Denver Real Estate Trends- Tidbits

As an agent at Your Castle Real Estate I get the most amazing and useful information on real estate trends in the Denver area. One of the big reasons I joined Your Castle was because of the detailed attention to current market conditions. I am not disappointed.

In a class and discussion on 9/1/09 the latest tidbits of interest are:

Denver SW and Aurora North: after all time high prices in 2005 & 2006 and then plummeting prices in 2007 & 2008 prices in those 2 areas we are seeing a rebound in prices. They have now been stable for a year. By 2008 both areas had prices drop to half their ‘05& ‘06 highs. Many of the foreclosed properties were purchased by investors who have now rehabilitated them and are reselling them.

Small homes vs large homes: the average sale price is down most for larger homes. Homes 1150 square feet and smaller are seeing price increases. We are clearly past the bottom on smaller homes. The larger homes, 2875 square feet and up are still seeing prices drop; down 14% in May-Aug 2009 from May-Aug 2008.

Bank owned listings low: Current number of bank owned (REO) sales are about half of what they were a year ago, at their peak. Short Sales are increasing as REO’s decline. Foreclosure notices continue to increase.

Inventory: In the past 12 months 25% of all area sales were in the $135,000 or less range. The buyer competition is fierce in this price range, it’s a seller’s market. Only 8% of the currently active listings are in this price range.

Lil Lively - Your Voice in Real Estate
303-746-8827

IT'S TIME TO INVEST IN REAL ESTATE

For any of you who are still sitting on the fence or thinking that the market still hasn't hit bottom, check this out. All the signs are pointing to recovery, meaning this may be your last window to buy at bubble burst prices. Whether you are interested in a first time buyer situation, moving up to a larger home or creating a real estate investment portfolio, it is time to jump off of the fence! If you'd like further information or a real estate consultation please email me: tracy@thrivingartistalliance.com Meanwhile, take a look at the link below. This landed on the cover of yesterday's Wall Street Journal.
http://www.smartmoney.com/investing/stocks/it-is-time-to-invest-in-real-estate/
Best wishes for a safe and satisfying Labor Day Weekend!
Tracy Shaffer
Your Castle Real Estate

The market in Denver has definitely changed in the last 6 months. I am working with several first time buyers in the $150K and under price range. Several of them are shopping in the western suburbs of Denver (Lakewood, Wheat Ridge, Arvada).

The few Single Family Residences that are available on the west side are primarily Short Sale and Bank Owned. As I prepare the offers and deliver them to the listing agents I am hearing that there are many offers submitted and often they are higher than asking price. This is causing some frustration for my buyers, as you can well imagine.

Many first time home buyers are in the market right now, trying to get their transaction closed before the end of the $8,000 first time buyer tax credit; so the competition in this price range is fierce.

Watch my managing broker, Charles Roberts, discuss the changing Denver market on ABC’s Nightline http://abcnews.go.com/video/playerIndex?id=8413830

And, Good News! This update on the possible extension of the First Time Home Buyer Tax Credit:

Daily Real Estate News August 24, 2009
First-Time Buyer Tax Credit Extension Possible
Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."
Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.
Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)

Lil Lively- Your Voice in Real Estate 303-746-8827

Protecting Your Memories

I had the good fortune of being introduced to Creative Connections last week. Creative Connections is a referral network of creatives and meets every Friday at 9am. www.5280cc.com.

While there I had a chance to talk with Ed Campbell who owns A Page Is Turned (www.apageisturned.com). His company is a photo preservation and restoration company. Imagine for a minute that you come home from work to find you home burnt to the ground. While it is virtually impossible to imagine that happening, it is a reality daily in this country.

Even worse, the percentage of people who lose all of their pictures in that fire or natural disaster is astronomical. In reality, how many of us take the time to put our pictures on a disk and then store that disk in a fireproof safe or safety deposit box?

Anybody???

As elementary as it sounds, take a few hours and gather your pictures and videos together and call Ed about how to make sure that you never experience a loss that cannot be recovered.

All the best,

Matt Hanson
303.204.6800

This too shall pass... the good and bad.

