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Tuesday, April 28, 2009
We're on FaceBook
3:30 PM
Cygnus Real Estate
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Thursday, April 23, 2009
A dog's life
8:29 AM
Maximo
Ahh... it is a lovely day here in sunny Denver Colorado. The grass is greening and my little friends the squirrels are out. As the weather gets warmer I enjoy getting out more and working the neighborhoods. Lately I have spent a lot of time in the Upper Larimer Arts District, which is a gritty urban neighborhood. You wouldn't think spring time would make much difference amongst all of those warehouse buildings- but there are unexpected little pleasures. I see the trees beginning to leaf out which should beckon my squirrel friends to join me and I see small patches of green with unexpected plots of flowers here and there. They are worth stopping for a quick sniff and sometimes I enjoy a quick roll in them, too. I don't know why my colleagues don't indulge in these fantastic rites of Spring time. I also note many of my breathern walking around the hood, making it a challenge to keep my own territory marked.
Actually, you wouldn't believe how many people are out in this neighborhood. They bike, they walk their dogs, they chase the "lucky ones" who have made their escape from the yard and they talk a great deal about art, and beer at the Walnut Room and eating at the Blake Street Tavern. Clearly eating and drinking is as important to humans as it is to dogs despite all the fuss they make over the dogs. My colleagues often engage the people in conversation about the lovely townhomes we have for sale, their stunning views, and of course those gourmet kitchens and rooftop grills where of course we dogs will want to spend a great deal of time offering our assistance. I myself have rarely been up to those rooftop decks as I am a little small to take chances; however, they held me up to see the dizzying view of downtown and the mountains. I don't mind saying that I am glad the walls around the deck are as high as they are.
Well I should invite all of you- dogs and humans alike to a beer tasting event at thees townhomes on May 22nd from 6pm to 10pm. My human colleagues are going to a great deal of trouble to provide some local beers and some tasty snax for their guests. I will provide some treats for any of my breathern that wish to attend and perhaps we can swipe a nibble from the humans as well. So join us at 3403 Larimer for some fun times. I smell some good deals happening there. OKay-
ADios amigos until the next time.
Max
Sunday, April 19, 2009
Spring time In The Rockies
4:22 PM
Carole
Well here I am a native of Colorado and I can still be surprised by the whacky weather. From snow storms to sunshine to sunshine and snow it's still the best place to be. When I was a kid folks used to say, "Don't like the weather? Give it a few minutes and it will change..." I guess in this time of uncertainties it's good to know some things are consistent....even if those things are actually inconsistency. Real estate and the weather are the same in that way and you must constantly adapt.
For the Colorado climate one is well advised to wear layers- things that can be shed as the weather warms and slipped back on with the inevitable cooling off that will follow, particularly as the sun sets. In the case of real estate, it is wise for all of us realtors, buyers and sellers alike to pause and at the very least re-adjust our thinking if not being actually prepared to shed some of our preconceived notions formed from "how the market used to be." It is a whole different market than the one we knew just 3 or 4 years ago.
We are still laboring under a very clear and present lending crisis. It is difficult for even well qualified buyers with substantial down payments to get loans and it is virtually impossible to get loans for condominiums. The lending market appears to have turned its back on condominiums. If the condo that you or your buyer have your eye on is not in a project that is at least 70% sold there will be no fannie mae approval. And what you ask does that mean? Well it means that your lender cannot send a loan package through automated underwriting and will likely have a very difficult time selling the loan- hence they won't make the loan. However, there are still a few options if you look hard enough or work with a savvy city realtor. If the project is at least 51% owner occupied and the HOAs look good a buyer may be able to get an FHA loan, through a process known as spot approval for a purchase price of $417,000. or less. And if that isn't a possibility there are things called portfolio loans that allow a buyer to obtain a loan for a few years until such time as the market corrects itself. These loans are made by banks, typically smaller state chartered banks and they do not sell the loan, instead holding it in their portfolio. Knowing where and how to find some of these products will allow condo buyers to purchase property and take advantage of some really great opportunities that prevail in this market place.
