Gretchen Faber ~ LifeStyleDenver

Denver’s new Zoning Code is currently in the community feedback phase.

The new code has been in the works for several years, and Denver’s Zoning Code Task Force and the Community Planning and Development group are currently seeking public input. There have been several community meetings to review the code in specific neighborhoods, and you still have the opportunity to attend any of the remaining meetings.

The changes to the code will be quite drastic in some instances. Currently in Denver, we have R1 (single family), R2 (duplex or carriage house), R3 (multi-family) as our primary residential zoning designations.

If you are thinking about buying a property that is currently zoned R2 because you would like to build a duplex there or have your mother-in-law move into a new carriage house above the garage - beware! Your property could potentially be “down zoned” to single family after the code changes in the fall.

Become informed about the city’s zoning changes if you live in the city, or if you’re considering purchasing a property here. You’ll want to know how the new transit area zoning might affect your property, what zoning could allow next door or across the street, and what the planning committee means by “areas of stability.”

Highest and best use might not be as high for some properties after the zoning code is changed. Other properties may benefit from a “better” zoning designation, increasing their highest and best use.

The web site for more information is www.NewCodeDenver.com. I plan on attending a meeting next week, and I’ll post more information then.

First published at LifeStyleDenver.

Yay! The market statistics are out for the month of April. This is always my favorite blog post of every month, and I wait with baited breath for the Metrolist stats to be put up on their site.

These statistics are based on homes listed for sale in the Denver MLS, and do not reflect private sales, many foreclosures or much new construction.

In April, our inventory remained about equal to what we had on the market in March. Combined single family and condo listings were at 20,628 in March and 20,705 in April. Sales have dropped from a year ago, but are up from last month. I showed a house to some clients this past Sunday, and when we called to tell the listing agent we had some interest I found out they already have 3 offers…

The most notable thing I see this month is the average days on the market continues to drop for single family homes. We’re at less than 4 months on the market, average, for most properties. This suggests that properties are selling much faster than they were, and is a sign of a market that is in balance. Even condominiums, where DOM have risen slightly since last month, are selling in less than 4 months, average.

It looks scary to see that we’ve dropped 17.56% in number of homes under contract, but as a percentage of inventory, we’re actually doing better. We had 25,030 active properties in April ‘08 and 6,093 were under contract.

Our high end of the market is still out of balance. There are $million+ homes selling, but buyers seem reticent to get into the market just yet and sellers are resistant to drop their prices any more. Many sellers in this price point have the financial wherewithal to hold out so we’re at a stalemate.

What does all of this mean for buyers and sellers? Many sellers are getting real with their prices or taking their homes off the market. I think that the lower price point is the hot spot, but since the average sold price for single family homes is up over 1% that may be a sign that the recovery is gradually trickling up to a slightly higher price point.

Spring is here, buyers need to get off the fence quickly. The current combination of low rates and low prices can’t last. If the economy at large stabilizes (the DOW was up again today) then rates will begin to creep back up. You’ll stand to lose a lot of buying power that you have right now. With Denver Real Estate sales showing more and more signs of life, we’ll see more than a 1% jump in average sales price.

Real estate is not scary, if you are wise and educate yourself you can make a smart real estate decision.

These stats were first published over at LifeStyleDenver.com.

Downtown Denver has seen several developments taking shape. Once particularly interesting building is Spire.

Developer Randy Nichols is building a mid-priced condo development aimed at the average price range for a downtown buyer. The development is rapidly rising across from the Denver Convention Center and includes cool amenities like loaner cars and a doggie park on one of the decks.

With 41 stories (483 feet high) and 503 homes (714 bedrooms), Spire will be one of the tallest residential buildings in the Western United States and the first new residential high-rise to be built in the central business district of Denver in decades (24 years). The sales office is now open across the street from the building, and Chad or any of the staff will gladly give you a tour through the models.

Our entire office was invited down for lunch and a tour recently, and we had a great time learning about the Spire development and the city’s idea to make 14th Street a “mini Times Square.”