I help people buy and sell houses in the Denver metro area, many of which are a hundred years old or more. As I help my clients prepare to list or to move, we find some interesting things in the attics and basements of these storied homes. My recent discovery was page 11 & 12 of the Sunday Denver Post dated December 27, 1931. It was a time of high unemployment and economic anxiety. Here's a bit of the what's up two days after Christmas nearly 78 years ago:
*Pasco Santana, called the PLATTE RIVER HERMIT took residence in a cardboard house near the Sixteenth Street viaduct. With his "Back to Nature" attitude he chose this location, feeling the city dwellers were the ones missing out. "The river is my best friend, even tho it doesn't say anything and just keeps rolling along" (The neighborhood would be too crowded for Mr. Santana's liking today, even among the cardboard crowd.)
*500 SALESMEN ATTEND MEETING- Sponsored by the market development committee of the Chamber of Commerce in an effort to acquaint Denver wholesale and manufacturing firms of their "Buy-it-in this-Market" program. (Just like mama said, everything comes in style again).
*JONES OPPOSES PLAN FOR JOB RELIEF- Senator Attacks Proposal of Direct Federal Aid to Feed Needy.
*POPE APPEALS FOR UNIFICATION OF CHRISTIANS- Seeks United Front for Fight Against Unbelief and Immorality.
*BATTLE IS OPENED ON SULLIVAN LAW- A bitter attack on the recent amendment to the Sullivan law requiring all persons carrying a revolver to be fingerprinted and photographed. The National Riffle Association went on record as favoring a repeal of the Sullivan law.
*DECLINE REPORTED IN FARM MORTGAGES
*FARM WASTES TOTAL 250 MILLION TONS...and so it goes.

Business meetings, battles over government funding of social programs, religions striving to reconcile, gun control, mortgage declines. A lot has changed in America, but this makes me wonder if we're really just swimming in circles. For the readers of these pages in 1931 times were really, really tough. World War I had shown the atrocities of which modern man is capable, the economy was in the toilet, confidence in our government was shaky at best. But somehow, though those years and all that followed we have prevailed. We've taken small steps forward and "giant leaps for mankind", getting better every day. If you don't retain your sense of reason and a bit of the Pollyanna perspective, it certainly never will.
Today the Stock Market is up and the housing market is showing signs of return. Denver is rated #3 among the nation's best cities to work and Gov. Ritter announced that REpower USA was relocating their headquarters from Oregon reinforcing Denver's growth as an epicenter of renewable energy. Interest rates are low and banks are still lending to qualified buyers, there's an $8000 tax credit for first-time buyers and down payment assistance programs have revamped and restarted. But many of us are still struggling. For those experiencing job loss, soaring medical bills, upside down mortgages of a pending foreclosure, the Pollyanna attitude is surely put to the test. Focus on the good in your life, get yourself back on good footing, call in help if you need it.
Today's headlines are experienced differently by each of us. Whether you're feeling like you're headed for the cardboard box by the river, or you're looking for a home overlooking it, as a real estate consultant I can guide you through these changing times. For however the economic moment is treating you... this too shall pass.

Bank Owned Homes Sell Fast

This is a great time to be a buyer. However, getting a good deal is not like shooting fish in a barrel.
A recent article in CNN Money speaks to what I have been seeing in the Denver market for the last 6 months to a year. Several of my first time home buyers are in the up to $150,000 range. Much of what is available in this price range are short sales, and that means waiting, and waiting some more for an uncertain outcome.
The habitable bank owned homes in this range are seeing multiple offers in the first day on the market, and many of those offers are above asking price.
So, if you are looking for a great deal and you want to buy now be ready to act quickly!
Here’s the whole CNNMoney article http://money.cnn.com/2009/08/05/real_estate/buy_foreclosures_now/index.htm?postversion=2009080512

Lil Lively - Your Voice in Real Estate
Broker Associate - Your Castle Real Estate
Cell: 303-746-8827 LilLively@Gmail.com

Writer's Block

I continue to run up against writer's block and have struggled to come up with a good solution. Some days it is getting up and walking away yet other days it is turning on the IPod and listening to some great music.

I decided to write down a few of the best and would love to hear about any other suggestions.

