Rocky Mountain News - Denver Ranks High for Urban Walking

Rebchook on Real Estate Insights gleaned from John Rebchook's 24 years of reporting on Denver's residential and commercial real estate.


Thursday, November 29 at 10:08 AM

Denver is the fourth best city in the country for urban walking, according to a new book.According to "The Option of Urbanism: Investing in a New American Dream," by Chris Leinberger , Denver ranks only behind Washington, D.C, Boston and San Francisco as a walkable city.Leinberger is a visiting Brookings Institution fellow and professor at the University of Michigan in Ann Arbor.He said the walking movement is being “led by late marrying young adults and including empty nester Baby Boomers, many households are looking for the excitement and options living and working in a walkable urban place can bring,” according to their press material.Leinberger and Brookings conducted a field survey of the largest 30 metro areas in the country, where 46% of Americans live, identifies the 157 walkable urban places that play a regionally significant role.Walkable urban development works under the principle that “more is better.” More pedestrian areas results in a better quality of life, he said. And it's not just cities. Suburbanites also benefit, Leinberger points out. With the proliferation of the town center and reviving downtowns, walkable places are split equally between city centers and suburbs, he contends. The other cities making the top 10 list are Portland, Or., Seattle, Chicago, Miami, Pittsburgh and New York.

This is from John Rebchook's Blog on the Rocky Mountain News we site... I posted this here because most everyone I talk with who bought a Modo condos said they love the neighborhoods... especially because they can walk to everything...coffee, restaurants, pubs, shops, grocery, dry cleaners, parks, theatre, music, etc...

Chris

Denver soars to No. 1 in Home Value Increase -

Area leads nation with small gain in quarter that saw overall decline

By John Rebchook, Rocky Mountain News October 31, 2007

Denver squeaked out the No. 1 ranking in a national report on home prices released Tuesday. The closely watched S&P Case- Shiller Home Price Indices showed that Denver-area homes gained 0.3 percent in value from July to August.

Although a meager appreciation rate, it was good enough to make Denver tops in the nation during that period. The 20 cities ranked showed an overall average decline of 0.7 percent. From June to July, Denver homes rose in value by 0.8 percent, bested only by the 1 percent increase experienced by Detroit during that period.

"It looks like Denver may be one of the first markets in the turnaround mode. Maybe," said Maureen Maitland, an analyst and vice president at Standard & Poor's. Maitland said she would like to see more data before she's comfortable in saying that Denver's down cycle is over.
"However," she added, "Denver has had five positive months of price movement in a row." Maitland noted that Denver -real estate stumbled earlier than most cities in the country and in recent years didn't go through the double-digit price appreciation experienced by other formerly hot markets on the coasts and places such as Phoenix and Las Vegas. Nevertheless, the new-home market in the Denver area is still suffering through its worst period in more than a decade, according to a report by the Genesis Group.

Genesis said that there were 5,842 sales of new homes in the first half of the year, a 33 percent drop from the 8,758 sold in the first half of 2006. And 2006 was the worst year for new home sales in a decade.

There are pockets of robust price appreciation in Denver. Deviree Vallejo, of Kentwood City Properties, who on Tuesday was showing a prospective buyer a $1.15 million home in Cherry Creek North, said she has seen a huge appreciation of home prices in the Denver neighborhoods where she focuses. She said she is concerned, in fact, that values have risen too fast in some areas and aren't sustainable.

"We've seen appreciation in Highland at 13.5 percent and Cherry Creek North at 22 percent," Vallejo said. "What we want is appreciation at 7 percent to 10 percent." Tom Clark, executive vice president of the Metro Denver Economic Development Council, said he thought the S&P/Case-Shiller report would show Denver-area home values falling less than the rest of the country, not rising in value.

Denver's housing downturn started around 2001, and the area dodged "the 2006 housing bubble bursting in other parts of the country," Clark said.
In the past, he would have considered it bad news from an economic development perspective that home values were on the rise. "But now it's probably not a factor because homes in Phoenix, our No. 1 competitor, are more expensive than our housing," Clark said.