Yes I did say opportunities. Many brand new condos have not been able to sell because of these very lending practices and so developers are a bit more motivated not only to sell but to help the buyer obtain their loan and get to the closing table. Now this is the part where I say be prepared to slip some of those old notions back on...there is a point beyond which a seller can not or will not go. If a deal seems unbelievable- it probably isn't real; there is probably something that you don't know or are missing so as always, "caveat emptor" (latin for buyer beware).
If you get to the point of making an offer and you have your financing figured out- at least in theory- there are some things you should consider. When dealing with a developer of a new project know that often times the developer is not the only one negotiating. It may be that the developer's lender is directly involved in the release prices- that is the number at which the bank is willing to make a partial release of the construction/acquisition loan enabling the developer to provide you with a clear title. The developer is still there to try to make money or at the very least to escape without losing money.
When making an offer on any property whether it be a private party seller or a developer remember that nothing counts unless it is in writing and signed by all parties. Don't ask your realtor to field verbal offers- they don't mean anything anyway. Your realtor is there to help you and if you have chosen wisely your realtor has likely been through many many closings, even in this market so trust them. If you don't value the realtor's opinion then get another realtor. And last but not least, when negotiating remember what our mamas always told us, "you get farther with honey than you do with vinegar." All negotiaitions are contentious- the mark of a good negotiaition is when both parties feel like they had to give a bit more than they wanted to, but that doesn't mean it has to be personal or ugly. Placating a seller who is accepting a lesser price costs the buyer nothing and can make a big difference throughout the transaction.
Contemplating a condo? Need city realtors? Call us or email
For the Colorado climate one is well advised to wear layers- things that can be shed as the weather warms and slipped back on with the inevitable cooling off that will follow, particularly as the sun sets. In the case of real estate, it is wise for all of us realtors, buyers and sellers alike to pause and at the very least re-adjust our thinking if not being actually prepared to shed some of our preconceived notions formed from "how the market used to be." It is a whole different market than the one we knew just 3 or 4 years ago.
We are still laboring under a very clear and present lending crisis. It is difficult for even well qualified buyers with substantial down payments to get loans and it is virtually impossible to get loans for condominiums. The lending market appears to have turned its back on condominiums. If the condo that you or your buyer have your eye on is not in a project that is at least 70% sold there will be no fannie mae approval. And what you ask does that mean? Well it means that your lender cannot send a loan package through automated underwriting and will likely have a very difficult time selling the loan- hence they won't make the loan. However, there are still a few options if you look hard enough or work with a savvy city realtor. If the project is at least 51% owner occupied and the HOAs look good a buyer may be able to get an FHA loan, through a process known as spot approval for a purchase price of $417,000. or less. And if that isn't a possibility there are things called portfolio loans that allow a buyer to obtain a loan for a few years until such time as the market corrects itself. These loans are made by banks, typically smaller state chartered banks and they do not sell the loan, instead holding it in their portfolio. Knowing where and how to find some of these products will allow condo buyers to purchase property and take advantage of some really great opportunities that prevail in this market place.
Yes I did say opportunities. Many brand new condos have not been able to sell because of these very lending practices and so developers are a bit more motivated not only to sell but to help the buyer obtain their loan and get to the closing table. Now this is the part where I say be prepared to slip some of those old notions back on...there is a point beyond which a seller can not or will not go. If a deal seems unbelievable- it probably isn't real; there is probably something that you don't know or are missing so as always, "caveat emptor" (latin for buyer beware).
If you get to the point of making an offer and you have your financing figured out- at least in theory- there are some things you should consider. When dealing with a developer of a new project know that often times the developer is not the only one negotiating. It may be that the developer's lender is directly involved in the release prices- that is the number at which the bank is willing to make a partial release of the construction/acquisition loan enabling the developer to provide you with a clear title. The developer is still there to try to make money or at the very least to escape without losing money.