1. Exercise - Take a walk, ride the bike, go for a run. Nothing crazy - no marathon's necessary but even a mile or two is a great start.
2. A Hobby - I am an avid golfer. If I take an hour and go hit a bucket if balls or even walk 9 holes, it clears my mind. Make sure to bring a note pad in case the block breaks while you are out there!
3. Phone a Friend - Have a friend/mentor who is willing to be a sounding board. Explain the block and what is leading to it and see if they can mention something that could take you off on a tangent and break the block.

As always, don't be frustrated. It is a part of being creative and being an artist. It is part of why we love doing what we do.

Best of luck and I would love to hear any other great methods to break the block.

Matt Hanson

Writer

303.300.8601

Today is my parent’s 71st wedding anniversary.

If they were still here Dad would say “it feels like a hundred years” with that twinkle in his eye. At which point Mom would say “Oh, Mac….”

Their life together was defined by WWII. I have hundreds of the letters that Dad wrote to Mom, pre, during and post war. As a career Navy man he was away from home most of those early years, and I believe they are the proof of “absence makes the heart grow fonder”.

I write this today with a profound gratitude for their commitment, their love, their loyalty, their curiosity, their love of music and most of all, their sense of humor.

I am blessed with a life that I love and I honor them as the source of that.

Lil Lively

303-746-8827

Lil@TopProducer.com

The Financial Impact of Death

I received a call yesterday from a good client of mine who told me his wife passed away this past weekend. While death is difficult to comprehend in any situation, it is particularly so when it happens in a matter of a month. She went from being perfectly healthy to passing away with no explanation 29 days later.

Although the emotions of losing a spouse will continue to build for years to come, he is trying to deal with the financial impact as well which is the last thing any of us would like to think about at a time like this.

However, he has no choice because there was no discussion, preparation, or expectation of this event.

While I am neither a nihilist nor a pessimist, I am a realist. It is vital that we understand our mortality and plan accordingly. There are several steps that you can take to make a devastating event like this just a bit more bearable:

• Have a Will - Have something in writing to spell out where your assets will go upon your death.
• Know Your Accounts - Have a central and secure location where account numbers and passwords are available for all bank and retirement accounts but also for credit cards, mortgage accounts, and any other debts that need to continue to be paid in the face of this extraordinary event. A safety deposit box is a great location.
• Have Life Insurance - Even if the amount is small ($50,000 or so) it will be so helpful for your partner to have some sort of financial relief during this emotional time.

There are very few events as impactful as death but with some preparation the focus can be on emotions versus finances.

All the best,

Matt Hanson

Mortgage and Financial Planner

303.300.8601

Wells Fargo Sues Itself

E.F. Schumacher said in “Small is Beautiful –Economics as if People Mattered” :
"The most striking thing about modern industry is that it requires so much and accomplishes so little. Modern industry seems to be inefficient to a degree that surpasses one's ordinary powers of imagination. Its inefficiency therefore remains unnoticed."

Wells Fargo got $25 billion (that’s Billion, with a B) in bailout money last fall. Besides using the money to buy another bank (Wachovia) it appears that they are spending the remainder on lawyers. I suppose that’s good for the lawyers, but not particularly useful for all of us non-lawyers.

You really need to read the whole story to understand why Wells Fargo would be suing itself. It’s all here in Al Lewis’s column on 7/11/09.

But this rant is not really about Wells Fargo, per se. They are simply a perfect illustration of what doesn’t work about being a big company. My experience, and I bet yours too, is that the bigger the company the poorer the customer service and the more wasteful the practices. "Too big to fail" is too big to exist.

I agree with Al Lewis, as he says in the final line of the column “I hope Wells Fargo loses this case and ends up having to drag itself all the way to the Supreme Court."


Lil Lively - Your Voice in Real Estate
Broker Associate - Your Castle Real Estate
Cell: 303-746-8827
http://www.LilLively.com
Lil@TopProducer.com

GOVERNMENT SUPPORT FOR THE MORTGAGE MARKET

There has been much confusion over what the government has done to help support the housing market and home owners. There are a variety of plans that the government has been implementing, some successful, some not. Below is a list of a few:

• Fannie Mae DU Refi Plus – This program offers higher loan to values and combined loan to values than previously allowed. If you have a second mortgage, this program works well as long as your current second lender will allow the refinance even though the equity that you have in the home is negative.

