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Stuart Dobson

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Castle Pines North celebrates Bday!

02-12-09
Stuart Dobson

Castle Pines North will celebrate its first full year as an independent city today.  Castle Pines North development was started 25 years ago, and Mayor Maureen Shul is impressed with the formation, implementation, and achievement from the newly formed city municipal government.

Castle Pines North today has over 3,400 homes, 10,000 residents and commercial development along Castle Pines Parkway.  Located in Douglas County, Castle Pines North recently secured the Lagae Ranch development that calls for building 600-700 new homes.  Additionally, a new church, school and park are also under construction.

Also, as of today, the private contractor C2HM Hill will take over public works services from Douglas County which has handled those tasks in the past.  However, South Metro Fire Rescue and the Douglas County Sheriffs Office will still serve the new city.

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Why bank owned houses aren't selling like they should

02-10-09
Stuart Dobson

Why bank REO's are not selling that quickly

In some real estate markets, bank owned properties (REO's) are the ONLY residential properties that are selling, in other real estate markets they make up varying percentages of the sales.  However, I've noticed in our local Denver Metro market that while they are selling, they should be moving a lot quicker.  Here's the primary reasons why the houses are not selling:

  • The real estate brokers who have the REO contracts with the banks only work 'bankers hours'.
  • You cannot reach a broker in person, usually you can only leave a message or send an email.
  • But, the brokers are not returning phone calls or emails.
  • The brokers have way too many properties per agent.
  • They generally have a very callous attitude.
  • Finally, poor marketing, they don't have to do any work...so they don't.

I can't tell you how many stories about not being able to reach a broker, being told they are golfing, they don't work weekend or nights, no one except the listing broker at the office can talk to me about the property and they will get back to me 'when they get around to it'.

The banks that own the properties obviously aren't checking up on the real estate brokers performance, and with the TARP funds that the banks are getting maybe no one cares.  But in the meantime, there is a big contignent of brokers who really don't lift a finger to market, or even know how to market online, like many of us do, the houses they list.

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Denver rated best place to live

02-09-09
Stuart Dobson
Denver Colorado rated most desirable place to live

The city of Denver, known for its skiing, culture and bustling singles scene, is where Americans would like to live the most, according to a recent survey conducted by Washington, D.C. based group Pew Research Center.  This doesn't come as any great suprise to those of us who already call Denver home.  Sunshine, dry air, reasonable housing prices, and a decent economy (relative to the rest of the US right now anyway) make Denver, Colorado a good place to raise a family, be outdoors and enjoy life.

The real estate sales activity in homes priced below $250,000 is very strong right now.  Our market has already bottomed out about six months ago, and with the likely passage of the stimulus act from Congress and the President, plus declining mortgage rates means that our residential housing market will likely stay strong.

When people nationwide talk about Denver, they usually mean the entire metro area, not just the city of Denver itself.  Our metro area includes the front range from Boulder to Castle Rock.  There are a lot of neighborhoods and cities in between the two as well.  For right now, I'm just pleased that the State and city are getting the recognition of being a great place to live and work.
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Commercial real estate in Colorado 2009 forecast

01-21-09
Stuart Dobson
Commercial real estate in Colorado for 2009

Although this is not an exact forecast, this are the most common questions and answers concerning commercial real estate activity in the metro Denver Colorado commercial market.

Is now a good time to lease or buy?

Every day I get asked my opinion on the state of the Colorado commercial real estate market.  Is this a good time to lease?  Is this a good time to buy commercial property? In general the answer is yes, not just because I'm a commercial real estate broker in Colorado, but because most landlords, developers and management companies are fighting to stay alive and desperate for tenants.  That doesn't necessarily mean that you will get the most desirable space or building for free, but you are more likely now to be able to negotiate a better deal involving:  free rent for some period, free tenant improvements, a better location, better signage, or better lease term.

As always, a strong balance sheet (aka financials) is one of the most important negotiating tools that a lessee has, but there are other factors to consider as well.  Is the proposed business complimentary to the existing tenants?  Are you a nationally known franchise or name brand?  These considerations will also effect the landlords decisions. 

Is now a good time to sell?

In a word, no.  Unless your building is generating positive cash flow, with a solid tenant roll, and has a cap rate over 8%...it is not a very good time to try to sell a commercial property in Colorado.  Can it be done?  Yes.  But it will be difficult and the real estate better be marketed correctly.  And, just like in residential home sales, most buyers are beginning their search online these days, so your building or space needs to be properly optimized for that medium.

So what is the future of commercial real estate in Colorado?

Just like you, we don't know for certain but there are some good indicators.  Nationally, the Commercial Leading Indicator (CLI) is declining, the overall economy is also mired in a recession, however in Colorado there are a few positives:  Colorado's population is growing; the economy has diversified from being solely dependant on oil and gas; and alternative energy, aerospace, wind and solar power, technology and telecommunications industries are providing much needed employment diversity.  Which trend will win?  Although the commercial real estate market is currently stagnant and their are deals to be had for lessee's and buyers, I think that in the next few years this time period will be viewed in hindsight as having been a very good buying opportunity for those that have the capacity to purchase or lease space.

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Colorado real estate market improving

12-05-08
Stuart Dobson
Denver real estate market is improving

Colorado foreclosure filings fell sharply in the third quarter this year.  According to figures just released, their was a 24% drop in filings and 9% drop in foreclosure sales from the comparable 2007 third quarter.  This recently released data backs up what we have been seeing in the residential markets for the last 4-6 months.  The lower end of the market, sub $250k homes, have been selling quickly as the competition from foreclosures has decreased.  The time on market for homes is heavily stratified based on price, and it should be noted that not ALL counties and price ranges are experiencing the same rates or directions of change.

This makes sense as the CO real estate market entered the housing recession earlier than much of the country and is pulling out sooner as well.  There is still a ways to go before the foreclosure crisis is over, and the median priced homes are now being affected more than they were a couple years ago.  Also, the economy and job losses are now to blame for many of the new foreclosures hitting the market whereas sub prime mortgages were the primary drivers for years prior.

Hopefully, this is the start of a trend of improving home prices in Colorado and not just a quarterly statistical anomaly.

For more information about local home prices and conditions please contact a qualified Colorado real estate broker.
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