When making an offer on any property whether it be a private party seller or a developer remember that nothing counts unless it is in writing and signed by all parties. Don't ask your realtor to field verbal offers- they don't mean anything anyway. Your realtor is there to help you and if you have chosen wisely your realtor has likely been through many many closings, even in this market so trust them. If you don't value the realtor's opinion then get another realtor. And last but not least, when negotiating remember what our mamas always told us, "you get farther with honey than you do with vinegar." All negotiaitions are contentious- the mark of a good negotiaition is when both parties feel like they had to give a bit more than they wanted to, but that doesn't mean it has to be personal or ugly. Placating a seller who is accepting a lesser price costs the buyer nothing and can make a big difference throughout the transaction.
Contemplating a condo? Need city realtors? Call us or email
Friday, April 17, 2009
4:54 PM
Ericka
My last post seems to have jinxed spring! So while we are getting 8" of snow right now I will only say this...We mowed the lawn and planted flowers in the front yard last weekend and are so pleased. I feel like I'm contributing to the neighborhood finally.
I have two new (new to me) restaurants to report on, both Mexican. One is Patzcuaro's on 32nd east of Federal. The other is La Cocinita on 29th just a few blocks east of Sheridan. Both are delicious and I recommend them for varying reasons. One thing in common is that they are very "locals" populated.
The best margarita I have had in Denver (and I don't say this lightly) is at Patzcuaro's. There is only one variety and I think only one size. It costs 4 or 5 bucks and is served in a jumbo goblet. It is made with a mix that DOES NOT give you heart burn!!! It tastes so good that I had to remind myself to slow down drinking it. I couldn't stop saying "Wow, this is so good. Possibly the best. In fact, the best." The chips are salty (which I love) and the salsa is awesome. I can best describe the food as simple and straight forward. I ordered carnitas taco's and the tampiquena which is a grilled thinly cut steak and includes a chicken enchilada (which was covered in a fantastic enchilada sauce). The taco's: tortilla & marinated meat, with guacamole and a lime wedge on the side. Simple and good. The place: lots of wood booths and the walls covered in Mexican Revolution posters. I didn't notice sombrero's or any other "typical" mexican restaurant decor. There was a large screen T.V. that was playing college basketball. It was comfortable and I will be back.
La Cocinita on the other hand is what I would call a family style place more interested in serving good food than in fancy decorations and furniture. Not a trendy place whatsoever and thank God for that. The margarita's are good and cheap... order a pitcher (again, I think only one kind). They are huge and more than enough for two diners. While the chips and salsa are standard, portions here are generous and the food is yummy. The menu is pretty extensive and could be overwhelming unless you are me who 9 times out of 10 order the same thing. There is outside seating in the front but I don't know if I can bring Dylan or not. My girlfriend and I each order entrees and share a pitcher of Margs, are absolutely stuffed and a bit tipsy, all for $34 bucks. You heard me. $34 bucks. OK, best deal in town.
Two weeks ago Dylan was diagnosed with some kind of bone disease that eventually goes away but causes excruciating pain for him. We took him in because he started to limp. We are giving him pain and anti-flamatory pills hidden in peanut butter and he is doing very well. He is very busy making friends but hasn't had a chance to go out to eat lately (the economy and all). He is currently in the backyard making snow angels. Once again I am so glad that we have hardwood floors.
OK, does Mondo Vino deliver? Perhaps I can get Dylan to pull me by sled for a beer run...
Tuesday, April 14, 2009
DBR Mixer
5:01 PM
Cygnus Real Estate
The Denver Board of Realtor will be having a mixer event on May 28th, from 4 to 7pm. Cygnus Real Estate will be hosting the event at their exclusive listing, The Residences At Upper Larimer. Please join us to see this fabulous new development and experience the RiNo art district at it's best.
Monday, April 13, 2009
Beer Tasting Event
8:42 AM
Cygnus Real Estate
Since our wine tasting event was so wildly popular, we have decided to have beer tasting event this May 22 to kick off Memorial weekend. We will be sending out invitations soon. The event is expected to be a big one and limited to the public. To be added to our guest list please request an invitation to Beer Invite
After the Denver Art Festival closes down Friday evening head on up to The Residences at Upper Larimer for a free beer tasting event. There will be food, beverages and local microbrews. The Residences at Upper Larimer is in the heart of the RiNo art district. We will have local artists on exhibit. Don't miss it!
