May 16, 2017

241 S Grove Street Denver CO 80219

Barry Kunselman | 303.88.0588 | Contact Barry

See All Homes for Sale In Barnum

 241 Grove St Denver CO 80219

 Great Investment Opportunity 2 homes for $250K in Barnum

 3 Beds |  2 Baths | $250,000

Purchase 2 homes for the price of 1! Front home offers 2 bedrooms with 1 bathroom, hardwood floors, 2 off street parking spaces new furnace and hot water heater. ADU offers 1 bedroom, 1 bathroom 1 off street parking space and newer hot water heater. The ADU is in need of some repairs, including paint, new carpet, deep cleaning and some repairs to bathroom. Very low rents, front house is rented for $800 per month, ADU is $400 per month, tenants are currently on a month to month lease. 

OPEN HOUSE SCHEDULE:

May 19, 2017 Friday 1-3PM

May 20, 2017 Saturday 12-4PM

May 21, 2017 Sunday 12-2PM

Watch the Virtual Tour: http://tours.porchlightgroup.com/776770

More pictures and info here: http://www.buydenverurbanhomes.com/property/9515453/

Nearby Schools

Children in this community typically goes to the following schools:

Elementary School: Barnum Elementary School & Munroe Elementary Schools

Middle School: Kepner Middle School 

High School: West High School

Location

241 South Grove Street

Very Walkable

Learn more about Barnum 

Minutes to light rail, Perry and Knox Ct stations.

Shopping & Restaurants

Grocery stores are plenty and the area has a huge selection of locally owned restaurants and bakeries along Federal Boulevard.

  • Grandpa’s Burger HavenIf you want to grab a quick burger after you visit the park, check out Grandpa’s Burger Haven. It’s kid friendly and they have outdoor seating.
  • Los Molcajetes Taqueria. Los Molcajetes Taqueria is a Mexican restaurant that is said to have delicious chili rellenos and tortas. The pricing is reasonable and they have a great selection, with a friendly atmosphere.

Belmar Plaza is a mere 10 minutes drive and boasts of multiple dining options, shopping, ice skating, bowling, movie theater and more.

Amusement & Recreation

Barnum Park has a recreation center, pool and playgrounds. Enjoy the outdoor pool in summer or join a variety of fitness classes and activities at the popular rec center.

Visit the neighborhood orchard, Barnum King St Garden. Bring the kids to the Petting Zoo beside the garden and check out the friendly goats. 

Have a bicycle adventure at the Platte River Trail or the Barnum North Bike Park.

 

Barnum Neighborhood

 Find Out What Your Barnum Home Is Worth

To potential buyers of this great investment opportunity in Barnum please email me Barry@porchlightgroup.com or call me at 303-887-0588 for more information.

 

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April 19, 2017

12810 Jackson Circle Thornton CO 80241

Barry Kunselman | 303.887.0588 | Contact Barry

12810 Jackson Cir Thornton, CO 80241

 Move-In Ready Ranch Style Townhome In Thornton

 2 Beds |  2 Baths | $329,900 

Move-in ready ranch in popular Lake Village subdivision with tons of storage. Buyers will enjoy large open kitchen with granite counter tops, stainless steel appliances, large master bedroom with huge walk-in closet. Large unfinished basement and large crawl space is perfect for additional storage. Maintenance free living, HOA includes exterior maintenance, roof, ground maintenance, insurance and the HOA will shovel driveway and sidewalks. 

Special Features

Main Floor Master with lots of storage

Granite counters and stainless steel appliances

1000 square unfinished basement

Low HOA fees

10 Guests parking spaces around the corner.

For the right price new washer and dryer stay.

See All Townhomes & Condos for Sale In Thornton, CO

Take A Virtual Tour: 

http://tours.porchlightgroup.com/753801

Nearby Schools

Children in this community typically go to the following schools:

  • Elementary School: Stellar
  • Middle School: Century
  • High School: Mountain Range

Location

12810 Jackson Circle

Car-Dependent

Learn more about Thornton

More pictures & Information here: Coming Soon

Restaurants

 Walk down the road and enjoy Chinese and sushi at United Chinese, the nearest restaurant in the vicinity. They deliver too! Order authentic Mexican food at Restaurant Monclova

Amusement & Recreation

There are two parks right around the corner: Cottonwood Park and Heritage Trail Park- that offer two play grounds and tennis courts.

