Archive for April, 2009

Portuguese Water Dogs – The Real Story

Tuesday, April 28th, 2009

Portuguese Water Dog

President Obama’s new puppy, Bo, the Portuguese water dog is stirring a lot of interest in this previously obscure dog breed. Like the Obama family, many parents adopt a puppy for their children to soften the blow of a move to a new home.  Please read this before jumping on the Portuguese water dog band wagon!!!

Like the Obama girls, my boys also have allergies, so selecting a sweet pound dog was out of the question.  I was familiar with the breed as family friends had a hilarious Portuguese named Domino.  So, six years ago, I tracked down a reputable Colorado breeder and was put on the “waiting list”.

My first clue into the complexity of this breed should have been during the initial screening process.  The breeder pretty much wanted everything but DNA from my entire family prior turning over the pup.  I have no doubt that my great-grand-father (who was a Colorado rancher) rolled over in his grave the day we were actually interviewed to fork over $1500 on a dog.  

Our new Portuguese, “Murphy” was and continues to be a lovable, exceptionally ill-behaved, delight and pain in the neck all at the same time. 

First, in an effort to quell some of his antics as a puppy, we got him a Standard Poodle.  Well, then we had to get the poor Standard Poodle another Standard Poodle just so they could double team him and at least stay on the same playing field with Murphy. Did I mention that Portuguese water dogs are smarter than most humans – and certainly smarter than Standard Poodles.

Murphy is a force that simply can’t be reckoned with when it comes to food.  At first there was no pantry that he couldn’t open and trot off with a bag of Doritos or a package of Oreos – out through the doggy-door in to the back yard.  So, we installed child locks on the pantry and all of the kitchen cabinets. 

He then moved on to counter-surfing and nothing was off limits – He learned to flip the handle on the fry pan and knock it onto the kitchen floor so he could help himself to whatever happened to be cooking for dinner.  Thank goodness for the folks at the electric fence company who wired our kitchen to keep the little beggar from torching his hair on the gas stove-top.

Holidays involving candy are always a challenge in our home. One Valentine’s day, when my youngest son was in 6th grade, Murphy decided to get up early, and hunt down the 24 Valentine cards addressed to each child in my son’s classroom, remove the candy from the cards, and scatter the rumbled remains throughout the back yard.  If you are a parent, you can imagine the ensuing drama of running to the store for new (“stupid-left-over”) Valentine cards and whipping them out in record speed in time to hit the first bell ring.

I won’t even mention Easter only to state it usually involves a trip to the Vet for ingesting a chocolate Easter bunny.

By now you are thinking that neither I, nor my family, has any idea on how to train a dog.  Wrong!  The Standard Poodles, for the most part, are well behaved.  The dog trainer recommended a heavy dose of Apple Bitter when Murphy was young.  Guess where I finally located the missing Apple Bitter? Low and behold it was buried deeply in the sand box.

Did I mention that Murphy loves toilet papering the backyard?  Embarrassingly, the toilet paper in our home has to be hidden.  This is always fun to explain to guests.  He takes the toilet tissue out of the bathrooms, engages the Poodles in his mission, and takes off through the doggy-door toilet-papering every bush in the back yard.

Oh, and guess what – not every Portuguese water dog can swim.  My husband had to jump into Chatfield Lake to save Murphy from drowning!

All this said, and for all the naughtiness, theatrics, and chaos Murphy reeks on our household, I and my family positively adore every fiber of his rotten little wonderful self. He is like living with three year old child – Hilarious, loving and completely uninhibited.  He loves to cuddle.  He doesn’t run, rather bounces with joy.  He provides non-stop entertainment with his constant mission for mischief.  He adores company, especially of the kid-nature who are usually packing gum or candy.  He loves his family, and his Poodles, who are his second set of best friends.

Just be warned on adopting a Portuguese water dog – you heard it here first. 

