realtor.Com, Jonathan Smoke, was recently asked if he was concerned real estate was headed towards another "bubble" market.  He responded by saying, that no we aren't, this is merely, "what happens when demand increases faster than supply."  Backing that statement was David Blitzer, the managing director and Chairman of the Index Committee for S&P Dow Jones Indices, who said, " Given the long stretch of strong reports, its no surprise that people are asking if we are in a new home price bubble...I would describe this as a rebound in home prices, not a bubble and not a reason to be fearful."

 

 

June/July Real Estate Update

Major Changes to Closing a Loan and What it Means to you

With the acronym of The TILA RESPA Rule and the lack of publicity to consumers, most people are not aware of the significance of the changes coming to the real estate industry nationwide on August 1st. You may be familiar with a document called the Truth in Lending Disclosure or the Good Faith Estimate that a lender will provide to you to clarify fees associated with a real estate purchase.  Starting August 1st, both of these documents will be completely replaced with the Loan Estimate Disclosure and the New Closing Disclosure designed to elucidate the fees and provide a mandatory timeline when documents are delivered to Buyers.  Further guidelines include mandatory three day waiting periods between when a consumer receives documents and when they can close on a property.  As a result of these changes, there is widespread speculation on how much longer it will take to close on a real estate transaction secured by a loan.  The reality is that until Lenders, Real Estate Brokers and Consumers start to employ these forms, we really don't know the full impact of this change.  In any scenario, if you plan to purchase or sell Real Estate after August 1st of this year, expect the possibility of delays and extended timelines for closing until the system is more fully in place.

Denver and the Nation 

Once again, Denver has been listed as the hottest real estate market in the country based on our current supply of inventory.  Here's a link to the full article from RisMedia.  Here are a few graphs from the Metrolist to provide greater emphasis of how the Denver Market has performed.

Percentage of List Price vs. Sold Price in Denver for Single Family Homes between $300,000-$500,000.  This is one of the most competitive price points in the city.

List Price to Sold Price in Denver, Single Family Homes between $300,000-$500,000

Active Number of Listings Between 0-$500,000 of Detached Single Family Homes in Denver

Active Listings 0-500k for DSF in Denver

Number of Sales of Detached Single Family Homes in Denver Priced Between 0-$500,000

Sales of DSF in Denver 0-500k

COMING SOON SIGNS

There's so much competition in the marketplace, that the "Coming Soon" signs you often see in front of houses have started generating controversy.  The major concern among many Real Estate Brokers is that by pre-advertising the house, the listing agent is attempting to capture both sides of the transaction and limit exposure to the open real estate market.  The Colorado Real Estate Commission has recently clarified the broker's obligations to a seller because a coming soon rider has both advantages and disadvantages as a marketing tool.  As a result, a coming soon sign should be specifically addressed in a listing contract.  Buyers- keep your eyes peeled for those signs, they can often be the first indication before a house hits the market!  If you like the house, take a picture of the sign and address and send to us so we can find out all of the details and set up a showing!

Realtor.Com has a new Look

Realtor.com is making some dramatic changes in order to better serve Buyers looking at listings.  They've just released some great new commercials with Elizabeth Banks about their new systems, check it out: Realtor.com Commercial.  Commercial #2

Fitness Across the US

Once again, Denver remains one of the fittest cities in the Nation- here are some of the details provided by AmericanFitnessIndex.com

April/May Real Estate Update

New Highlands Beauty for Sale

This newly listed home represents the best of old world charm and modern living.  It is located in the heart of the Highlands, close to shops, restaurants, and  easily accessible to downtown and the highway.  New steps and landscaping lead you to a renovated front porch. The living room feels fresh and modern, opening into a spacious dining room.  A light filled kitchen is larger than most and has been newly renovated.  Two bedrooms (one being used as a study) and a newly updated bathroom complete this floor.  Downstairs, a family room and gorgeous, oversized bedroom await complete with  a built in closet, and additional cedar closet and a huge newer bathroom. There is also a laundry room.