East Lake Shores Park is very close and offers tennis courts, playground, walking trails and nature reserve great for bird watching. 

 

Lake Village Center Neighborhood

HOA $210.00 month includes Exterior Maintenance w/ Roof, Grounds Maintenance, Insurance, Snow Removal. HOA shovels drive and walkway!

Contact Barry at 303.887.0588 for a sneak peek of this move in ready townhome in Lake Village or other houses for sale in Thornton CO.

Find Out What Your Home Is Worth

Search for Homes in Thornton, Colorado 

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April 14, 2017

Can A Discount Broker Really Save You Money?

Barry Kunselman | 303.887.0588 | Contact Barry

Can A Discount Broker Really Save You Money?

Commission. Some see it as a dirty word, but when it comes right down to it, it’s the way your real estate agent earns their living. And it’s the incentive they have to do the best job to get your home sold—or next home purchased—with as much efficiency and for the best price possible. Don’t discount the importance of a great real estate agent.

Why discount brokers could end up costing you more in the long run

Discount brokers—those who offer up their limited services at a reduced percentage or flat rate—have been popping up at a more rapid rate with the housing market boom. They promise the same, or even better, services at a lower rate than their traditional competitors. But when it comes to discount brokers, there are several reasons why it should be buyer—or seller—beware. Here are some things to think about before you hire your next agent.

1. ATTENTION: This is one of the biggest and most important transactions you’ll make in your life, and you deserve the one-on-one attention and dedication a traditional agent offers. Discount brokers have to handle more deals to earn a living, which means they have less time to dedicate to you and your home.

2. AVAILABILITY: Deals happen at all hours of the day. Traditional brokers often work nights and weekends to ensure their clients are being served at the highest level. But discount brokerage firms typically run from 9am - 5pm, putting their schedules above your convenience.

3. EXPERIENCE: Traditional brokerages predominantly consist of seasoned agents with years of experience. That’s compared to discount brokers who tend to be less seasoned, without the essential market and contract knowledge to ensure you get the best deal possible. In fact, a traditional broker will likely get you a better price than a discount broker will be able to—which means they could bargain away more than the difference in commission is worth!

4. REPRESENTATION: You might have heard that discount brokers are now offering the “transparency” of letting buyers and sellers work directly with each other. Don’t be fooled! That simply means you don’t have the professional representation you’re paying for. A real estate agent’s full-time job is to act on behalf of their client, finding properties they might not be able to access on their own, negotiating contract details, and serving as a liaison between buyers and sellers to ensure their client makes it to closing table with a deal they can be happy with.

5. SUPPORT: Overall, the main difference between discount brokers and traditional agents is the level of support you’ll be able to expect. A traditional realtor will earn their commission through:

  • Tracking down homes that meet specific and demanding criteria, getting in touch with sellers’ agents and making appointments to see homes.
  • Pricing a home correctly, by knowing the market and comparing all other houses in the area.
  • Preparing a home for sale by properly staging it and taking professional photos for marketing purposes.
  • Using advanced marketing techniques, including online advertising, print collateral and essential networking with other traditional brokerages.
  • Access to the MLS—this vital tool in buying or selling your house is often not availableat a discount brokerage firm.
  • Hosting open houses, broker opens, and showings, and gathering timely feedback on a listing.
  • Negotiating the details of a contract to ensure you get exactly what you want out of your transaction.

See how a discount broker might actually cost you money: 

Discount Broker downsides chart

Denver Metro Home Sellers

Discount brokers imply that you will net more money because you are paying less commission. A traditional full service broker implies that you will net MORE, even after paying a higher commission, because of their expertise and knowledge. 

The bottom line is, traditional brokerages simply bring more to the table. And when you choose a PorchLight agent (me), you get even more service, support and dedication. Buying or selling a home is a big deal. Don’t make a mistake by outsourcing it to the lowest bidder.