• Home Loan Modifications – With this program your current lender would change the term of your current loan, often times converting an Adjustable Rate Mortgage to a Fixed Rate Loan or lowering your rate. However, in nearly all of these modifications, you must be late on your mortgage to qualify.

• First Time Homebuyer Tax Credit – This is perhaps the most successful program. The government is giving a true tax credit for up to $8,000 to qualifying buyers and allowing them to amend their 2008 Tax return to receive it shortly after closing. You must own the home for 3 years to not have to pay the money back to the government. You must close by November 30, 2009 to be eligible.

Please do not hesitate to call if you have any questions about the individual programs.

Home Ownership Still Pays

Now is the time to buy. You don’t want to kick yourself a few years from now, saying to yourself “Back in ’09 I could have bought a house in that neighborhood for….” In the long run, home ownership beats renting for increasing your net worth.

The following is a direct reprint of Robert Freedman in June 2009 Realtor Magazine.

Many Americans have taken a hit to their home equity over the past couple of years, and some may wonder if it’s really the smartest financial decision to own a home. Good news—a recent analysis of Federal Reserve data by the NATIONAL ASSOCIATION OF REALTORS® shows the answer is yes.

In comparison with renters, home owners have much greater household wealth, says NAR’s April commentary on the Fed’s Survey of Consumer Finances. Owners’ wealth exceeds that of renters by a factor of 50-to-1: a median of $205,200 versus a median of $4,200. The main wealth difference between the two is home equity, of course. No news there. But even for households who’ve owned their home only since 2003, home equity gains are the rule rather than the exception—and in some cases, equity gains have been significant. Households who bought five years ago in Honolulu, for instance, already average nearly $272,000 in equity. In Northern California (San Francisco and Oakland), the comparable figure is $105,000.

Times are tougher for home owners in a handful of economically struggling markets like Detroit and other parts of the industrial Midwest. Households in these areas who’ve owned their home for five years or less are facing negative equity, although typically not a lot. Hardest hit are households in Detroit who have been owners only since 2003; they’re underwater by a typical $39,000. That’s significant. But in other markets where equity is negative, the numbers tend to be much smaller—$1,000 in Indianapolis, for example.

Yet the doom and gloom ends there. In all 150 markets tracked by NAR, including hard-hit markets, households who’ve owned their home for 10, 15, and 20 years have uniformly enjoyed strong equity gains despite the recent downturn.

The data clearly show that homeownership remains the biggest store of wealth for the typical household, even when markets are buffeted by some admittedly very rocky years.

Lil Lively - Your Voice in Real Estate
Broker Associate - Your Castle Real Estate
Cell: 303-746-8827

Lil@TopProducer.com

Apes, Art and Dogs

I watched Ape Genius on PBS the other night. Fascinating how much like apes we are, or maybe it is vice versa. Much of the data on the program was research I was familiar with, probably from the Discovery Channel, (hooray for intelligent television) but there was one point that struck me newly.

Human children begin at a very early age to point. We use a finger to indicate a direction to another with the expectation that the other will look in that direction. And the expectation is fulfilled. To point is to communicate, clearly, “look at that!”

Apes pay no attention to pointing. You can point till the cows come home and the ape will not look in that direction, unless by accident. They’ll look at your finger, maybe.

I am intrigued with this. I point, you look. But you don’t look at my finger, you look where I am pointing. Isn’t that what art is? I draw on the cave wall, you look, but you don’t see charcoal marks on the wall, you see animals, the hunt.
I get all lofty with this, and then recall that the other animal that looks where I point is a dog. I’m not thinking that dogs are artistic. I’m thinking that the ability to articulate “look at that!” without words was a survival skill that canines and humans naturally selected for; it made hunting in groups effective.

So, there you go, just wanted to point that out.