Outside there is a lovely patio, a nice sized yard and a one car garage.  This house has it all on an amazing block!

Do I Sell First or Buy First?

The single hardest decision facing current homeowners is how to best plan for their next move.  The dilemma regarding identifying the next home has led many sellers to wait to list until inventory increases so they feel more secure when looking for their next investment.  Fortunately, as we move toward the Spring, we have begun to see a seasonal uptick in the number of active listings that will continue through Summer.  This chart demonstrates just how few listings there have been for sale among detached single family homes in the city of Denver:

Historic Count of Active Listings over 5 Years in Denver for Single Family Homes

 

The best news for sellers is that you can make a great return on your investment now.  You can almost guarantee a quick sale, with excellent terms, and you have more control over the transaction than in almost any other market.    We have begun to see some Sellers place terms in the contract requesting an additional 30 days to identify a home to which they can move.  There are multiple negotiating points in a contract as Buyers and Sellers work out the best possible arrangement for both sides, so don't rule out selling even if you don't have all the details worked out yet-- Instead- take advantage of this great time to be a Seller!  This chart demonstrates the Average Days on Market and Average List Price for a single family home in the city of Denver over the last five years:

Average DOM vs List Price for Single Family Homes in the City of Denver for Last 5 Years

In the News: Denver Real Estate

The reality of being a purchaser in a hot market like this one is that you absolutely have to have everything lined up and ready to go before you step foot inside a house.  There are many ways to be competitive with your offer, and usually a combination of several techniques creates the most dynamic and successful offer.  The Denver Post has been writing extensively on this subject and provides a great perspective well worth sharing.

http://www.denverpost.com/business/ci_27780191/denver-buyers-up-their-game-be-last-bidder-standing-real-estate-deals

 

Rental Rates

A lot of clients ask us about how rental rates have been affected.  In our business, as rental rates have also climbed at unprecedented rates- even overtaking appreciation rates of housing, we have seen many renters become buyers.  There are many first time buyers in this market, which makes the hottest markets under about $450,000.  

http://www.denverpost.com/business/ci_27707997/soaring-rents-denver-have-tenants-thinking-more-about

 

Reminder

Street Sweeping in Denver Has Begun April 1st!  Don't Forget to Move your Cars if you Park on a city street!

Beautiful Textiles- Special Offer

Elizabeth's Mother in Law is a very talented Fabric Designer who has been featured in homes and magazines around the world.  She is currently offering a special discount to our clients!


February/March Real Estate

Wrapping up 2014

The Coakley Sacerdoti team has remained one of the highest producing teams at Kentwood Cherry Creek for 2014.  With nearly $20 Million in Sales Volume, we had the second highest production volume and the second highest number of Closed Sales.  We are thrilled that through our years of  experience and diligent efforts, we have remained committed to the highest level of service and knowledge about our ever-changing marketplace.

Going into 2015, Courtesy of Gretchen Rosenberg

The Denver area residential real estate market continues to both amaze and frustrate.  Buyers are frustrated and sellers are often amazed.  The main issue we’re struggling with is that homeowners are afraid to list their home because they’re afraid of being sold out of it.  They have nowhere to go, they reason, so they can’t sell.  Can you see the circular logic here?

