Bob Schenkenberger - Denver Real Estate

There are many opportunites to see light show around the Denver Area. Here are some of our favorites!

Symphony in Lights - 6pm to 9pm on the hour, through December 31st. Located at The Shops at Northfield Stapleton, 8430 Northfield Blvd., in Denver. There are more than 250,000 LED lights choreographed to the sounds of the Trans-Siberian Orchestra. Call 303.375.5475 for more information, and check out the video below.

Click here to see the other Denver area Lighting Shows!

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With 30 year fixed rate loans hovering around 5%, is this the time to pull the trigger on a re-finance of your mortgage?

There are two groups of qualified borrowers who should look at refinancing?

1. Those who have fixed-rate mortgages above 6%.
2. Those who have adjustable-rate mortgages and want the security of a fixed-rate loan. With Fixed-rate loans, you will not have to worry about future rate increases. In today’s economic climate, people want the secure feeling of having a stable mortgage payment that comes with a fixed-rate loan.

With Fixed-rate loans, you will not have to worry about future rate increases. In today’s economic climate, people want the secure feeling of having a stable mortgage payment that comes with a fixed-rate loan.

There is no better time to get out from under your adjustable loans and high-rate seconds, which means lower interest rates and lower payments [...] Continue Reading…

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Image Credit woodleywonderworks via Flickr

For almost a year, the Get Home Denver Team has been advising our investor clients to get into the game. While the rest of the country has been experiencing the massive devaluation of real estate, the Denver Market has (In my opinion) neared bottom, and has stabalized substantially over the past 12 months. In fact, pockets of the Denver area are no longer dropping in value, but actually holding value, or even seeing slight appreciation. For the past year, our favorite investment play has been the Fitzsimons Redevelopment area. The redevelopment is a 578 acre project that creates a common workplace for both Private Bioscience companies and the clinical endeavors of the University of Colorado Health Sciences Center, and the Denver Children's Hospital. Once complete the area will be home to:

• University of Colorado Denver, Anschutz Medical Campus
• University of Colorado Hospital
• The Children's Hospital
• Colorado Science and Technology Park at Fitzsimons
• US Veterans Health Administration Hospital
• Colorado State Veterans Nursing Home
• Commercial trade and services establishments, along with some limited scale multi-family residential development.

The on-site employment currently is approximately 16,000 and is projected to be over 43,000 by the time the development is complete. In 10 years it is anticipated the economic contribution of the project will be

• $3.3 billion in annual operating expenditures
• More than 3,200 undergraduate and graduate students at the UC Denver facility, not including medical residents and fellows. (Hint: These folks will all need somewhere to live!)
• 23,100 jobs based on-site, supporting another 28,100 elsewhere in the Denver Metro Area.
• Nearly $2.1 billion in employee income annually!

I could go on, but you can see this is a big deal!

Click Here to See a Map of the Area!

Now, why we think this area is ripe for real estate investment.

1. Location, Location, Location. The location is not only walking distance from the Fitzsimons project, it is also adjacent to the hugely successful Stapleton Airport Redevelopment area. Stapleton has been one of the largest and most successful infill development projects in the country. This strength rubs off on the surrounding area, and makes people want to be a part of this community. If they can't afford the Stapleton community they look to the surrounding area, which this is a part of. Here are some fact about the Stapleton area. The fact that Stapleton held ground, while the Denver Market in general dropped over 15% during the same time period, speaks to it's strength.

• In 2006, 215 Properties were sold
  • Average Sales Price = $430,000
  • Avg. Price per Sq. Ft. = $214/ft
• In 2008, 285 Properties were sold
  • Average Sales Price = $432,000
  • Avg. Price per Sq. Ft. = $211/ft

2. Price Point. The price point of these homes is less than $100,000! In combination with the rental rates, there is huge cash flow potential! These are post WWII homes that are a perfect match for the entry level homebuyer, (always a strong exit strategy,) as well as, those looking to rent a home.

3. Rental Desireability. Homes in this area rent for between $700-$1100 per month. Rental Rate is influenced by number of bedrooms and baths, as well as, basements, garages and conditions. It is my opinion the already brisk rental market, will only get hotter as the demand for housing is pushed by more Med Students, Hospital Workers, and those with a desire to be near the amenities at Stapleton.

4. Appreciation Potential. The appreciation play here is phenomenal! The price of these homes has been hammered over the past 2-3 years as a large number of foreclosures have effected this entry level neighborhood. Homes that sold for $130k-$175k a couple of years ago, are being sold for $50k-$80 today. We sold a number of places early in 2008 for $50k, and today, it takes closer to $65k-$70 for the same property! This area has shown appreciation in 2008, and we think will continue to do so. Here is a look at some of the numbers.

• In 2006, 517 homes were sold
  • Average Sales Price = $119,000
  • Average Price per Sq. Ft. = $117/ft
• In 2008, 743 homes were sold
  • Average Sales Price = $81,000
  • Average Price per Sq. Ft. = $79/ft

Conclusion My team and I believe the Fitzsimons area to be the #1 investment play for residential real estate in the Denver Area. Our opinion is that this is NOT a Fix n Flip investment, but rather a buy and hold, income producing play. Please feel free to contact us for more information, access to our Hot Investment Home database, or if you would like to access any of our other Real Estate Investor tools.

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Those of us who live in Colorado are fortunate and are able to enjoy one of the most beautiful areas in the world!

I've been collecting photos from around the web (Licensed, and not STOLEN!) for visitors to my site. Many photos are from my cell phone during everyday travels, but most are from much better photographers than I.

With winter almost upon us, and the Colorado Ski Areas, getting ready to open, I thought I'd share some great mountain photos this week!

Click here and Enjoy!

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Anyone using Arapahoe Rd. that must cross the Parker Rd. intersection knows what a nightmare this traffic fiasco can be. During the extended “Rush Hours” traffic can back up for miles for those trying to cross Parker Road.

The good news is there is a plan in place to fix the problem! The Arapahoe Road - Parker Road interchange is scheduled for the following improvements.

• Parker Road will pass over Arapahe Road
• Loop Ramp to serve Eastbound Arapahoe Road to Northbound Parker Road
• Two-way “Ring” Road in the southeast quadrant of the interchange
• Already completed North portion of “Ring” Road
• Soundwall along Parker Road

The Soundwall is scheduled to be completed by the end of 2008. The remainder of the “Ring” Road is scheduled for completion in the Summer of 2009.

Currently, $29.7 million in funding is earmarked for the interchange project. This will allow for all the design, phased improvements, and right of way acquisition. Unfortunately, the remainder of the construction will only occur when funding is available.

This means the fly-over piece is in need of funds! I will continue to follow this project and update the blog when new details are available.

This project is key for those living on the east side of Parker Road. The increased traffic flow will certainly raise the desirability of the 1000’s of homes in this area. Additionally, this improvement of will certainly have a positive impact on the housing values.

The Parker Road Corridor Project features many other improvements. I will will write about these later this week, so stay tuned! You may want to subscribe to this blog so you don’t miss any updates!

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