Lil Lively - Your Voice in Real Estate
Broker Associate - Your Castle Real Estate
Cell: 303-746-8827 Fax:303-265-9318
http://www.LilLively.com
Lil@TopProducer.com
LilLively@Gmail.com

How Mortgage Interest Rates Work

Today I had a client ask me a simple question but one that I surprisingly do not hear very often:

How do mortgage interest rates work?

My answer was not quite as simple but I thought I would share it. Basically, interest rates move based on the perceived threat of inflation. In a sense, they are based on how the country's economy is faring. If the economy is doing well there is a greater risk for inflation which pushes long term interest rates higher. Conversely, if the economy is performing poorly then in general the greater risk is for deflation which causes interest rates to move lower in an effort to stimulate the economy.

Inflation is defined as a rise in the general level of prices of goods and services in an economy over a period of time. The more the cost everything rises, the greater the need for higher interest rates to increase the cost of money.

As I said, the answer is not as simple as the question but I hope it creates a sense of understanding of interest rates.

Matt Hanson
Mortgage Planner
Founder
Thriving Artist Alliance

Warren Tech- Culinary Arts in Lakewood

In May a friend of mine invited me to have lunch with her at Warren Tech. Her son is in the Culinary Arts program and once a month they provide an amazing gourmet lunch, all you can eat, for $13. The food was exquisite, the students proudly served their finest creations. Trout, lamb, buffalo, and then, my favorite, banana cream cake. I thought I had died and gone to heaven !
Check out the program here. http://sc.jeffco.k12.co.us/education/staff/staff.php?sectionid=12999 I did a bit of a tour of the campus and I was blown away! They also offer training in Graphic Design, TV & Video production and much more. Who knew? I’ve lived in Lakewood for 10 years and didn’t have a clue. Perhaps I’ll go there myself and take classes. We should all be pleased and proud that our Jefferson County School tax dollars are being spent on campuses such as these.

Lil Lively
Broker Associate - Your Castle Real Estate
Cell: 303-746-8827 Fax:303-265-9318
http://www.LilLively.com
Lil@TopProducer.com
LilLively@Gmail.com

The First Time Homebuyer Tax Credit

There has been much discussion about the First Time Home Buyer Tax Credit being offered by the government. A few quick notes about how it works and then I will address some recent news articles.

The credit is for up to $8,000 and is a true dollar for dollar tax credit. What that means is that if the government owed you $500 for your tax refund and you were eligible for the tax credit, you would receive $8,500 total from the IRS for your refund.

There are limits on what income you can make but they are fairly generous. For instance, the credit does not begin to phase out for a married couple until their Adjusted Gross Income is above $150,000.

The credit does not need to be paid back if you own the home for three years or more.

Now, there have been some news reports that have been released recently indicating that the credit can be used for the down payment or closing costs. As of now you can not use the credit for your down payment but you may be able to use it for closing costs. It is important to understand the pros and cons of using it for your closing costs as you must initially take a second mortgage from a non-profit which can increase your overall costs of borrowing.

There was also a report recently that the government was going to increase the credit and offer it to everyone. It is very easy to get caught in the trap of waiting for something bigger and better and it is very possible that rather than increase the credit the government may just let it expire as planned.

The credit is available only on closings on or before November 30, 2009 so time is ticking away...

IS THIS A WELL? OR A MOAT?

Reflections on what lies ahead… Yesterday I took my teenage son to the airport. This was the meeting place for the Heroic Journey he was about to embark on; a week-long program that blends the grief support of Judi’s House with an Outward Bound experience in the Rocky Mountains. Sounds like a great way to close a painful year for a grieving teen, doesn’t it? He was not so certain. During our last minute preparations, the child towering over me was wracked with fear. Was it the high ropes course or the rocks he would be “forced” to climb? Which would be worse, summiting a 14,000 ft. mountain, or the feelings he knew would rise within with every step? I know he would rather have stayed in the comfort of his home, his basement cave, with his brother and his Xbox than face a wilderness week outside of his comfort zone. And I knew that as a single mother, I would have to find the way to help this boy cross the bridge to his manhood that this week would initiate. I asked myself, “Is this a well? Or is it a moat?”