Barry Kunselman | 303.887.0588 | barry@porchlightgroup.com

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April 7, 2017

25 Fun Facts About Denver YOU MIGHT NOT KNOW

Barry Kunselman | 303.887.0588 | Contact Barry

1. Louis Ballast, who operated the Humpty Dumpty Barrel Drive-In in Denver, was the first person to trademark the cheeseburger.

2. The first permanent structure in Denver was not a hospital, bank or house—it was a saloon. Which is appropriate, since Denver now brews more beer than any other city in the nation, with over 200 different beers brewed daily.

3. In Denver’s rarified air, golf balls go about 10% farther than they would at sea level.

4. The 1976 Winter Olympics were originally going to be held in Denver. However, after the community voted against it, the city withdrew their bid, making it the first place to ever turn down hosting the Olympics.

25 Fun Facts About Denver

5. Famed music group Led Zeppelin played their first show in America at the Denver Auditorium Arena on December 26, 1968.

6. In 1902, the police at Denver Union Station started enforcing a “no kissing” rule on platforms because it slowed down the trains.

7. William McGaa, one of the first settlers of Denver, named several downtown streets, one of which was called Wewatta for his original Sioux wife. However, he also named another street, Wazee, after his mistress. Talk about awkward.

8. Denver is one of the 12 US cities to have teams from four major sports (baseball, hockey, football and basketball).

9. The National Western Stock Show, held in Denver, is the largest stock show in the world. The National Western Rodeo is also one of the biggest rodeos on earth.

10. Denver has been named the “Baby Boomer Capital of America,” boasting a higher number of baby boomers than any other US city.

Capitol dome11. The dome of the Colorado state capitol is plated with real 24K gold. However, the real rarity of the Colorado state capitol is on the inside—the world’s entire known supply of Colorado Rose Onyx was used on the building’s interior.

12. Denver was rated as the healthiest city in the country for pets by Purina, ranking high in categories like veterinarian to pet ratio and low number of fleas.

13. Denver has the largest city park system in the nation, with 14,000 acres of mountain parks and 2,500 acres of natural areas.

14. Denver collects more money for the arts per capita than any other US city, and the Denver Performing Art Complex is the 2nd largest performing arts center in the world.

15. Except for Calvin Coolidge, every US President since Teddy Roosevelt has visited Denver’s Brown Palace Hotel and Spa.

16. When viewed from above, the 400,000 pieces of granite paving on the pedestrian walkway of the 16th Street Mall resemble the skin of a western diamondback rattlesnake.

17. 200 named peaks are visible from Denver. 32 of them tower at 13,000 feet and above.

18. Elvis Presley once flew in his private jet from Memphis to Denver’s Stapleton Airport just for a sandwich. He ordered 22 Fool’s Gold Loafs, a sandwich containing a jar of peanut butter, a jar of grape jelly and one pound of bacon, from the Colorado Gold Mine Company Steakhouse for him and his friends. They dined on the sandwiches with champagne and then returned home.

19. Denver was named after Kansas Territorial Governor James Denver in hopes of gaining political favor. However, by the time the town was named, Governor Denver had retired.

20. Denver is one of the sunniest cities in the US, with 300 annual days with some sunshine each year.

Coors Field21. At just over 26 miles long, Colfax Avenue is the longest continuous street in America.

22. Colorado Rockies’ Coors Field is one of the best ballparks in the nation for home runs. Because of its high elevation and the dry air, the balls fly much farther when hit than in other stadiums. The field has twice broken the record for major league home runs hit in a single ballpark in one season.

23. The Denver mint is the single largest producer of coins in the world. You can tell if a coin is made in Denver by a D mark.

24. In Denver, it is unlawful to lend your vacuum cleaner to your neighbor.

25. Denver’s bright blue sky really is bluer than many other cities’. Because of Denver’s elevation, the air has less water vapor than it would at a lower altitude, making for a gorgeous sky!

