Condos- To Buy or Not to Buy?

As I was on my way to the townhomes at Upper Larimer to work my open house the other day I noticed an entire development project for sale- not just individual units for sale but the whole project-all of the units to be sold to one buyer. The construction seemed to be over and the units were just sitting like so many forgotten toy soldiers- still at attention... waiting...just waiting for their new owners- for the families, the people, who would move in and bring the project to life, much as children bring their toys to life.

So you wonder: why is it that some developer who had the knowledge (or know-how) and the moxy to purchase land and go through the entitlement process- the process of getting the city to agree to let you build whatever you intend to build on your land, as well as actually bringing a development out of the ground and getting to the point where he or she could "turn the lights on" would essentially give up. Why didn't this apparently savvy developer who built what appears to be a reasonably viable project turn his back on it instead of renegotiating his pricing and his loans? Unfortunately, mis amigos, I suspicion ze answer lies with the current mortgage market.

The mortgage industry has essentially turned its back on condominiums, both acquisition financing and refinance monies. As my grandfather would say, "it's scarcer than hens' teeth." Much if not most, of what happens in the mortgage world is predicated by the infamous Fannie Mae. And Fannie Mae currently says that she doesn't care if it's a townhome or a traditional condominium there will not be any conforming conventional financing until at least 70% of the units are sold. That means that the consumer, the buyer, can not get a fixed rate conventional loan to buy a condo until the majority have already sold...the buyer has to rely on so called portfolio loans which can have a higher interest rate and a shorter term. In a strange quirk most of the existing condos can qualify...if and only if they were built as condos adn not converted from apartments to condos. Sound confusing? It is but none of it is insurmountable. However, it makes it all the more important to have a qualified mortgage lender- be it banker or broker and an experienced Realtor to help you navigate the waters.

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Sneakers....

Ever wonder where all those unsightly tennis shoes suspended from various power and phone lines around the city come from? Or even more interestingly why are they there? I don't know why this bothers me so much but it does. I was driving west on 13th Avenue the other day and counted more than 6 pairs in one spot. It certainly doesn't improve a neighborhood to see old dirty sneakers dangling precariously over your head as you drive down the street. Now admittedly as a realtor I have a vested interest in seeing our neighborhoods and communities be the best they can be so perhaps I am overly sensitive; however, while listening to National Public Radio (NPR) earlier this spring I discovered that this is an advertising model for drug dealers.

Apparently all across the country it means, "you can buy drugs here." Now if this is common enough knowledge for NPR to pick it up and broadcast it I should think that law enforcement officials and perhaps even the power companies are aware of the significance of the "suspended sneakers." And likewise it would seem to me that a pretty basic way of slowing down the street drug trade and cleaning up neighborhoods might be to pull the shoes down and at least obscure the location of the local drug traders. In fact I might even suggest that whoever pulls them down could probably create an alliance with a laundromat and/or some other charity minded group, arrange for the errant shoes to get laundered and bleached and then perhaps donate them to a local hoemless shelter.

That's a concept- our tax dollars really at work. Our local law enforcement being proactive instead of reactive and giving back to the community as well. I think this could qualify as a "green project," too. Instead of filling a landfill with the offensive sneakers this would put them back in circulation.

And speaking of circulation, many neighborhoods are starting to see the appearance of bright green door hangers on their front doors. Yes that's us and before you dismiss the door hangers as just so much propaganda give them a good read because each one has an incentive coupon for you to try one of our favorite neighborhood establishments. Don't add them to the land fill use the coupon and then tell us what you think. And about the sneakers: until local law enforcement hears that this is important I am afraid we are on our own for removing the sneakers from the power lines. I recommend using a tree trimmer and cutting the laces and of course if you see them in your hood I recommend removing them. And if you are thinking of buying or selling real estate we hope you will call us. We want to be your city realtor (and we will need new sneakers soon).

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Where's the doggy door?