Carolyn Sandberg, a broker associate with Metro Brokers, said the report shows that Denver housing is at the "very, very tip of turning around." Rising adjustable-rate mortgages will mean more foreclosures through 2008, which will dampen appreciation at the low end of the market, she said, but are not affecting more-expensive homes. "There will be another year for buyers to buy," Sandberg said. "But a lot of people are going to wait until all of the doom and gloom is over, and they are going to end up paying more. "You need to buy when the market is down to get the best deal."

rebchookj@RockyMountainNews.com or 303-954-5207

More Good News About Denver Real Estate in the Rocky Mountain News

Home prices hint at turn

S&P report suggests Denver area may be starting to recover
By John Rebchook, Rocky Mountain News September 27, 2007
Fresh evidence suggests the Denver-area housing market may be in the early stages of recovery, even as the national housing market faces an even bigger slump.

From May to June, Denver homes showed a 1.3 percent appreciation in value, the highest of 20 metropolitan areas surveyed, according to the Standard & Poor's/Case Shiller Home Price Indices. Charlotte, N.C., was No. 2 at 1.2 percent.
And while Denver home prices dropped by 0.7 percent in July from July 2006, only five metropolitan areas fared better during that period, the survey showed. Overall, a composite of 20 major metropolitan areas experienced a 3.9 percent drop during that one-year period.

"We need to see if the trend continues," said S&P Vice President Maureen Maitland, referring to Denver. "What you have to do now is to watch for signs of a turnaround before calling anything,"

She said Denver has been beating the nation as a whole for four consecutive months. From June to July, for example, Denver's market appreciated by 0.8 percent, with only Detroit doing better at 1.3 percent, and all 20 areas dropping by an average of 0.6 percent.

The report is produced by S&P and Yale University economist Robert Shiller.
The nation as a whole is "in a bit of a housing crisis, and it is likely to get worse before it gets better," Maitland added.

Adjusting for inflation, housing prices nationwide have soared by 86 percent in the past decade. Some cities, such as New York, Los Angeles and Washington, D.C., saw larger jumps than other places in the country, including Denver.
The Denver-area housing market peaked in February 2001, with a 15 percent year-over-year appreciation, slightly higher than the nation as a whole, Maitland said.

"Many other markets across the country continued on an upward swing, and the Denver growth rate slowed down," she said. "Now, Denver seems to be going in an upward direction."

Economist Michael Kone, principal of Boulder-based Housingmetrics, said there is still "intense pain" for the lower end of the housing market in the Denver area, with a "huge bump" in foreclosures to come, as subprime mortgages adjust upward.

Colorado is on pace to see more than 37,000 foreclosures filed this year, a 30 percent increase over the record set last year. Colorado and the Denver area are among the top 10 worst areas in the county for foreclosure rates.
Expensive houses, Kone said, are doing much better in the metro area. Also, as always, there are pockets of strength.

The S&P/Case Shiller report also illustrates that housing is a bargain in the Denver area compared with many other places, said Mike Foster, director of land acquisitions for Century Communities, a private, suburban builder.
Not long ago, Denver was the most expensive housing market "anywhere in the U.S. without a beach," Foster said.

But because the Denver-area housing market has been flat for so many years, it will recover faster than other areas that, until recently, saw a huge run-up in prices, he said.

"Denver is a low-risk market," Foster said. "It will be easier for companies to relocate to our market than to relocate to other markets."
Independent broker Gary Bauer, who puts out his own monthly report based on Metrolist data, said that the S&P/Case-Shiller report is encouraging.

"Basically, it is saying what I have been saying for quite a while - Denver is counter-cyclical to the rest of the nation," Bauer said. "Is it all roses in the Denver marketplace? No. But it is not as bad as all of the doom-and-gloom talk, either."

The top-performing metropolitan area, according to the national study, was Seattle at 6.9 percent, followed by Charlotte, N.C., at 6 percent. Other cities faring better than Denver included Portland at 3.8 percent; Atlanta at 1.2 percent; and Dallas at 0.8 percent.

rebchookj@RockyMountainNews.com or 303-954-5207.

Updated Pricing - New Buyer Yesterday

This is the Hottest Selling Project at this Price Point in Denver!