Source: Amanda Orcutt, Movoto Blog, movoto.com/guide/denver-co/denver-facts

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March 21, 2017

13890 E Marina Drive, 402 Aurora, CO 80014

Barry Kunselman | 303.887.0588 | Contact Barry

13890 E Marina Drive, 402 Aurora, CO 80014

 Large End Unit in Heather Gardens Seville

 2 Beds |  2 Baths | $263,000 

Great opportunity to own a large end unit in Seville. Future owners will enjoy Seville's outdoor pool, hot tub, tennis courts and Koi pool just outside the building's front door. This desirable F model has beautiful mountain views from Pike's Peak to Long's Peak. This unit is flooded with natural light, has new carpet, new paint and light fixtures. The owner has enjoyed the large dining room which is perfect for hosting friends and family for holiday and dinner parties.

Special Features

New Carpet
New Paint
New Light fixtures
Desirable F Model in Seville
End unit
Amazing Mountain Views
Large Enclosed Lanai

See All Homes for Sale In Heather Gardens Seville, Aurora

Nearby Schools

Children in this community typically goes to the following schools:

  • Elementary School: Century Elementary School Distance: 1.12 miles away Grades: PK-5 & Polton Community Elementary School Distance: 1.28 miles away Grades: PK-5
  • Middle School: Prairie Middle School Distance: 1.44 miles away Grades: 6-8
  • High School: Overland High School Distance: 1.47 miles away Grades: 9-12

Location

13890 East Marina Drive

Car-Dependent

Learn more about Aurora

More pictures & Informatio here: http://www.buydenverurbanhomes.com/property/4376354/

Amusement & Recreation

Nearby parks include:

Eagle Park  

14691 E. Floyd Ave.

6.5 acres, basketball half courts (2), playground

Olympic Park 

15775 E. Yale Ave.

5.3 acres, picnic shelter, playground, restroom, access to Cherry Creek Spillway Trail

Tierra Park

 14777 E. Asbury Ave.

14.3 acres, playground, tennis courts (2)

 

Heather Gardens Seville Neighborhood

YOU'LL ENJOY SEVILLE WITH ITS OWN OUTDOOR POOL, HOT TUB, TENNIS COURTS, AND KOI POND. HOA fee include access to the newly renovated Clubhouse, Community Pool, Exterior Maintenance (Including Roof), Gas, Heat, Sewer, Snow Removal, Tennis Courts, Trash Removal, Water

Find Out What Your Home Is Worth

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Posted in Sold Listings
March 17, 2017

Renovating Your Denver Home to Sell Boosts Resale Value

By Barry Kunselman | Porchlight Real Estate Group | 303.88.0588 | Contact Barry

How Much Will You Get Back If You Renovate?

To Get Top Dollar For Your Home You Need To Renovate

Every Denver Metro homeowner wants to get the maximum value when selling a home. But how do you ensure you get the best price? Should you renovate or sell as is?

I recently helped a seller renovate a 2 bedroom townhome in Lakewood. Sold as is we would have received $230K. With $7K investment into carpet, laminate flooring and paint we received multiple offers. The highest offer came at $277K but we decided to take the offer for $265,500 because the buyer was willing to cover the cost if the appraisal came in low. 27% return on money. 

Here are some things you should consider before deciding to renovate or sell as is:

REALITY CHECK

Unless you absolutely have no money or you can't afford mortgage payment and the home is going into foreclosure, I always recommend some updates before selling. Small projects can pay off big. New carpets and a fresh coat of paint do wonders to improve the appearance of a home and its overall appeal to buyers. I would never recommend to redo a kitchen & bathroom completely as this would be pricey and would not give 100% return of your investment. 

Before you ever spend a dollar or lift a hammer you have to evaluate if you and your family can handle a renovation. If you remain living in your home while you are renovating, then you will be faced with some level of chaos. Certain personality types do not do well with chaos. There will dust and displaced household items and unfinished walls, drywall and flooring. What would you be willing to sacrifice to get your home move in ready?

WHY YOU NEED TO UPDATE

9475 W UUtah Before & After Kitchen

As a seller, you might think that the buyers would want to select his own carpet and decide on paint colors. They do. So why do you need to update?

