OPEN HOUSE! Build Your Own Oasis - Downtown Morrison

OPEN HOUSE

We will be hosting an open house this coming Sunday, October 4th 2015 from 12-2pm

233 Spring Street

Morrison, CO

www.233SpringStreet.com

Enjoy the Downtown Morrison Lifestyle on this incredible property, sprawling almost half an acre of gorgeous landscape with unobstructed access to Bear Creek. Imagine the possibilities -- just across the water from the shops and restaurants of Morrison. Stroll up to Red Rocks Amphitheater to any of the numerous cultural events or take a hike along the red rocks. Not into events and concerts? Just curl up in front of your cozy fireplace and enjoy a good book, or recline in a hammock next to the soothing sounds of Bear Creek. The gardener in you will enjoy the greenhouse and trellises lining the property. Need more space? This property allows for endless opportunities – renovate, rebuild, reimagine. Also rare, the topography and layout of the property allows for plenty of parking and or storage for the most avid car and motorcycle enthusiasts. With this much land there is ample opportunity to create the oasis that you’ve always dreamed of …and deserve.

Denver Avoids Nation-Wide Price Depreciation

Price appreciation is shifting to price depreciation for a rising share of homes across the country, although metro Denver seems to be avoiding the worst of that trend, according to a report Monday from Weiss Residential Research.

In July, 56.8 percent of U.S. homes were appreciating at an annual rate of 1.5 percent, down from a 65.2 percent appreciating ratio back in July 2014.

In metro Denver, nine out of 10 homes were still appreciating, the second best showing of any city after Reno, Nev. Fort Collins did fourth best on that ranking, with 86.5 percent of homes appreciating 1.5 percent or more.

Nationally, the share of homes depreciating more than 1.5 percent annually has shot up to 23.4 percent of the total in July from 7.6 percent the same month a year earlier.

"While a majority of homes nationwide is still gaining value, the national trend is clearly downward," Weiss said.

The firm, affiliated with Owners.com, cautions buyers and investors to be on the watch for price reversals that could result in them overpaying.

Park Hill Prime! Just Listed!

This is your opportunity to own this gorgeous brick, mid-century modern home in one of Denver's most historic neighborhoods. Situated blocks from City Park, The Denver Zoo, Clayton Early Learning Center and minutes to downtown... this charming single family home has all the style, convenience, and history that is the heartbeat of this trendy area.  The floor to ceiling windows, exposed, brick walls and cozy fireplace harken back to workmanship rarely seen today.  And if you need more room to grow, examples of beautiful expansions of similar architecture are throughout the neighborhood.  Whether you're one to see possibilities or simply enjoy the lifestyle that this rare corner lot home provides, this is your  opportunity to pour love into this mid-century modern home. 

Call Cynthia today for your private showing!

For More Information: www.3085ForestStreet.com

Colorado #5 in Nation for Best Place for Homeowners, Due to Low Property Taxes

Colorado was ranked No. 5 for homeowners by SmartAsset, thanks to the state’s low residential property taxes.

Colorado was ranked Colorado as the fifth best state in the nation to own a home, thanks to low property taxes.

The analysis by SmartAsset said that Colorado “lies at the other end of the spectrum,” from New Jersey, which has the highest property taxes in the U.S.

In Colorado, the average effective property tax rate is 0.63 percent, compared with 2.2 percent in New Jersey.

The owner of a $200,000 home in New Jersey would pay an average of $4,400 annually, according to SmartAsset.

“If that same homeowner owned a $200,000 house in (Colorado), she could expect annual taxes to be closer to $1,260,” according to SmartAsset, a technology company based in New York, which crunches data on a variety of topics.

Colorado property taxes are the ninth lowest in the nation, according to SmartAsset.

One of the main reasons that Colorado property taxes are so low is because in 1982 voters approved the Gallagher Amendment.

The Gallagher Amendment requires that 45 percent of all property taxes collected must come from residential properties and 55 percent from commercial properties.

In addition, the Gallagher Amendment mandates that the assessment rate for commercial property be fixed at 29 percent, while the residential rate is adjusted each year to keep the 45/55 split constant.

The Gallagher Amendment is a double-edge sword, according to Tom Clark, CEO of the Metro Denver Economic Development Corp.

“This is always the rub for us,” said Clark, who also is the Executive Vice President of the Denver Metro Chamber of Commerce.

Low property taxes are a double-edged sword for Colorado, according to Tom Clark.

“The low residential property tax allows our citizens to keep and accumulate more wealth through the time-honored path that most Americans use to build an estate and secure their retirement – home ownership.”

“The bad news is that the overall property tax burden that is not borne by homeowners is now carried by commercial properties,” Clark continued.

In other words, the Gallagher Amendment creates a “distortion” to market forces, he said.

However, there is an “upside” to the Gallagher Amendment beyond keeping property taxes relatively low for homeowners, Clark said.

“When we are recruiting employees from relocating companies, encouraging them to move to metro Denver, the prices of houses can be sticker shock,” Clark said.

“However, we typically can sway them due to our low property taxes,” Clark said.

He said the recent deal inked with Panasonic near the Denver International Airport is a good example of lower taxes offsetting higher home prices.

SmartAsset ranked Wyoming, the two Dakotas and Minnesota ahead of Colorado for homeownership.

- John Rebchook. Denver Real Estate Watch

Seasonal cooling in metro Denver's real estate market, but prices are still up

The housing market in metro Denver slowed down a bit in August, as it typically does as summer winds down. 

But the average price of a home still increased 11 percent over the same month last year. The average price of a home in the metro area, including both detached single-family houses and attached homes such as condominiums and townhomes, increased to $363,625 in August, with 5,154 homes sold in the month, a decrease of 6 percent from the number of homes sold in August 2014.

Time-on-market also dropped year-over-year to 21 days on average, a decrease of 28 percent from a year ago.

But, as is typical at the end of summer, month-over-month numbers showed a slowing in the market between July and August, with a 1 percent decline in the average home price. The number of active listings on the market in August was 9,144, a 2 percent increase over July, but a 4 percent decreased from August 2014.

"The Denver area saw a strong summer selling season, thanks to low interest rates, increasing employment and confident consumers," said Kirby Slunaker, president and CEO of REcolorado. "The slight slowing of the housing market, coupled with moderating prices and an increase in new listings that came on the market in August, will offer buyers more choices as we head into fall."

Earlier this week, the most recent report from Irvine, California-based real estate analytics company CoreLogic showed that metro Denver increased by 12 percent year-over-year in July on its Home Price Appreciation Index, while Colorado's prices appreciated by 10.4 percent in the same period.

Nationally, the average rate of home-price appreciation was 6.9 percent in July, according to CoreLogic.

Molly Armbrister

Denver Business Journal

Create Your Own Oasis in Downtown Morrison

Create your own oasis on this incredible Downtown Morrison property, sprawling over an acre of gorgeous landscape with unobstructed access to Bear Creek. Imagine the possibilities -- just across the water from the shops and restaurants of Morrison, build your dream home, or add to the charming ranch already here. Stroll up to Red Rocks Amphitheater to any of the numerous cultural events or take a hike along the red rocks.  Not into events and concerts?  Just curl up in front of your cozy fireplace and enjoy a good book, or recline in a hammock next to the soothing sounds of Bear Creek.  The gardener in you will enjoy the greenhouse and trellises lining the property.  Also rare, the topography and layout of the property allows for plenty of parking and or storage for the most avid car and motorcycle enthusiasts. With this much land there is ample opportunity to create the oasis that you’ve always dreamed of …and deserve.

For more information: www.233SpringStreet.com