Michelle A. Potter

Broker Associate

Dog Lover

First Time Home Buyer Tax Credit: 12 Tips

Wednesday, April 22nd, 2009

April 22, 2009

Here are some general answers to common questions regarding the 2009 refundable tax credit for first time buyers:

Who is considered a first-time buyer?

A taxpayer who has not owned a primary residence during the 3 year period prior to the purchase date of the new home.

Who is eligible?

US citizens who file taxes and meet the additional 2009 tax-credit requirements.

What if my spouse has owned a primary residence over the past three years, but I have not?  Am I still eligible to receive the 2009 tax credit?

No, for married taxpayers – the law tests the history of home-ownership of the married couple together over the past 36 months.

How much is the tax credit?

The refundable tax credit is equal to 10% of the purchase price of the property or $8,000, whichever is lower.

So, it doesn’t have to be repaid?

No, as long as you owner-occupy the home as your principal residence for at least three years after the purchase date.

What does owner-occupy or primary residence mean?

This means you will occupy the home for a minimum of 50% or more of the time.

Are there eligibility qualifications in terms of income?

Yes. The tax credit is subject to the following income restrictions: Single home buyers need a modified adjusted gross income (MAGI) of $75,000 or less to qualify for the full tax credit amount. Married home buyers need a MAGI of $150,000 or less to qualify for the full amount. Singles with a MAGI between $75,000 and $95,000 or married couples with a MAGI between $150,000 and $170,000 may be eligible for reduced credits amounts.

What kind of property is eligible if I qualify for the tax credit?

Obviously, it needs to be in the United States – and can be a condo, town-home, single-family-detached, single-family-attached, and a couple more.

What are the effective dates for the 2009 tax credit?

On or after January 1, 2009 through December 1, 2009. Keep in mind that you have to actually close on or before December 1, 2009 – I.E. Title needs to be transferred to the new owner on or before this date.

Can I qualify for the tax credit if I purchase a home from a close relative?

No. You are not eligible if you are purchasing the home from a spouse, parent, grandparent, child or grandchild.

Can I get a tax credit if I finance the home via a state or local bond?

No.

What IRS form do I need to file with my return?

IRS form 5405 at http://www.irs.gov/pub/irs-pdf/f5405.pdf

Great Additional Resources:

NAHB: http://www.federalhousingtaxcredit.com/index.html

Iris.gov:  http://www.irs.gov/

Obama Stimulus FAQ: http://www.neighborhoodlink.com/article/Community/OBAMA_STIMULUS_FAQ

This article contains general information on the 2009 tax credit. Individual financial situations are unique – please, consult your financial advisor or tax attorney before utilizing any of the information contained in this post.

Michelle A. Potter

Broker Associate

Denver Property Taxes: Should you Protest your Home Valuation?

Tuesday, April 21st, 2009

4-21-09

Today’s Denver Post has a great map and article on the Denver Metro home values broken down by Denver neighborhood and general home values for 5 surrounding metro counties.

Read the full article by Christopher N. Osher in today’s Denver Post at:

http://www.denverpost.com/search/ci_12187365

Here are some valid reasons to protest:

· There are errors on your property record that reflect inaccuracies and therefore overvalue your home – Good examples are the county records include improvements such as a finished basement and yours is unfinished or indicate that your square footage is considerably larger than is true, and so on.

· The assessor’s record indicates your acreage is incorrect – i.e. – more acreage than actually exists.

· You have evidence to believe that the assessor’s office has over-valued your home.

One good reason not to protest:

· You are selling in the near future – While real home value and tax value can be largely disconnected – do you really want potential buyers looking at county records only to find a price considerably less than what the current market value commands? Remember, too, that county record data is usually about a year old.

Options if you believe your home value is unfair or inaccurate and decide to protest:

· Hire an appraiser. If the appraisal indicates a decrease in home valuation this increases your odds for a favorable outcome.

· Gather as much information as possible. Search comparable SOLD properties on line and gather evidence to support your case.

· Contact your Realtor® to run the comparisons and use the collected information to support your case.