Over the last few weeks Dylan has developed a keen knack for finding beautiful streets in the neighborhood. (Okay, it's not that hard, but I like to make him feel like he has a job besides chasing his ball.) He likes to take us up to around Meade or Newton and 32nd and show me the gardens and gorgeous front doors. Yup, front doors. I have a thing for them. Growing up I never gave much thought to doors because I lived in a house that couldn't be seen from the street. For years I lived in apartments or condos so didn't have much choice. Now that I have my own front door I am obsessed with them. Red ones, black ones, stained wood, stained glass, giant doors, gnome doors, double doors, opened and you are welcomed, closed and you are safe inside.
Perhaps that's why I enjoy marching up and down the streets of our neighborhood putting bright green flyer's on everyone's door. Haven't got one yet? Don't worry, you will. We wouldn't want to miss an opportunity to introduce ourselves (Dylan is very photogenic) and offer a coupon for some of our favorite local businesses. This month we are featuring Seafood Landing owned by Bruce Johnson. This is a fish market, not a restaurant. Bruce is always there offering expert prepping advice and the freshest seafood at fantastic prices. Seriously, go meet Bruce and help support local businesses!
Speaking of local businesses, I have to catch you all up on three restaurants we just tried. All of them are on 32nd and almost right next to each other. First is Stella. It's Italian and bursting with flavor. The sauces are unusual (I'm not a huge fan of traditional) and the pastas are fresh! There is also a nice wine list. My favorite part though is dessert. They make the best bread pudding I have ever had, made with chocolate and a Kahlua sauce (I normally don't like Kahlua either). Sunday offers brunch including a brunch only cocktail menu.
Next is Bang! Enter in the rear of the building. Quiet outside patio serving up comfort food better than mama makes it. The Jalapeno corn bread was amazing. We had wine and I'm not sure that they have a full bar??? Anyway for dinner I had the chicken, Brandi had the pork. For dessert we split a slice of coconut cream pie. Very nice overall and are definitely coming back.
Finally we visited BOA and sat on the patio in the back. We were delighted with the menu. First, I'm not Miss Fusion so I didn't know what to expect. But the menu was laid out easily for me. On one side are the Asian choices, on the other are the Mexican choices, and in the middle are suggested fusions in case you feel inclined. I had an Asian chicken taco dish which I loved, Brandi had a Korean bowl that was fabulous. We drank Sapporo's and had the trio appetizer (three dips including guacamole) and chips. BOA was a delightful surprise!
All are worth a visit or re-visit and are pretty easy on the wallet.
Well that about wraps up this edition: If you see us out and about, don't be shy! Come say "Hello." We are very chit-chatty (yes, even Dylan) and will be very helpful in answering any of your real estate questions.

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Relocating To Denver?

Are you moving to Denver? Not sure which neighborhood is right for you? Need information about schools, employers, and financing? Whether you are relocation to the metro Denver area for a new job or to retire, let us help make your move successful and stress free. Denver Relocation. Set up automatic email notification and never miss a hot new listing again! If you need assistance, just ask we will set up the MLS IDX search for you. Search Denver Real Estate.

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Colorado’s Summer Festivals

Boulder Creek Festival

rocks downtown Boulder on May 23 through May 25, 2009. The festival features five stages of diverse live music ranging from world beat to Latin, jazz, blues and modern rock. Enjoy a wide variety of activities including a juried art show, arts and crafts vendors and fair-style foods plus a “beer garden.”

Downtown Denver Arts Festival

Denver's 11th Annual art festive, May 22 through May 25. This festival is “mile high” with talent. It showcases the work of Colorado’s most inspiring artists as chosen by a panel of seasoned judges. With over 100 artists’ displays and multiple mediums of visual art for sale.

Upper Larimer Beer Tasting

May 22, 2009 6-10pm. Taste and judge a variety of Colorado's local micro brews.

Colorado Medieval Festival

Experience life in the Middle Ages, June 6 and June 7 at Riverside Park in Evans. Eat with your hands as you sample old world-style fare from this intriguing period in history. Wares available for purchase include medieval costumes and clothing, chainmail, medieval inspired jewelry, pottery and more. It will be a time you won’t soon forget with thrilling entertainment including live stunts and sword duels, wandering minstrels, belly dancers, artisan demonstrations, tarot card readings, art and archery contests and more.

Glenwood Springs Strawberry Days Festival

It’s a big summer party in appreciation of one little red berry, being held June 19 through June 21 in Sayre Park, located at the corner of Hyde Park and Grand Avenue in Glenwood Springs. What began as a simple picnic over 100 years ago is now “the oldest civic celebration in Colorado.” Enjoy good times with fun activities for all including carnival rides, a live rodeo show, a Chinese celebration themed parade, the “Miss Strawberry Days” pageant, arts and crafts exhibits and activities for the kids.

PaddleFest 2009

This rafting festival, May 22, 2009 - May 24, 2009 starts off in Buena Vista, CO. The kick-off to the Arkansas River paddling season; this weekend is filled with boating, instruction and river education.

Mountain Film Festival

This film festival, May 22 -May 25, 2009 is in Telluride, Colorado. In its 31st year, Mountainfilm is a 4-day, 6-senses experience of art, adventure, culture, & environment.

