Terrell Williams

Is it just me? I don't think so...

Since mid-December, and especially since the first of the year, I've been seeing many subtle - and some not-so-subtle signs that we may be looking at a pretty decent spring real estate market, here in Denver anyway, for the first time in years.

I've had three or four calls in just the past few weeks along the lines of "Hi - we're thinking we're ready to put the house on the market finally. Could you come talk to us about what we need to do to get ready?"

Inventory is WAY down from prior years, special financing plans and tax credits are available for buyers...it all adds up and certainly looks promising.

So far less activity from "ready" buyers, but it makes sense the sellers would be thinking about doing something before the buyers would...

I'm feeling pretty optimistic.

The Entasis Group are clients of mine. We've done a number of different transactions over the past few years. One of the most interesting was a 10 acre building site I found for them three years ago, up near Evergreen. The press release below describes the result of that transaction. I'm very excited for them and wanted to share the good news.

Entasis Group Wins prestigious 2009 Custom Home of the Year Award

Denver, CO - November, 2009 The Entasis Group, LLC is pleased to announce they are the 2009 recipients of the Custom Home of the year award for their stunning new home in Kerr Gulch, near Evergreen, CO.

The award was presented at the annual BAR awards dinner recently, which is sponsored by the Sales and Marketing Council and the Home Builders Association of Metro Denver (HBA). As explained on the program's website, www.thebarawards.com, "The BAR Awards include an array of categories...relating to the entire home building industry." It goes on to say, "The BAR Awards are presented to those who "Raise the Bar" and set a standard of excellence in the Denver home building industry."

The award-winning Entasis home is a unique, and very modern design, in the Kerr Gulch area southeast of Evergreen. It was designed by Brian Ojala, AIA NCARB, one of two principals with The Entasis Group. Brian's brother Aaron oversaw the development and construction phases of the project.

On the market for less than six months despite the current market conditions and the $2.79M price tag, the home sold relatively quickly due to the dramatic location and unique features. Full information about the winning home can be found at: www.evergreenmodern.com.

The Kerr Gulch property is ten acres with a mostly northern exposure. The homesite itself is ideally placed at the very top of the property, yet well integrated into the trees and surroundings. The site allows maximum sun exposure and magnificent views, while still retaining a feel of seclusion and privacy. The home includes four finished bedrooms, one of which is in a separate wing, all with private baths and extensive closet space. The main entry opens into a great room of grand proportions with a magnificent fireplace and walnut floors, and massive support beams for additional visual and tactile interest.

The "organic-modern" style and approach to the design are significantly different than the existing homes in the area, and this, along with the ideal placement on the site and quickness of the sale likely were all factors in the selection as the Custom Home of the Year.

Brian Ojala and the Entasis Group specialize in a very modern set of design principals, including extensive use of natural materials such as wood and stone, offset by dramatic uses of glass and metal to create striking architectural elements throughout the home.

When asked about the winning home, Brian responded, "It was an amazing site. We're very excited about the award and pleased that our design concept appealed to so many people. The response has been overwhelming."

About The Entasis Group:

Brothers Aaron and Brian Ojala lead The Entasis Group, which has been specializing in one-of-a-kind custom homes since 2004. The unique combination of stunning in-house architectural design and energy-efficient focus, together with experienced custom construction personnel sets the company apart from carbon-copy subdivision developers.

Contact:

Darlene Burke
Entasis Group, LLC
12365 Huron St., #100
Westminster, CO 80234
info@entasisgroup.com
ph 303.420.7242
fax 303 420-7436
www.entasisgroup.com

Since attaining the GRI Realtor's designation, I've often been asked what the letters mean, and why having this - or any other - designation matters to buyers and sellers.

Here's what NAR (the National Association of Realtors) has to say:

Why Choose a REALTOR® With a GRI designation?

Buying property is a complex and stressful task. In fact, it's often the biggest single investment you will make in your lifetime. At the same time, real estate transactions have become increasingly complicated.

New technology, laws, procedures and the increasing sophistication of buyers and sellers require real estate practitioners to perform at an ever-increasing level of professionalism.

So it's more important than ever that you work with an agent who has a keen understanding of the real estate business. The GRI program has helped the best and the brightest in the industry achieve that level of understanding.

GRIs are:

[Back to me now...]

Earning the GRI designation is a significant commitment I made, both in time and money, to kick my real estate knowledge up a notch. I've been working hard on several other significant designations since then. In total, I now have many more hours of real estate education since I got my license than it took to get my license in the first place!

Does that make me a better agent, broker, and Realtor? I think so. I certainly hope so, anyway!

My customers often tell me I am 'different' than other brokers they've worked with in the past. I think this focus on staying on top of things - technology, negotiating strategies, tax issues and more - is part of the explanation for why.

The $8000 tax credit quandary.

I have mixed feelings about the homebuyer's tax credit. The initial idea was to help first-time homebuyers qualify to buy homes, but in a more organized and reasonable manner than through the questionable loans thrown around five years ago. The hope was that by encouraging this group of buyers, the overall housing market would be ‘stimulated' nationwide and that would be a good thing.

If the program can be measured by increased sales and reduced inventory of entry-level homes, then it is a success. A pretty huge success, frankly. In Denver, the $8000 stimulus absolutely contributed to a huge reduction in the number of homes on the market below $250,000 - from a total of about 30,000 available homes in early 2007 to around 19,000 now. The switch by almost all first-time buyers from the so-called ‘toxic-loans' to FHA-backed loans had a huge impact on this too. Together, FHA loans and the stimulus acted as sort of a "one-two" punch to significantly change the low end of the market.

Investors bought up all the trashed, foreclosed homes; updated and cleaned them up, then sold them quickly to these new buyers at great prices, using government-guaranteed loans that had fixed, rather than variable rates.

The buyers, though generally getting 100% loans, have a much better chance of keeping their homes long-term, since the interest rates are low, and will stay that way.

So far so good - homes sell; people buy nice homes they otherwise couldn't afford; consumer confidence returns, and we're all happy.

The initial package of these stimulus loans was to end this week. Instead, it has not only been extended, but it has also been expanded to include a new package to help existing homeowners buy their next home - to "move up".

Again, this is great for the real estate market, for us Realtors, and for anyone looking to buy or sell in the next six or eight months.

My concern is about what happens when the program ends - if it ever does. Clearly it can be argued that every transaction just increases the national debt. Also, it is possible that once the program ends, the revived real estate market will come to an abrupt halt, making the ‘recovery' just temporary. The flip side is, it is also possible that every transaction will further stimulate the economy through pass-along transactions - new drapes and furniture and so on. If true, then the program could more than pay for itself over time. Maybe this is true. I hope so.

I'm generally an optimist, and I like the stronger real estate market - but I sure hope people smarter than me have a plan for what comes next...

A new law went into affect in mid-2009, requiring carbon monoxide detectors in homes that are sold in Colorado.  This is a news piece put together by the Colorado Association of Realtors (CAR) and Channel 31 that does a good job of explaining the basics.