Denver Real Estate and development is ever changing. We’re fast becoming a city to envy - and the mountain views from Spire will prove that. Downtown Denver is being transformed from a sea of office high rises to an extremely livable and walkable city. Get down there and enjoy!

First posted over at LifeStyleDenver. Check it out!

You’re thinking about buying Denver Real Estate and you’re ready to hire a broker to represent you. What you need to know is that we have very specific rules here in Colorado about disclosing and explaining the rules of Agency to our clients and customers.

There are 3 very important reasons to understand the Colorado Agency Rules before you get started:

1. Is Your Broker a Coach? I like to explain to people that an Agent (a Buyer Agent or a Listing Broker) is like a coach. We have a fiduciary obligation to represent your best interests, negotiate on your behalf, uncover issues with the property that are discoverable and disclose any pertinent information we might have or learn. Your coach puts you in the game, advises you how to play and roots for you all the way.

2. Is Your Broker a Referee? If your agent is working for you as a Transaction Broker (sometimes called a TB) then you can think of her as the Ref. The referee runs up and down the field and makes sure the game is played fairly. A TB will owe you the duty of honest and fair dealings, but will not be able to advise you or represent your interests. It’s required that a broker who is working with both the buyer and seller either be a TB or keep the Agency relationship with one client and treat the other as a “customer” - someone he has no brokerage relationship with at all. It’s not inherently bad to have your broker be a TB, but always ask in what capacity is your agent working with you.

3. Do You Have Anyone in Your Corner? If your broker is representing the other party as an Agent and treating you as a customer, you might want to rethink that relationship and get some help and advice. I’m always amazed at the people who will walk into an open house, say they want to make an offer, but also say they want to do it on their own to, “save the co-op commission.” People, really! This is probably the most complex and expensive purchase of your life! Get someone who understands the ins and outs of real estate to help you. If you like the broker at the open house, ask her if she can be a TB (her sellers would have to agree.) You can also ask her to make a referral for an outstanding Buyer’s Agent. You might even want to engage the services of a crack real estate attorney. We aren’t required to use attorneys in Colorado transactions, but someone should be in your corner.

For more information on Colorado Agency Rules, you can visit the Colorado Real Estate Commission site. And one more thing - these disclosures are supposed to be made in writing! Ask your broker for the Definitions of Agency if you’d like a more thorough description.

Originally posted at LifeStyleDenver.

I was interviewed a few days ago by Lane Lyon of Channel 7NEWS.

Below is an excerpt of the report that aired as the lead story.

Denver Real Estate trends are reported here every month and the March analysis was just posted last week.

Channel 7 - Real estate agents aren’t shy about discussing a red hot market being felt in the lower- and some medium-priced segments of the housing market. “In fact, one of the agents in my office told a story this morning about how they were in bidding war and there were eight offers on the property,” said Gretchen Faber, Broker Manager with The Kentwood Company at Cherry Creek.

Faber said the property was listed around $250,000. Properties that are moving faster seem to run from $150,000 to $400,000, Faber said.

“That’s the segment of the market where we’ve seen multiple offers, buyers having to make quicker decisions. The good properties that show well and are well-located are selling,” Faber said. “The higher price range is picking up, but it’s still a slower segment of the market.”

According to data released Tuesday by Metrolist, the average price of a single family home last month was $232,395, which is up seven percent from February. The housing report also showed that listings under contract were up 15 percent last month compared to February. Sales volume, or the amount of homes that were closed on, increased 29 percent. Sales were down 14 percent when compared to March 2008, the report showed. The single family home designation includes both residential and condominium properties.

“We have a good combination of affordability and low interest rates,” Faber said. She anticipated that overall market conditions will follow the positive strides being made now with lower priced properties, and said Denver is routinely ranked high in national studies in terms of market recovery and a place to buy property. “I think Denver is a good bet,” Faber said.

If it’s on TV it must be true - right?

Posted last week at LifeStyleDenver.com. Hop on over!