90% of homebuyers are looking at homes online so it is incredibly important the photos of the home look good and accurately display the home. Your home cannot look like a dump if you want to get the best price for it. To make more money, you have to get it to move-in ready condition. People need to see how it's going to look when they live there so make sure it's attractive and appealing.

Because most buyers are using the majority of their savings for the down payment they are more likely to pay more for a home that is move in ready than purchase a home at a lower price and spend thousands of dollars fixing it up.

SET YOUR BUDGET

Establish the budget. As a realtor I advise my selling clients on improvements and renovations that would maximize the home's appeal while working within the seller's home improvement budget.

I also offer to help hire contractors and monitor/oversee renovations. Majority of realtors do not offer this value added service to home seller clients. I provide this service because the house will sell quicker and I enjoy it. It's fun to take an old outdated home and make it shine.

My clients trust me because I know the best people for the job. My contractors are affordable and reliable and not overpriced. If my clients were to find contractors online they are going to pay a premium for the contractor which will affect their bottom dollar.  

ANALYSIS

9475 W Utah

Once the seller has established a budget, it is time to it is time to create a list of things that need updating and to find out approximately what those cost. This renovation checklist can help you get a clear picture and identify the areas that need work.

Maybe the house has not been painted in the last 10 years and there is wallpaper on the walls, or the carpet looks frayed and dirty. Kitchen and bathrooms are make or break for buyers when touring a home. It is important not to overlook its condition. Since an up-to-date kitchen helps entice homebuyers, money you spend in this space can usually be expected to find its way back into your wallet.

If there is not enough money to replace carpet in the whole house we can put my seller's money into deep cleaning or updating outdated light fixtures. My aim is to maximize the budget as best as I can. We want to make the home as turnkey as possible within the budget.

SET THE TIMELINE

Simple renovations and updates can run from 2 -to 3 weeks. If seller is out of town I take photos of the work that has been done. The photos can be a wonderful way to show the steps the contractor did to complete the job which could help down the road. There may be some clues in these photos that show what could have gone wrong. It is also an excellent way to keep everyone honest and to keep the quality high. These are also wonderful memories for later.

Remodeling ROI

Advice to Home Sellers:

Before selling your Denver Metro home, make sure you understand the current market conditions in your neighborhod by talking to a knowledgeable realtor. Look at the competition in your price range to see how they stack up to you home. Check with your realtor which renovations will give the most bang for your buck. Making the right decision about your renovation project will ensure that your home will attract more homebuyers and get you the best price.

If you’re thinking of selling, give me a call!  I would love to help you get maximum value for your home. l know what will work the best for you and advise what repairs are necessary, given the state of the Denver Metro market. Call 303.887.0588 or email me at barry@porchlightgroup.com.

 

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Feb. 17, 2017

Not Sure If It's The Right Time to Buy or Sell? Test Drive The Market

Barry Kunselman | 303.887.0588 | Contact Barry  

I have had a handful of phone calls recently from people about getting into the real estate market this year. They're not really sure. There's a lot of stuff they're hearing from the media and their friends of their current buying and selling experience, so they are curious. Is this the year they are going to buy or sell?

 

 

TEST DRIVE THE DENVER METRO REAL ESTATE MARKET

Your friends and family will have your best interest at heart, but they may not be fully aware of your needs and what is currently happening in the real estate market. Real estate conditions in your neighborhood of choice may differ from blended reports that you see on the news. 

BUYERS

I am offering a program right now if you want to test drive the market. Give me a call, whether you or somebody you know, essentially if you are just curious what the homebuying process looks like. We will sit down, review different neighborhoods. I have a client going out today doing the exact same thing. She is not one hundred percent sure she is going to buy this year but we are going to explore different neighborhoods she is interested in in her price point and circle back in a few months to see if this is a good year for her to get into the real estate market.

 

Reason To Own A HomeI get this question a lot from people regarding mortgage: What does the downpayment look like these days? A lot of buyers think it is twenty percent down but there are a ton of great programs right now at 3%, 3.5%, 5%, 10% and 20%. If you have questions about these loan programs, give me a call at 303.887.0588.

Home values are up. With prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy. Mortgage rates, though still historic lows, are expected to go up. What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? Only you and your family will know for certain if it is truly the right time to buy.