So much relies on our perspective. Fears can paralyze or propel. As we gaze into that seemingly endless void, there can be a shift in our vision, like those optical illusions we stared at during art class; where once we saw and ocean, now we only see a puddle. It is an internal shift of focus and never will this be more critical than in time of fear or crisis. Is that vast body of water something we draw from to sustain us, or do we use it to create a barrier? Does what we believe protects us also keep us from possession of our castle?
What would it take for you to shift focus?

I am certain the young man I left at the airport has had a change of perspective in the past 24 hours, will go through many more as the week goes on, and so will I.
The moat will become a well…

A foreclosure that didn’t need to happen

Several days ago I was searching the MLS listings for homes for a buyer and ran across an address that sounded familiar. I thought it sounded like the address of someone I had met, a relative of a musician my husband played with. Indeed, it was her home. I had spoken with her because she said she wanted to sell her house. She ultimately decided to market it as a For Sale By Owner (FSBO) because she felt she couldn’t afford the Realtor fees for selling.

I understood that consideration, although I didn’t agree with her reasoning, and honored her choice. I provided her with the basic information she would need to be successful in her efforts. I stayed lightly in touch with her, letting her know that I would be happy to serve if she tired of the effort.

The unfortunate outcome of her strategy is obvious. She lost her home to foreclosure. If she had been working with me when her mortgage went in to default, I would have advised a short sale.

The principle of a short sale is simple (not easy, just simple); the homeowner negotiates with their lender to accept less than owed to declare the loan paid in full. The pitfalls are many and the process is not short. A realtor will consult with you , list the home & negotiate with the lender for a commission on the sale; no fees up front. A short sale is not always a perfect solution, but it does serve the purpose of keeping a foreclosure off the borrower’s credit report. See http://money.cnn.com
If you are in default on your mortgage use the resources at HUD now to avoid foreclosure. http://www.hud.gov/foreclosure/

Lil Lively
Broker Associate - Your Castle Real Estate
Cell: 303-746-8827 Fax:303-265-9318
http://www.LilLively.com
Lil@TopProducer.com
LilLively@Gmail.com

The Open House/Open Heart

I was raised in a home with an open door policy. My aunt two young cousins lived with us one summer while she relocated from Northern to Southern California. There was a family from Amsterdam who stayed long-term, my high school friend, and there were others. No one ever came for a week or a weekend; they came for a month or three, sometimes a year. They spoke languages I’d never heard of, made picnics with foods far from my familiar suburban tastes. I learned to accommodate, to share my bike, I taught their children to swim. In exchange for the hospitality and saving their kids from drowning, I to Disneyland a lot.

As a REALTOR this “open house” thing still bears the imprint of my mother’s ideology. On any given Sunday, I choose a listing, put out signs and balloons, cookies if I’m feeling generous—and fling wide the doors to greet the world. But here is where my childhood trumps my sales training:

• I don’t make people “sign in”, though their address would be handy for the requisite thank you note.
• I don’t play Catch the Client; trailing them through the house with a string of questions about the reasons for their move and their need for closet space.

We respected privacy in our post-civil-rights-movement house.

• I don’t do the hard sell. I play it like I wanted my parents to greet me when I came home from school as a teenager— be friendly but not overly glad to see me. Offer me a cookie and if I want to talk to you I will. Most of the conversation taking place as I’m hitting the door to go back out; the “don’t forget your coat or don’t be out too late” type of thing.

I’m sure there are REALTORS who’d think I’m nuts but it works for me. It’s a solitary openness. The open door of my childhood taught me to read people in the quiet actions of their daily routines, the signs and silences between them told me more than their words. With each group of houseguests there was always someone who I came to adore without effort and the same thing happens at an open house. Every weekend I will meet someone I click with, someone who I feel compelled to work with to help them find what they’re looking for. As we’re chatting at the doorway, we will know it. I’ll offer you my card and one last cookie, confident we’ll see each other again. And from that moment on—it’s Disneyland.

~Tracy Schaffer

Blueprint Denver in Overland Park

I attended a zoning meeting tonight at the John Collins Church in the Evans/Overland Park neighborhood. It was delightfully informative. City Coucilman Chris Nevitt and Senior City Planner Barbara Frommell braved the wonderfully opinionated neighbors, providing keen listening and clear answers.

