Exciting News for Parker, Colorado
Costco is coming to Parker, CO. This is great news for locals residents like me! No longer do you travel across town 15-30 minutes to shop at the infamous Costco! You may have noticed some changes happening to the Cottonwood & Parker Road intersection. I am certain we are going to see a face lift on the old Cotonwood shopping center as well. The location of the commercial building will be north of the C-470 ramp.
The hospital is planning to expand a new wing, a new floor and a new 4-story parking garage! Wow- great news! Two 60,000 square foot medical buildings will go in with a connecting sky bridge already fully leased.
Is Parker becoming the next Highlands Ranch? Well we will just have to see what happens here over the next few years!
For additional information please call Steve Greer with the Town of Parker @ 3603.805.3339 or visit them on their website @ www.parkeronline.org - you can also email Steve @ town@parkeronline.org
Respectfully Submitted,
Sarah Solomon
OK so that kind of sounds funny!
This post comes from an article I received from Fannie Mae back in December 2007.
I have spoken to my preferred lender and we discussed the topic briefly. Really, it is just an incentive for lenders to employ additional tools and processes to validate housing trends and learn how to adapt to them. The way I look at it- people need to buy and sell Real Estate. This is just the way it is- this will never change. Are they sharpening their pencils yes- they should have years ago. Are the implementing new systems-yes. Doesn't mean people can't do 100% financing. Doesn't mean the market is crashing down around us!
DECLINING MARKETS- What are they and where?
Fact: The entire state of Colorado has been deemed a declining market!
Let's throw a party! Anyone up for a gin and tonic?
Fannie Mae defines maximum financing for properties located within declining markets:
"Selling Guide Part VII, Chapter 1, Section 103.02. Limited Cash-Out Refinance Transactions:"
When a property is located in an area identified as declining, Fannie Mae will now require the lender to offer financing at LTV and CLTV ratios that are five percentage points below the maximum ratios allowed for the selected mortgage product. For example, when the highest LTV allowed for a particular mortgage product is 100 percent, maximum financing highest LTV allowed for a particular mortgage product is 100 percent, maximum financing would be 95 percent if the subject is located in an area identified as declining (When the mortgage is subject to subordinate financing, the CLTV ratio for all outstanding mortgages is used for this purpose). Fannie Mae~
How to Determine Value?
"When the appraisal notes that the subject property is in a declining market, the maximum financing policy must be applied. When the appraisal does not indicate that they subject property is located within a declining market, Fannie Mae strongly urges lenders to implement processes and apply supplemental sources and tools to validate current housing trends and not rely solely on the information reflected in the appraisal." Fannie Mae~
Sources Lenders are Referring To...
Lenders are now being extremely cautious when reviewing the appraisal. Which is great really! They are requesting additional support from appraisers- validating the information and truly taking an interest in the process. How is this bad?
DU- Desktop Underwriter usually will generate a message on loan files when a property is identified to be in a declining market. DU the requires additional information to be provided. OK sounds simple...
When receiving this message for requests of additional information, the LTV for the mortgage loan must generally be adjusted to five percentage points below the max for the specific product. However, if the lender receives the message from DU but has evidence that the property is NOT located in a declining market, the lender may offer maximum financing.
REALITY CHECK- Price homes correctly!
Re-finances don't apply when the borrower has an existing Fannie Mae product or securitized first mortgage and is requesting a new limited cash-out refinance mortgage.
For additional information visit Fanie Mae!
Respectfully,
Sarah Solomon
Fun Facts for Parker Colorado
General Land Use
Building Permits Issued
Financial Information
Parks & Recreation
Respectfully,
Sarah Solomon
Life Time Fitness Open for Bussiness in Parker!!!
Absolutely amazing- the "Ritz Carlton" of fitness centers hands down! There is NOTHING like this in Colorado.
Sign up for your free 7 day trail below. This is a must for anyone that lives in or near Parker, Colorado.
Veronica Cruz member advisor gave my husband and I a personal tour late last week of the facility. This center will impress the most savvy fitness guru! It also caters to family's and provides FREE daycare while you work out! Wow- that is generous! Not to mention over 65+ classes such as yoga, hydro aerobics, kick-boxing... etc that are included in your monthly membership! This place is the size of a small mall!
A Few Tidbits worth mentioning....
HOW ABOUT A TRIATHLON?