SELLERS

I have a handful of sellers that have recently purchased in the past couple of years that are sitting on a decent amount of equity and are thinking about moving that equity into either a larger home, possibly a better school district. I even have one client who is considering moving to Evergreen and getting away from the city. If that's you, I would love to help you out.

Average Equity Gain Per Homeowner June 2015- June 2016

 

A lot of my sellers come to me and say "I know I can sell my house but how am I going to purchase another house with the market being the way it is?". Most of my sellers are  selling and moving to a slightly larger home and higher pricepoint. First of all, you are sitting in a ton of equity than some of the buyers in that price point. Everytime you move up a price point the competition is less intense. Move up sellers buying a home in the uper price range have a better time at finding a house than they might anticipate. 

 

CoreLogic predicts that US home prices will appreciate by another 5% by this time next year. Experts predict Denver home price appreciation at around 8-9%. If you are a Metro Denver homeowner looking to take advantage of your home equity by moving up to your dream home, let's get together to discuss your options! Call me at 303.887.0588 | Contact Barry  

 

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Feb. 16, 2017

Denver Restaurant Week in 2017- Feb 24 to March 5

Barry Kunselman | 303.887.0588 | Contact Barry 

The 13th annual Denver Restaurant Week, a ten day stretch that takes place from February 26 through March 6 is upon us. Denver Restaurant Week is a celebration of the culinary scene in Denver. Participating restaurants will offer a multi-course dinner for some very tasty prices: $25, $35 or $45 depending on menu. 

Invite Denver Resto Week

When Denver Restaurant Week started in 2005, dinner was priced at $52.80 per couple and remained that way until 2014; in 2016, as in the previous two years, dinner is a flat $30 for one. This year, event organizer Visit Denver offered dinner for one at $25, the lowest ever offered for the event, below the $26.40 set in its first nine years.

Richard Scharf, president and CEO of Visit Denver, said the number and varieties of restaurants have grown over the past 13 years, since the event was created.

"We wanted the pricing structure to reflect the entire culinary scene," Scharf said. "The low-, mid- and higher-range options allowed the flexibility for even more restaurants to participate, and the prices make it easy for diners to experience more of everything that Denver has to offer."

Experience more of everything that Denver has to offer. Give your tastebuds a gourmet treat at your favoritte restaurant or try the amazing menu selection at emerging hotspots The participating restaurants are spread throughout metro Denver and offer a wide variety of choices, including American, Asian, Brazilian, Caribbean, barbecue, contemporary, brew pubs and more. 

Here’s a full list of the more than 200 participating restaurants. To check out menus or reserve a table at your favorite, visit denver.org/denverrestaurant

 

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Jan. 28, 2017

9475 W Utah Pl Lakewood 80232

Barry Kunselman | 303.887.0588 | Contact Barry

See All Homes for Sale In Lakewood

9475 W Utah Lakewood CO

 Rare Kendrick Lake Townhouse

 3 Beds |  3 Baths | $255,000 

Multiple offers, SOLD OVER LIST PRICE! Best value in Lakewood, this move-in ready townhome has new paint, new carpet, new laminate flooring and new modern light fixtures. The second floor has 3 bedrooms with 2 bathrooms. The unfinished basement is perfect for adding a rec-room or workout room. Buyers will enjoy large 2 car garage with room for small work shop. This 1,321 square foot townhouse is adjacent to greenbelt, open space, Kendrick Lake Park. Enjoy breathtaking views of the lake, watch ducks and geese at play, or take take a stroll down the wide paved paths. The park has a large playground, covered ramada, large open flat field and restrooms.  Close to shopping and restaurants.

Don't miss the opportunity to own this wonderful home located in a great neighborhood. As of this time, there are no other homes for sale in Kendrick Lake. Call today to schedule a showing.  