Pagosa Folk 'N Bluegrass Festival

This music festival, June 05 -June 07, 2009 is in Pagosa Springs, Colorado. Outdoor, family friends music festival with 3 stages, workshops, on-site camping and kids programs.

Ballon-A-Vista

Annual June Balloon Festival, June 06, 2009 - June 07, 2009 at the Buena Vista Rodeo Grounds. Fun and colorful balloons fly 6am. Saturday and Sunday and "glow" on Saturday at dusk.

61st Annual Blue Paddle Whitewater Festival

This rafting festival, June 18 - June 21, 2009 is in Salida, CO. Free live bands noon to night, parade, world-renowned kayak/raft rodeo and races, kid zone, carnage-filled Hooligan homemade boat race and an insane Crazy River Dog Fetch!

16th Annual Colorado BBQ Challenge

This food fest, June 19 - June 20, 2009 is in Frisco, CO. Enjoy world-class barbecue, pig races and entertainment on Main Street Frisco.

Grand County Blues Festival

This music fest, June 27 - June 28, 2009 is in Winter Park, CO. Nationally known blues artists from around the country gather in Winter Park for the seventh year of this popular two-day music festival in Hideaway Park.

Crested Butte Wild Flower Festival

This nature festival, July 6 - July 12, 2009 is in downtown Crested Butte. Proclaimed the Wildflower Capital of Colorado in the early '90s and rightfully so! Experience workshops, photography classes, hikes and more, focusing on nature's beauty.

Dragon Boat Festival

The biggest Asian cultural festival in Colorado and one of the biggest nationally is still in its infancy. Six years after the Colorado Dragon Boat Festival opened, Denver wants to improve its dragon boat race, the festival's main draw, to include competitive teams, homegrown coxswain and expanded divisions. The celebration includes demonstrations of Asian culture, a food marketplace and the boat race.

Art in the Park

This art festival, July 11 -July 12, 2009 is in Steamboat Springs, Colorado. We Feature 150 artist vendors, 15 food vendors, Live entertainment and an interactive kids art area.

Crested Butte Music Festival

This music fest, July 4 - July 28, 2009 is in Crested Butte, CO. Music for all ages at free and ticketed events. Educational and fun world-renowned artists participate in performances of opera, orchestra, chamber, dance, jazz and bluegrass.

ASPEN MUSIC FESTIVAL AND SCHOOL

400 events over 9 weeks each summer draw classical music's biggest stars to this Rocky Mountain oasis of culture and natural beauty. June 25-August 23, 2009.

Riverside Fine Arts Festival

This art festival, Aug 15 -Aug 16, 2009 is in Salida, Colorado. A juried fine arts festival on the banks of the Arkansas River in the south central Rocky Mountains.

Labor Day Fall Color Festival

This art festival, Sept 04 -Sept 06, 2009 is in Cortez, Colorado. Arts and crafts, music, kids play area, food, car show and Chili cook off.

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Is Your Realtor A Dog?

Bad dog! Let us wrangle with details. Need a really good Realtor to buy or sell your home? Give us a call 303.422.SWAH.

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Team Day at the Rockies game!

Baseball, brews and fun for the Realtors of Cygnus Real Estate

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Anticipation...Tales of the Giant Green Balloon

I have recently realized that Carly Simon was not entirely correct in that well worn track that all of us from a certain era remember so well.  (And those not from our era likley caught snippets of it on a catsup commercial, which is a bit of a travesty but probably fodder for a different blog). Anticipation does "keep us waiting;" however, I was given an epiphany on the topic...yes given not had.  It may keep us waiting but sometimes the wait is vastly more exciting than the reality.  We have a tendency to build things up in our minds, and the longer the wait the more glorious the imagined outcome until they become prodigous events.  In my experience seldom does reality match that anticipation.

For those of you that don't really know me I am one of the myraid of dreaded real estate brokers in Denver.  My team and I have been working frantically or perhaps even frenetically to market and sell a townhome project which we have listed in North LoDo at 34th and Larimer.  Recently, Susan, who works for the developer on a Nevada rental project as well as in Denver, mentioned ordering a huge helium balloon for the Nevada project.  Instantly I was enamoured with the idea...I went on line to take a peek and they looked even more amazing than I had imagined.  Well, needless to say-I had to have one.

