See 10 Things to Know About Real Estate in 2010 http://bit.ly/8K1aMU

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writing a letter of intent for client who is bring a brand new entertainment venue to downtown Denver.

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Fall Is In The Air...almost

I love the fall- it's my favorite season. I love the way the trees and plants display their fall foliage like so many peacocks' plummage and the cold crisp mornings that give way to mild sunny days. I like the smell of fireplaces burning in the evenings when I walk my dog. I like the idea that's it fleeting- soon all of the leaves will be gone, the mild afternoons replaced with cold snowflakes, my flip flops replaced by Keenes and I will once again don my hoodies. I will change from beer to red wine and an occasional coffee with Baileys or the like....so as I see it fall heralds huge change.

And with fall comes a change in the the federal government's first time home buyer incentives, actually the end of the program. The program that provides the tax credit is set to expire on December 1st 2009. This means that we are effectively nearing the end of the time during which a buyer can place a property under contract and reasonably expect to close on the property prior to November 3oth. Given new lending rules, most transactions will take 45 days to close and as the deadline gets closer, quicker closings will become less likley. With all of that said, I know there has been some confusion about how the credit works so here is what I know:

• First time home buyers can receive a credit of up to $8000 on their federal income tax. The credit is equal to 10% of the purchase price of the home, (which can be a condo- it is not restricted to single family homes). The maximum amount is $8000. So you have to spend at least $80,000 to get the full credit.


• Once the purchaser has closed on the property they will receive a certificate which they can use to amend their 2008 income taxes and the refund will typically be sent to them in around 2 weeks.


• Once the check is received it can be used in any way the purchaser wishes.


• For those people who are struggling with downpayment money, FHA only requires 3.5% of the purchase price as down payment and it is often possible to get a seller concession for additional closing costs that the buyer will incur.

There is talk of both extending the program into next year and expanding it to include all homebuyers not just first timers, but to my knowledge it has not yet been ratified. If you can, take advantage of this once in a lifetime deal, because the way I see it, even if you buy an $80000 property you can come out ahead , with a little planning. You put $2800 downpayment, you ask the seller to pay all of your closing costs, another $2800 or so, and you net $5200 with which to fix up your new pad or buy some cool new furniture or take a vacation. And all of that is not to mention the yearly income tax credits related to the interest on your loan, or the potential for equity gain. I see it this way: You can go on paying rent, paying down someone else's mortgage or you can buy a home, get the IRS to give you money for doing so, know that every time you make a payment you are paying down the principal amount of your mortgage, and you can take income tax credits every year so that your net income is higher. And with a little bit of luck perhaps you will start gaining equity after the markets begin to thaw. If you are thinking about buying or you have questions about the first time home buyers credit- don't hesitate to contact me or one of the other professinal realtors at Cygnus Real Estate.

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Condos- To Buy or Not to Buy?

As I was on my way to the townhomes at Upper Larimer to work my open house the other day I noticed an entire development project for sale- not just individual units for sale but the whole project-all of the units to be sold to one buyer. The construction seemed to be over and the units were just sitting like so many forgotten toy soldiers- still at attention... waiting...just waiting for their new owners- for the families, the people, who would move in and bring the project to life, much as children bring their toys to life.

So you wonder: why is it that some developer who had the knowledge (or know-how) and the moxy to purchase land and go through the entitlement process- the process of getting the city to agree to let you build whatever you intend to build on your land, as well as actually bringing a development out of the ground and getting to the point where he or she could "turn the lights on" would essentially give up. Why didn't this apparently savvy developer who built what appears to be a reasonably viable project turn his back on it instead of renegotiating his pricing and his loans? Unfortunately, mis amigos, I suspicion ze answer lies with the current mortgage market.

The mortgage industry has essentially turned its back on condominiums, both acquisition financing and refinance monies. As my grandfather would say, "it's scarcer than hens' teeth." Much if not most, of what happens in the mortgage world is predicated by the infamous Fannie Mae. And Fannie Mae currently says that she doesn't care if it's a townhome or a traditional condominium there will not be any conforming conventional financing until at least 70% of the units are sold. That means that the consumer, the buyer, can not get a fixed rate conventional loan to buy a condo until the majority have already sold...the buyer has to rely on so called portfolio loans which can have a higher interest rate and a shorter term. In a strange quirk most of the existing condos can qualify...if and only if they were built as condos adn not converted from apartments to condos. Sound confusing? It is but none of it is insurmountable. However, it makes it all the more important to have a qualified mortgage lender- be it banker or broker and an experienced Realtor to help you navigate the waters.

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Sneakers....

Ever wonder where all those unsightly tennis shoes suspended from various power and phone lines around the city come from? Or even more interestingly why are they there? I don't know why this bothers me so much but it does. I was driving west on 13th Avenue the other day and counted more than 6 pairs in one spot. It certainly doesn't improve a neighborhood to see old dirty sneakers dangling precariously over your head as you drive down the street. Now admittedly as a realtor I have a vested interest in seeing our neighborhoods and communities be the best they can be so perhaps I am overly sensitive; however, while listening to National Public Radio (NPR) earlier this spring I discovered that this is an advertising model for drug dealers.

