Gretchen Faber ~ LifeStyleDenver

Real estate purchases can entail hours searching online for possible homes, days in the car with your real estate broker looking at those homes. Discovering that sometimes the pictures don’t exactly match up with the reality, and then finally pulling the trigger and preparing an offer.

Now what?

The period of time we call “under contract” in Colorado Real Estate, sometimes known as “in escrow” in other states, can stretch out for weeks and make time feel like it’s moving at a snail’s pace. There is much to be done, though, and these eight real estate closing fundamentals are important to know:

Property Inspection - The home should be inspected, and you should definitely accompany the inspector while he or she is there. This is a great time to ask questions, and get a sense of whether the property is truly the right one for you, as well as whether there are any material defects you will want to ask the seller to clarify or repair.

Underwriting Period - We build time into our Colorado Real Estate contracts for appraisal, underwriter review of your financial situation and final loan commitment. Each step is essential to getting your loan finalized for the closing day. In Colorado, we schedule a pre-determined closing date. This means that the loan must fund and the documents finalized and delivered to the Title Company by the date you’ve chosen as your closing date. Make sure your lender knows the procedures in Colorado.

Title Review - The Listing Agent will order the title commitment from the closing company. You and your agent will have time to review the document to ensure that you’ll be receiving clear title to the property. You can also choose to have an attorney review any and all documents throughout the closing period. In Colorado, we typically don’t use attorneys to close residential real estate, but you may certainly choose to do so. Especially if it’s a somewhat complicated transaction.

Scheduling Moving Day - Another customary practice in Denver Real Estate transactions is for the buyer to take possession of the property a couple of days after the closing. With a vacant property, possession is typically granted the day of closing. Make sure to check the dates and deadlines in your contract before you schedule the movers.

Walk Through - Most buyers choose to have a walk through the day or so before closing. In the real estate contract, it states that the buyer has a right to walk through and verify the condition of the property prior to closing. Some buyers who are buying a vacant house and have been through it a few times state that they don’t need to have a walk through, but it’s really a good idea to do so. This is your time to check that all of your requested repairs during the inspection negotiations have been completed.

Utility Transfer - The water departments here in Colorado have lien rights on properties, so the Title Company will transfer that utility for you on the day of the closing. They’ll arrange to have the final reading done and the final payment withheld from the Seller’s proceeds. Other utilities such as gas and electricity, satellite or cable and phones should be contacted a couple of weeks prior and you’ll need to arrange to have them transfered the day of closing. The Seller should also call and give permission for the utilities to be removed from their name and put into yours.

Final Closing Documents - As I said, the Colorado real estate contract calls for a pre-scheduled closing date. Everyone comes to the title company on the designated closing date and signs the closing documents, then the deed is transferred and the keys handed over to the buyer. We like to say that there are “two closings”. The usual order of the two closings is to close the real estate portion of the transaction first, then close the loan portion. There are many documents to sign and there will be little time to review them word for word. It’s important to look at the key fundamentals, and always feel free to ask questions if you aren’t sure what the document means. It’s certainly appropriate to request a full packet of the closing documents ahead of time to review before you come to the closing. This isn’t typically supplied by the Title Company, so you’ll need to have your agent request it at least a few days prior to the closing.

Pack and Move! - Many buyers say that they have more stuff than they thought. You’ll save money with the moving company if you have all of your boxes packed up ahead of time and moved to a central location. The movers will be slowed down if you’re still packing boxes while they’re moving you out, so plan on being super organized for the moving day.

View the original article at LifeStyleDenver.

I obtain the market statistics from Metrolist, Denver’s MLS system. They publish monthly statistics based on their data of properties that are entered into the Denver MLS, and provide their statistics to help brokers and consumers understand the market.

In July, Denver’s market saw a bit of a pop over previous months - as you can see by the reduction in number of homes on the market. This could be a typical seasonal increase in activity, but I think that it’s combined with increased positive feelings about the state of Denver’s market.

We’re seeing many more visitors to our open houses and days on the market hasn’t increased by much lately. In fact, in the price range from $300,000 to about $800,000, homes seem to be selling rather quickly. Actual sales of single family homes and condos are up 2.87% over last year and are up 5.74% over June, another positive marker for Denver real estate.

Prices have come down year-over-year, bringing some buyers off the fence. If sales stay consistent through the winter, we’ll be through the bottom and stabilizing for the future.

Sellers - it’s very important to remember than when you’re getting ready for the market and pricing your home you want to move to the front of the line.

What does that mean? Move to the front of the line? It means that unless you’re competitively priced and the home is in show home condition you are only providing rationale for buyers to buy the house down the block. If you’re not at the front of the line - the next house to be purchased - you aren’t going to sell any time soon.

View the original post at LifeStyleDenver.

We have the opportunity to eat out at least twice a month, sometimes more. Not that I’m a lousy cook, but I’m a lazy cook. One of our favorite Denver restaurants is Barolo Grill at 6th Avenue and St. Paul Street in Cherry Creek North. What a spectacular meal!

Upgrade Your Italian, si?

The Barolo Grill is upscale Italian, from the northern areas of Italy. No spaghetti and red sauce here, go to Saucy Noodle in Bonnie Brae if you want that. At Barolo, you’ll enjoy a gourmet take on veal, duck, lamb and seafood as well as couple of excellent vegetarian choices. The risotto is divine and their wine list is superb. After a visit to Barolo a few years back, we became Rosso di Montalcino fans, and buy a bottle whenever we can.