We scraped and budgeted and talked to our developer partner and made the arrangements to purchase a ginormous lime green helium balloon (10' in diameter) emblazoned with the words "FOR SALE" in giant purple letters, for the mere price of $900. Within about 10 days my prize arrived, on a snowy cold day.  And for days and days after it arrived, Colorado gave us a dazzling display of its unpredictable weather with temperatures shifting from a sunny 70+ degrees to a miserable 30 degrees or less with bouts of spring snow, spring hail, spring rain and everything in between. Helium doesn't like cold and snow and harsh weather is not all that conducive to ballon flight so my balloon sat forlornly in its box.  And like a kid at Christmas I behaved until I couldn't stand it any more and I ripped open the box only to see a mountain of green plastic or rubber; it was so big I couldn't even find the lettering so I had to content myself with knowing it was there.

Finally the day came that we could raise the ballon.  My husband Greg, Susan, and I convened on the rooftop deck of one of our townhomes and after some debate about logistics we attached the tubing for the helium and opened the valve on the tank.  Slowly we saw our very large beautiful balloon come to life. She lifted herself off the pavers like a sleepy green giant just waking up from a long hibernation.  Once she was filled, we moved her about a bit until we were certain she was in the very best spot for maximum viewing.  Satisfied with our labors we drove around the block afew times like proud parents and then went back to our office for what was left of the day.  (Who knew it would take 3 hours to raise a helium balloon?) I planned to check on her on my way home; however, it wouldn't be even that long before we were summoned back up to the Upper Larimer Project.

Around 4pm that same day Greg received a phone call from one of the neighbors saying there was a problem with the balloon. So we raced up to the project only to discover that despite what we had estimated from the ground we had raised her too close to a power pole and she had wrapped her "leash" around the top of the pole.  We called the power company and asked them to come and free my balloon.  Of course they couldn't tell me when someone would get there, so I helpfully called them every 20 to 30 minutes to remind them I was still waiting.  During those calls we were able to clarify things like- "the balloon is 10 feet in diameter and contains well over 200 cubic feet of helium."  "No I didn't put her there on purpose," and so on. 

After several hours Susan decided to call a friend, who referred us to a tree trimmer.  The tree trimmer came out with the tools of his trade including some very nifty boots that allowed him to climb the power pole.  He retrieved our beauty and inflicted minimal damage to her in the process.  We placed her in one of the units to rest and await some minor surgery.  Needless to say after all of this I realized that I maybe didn't even like my giant ballon that well.  In all of those weeks of waiting to fly her I hadn't really considered the work of getting her in the air and keeping her there.  And why would I since the directions for inflating her consisted of one typed page no pictures and no diagrams?  I inflate small miniatures of her every week by the dozens right in the comfort of my own office...As I ponder my experience I suspicion that much of life is like this- just not nearly as dramatic or as much of a pain as my balloon.

My husband and I will make a reservation at a restaurant that we have been waiting to try and then get there and think- Hhhm we really like one of our old favorites just as well. But while anticipating going there we are some times certain that it will be the best ever. Likewise, buyers come to me wide eyed and innocent in their excitement to buy property.  Those that have bought before know it's hard work for the buyer as well as the agent but nothing really prepares the first time home buyer for the amount of work that goes into buying a home...the media doesn't tell them that and certainly the American dream of owning your own home doesn't come with an addendum reminding them that this could be very hard work.  Nope it's just anticipation- anticipation of buying the home, moving in and starting a  family or having that first dinner party, or barbeque or inviting the guys over to watch a game on the old flat panel. 

But nothing has really prepared any of us for the real estate market in which we now find ourselves.  I often tell my agents that every deal is a new deal, the banks have turned their backs on condo projects so that in new projects only the lucky last 30% who buy get the benefit of conforming loans.  (We were fortunate to get our Upper Larimer Project approved at Wells Fargo before they completely turned their backs on condos, so we are able to offer conforming products to all qualified buyers) And of course the guidelines for various loans seem to change daily if not more frequently.  Lending programs come and go, as do mortgage brokers and realtors.  But as I have said before if you have the energy and perhaps just the plain old gumption there are definitely bargains to be had, so don't toss in the towel at the first sign of a quagmire.  Work with your broker to find a creative solution, there are some out there if you dig. And if you need a creative city broker don't hesitate to call us or email us- we are a great downtown resource.

I leave you with an invitaion to be a part of our second attempt at flying my prized balloon.  Weather permitting we anticipate raising her for our beer tasting on May 22nd at the Upper Larimer project.  Even if you don't want the beer it might be worth the adventure to see if we can actually keep her in the air this time.  So join us under the giant green ballon. 

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