The new code (aka Blueprint Denver) is being informed by current zoning, the plan and what is standing now, using 2 approaches: Context Based and Form Based.

If you have ever puzzled over the incomprehensible language in the Denver code to figure out what is allowed or disallowed on your property, you will love this!! http://newcodedenver.org/ . The Form Based approach to zoning uses diagrams to illustrate what was previously mind boggling, and often contradictory.

Good news for many homeowners! ADU’s (Accessory Dwelling Units) will now be allowed in many areas . ADU’s are carriage houses, apartments above garages, etc.
Check it out! The first draft of the new plan for Council District 7 will be presented on June 17, 2009 6:00 pm to 9:00 pm Location: Governor's Ballroom in the Driscoll Student Center North University of Denver, 2055 E. Evans Avenue Denver CO .
The calendar at http://newcodedenver.org/meetings shows the presentation dates & locations for other districts.

Lil Lively
Your Castle Real Estate

The Good News in the Housing Market

With all of the negative news reports about the housing market, it is easy to become anxious and feel that things will not get better. However, there are many good things happening with regards to the housing market and here are just a few:

• Interest rates are at historic lows. Rates very briefly touched 4.50% a few months ago and have consistently been between 4.875% and 5.125% for the past few months. Refinancing a $300,000 mortgage from 6.00% to 5.00% could save a homeowner as much as $190 per month.
• First Time Homebuyer Credit. As part of the recently passed Economic Stimulus Bill a First Time Home Buyer (defined as someone who has not owned a home in the past 3 years) may be eligible for an $8,000 tax credit (not a deduction but a true cash credit) and would not have to pay back the $8,000 if they live in the home for 3 years.
• The Home Affordability Index. The home affordability index is at multi-decade highs which means it has not been as affordable to buy a home in a generation. This applies to an owner occupied home and a rental property. Rents are covering more of a mortgage payment than in the past 20+ years.

Imagine the incredible experience of buying a new home at a historically low interest rate and receiving $8,000 from the government.

Imagine buying your new dream home and securing a historically low rate so that the payments will be more affordable than at any other time.

What a wonderful time to buy!

~Matt Hanson

Our Mission

TAA MISSION – to engage, educate & empower creative people to build wealth thru real estate. We are a team of professionals, all artists/creatively minded people like you who have faced the Starving artist archetype. Across the country a repetitive pattern occurs – we’ve seen it happen here in Denver 4 times in the past 15 years – the pattern goes like this

Creative people move into dilapidated neighborhood (think LoDo, Santa Fe) – we move in as renters – pour our time, talent, treasure and hard earned cash into someone else’s property and we build something people want to be a part of – they begin to come from all over the metro area – soon ancillary businesses start opening – bars, boutiques, restaurants – more people come – and before we know it the rent starts to escalate and typically with 3-5 years of our arrival we can no longer afford to be there – we are forced out only to begin again in the next dilapidated neighborhood. How many of you have kicked your self because you didn’t buy in LoDo in 1992 for $5K @ $60/sq ft because you look at it now and see it selling for $300/ sq ft? – TAA has a client who did – he bought on upper Larimer with $4K down in 1996 - lived in it for a while and has used it as his studio for 6 yrs and now the city has it valued at $172,500. Not bad for a guy who makes art!

Creative Economy

While doing a bit of research trying to see just how powerful our community of artists are here in Colorado I came across some amazing numbers. Check it out.

Within our creative economy, self-employment is particularly important. Let’s face it we artists prefer to work for ourselves. Since 2002 15.7% of us - independent artists, writers, and performers - have gone to work for ourselves as sole proprietors or self-employed contractors. That’s 1.7% higher than the national average!

In this challenging economy have you considered going into business for yourself? If so you need to check out The Other Side Arts (TOSA) up-coming class “Artist, Inc.” You’ll receive training in: professional presentation, business concerns for artists, funding, & exhibition, communication & marketing. As artists we are among the most educated yet undervalued members of our national economy. TOSA’s program will show you how to overcome the obstacles that stand between you and your dreams. Go to www.theothersidearts.com to find out more.