Apparently all across the country it means, "you can buy drugs here." Now if this is common enough knowledge for NPR to pick it up and broadcast it I should think that law enforcement officials and perhaps even the power companies are aware of the significance of the "suspended sneakers." And likewise it would seem to me that a pretty basic way of slowing down the street drug trade and cleaning up neighborhoods might be to pull the shoes down and at least obscure the location of the local drug traders. In fact I might even suggest that whoever pulls them down could probably create an alliance with a laundromat and/or some other charity minded group, arrange for the errant shoes to get laundered and bleached and then perhaps donate them to a local hoemless shelter.

That's a concept- our tax dollars really at work. Our local law enforcement being proactive instead of reactive and giving back to the community as well. I think this could qualify as a "green project," too. Instead of filling a landfill with the offensive sneakers this would put them back in circulation.

And speaking of circulation, many neighborhoods are starting to see the appearance of bright green door hangers on their front doors. Yes that's us and before you dismiss the door hangers as just so much propaganda give them a good read because each one has an incentive coupon for you to try one of our favorite neighborhood establishments. Don't add them to the land fill use the coupon and then tell us what you think. And about the sneakers: until local law enforcement hears that this is important I am afraid we are on our own for removing the sneakers from the power lines. I recommend using a tree trimmer and cutting the laces and of course if you see them in your hood I recommend removing them. And if you are thinking of buying or selling real estate we hope you will call us. We want to be your city realtor (and we will need new sneakers soon).

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Where's the doggy door?

Over the last few weeks Dylan has developed a keen knack for finding beautiful streets in the neighborhood. (Okay, it's not that hard, but I like to make him feel like he has a job besides chasing his ball.) He likes to take us up to around Meade or Newton and 32nd and show me the gardens and gorgeous front doors. Yup, front doors. I have a thing for them. Growing up I never gave much thought to doors because I lived in a house that couldn't be seen from the street. For years I lived in apartments or condos so didn't have much choice. Now that I have my own front door I am obsessed with them. Red ones, black ones, stained wood, stained glass, giant doors, gnome doors, double doors, opened and you are welcomed, closed and you are safe inside.
Perhaps that's why I enjoy marching up and down the streets of our neighborhood putting bright green flyer's on everyone's door. Haven't got one yet? Don't worry, you will. We wouldn't want to miss an opportunity to introduce ourselves (Dylan is very photogenic) and offer a coupon for some of our favorite local businesses. This month we are featuring Seafood Landing owned by Bruce Johnson. This is a fish market, not a restaurant. Bruce is always there offering expert prepping advice and the freshest seafood at fantastic prices. Seriously, go meet Bruce and help support local businesses!
Speaking of local businesses, I have to catch you all up on three restaurants we just tried. All of them are on 32nd and almost right next to each other. First is Stella. It's Italian and bursting with flavor. The sauces are unusual (I'm not a huge fan of traditional) and the pastas are fresh! There is also a nice wine list. My favorite part though is dessert. They make the best bread pudding I have ever had, made with chocolate and a Kahlua sauce (I normally don't like Kahlua either). Sunday offers brunch including a brunch only cocktail menu.
Next is Bang! Enter in the rear of the building. Quiet outside patio serving up comfort food better than mama makes it. The Jalapeno corn bread was amazing. We had wine and I'm not sure that they have a full bar??? Anyway for dinner I had the chicken, Brandi had the pork. For dessert we split a slice of coconut cream pie. Very nice overall and are definitely coming back.
Finally we visited BOA and sat on the patio in the back. We were delighted with the menu. First, I'm not Miss Fusion so I didn't know what to expect. But the menu was laid out easily for me. On one side are the Asian choices, on the other are the Mexican choices, and in the middle are suggested fusions in case you feel inclined. I had an Asian chicken taco dish which I loved, Brandi had a Korean bowl that was fabulous. We drank Sapporo's and had the trio appetizer (three dips including guacamole) and chips. BOA was a delightful surprise!
All are worth a visit or re-visit and are pretty easy on the wallet.
Well that about wraps up this edition: If you see us out and about, don't be shy! Come say "Hello." We are very chit-chatty (yes, even Dylan) and will be very helpful in answering any of your real estate questions.

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Relocating To Denver?

Are you moving to Denver? Not sure which neighborhood is right for you? Need information about schools, employers, and financing? Whether you are relocation to the metro Denver area for a new job or to retire, let us help make your move successful and stress free. Denver Relocation. Set up automatic email notification and never miss a hot new listing again! If you need assistance, just ask we will set up the MLS IDX search for you. Search Denver Real Estate.

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