This event brings the swimming, bicycling and running components of a traditional triathlon into one convenient location- INSIDE the gym!
You'll race against the clock as you start with 10 minutes in the lap pool, move to the cycling studio for 30 minutes and finish with a 20-minute run on the treadmill.
The total distance you cover across the course determines your score. Win a T-Shirt at the end!!!
Rock Climbing
Run Club
Racket-ball
Basketball
Football
Nutrition Coaching
Weight-loss Coaching
Advanced Personal Training
Cardio Training
Life Cafe and Nutrition Center
Life Spa and Salon- Ladies did I mention SPA? This is besides the Eucalyptus steam rooms in the locker rooms!
Again this is a must have for the locals in and around Parker. Located near South Parker Road and E-470.
Sign Up here for your Free 7 day Pass!!!
Respectfully,
Sarah Solomon
Real Estate Review
Wanted Share with Everyone- Great Article!
By Chris Hardy:
There is an old Chinese saying that states "The best time to plant a tree is 20 years ago; the second best time is today." The same can certainly be said about buying real estate. Historically, an investment in a home has provided a secure long-term appreciation opportunity. For example, an average home in Denver purchased 20 years ago has enjoyed a 250% increase in value during that time period (as calculated by the Office of Federal Housing Enterprise Oversight at www.ofheo.gov
That astonishing figure doesn't include any potential income gains from renting, realized tax benefits from mortgage interest deductions, and/or depreciation of the investment. It simply states that if you bought a house in Denver in 1986 for $50,000 it would be worth somewhere in the vicinity of $250,000 today, based on the average repeat sales in our area (individual subject properties may have seen greater appreciation than this number depending upon key variables like location, condition, upgrades, and original purchase price).
However, the most attractive aspect of real estate investing is that your initial investment expenditure can be a fraction of the cost of the total investment. In other words, you get to use a financial institution's money to build your own personal wealth. The person who bought that house for $50,000 probably financed the bulk of that purchase with a mortgage. Being patient is not one of our society's strong suits. Being patient with an investment requires many of the same things a growing tree does. You must plan where the tree will be planted to take full advantage of the fruit or the shade it will provide. You must have a vision of what that tree will look like when it reaches maturity. A real estate investment is no different. You need a vision for what the property is going to do for you.
Do you want a rental? Do you want a second home in the mountains? Do you have cash to spend or will you seek alternative financing options? How long are you willing to hold the investment before you will need to sell it to enjoy the return? These are just a few of the questions that need to be answered early in the investment purchase process. Too often, we get caught-up in the fervor of Reality TV where folks make and lose tens and even hundreds of thousands of dollars in a matter of weeks or months. Unfortunately, all we get to see are the dramatic extremes of winners and losers (otherwise we wouldn't watch).
In real life, there's a vast middle section of the real estate investment game that wouldn't be particularly exciting to watch on television but does provide most of the opportunity for steady, reliable financial gain. Colorado is on the brink of yet another change in our real estate market. The market is always changing, always looking for balance between supply and demand. It's no secret that our market has seen a significant shift over the last 4 years - and that's the good news! Our market didn't cool off over night as it has in areas of Florida, Nevada, and California. We've had no bursting bubbles or sustained depreciation. We have arrived at that moment in the real estate sales cycle where many indicators are showing signs of renewed vigor. If you wait, you may miss out on some tremendous opportunities currently available.
So, what about our tree? If you didn't invest in real estate 20 years ago, the next best time to invest in real estate is right now. Prices have corrected, inventories are dropping Colorado is positioned for a steady increase in jobs and people. Additionally, rental occupancy rates have increased and mortgage interest rates remain at historic lows. Set an appointment today with a Coldwell Banker Agent to provide you with guidance and analysis of the current market. She or he will be able to assist with answers to the questions most critical to achieving your stated investment goals.
Denver Metro Statistic
For October 2007, closed units were 6.9%. The Average sales price went down by 5.5%, as a result of the REO properties closing. The good news is that the listing market continues to tighten with a 2.7% decrease. Lessening supply is always good news. The million dollar market softened during the month of October by 22.4% in closed units.
Looking forward to NEW BEGINNINGS in 2008! Wishing you the Absolute Best Success!
Sarah Solomon
Douglas & Arapahoe County Real Estate
 |
|
|
Coldwell Banker® was founded in 1906 on a commitment to professionalism, integrity and personal customer service that remains the core of our business philosophy today.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