Here are 5 Reasons to List your Home this Spring

  1. Depending on your area of Denver and price point of your home, you may well have multiple offers within days.  No more dreadful vacuuming your way out the door. This phase of the sale goes quickly in our current market.  Your broker will be there to help manage the complex back-end of negotiations, inspections, appraisal, title and closing.
  2. You’ll be in a much better financial position when you’re the buyer competing for your replacement home.  There’s practically no way you’ll get an offer contingent on the sale of your home even glanced at when sellers have multiple cash offers waiving an inspection, appraisal or loan objection.
  3. While you may be camping in your parents’ basement at 45, or living in a Residence Inn for awhile, you’ll be nimble.  This goes back to being able to position yourself to look like the absolute dream of a buyer.  Seller wants to move quickly?  No problem!  Seller wants to rent back for 3 weeks?  No problem!  The Marriott has a pool anyway and the bellhop walks Fido every morning.
  4. You’ll benefit from our fantastic price appreciation of the past two years while interest rates are still low.  Imagine selling your house for a tidy profit, and buying your next home at an even lower interest rate!  Price appreciation will slow down eventually – even though this summer is shaping up to continue in a positive trend.  Interest rates will begin a slow rise at some point.  They’re still low for the foreseeable future which is a great advantage in being able to buy more house.
  5. Counter intuitive as it may sound, the real estate market in Denver tends to slow down a bit during mid to late summer.  Spring is always the best real estate market here and if you need time to spruce, spiff and stage you need to get going.

Homeowners – would you love to move?  Do you need to move?  List your house this spring, Denver’s historically best real estate season.  Help yourself and help all those other wanna be sellers by filling in the blanks on that for sale sign. 

December/January Real Estate Update

We wish you and your families a wonderful and healthy holiday season during this very special time of year.  As 2014 comes to a close,  we are  happy to give you the gift of good news regarding Denver's robust growth and thriving future....all excellent signs for our local real estate market.  We recently came upon this article in the New York Times that highlights all of the many attractions Denver continues to deliver to both those who live here as well as to  those who are contemplating moving here.  In addition, we are attracting the 'best and the brightest' from around the country, making us a powerful real estate magnet in the foreseeable future. 

 

Check it out:   New York Times Article

 

We want all of you to know how much we value you.  Have a fantastic Holiday Season.

November Real Estate Update

COAKLEYSACERDOTI.COM

Welcome to our new website!  We are thrilled to unveil our new website, www.coakleysacerdoti.com.  Designed to provide only valuable data in a sleek new format, we hope that you'll enjoy exploring this new site.  

What a summer!  Non-stop activity on listings, jetting around the city with Buyers and writing contract after contract meant that Denver was one of the hottest markets in the United States.  Most real estate brokers consider a 6 month supply of inventory a balanced market for Buyers and Sellers.  Anything less than that is a Sellers market, anything more, a good time for Buyers.  We are currently seeing 2 months of inventory in Denver, even as we enter into the fall.

New Listings

2521 Oneida- Park Hill $260,000  2 Beds, 1 Bath, 1,028 Square Feet

Virtual Tour 

16645 Weston Way- Broomfield $550,000  3 Beds, 3 Baths,  2,742 Square Feet

Virtual Tour

Coming Soon!  4450 Zuni Street- Sunnyside $475,000 4 Bed, 3 Bath 2,054 Fin. Square Feet.  This complete remodel will go fast!  Gorgeous inside, master suite, perfect floor plan and a 2 car garage!  This will go live in MLS by the end of this week!

Internet Home Searches

Some significant announcements have come in the last few weeks about two major real estate website purchases.  The first, announced on July 28th, is that Zillow is acquiring Trulia for $3.5 Billion and is expected to close in early 2015.  The second major sale came September 30th when Rupert Murdoch of NewsCorp announced its purchase of Move.com, which includes Realtor.com under its umbrella.  How these two massive transaction will affect where buyers look online and how accurate that data is, will be something we will watch closely as close to 100% of our clients start thinking about real estate by searching online.

For now, we direct all of our clients to three websites for their personal searching online.  www.realtor.com, www.recolorado.com and www.denverrealestate.com.  These are the most accurate sites available to the general public.  We also set up individualized searches with real time updates on all new inventory.

Appraisals

In a recent lecture we attended, appraisers were noting that it's common to note discrepancies between the square footage they were measuring in a home and the square footage noted in public records.  As the price per square foot has been a very important metric used to price a home, knowing the exact square footage for your property is critical.   It only costs around $100-$150 to have an appraiser come to measure your property.  If you've refinanced your home, you may already have this information from an appraisal. A re-measurement has the potential to net you thousands of dollars. 

 

As always, your support of our business is sincerely appreciated!