Intimate with Italy

The owners of Barolo close their restaurant for a week every year and take the staff on a food and wine tour of Italy. Imagine being able to tour through the countryside eating and drinking the finest Italian fare and wine. At least in Denver we have the opportunity to live vicariously through the staff at Barolo. They know their stuff, and can discuss your choices at length.

This is a special restaurant so plan ahead and make a reservation. I’m available next Tuesday. To check out their web site go to www.barologrilldenver.com.

See the original review at LifeStyle Denver.

New comers and old timers alike boost Downtown with an enthusiasm bordering on religious fervor and no wonder: for anyone who dreams of a true urban lifestyle, the allure of this pedestrian-friendly district grows ever more compelling as new hotels, lofts, entertainment venues, restaurants, and shops continue to spring up between Lincoln and Larimer Streets.

Conversions of historic office buildings into condos, lofts, and exclusive penthouses plus a rash of new residential construction have transformed Downtown into a vibrant community with a significant population. That might come as a surprise to some, but current statistics show the number of residents in LoDo and Downtown to be roughly equivalent.

Prosperity seems assured as more and more suburbanites trade tedious commutes for urban convenience. What better way to start your day than to leave the car at home and stroll to work?

The futuristic Hamilton Wing of the Denver Art Museum, a redesigned Skyline Park, expanded Colorado Convention Center, and stunning Hyatt Convention Center Hotel have recently joined the already impressive array of downtown attractions.

Still to come are a Four Season’s Hotel, Ritz-Carlton, and upscale residences in the former Security Life Building. Meanwhile, epicurean delights abound at dozens of area restaurants.

World-class theatrical productions and symphonies play year round at the renowned Denver Center for the Performing Arts, home of the sparkling new Ellie Caulkins Opera House, Buell Theater, Boettcher Concert Hall, and Denver Center Theater Company. Nearby, the historic Art Deco Paramount Theater with its pearly facade of glazed terra cotta hosts a diverse assortment of national acts.

Another pleasant surprise is area’s wealth of parks, trails, tree-shaded plazas, and other quiet enclaves. The lively 16th Street Mall — Downtown’s “Main Street” — provides free shuttle service from Civic Center Park to Skyline Park, Commons Park, the Platte River Greenway, and Union Station, future home of the Intermodal regional-transportation hub.

Three stunning pedestrian bridges, including the landmark cable-stayed Millennium Bridge, allow downtowner’s to stroll across the Central Platte Valley to “Denver’s Left Bank” — home to Paris on the Platte (one of Denver’s oldest coffeehouses), My Brother’s Bar, Corks (a wine boutique), REI, and other quaint shops and bistros — and up to Highland, west of I-25.

Shopping and upscale restaurants abound along the Mall anchored by the newly renovated Tabor Center shops and restaurants (including an ESPN Zone), located next to the historic D&F Tower.

Denver Pavilions hosts a plethora of trendy shops and eateries, Barnes and Noble, and a fifteen-screen United Artists Multiplex featuring stadium seating. In addition to a Virgin Megastore, Maggiano’s Little Italy, Corner Bakery, Hard Rock Cafe, and Nike Superstore, look for outdoor concerts and festivals throughout the year.

Mini-districts such as Larimer Square, Writer’s Square, and Sakura Square, offer distinctly different takes on the urban experience. At Sakura Square, heart of Denver’s Japanese community and site of the annual Cherry Blossom Festival, you’ll find the Denver Buddhist Temple; Pacific Mercantile, purveyors of authentic Japanese foods, china, and sundries; authentic Japanese restaurants; and a Japanese-language bookstore.

The brilliant kaleidoscope of diversions transforms daily life Downtown into an unending celebration.

Read the original post at LifeStyle Denver!

The Denver real estate market is like the old saw about a riddle wrapped in a conundrum wrapped in an enigma. I wish my crystal ball was working better, but I’ll have to rely on instinct, experience and my best guess.

Here are some statistics taken from the Denver MLS for May 2008:

The upshot is that we have 9 1/2 % fewer properties on the market than we did a year ago, and .62 % fewer than the month before. The dreaded “over-supply” of inventory seems to be diminishing during the season one would expect to see more properties coming on the market, not less.

Days on Market

The number of days homes are on the market is shortening as well. The average number of days a house is on the market right now is about 100. This equates to a 3 month supply - what analysts consider a balanced market.

In the late 1980’s our market really took a tumble, mainly because the oil shale business dried up. As we look back on that time now, one of the leading indicators that the market was beginning to turn the corner was when number of days on the market shortened. First - fewer days on the market, next - less inventory, finally - prices stabilized.

Multiple Offers

One of the statistics you won’t see in the chart is that many homes are getting multiple offers. In fact, last night I received two offers on one of my listings. Check out LifeStyle Listings and see if you can guess which one, but I can’t tell you yet. One agent wrote a decent offer that still needs to be tweaked a bit, but we can work with it. Another agent brought an offer in excess of $100,000 off of the offering price. She said her clients wouldn’t reconsider their offer because they’d read in the papers that it’s a buyer’s market. I wonder how many offers that agent will be writing up for them…

Average Price

Yes, the average price is still down from last year. We’re pulling out of the slump, but we’re not out of it yet. It’s just a turning of the corner right now. We’ve also experienced a lower price point of homes getting offers than we did in 2007. In our office, the price point of homes that are selling quickly has recently been between $300,000 and $800,000. Last year our higher priced listings were selling much better. This fact alone could be what’s driving down the average sale price, rather than an actual decline of prices.

To read the original post, check out LifeStyle Denver!