Everyone,

We're selling about 1 -2 units per week and people are either moved in or moving in shortly. Everyone is welcome to buy at 1245 Columbine and the majority of the people who purchased so far are young urban professionals buying for the first time. I hear the same situation over and over... they like the design, LOCATION and price point.

I usually hear our buyers looked at a lot of properties in their price range (average below$200K) and found old, unexciting, not newly renovated and not in the area they like. Then they found 1245 Columbine...balconies, laundry in every unit, available parking, newly renovated...home run! In addition, they are excited about the community... so many people have a lot in common since they're in a similar place in life and are excited to be neighbors. They are also excited about the investment quality of their place and especially the area. Congress Park is appreciated way above the Denver average... almost twice as much at over 9%. Not bad.

Now it’s your turn.

Contact me for more information, updated pricing and time to stop by and see for yourself.

Thanks!

Chris

303.619.7987

Updated Pricing...Click the Image to make it Larger

BUZZ BUZZ BUZZ

Everyone,

We have more contracts and more people have moved in. The media says the market is bad and the mortgage industry has problems...these things are true, but not everywhere. The last time I checked, they weren’t making any new land downtown and a lot of people what to be here. Our niche of modern design, GREAT location and affordable prices combined with extensive renovations inside and out have somewhat insulated our buyers. This combined with a climbing infill market means great sales and best of all a great deal for our owners.

They're usually young urban professionals buying for the first time. They majority have their first great career and understand the benefit of owning vs. renting. They always tell me there's nothing like 1245 Columbine out there with great design downtown and at these prices. The key is don’t have anything to SELL...just buy for the first time. Our condos have historically appreciated very well. They're extremely well made and make a great deal of sense financially...live comfortably with the monthly payments and do well as long term investments.

It’s a home run!

Don’t miss-out...they’re selling fast!

Chris

Everyone is Moving in!

Everyone,

We just had our 12th buyer close and move in! I just received another contract today and I think I know which one is going to sell next. I want to say THANK YOU and congratulations to all of our owners and newest buyers. I still have terrific 2 bed 2 bath units available and 2 one bed one bath units at a great price point. If you wait...you will miss-out!

Let me know if I can help and thanks for reading.

Chris

Updated Pricing

Flying Off the Hook!

Everyone,

We accepted 2 more contracts at 1245 Columbine this past week...great people who will soon be happy owners! We're making sales and closes every week now.

Some of the BEST ones are still available, so if you're interested, dont wait too long or you may miss-out!

Chris

303.619.7987

Selling Like Hot Cakes!

Everyone,

We sold another yesterday and closed one today... they are selling faster than anything in our market space.

Here are a few pictures.....let me know what you think:http://www.picturetrail.com/gid17113071

Chris

303.619.7987

More Happy Owners Moved in Today!

Everyone,

First of all...thanks for following the progress on 1245 Columbine. I really appreciate it. Today was a great experience for everyone involved. Our new owners just closed on their condo literally an hour ago and are on their way HOME!

It was an amazing experience...they searched for a while and saw A LOT of stuff out there. They decided on a great one bedroom condo at 1245 Columbine. Writing a contract was a breeze and felt right. We completed construction; inspections and the punch list right away. After finishing-up a few items we had our final walk through today just before close. All checked-out fine.

The actual was smooth and simple. We handed our new owners the keys and said "congratulations and thank you!" Now they're part of our community and we're glad to have them. My goal is to have this same great experience for everyone... and you know, it usually is!

Stop by anytime. It’s best to call me first to make sure I can help with questions.

Thanks!

Chris

303.619.7987


PS the picture above is the view from their balcony over a beautiful tree and garden.

Here are the Latest Updates!

Everyone,

1245 Columbine is selling...click on the image for a larger view...pricing and availability will probably change quickly :)

cb

Sales Are Great and the Response from Brokers is Excellent

Everyone,

1245 Columbine - Epic on the Park Condos are selling extremely well the response from the broker community is excellent. We signed-up our newest buyer Friday afternoon. I asked "what did it for you?" The answer was a combination of design, convenience and location.