Nearby Schools

Children in this community typically goes to the following schools:

  • Elementary School: Green Gables & Kendrick Lakes Elementary School
  • Middle School: Carmody Middle School 
  • High School: Alameda International High School

Location

9475 West Utah Place

Car-Dependent

Learn more about Lakewood

 

Shopping & Restaurants

 The closest grocery stores are Jenny's Market, Big Lots and Dillon Co.  Nearby coffee shops include Donut Burst, 7-Eleven and Starbucks. Nearby restaurants include Blackjack Pizza, Buck's BBQ & Grill and Garramone's Pizza and Italian Restaurant.

Amusement & Recreation

Kenderick Lake Park - Walk around the Lake and watch the geese and ducks play. Very nice playground equipment for kids. Plenty of free parking. Fishing is allowed. Kids can feed the ducks. They have covered picnic tables that can be reserved for parties.

Jewell Park and Carmody Park & Recreation Center.  

 

Kendrick Lake Neighborhood

The Woodlake Subdivision in Kendrick Lake is a complex Of 19 multi-townhome buildings, just east of Kendrick reservoir. Nextdoor members describe  Kendrick Lake as a quiet & peaceful, safe, family & dog friendly, well maintained community.

Woodlake's $210 Monthly HOA fee include access to the community pool, exterior maintenance with roof, grounds maintenance, recycling, sewer, snow removal and water.

Find Out What Your Home Is Worth

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Posted in Sold Listings
Jan. 27, 2017

Are Metro Denver’s Home Prices Overvalued?

Barry Kunselman | 303.88.0588 | Contact Barry

Buying a home is one of the most important financial decision that you will make. However, Denver Metro area homebuyers are experiencing extremely tough times purchasing a home due to low inventory which turns to bidding wars and further escalates home prices. Porchlight Real Estate statistics show that year over year Denver home prices for single detached homes have been increasing by an average of 9% since 2013. The figure is even higher for condos/townhouses. 

After making predictions about  2017 Denver Housing Market Trends, I wanted to take a moment to address this homebuyer question:

Are Metro Denver’s Home Prices Overvalued?

As early as 2015, Denver real estate was reported as one of the most overvalued in the US. An overvalued housing market is defined as having home prices that are 10% or more above the long-term sustainable level.

Last week the Denver Post posted published an article stating that Arch Mortgage Insurance Index study shows Denver’s home prices are more overpriced than any time since the 1980’s. However the article itself does cite that economists think Denver and Colorado home prices will likely NOTdecrease in the next 2 years.

How Bad Is It?

In Q3 2016, Colorado home values are about 15 percent above where they should be given income gains, making the state one of the most overvalued after North Dakota and Texas. But like metro Denver, the state as a whole faces only a 2 percent chance of a home price index decline over the next two years versus a 5 percent chance of a decline nationally, according to Arch MI.

 Top overvalued areas in Colorado per Arch Index Estimate in the third quarter of 2016:

  • Denver - 22.1% 
  • Boulder - 16% 
  • Fort Collins - 15.6%

 

Overvalued

Job losses, shrinking incomes, out-migration and overbuilding are among the ingredients that can trigger price declines, but those aren’t evident in metro Denver. Colorado is in fact expected to be in the top 10 cities for economic growth in 2017.  

Does It Matter?

Last year, if you read national news like CNN you will have the perception the housing market is on the verge of a market correction. However our local news and other economist feel the Denver market is still strong with potentially another 8-10% home appreciation this year. If interests rates increase home prices may slow but the market will still be strong.

“Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale,” said Anand Nallathambi, president and CEO of CoreLogic.

 

  • If you're planning to live in a home for a long time, for example, you may be willing to pay a bit more.
  • If it's cheaper to buy a house than to rent one, then whether your housing market is overpriced will be less of a concern.
  • If, on the other hand, you're getting into real estate as an investment (or you hope to resell within a few years), you'll care a lot more about what's happening in your housing market. The be successful in real estate it's not "timing the market" but "time in the market". The longer you hold on to your investment the more you will make over time.  If you are planning buying a home in the next 2-3 years it is better to buy now than waiting for prices to increase with interests rates.

 

In general, however, if you're ready to buy your Denver home and can comfortably afford to do so, then go ahead — interest rates are low and it may yet be possible to score a great deal. Want to know the best strategy in purchasing a home? Give me a call at 303.887.0588. I would love to help you out with tough questions. 


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