It is that time of year – fall. Fall is actually spelled p-u-m-p-k-i-n if I’m not mistaken.
And pumpkin is everywhere. It’s one of the icons of the season, especially if you’re a Starbuck’s fan. I’m not one for coffee, but gaging people’s reaction, there has to be a separate wing in rehab for pumpkin spice latte recoverees. Pumpkin for thought – the word “pumpkin” was actually first used in Cinderella around the 1700’s which is where we also got the phrase “turning into a pumpkin.” Can we relate that to the real estate field or our personal walks? You bet (although I don’t actually condone gambling). As we approach the peak of our real estate market, the tendency is to get greedy, maybe start doing things that we wouldn’t normally do or take risks that we wouldn’t normally take because, well, the market is just GREAT, right??? Take caution, don’t get yourself in over your head because the market is as frothy as one of those pumpkin spice lattes and you want a sip. Stick to what YOU KNOW (or learn from someone who does), know what you CAN HANDLE, figure your EXIT STRATEGIES, and don’t get caught “turning into a pumpkin.” It could be a long walk home…
HUD STEALS for you investors who are looking for out-of-state deals (this is just a sample of potential bargains available; click on link for more information; all at investor status; “IE” means FHA-lender repairs are under $5K, “IN” means OK for FHA loan as is);these HUDs may “go” quickly):
- Jacksonville, FL 3/1 NOW ONLY $19.5k (IE)
- Peoria, IL 3/1 for $5K (IE)
- Akron, OH 3/1 for $8.7K (IE)
- Rome, NY 5/4 for $16.2K (IE) Over 2,300 sqft
Taking the kids trick or treating this year? Good news! Denver made the top ten list for best trick or treat cities at #9. This story is not overtly real estate related, but I’m sure there is some statistical data we could pull from our kids’ treasure haul to see which ones are the best for flipping, renting, developing… Data is everywhere and it’s interesting!
It’s no surprise to hear that Denver is and has been a booming city for rentals. Denver is approaching top in the nation when considering cost of living to rent. Is there an end in sight? Denver is still bullish, but it might be that we’re closing in on the peak in market or at least some stabilization. Developers may be finally catching up to demand.
One of the side effects of a hot market which call for so much development and in-fill is that feathers can indeed get ruffled. Is it needling neighbors or heroic historians? When you get an historic designation against the will of the owner, it’s called a hostile historic designation, which is happening right now in two areas of Denver that are fraught with development – Jefferson Park and West Highlands. Can’t we all just get along?
The latest Mortgage Rates: 30 Year fixed at 3.58% and 5/1 ARMS at 2.69%! Expect investor (non-owner occ) rates to run about ½ point higher on non-owner occ loans. (These are AOL/Zillow.com reported average rates as of Thursday)
REAL ESTATE WEATHER REPORT
I’ve continued to hear about the cooling of the market this past week. Rentals are slowing, showings are slowing, sales are slowing. We’re still in a very good market, but it if you’re going to list your house soon, you may want to count on a more traditional sale rather than the multiple offer, highest and best scenarios we’ve encountered as of late. For landlords, it might also be best to see if spring brings hungrier renters – keep them through the holidays if you can!
We’ve started a waiting list of people looking for us! Our Invest Success Mentorship Program is ongoing and at this point we’ve started a waiting list. We offer LOCAL webinars, house tours, and small, personalized classes as well as hands-on on-site experience. You will learn where and how to look for deals! Oh, and our flagship program requires you to REHAB A HOUSE! You’ll have our ear for a year! Amp up your business with custom systems and procedures. Go to our website for more information. Better yet, call us. Nothing ventured, nothing gained!
Call us with tips, rumors, conjectures, deals, and cold cases (we’re thirsty!). If you’re not on our list and want to be, LET US KNOW. Write, Text, Tweet, Facebook (the verb), E-mail, drop by. Next Breakfast Club is November 14th, 7:00AM at Poppies. We’ll see you there!
INVENTORY: Inventory flows: CHECK ‘EM OUT!!! More coming soon!!! Call Us! 303 338-8000
11692 West 36th Avenue, Wheat Ridge. 4 beds, 3 baths. 2 car garage. Buy for $375K.
5466 West 66th Avenue, Arvada. 3 beds, 2 baths. 1 car garage. Buy for $257K.
6245 Harlan Street, Arvada. 3 beds, 2 baths. Needs upgrades. Buy for $230K.
770 South Dale Court, Denver. 2 beds, 1 bath. Near Huston Lake Park. Buy for $213K.
11046 Half Moon Pass, Littleton. 3 beds, 2 baths. Wood floors. 2 car garage. Yours for $310K.
10255 Carriage Club Drive, Lone Tree. 3 beds, 4 baths. Beautiful Home! Buy for $460K.
1191 Tucson Street, Aurora. 3 beds, 2 baths, 2 car garage. Buy for $190K. Price Reduced!
225 South Newton Street, Denver. 2 beds, 1 bath, 1 car detached garage. Yours for $170K!
QUOTE OF THE WEEK: Change is the law of life. And those who look only to the past or present are certain to miss the future. – John F. Kennedy