I asked our buyer what she meant about convenience and the answer was what I thought it may be..."close to downtown, fast access to cool things like shops, restaurants, three parks, the Denver Botanic gardens and LAUNDRY in her new condo. No more apartment or dorm life - YES!!!

I'm excited for our owners... become one!

Thanks for reading.

Chris

Updates...Check it Out!

click on the image to enlarge...this changes daily, so contact me for the latest.

Chris

303.619.7987

One More Gone

Everyone,

we sold another one! I think its becasue they all have laundry, almost everything has a balcony and I'm getting amazing feedback on the neighborhood. The are is very urban, well maintained and people are telling me they feel safe in Congress Park!

Stop by and walk the neighborhood and then visit us!

See you soon,

Chris

On Fire!

Everyone,

No kidding - we officially put 1245 Columbine on the market about three weeks ago and sales are on fire! Most importantly, our buyers are excited to move in to their new places.

The top floor one bedrooms are SOLD OUT. The 3rd floor one bedrooms are SOLD OUT. The second floor one bedrooms are almost SOLD OUT...2 to go.

The 2 bedrooms are selling fantastically. They're 2 bed, 2 bath, balconies, laundry and available parking all with great design, in an awesome neighborhood and at affordable prices. There just doesn’t seem to be anything like this out there.

I asked our latest buyer why she decided to own at 1245 Columbine...she said "it was the walk to the coffee shop that did it." The new Daz Bog Coffee shop at 12th and Clayton is awesome.

She went on to explain how she really likes the building's modern design, the art work, the community, her new balcony, laundry, price, etc...and it was the area that really makes sense to her.

We walked past well maintained Denver square homes from the 1880's, giant old trees, great restaurants (Greek, Italian and Chinese within 2 blocks), a neighborhood ACE hardware (make keys any time), a small post office (never wait in line) and then to Daz Bog for an iceed coffee. We just soaked in the whole experience of the area, cool people, well maintained homes and then back to 1245 Columbine to the modern feel of the exterior architecture and newly renovated condos.

Contact me anytime for more information and how to get yours before they're gone.

Chris

303.619.7987

chris.b@modorealestate.com

Striking Design

Everyone,

Epic on the Park is an incredible condo conversion in the heart of the Congress Park neighborhood with 31 newly renovated one and two bedroom condos. As you can see from the picture above, Epic on the Park is not your average building. Inside and out...there is striking modern design, high-end standard finishes and very open floor plans.

Here’s our mantra…”modern design, great location and affordable prices.”

Our buyers tell us there is nothing like this out there at our price point. They should know because they looked at 20-30 on average condos before becoming an owner at 1245 Columbine. I am always curious about what people like and I asked a lot of questions about their search for the RIGHT condo. Why did they see so many before 1245 Columbine?

Maybe we’re bad marketers…maybe Epic on the Park is a gem waiting to be found…maybe its the right place for you!

I think Epic on the Park at 1245 Columbine solves some problems for people… they like the way it looks, it's newly renovated (nothing to fix), people love the area, each condo has laundry (rare), most have balconies, there’s available parking and our prices make sense….all this DOWNTOWN…crazy!

Drop me a line or call for more details. I’m never too busy to help.

Thanks!

Chris

303.619.7987

Chris.b@modorealestate.com

Modo Happy Hour at Andrews was a BLAST!

Everyone,

Wow that was a B-L-A-S-T! We had a ton of people attend the first Modo Happt Hour at Andrews on Lincoln last Friday. The first 200 hundred beers were on us and yup, we drank'em!

Best of all, we had a great time talking with you! Thanks for being there and all the positive energy.

One of the highlisghts of the evening was talking with our best competitors who we really like becasue they do great work and they're cool people. We admire them a lot and appreciate their comeroderie. The guys at Boutique Apartments and MacStaller Real Estate are a class act!
I still want to kick their butts though!

The best way to do that is to keep people happy...build great projects they like, where they want to be and make them great investments. Combine that with world class service and you will have customers for LIFE!

That's the goal!

Thanks again and let me know how I can help if you would like to see Epic on the Park at 1245 Columbine up close.

Chris

PS the picture above is fron the living room of a one bedroom condo at 1245 Columibe looking through the big glass sliding doors onto the balcony and into a beautiful old-growth tree. Niiiiiiiiiiice.

Modo Real Estate Happy Hour this Friday June 8th from 4 - 7 PM at Andrews on Lincoln...First 200 Beers on Us!

Everyone,

We're shameless I know...but it sure is fun! We want all our friends and future friends in our community to get together and have a great time on us.

I'm supplying the first 200 beers (ridiculous) for any one of legal age. Hang-out, talk with us, talk with your friends, talk about real estate, don’t talk about real estate... I don't really care.

Just bring friends and have fun.

Thanks and see you there!

Chris

PS Andrews at 1111 Lincoln near the corner of 11th and Lincoln...special thanks to the gang there who are helping to sponsor this!

More More More!!!

Everyone,

Thanks for your overwhelming response to our release of Epic Condos at 1245 Columbine to the market. We have more new owners and will soon have people moving in!

We sold 2 more over the weekend. I asked one of our buyers about her top criteria...

Read on...

1. Location

2. Price

3. investment

4. Washer/Dryer Hook-ups

5. Balcony

6. Open floor plan

7. Big closets

8. Close to work

9. The "whole picture" with regards to finances (we have a great preferred lender)

10. Modern design

+++++++++++++++

If these are like your criteria, we should talk :)

We still have some of the BEST ones available. Contact me for pricing, availability and move-in dates.

Thanks again to everyone and congratulations to our newest buyers!

Chris

303.619.7987

chris.b@modorealestate.com

PS that is NOT us in the picture...I'm just kidding around a little :)

.

Pop - There Goes Two More!

Everyone,

We officially put 1245 Columbine on the market last week and THE BUZZ IS ON. We sold two more yesterday!

I'm asking our new owners why they bought...people tell us they're buying for different reasons...some like the modern design with the local character...some like the neighborhood...some just like a great investment!

You be the judge!

Here are some details of the project...

One bedroom one bath condos
Prices range from about $147K - $172K depending on which floor
670 sq feet with very OPEN floor plans
WASHER/DRYER HOOK-UPS IN EACH UNIT
HUGE closets
Most have balconies
High-end finishes: hardwood floors, quartz counter tops, stainless steel appliances, glass tile, euro-lighting, original artwork and a lot more.
Great Neighborhood

Two bedroom condos 2 bed, 2 bath
960 sq ft with very open floor plans
Prices range from $212k - $259K depending on which floor
WASHER/DRYER HOOK-UPS IN EVERY UNIT
BIG balconies
HUGE KITCHENS
Walk in closet
Big second bedroom
High-end finishes: hardwood floors, quartz counter tops, stainless steel appliances, glass tile, euro-lighting, original artwork and a lot more.Great neighborhood

General Features:Significant renovations inside and out
Roof top deck with city and mountain views
Theater room
Bike storage
Available parking for $6,500 and $10K (covered)
Close to three parksDenver Botanic GardensShops, restaurants, coffee, culture, etc...Work with our preferred lender for specials
Move-in dates begin in June

Thanks for reading and let me know if I can help.

Chris

Chris Behrens Modo Real Estate
c 303.619.7987
o 303.534.6636
chris.b@modorealestate.com

Epic Condos are Going!

Everyone,

You came, you saw...YOU BOUGHT ONE!!!

Thank you to those of you came by, saw Epic Condos up close, kicked the tires, ran the numbers, got excited and pulled the trigger!

We appreciate you... and now I'm hard at work helping your future neighbors!

Thanks and to everyone else, its time to contact me and get in while the best ones are there.

Chris

303.619.7987

chris.b@modorealestate.com

Epic on the Park is Open for Business

Everyone,

We are officially launching sales for our latest project Epic on the Park!

Contact me right away for information, tours and how to buy.

Thanks!

Chris

Chris Behrens

Managing Broker

Modo Real Estate,LLC

c 303.619.7987

o 303.534.6636

chris.b@modorealestate.com

modorealestate.com