· Read the protest procedures for your respective county thoroughly and provide the exact information required.

· Check the dates and deadlines for filing your protest.

Where to find additional information on protesting your Denver, Arapahoe or Douglas County property valuation:

Denver County:

http://www.denvergov.org/Assessor/ProtestingYourPropertyValue/tabid/378144/Default.aspx

Arapahoe County:

http://www.co.arapahoe.co.us/Departments/CMS/news/2005/April/2005_protestbegins.pdf

Douglas County:

http://www.douglas.co.us/assessor/The_Protest_Appeals_Process.html

This is by no means intended as legal or tax advice. Please contact your tax or legal consultant for advice.

Michelle A. Potter

Broker Associate

So, How’s the Denver Market? April 2009

Friday, April 17th, 2009

Prestige Real Estate Market Update

All data taken from Metrolist, Inc. on April 6, 2009.

· Current active inventory is at a 6 year low with single family and condo active units totaling 21537 up from 20884 one month ago and a 19% reduction from April of 2008.

· Month over month the inventory only increased 653 total units from March. A small number for spring time home inventory growth.

· Homes under contract are up 9.63% over March of 2009.

· The number of homes closed in March of 2009 was 31.98% better than February of 2009. This is the largest increase in number of homes closed from February to March since 2004.

· In 2009, 69.95% of all the homes sold in Denver have been priced from zero to $250,000.

· Home priced between $250,000 and $500,000 made up 24.1% of the homes sold in Denver.

· Conversely homes priced above $500,000 in the entire Denver metro area accounted for 5.94% of home sales in 2009.

· The market is seeing multiple offers in the lower price ranges indicating price appreciation is occurring now at the entry level prices which will translate to more sales in the spring and summer.

· $8000 Tax Credit for First Time Homebuyers will give a jump start to homes priced under $400,000.

This chart shows the number of homes closed in the month of March for each year. Although 2009 shows a decline, look at the chart below indicating the increase from February to March of each year to see a trend that exceeds previous years. In 2009, the number of closing increased by 31.98% from February to March.

Inventory still drives real estate; let’s see how it has decreased in April of each year.

What can buyers do to take advantage of today’s real estate market.

· Become a pre-approved buyer. With lending guidelines changing daily, become approved and look like cash to sellers.

· Sellers in upper price ranges are looking for buyers, this is where the deals are.

· Real estate is a finite product that will rebound in value. Buy now and take advantage of your buy low, sell high ability today.

· Lock in your low interest rates that are available today.

· Ask for terms from sellers to meet your financing needs.

· Ask for a Carbon Monoxide detector with your inspections at the seller’s expense to install before closing. Make sure you ask for the detectors that are wired with the other ones in the home.

· If you are a patient buyer, short sales and foreclosures will afford you the lowest prices to buy homes, but you must be knowledgeable of the short sales process to really take advantage of this opportunity.

What should sellers do in today’s market?

· Do not over react to any offer. Buyers are like any other commodity. When there are fewer of them, you must be open-minded to them all. Doesn’t mean you have to accept their offers, just be open to looking at all and countering them all if necessary.

· Be a serious seller and through your bait to where the fish are biting. Pricing too high will cause delays for you to move on and get a terrific deal on your next purchase.

· Be the best conditioned home in your area. Have a professional stager help you get top dollar for your home.

· Create a financing package for the type of buyer that would consider your home. You do not always have to lower the price. Be creative in your financing package to sell your home.

· Compare your homes to proven entities not listed entities. This will create less stress in the sales process, as that is what buyers are looking at to make an offer. If you beat them to the punch and price your home accordingly, buyers will buy at your dollar versus negotiating down as they will fear losing your home to another buyer. Avoid the list high and negotiate down, as this will hurt your ability to sell and get offers.

Technorati Profile

Denver Home Inspections – To Inspect or Not Inspect?

Saturday, April 4th, 2009

 

 

Home Inspection

To inspect or not to inspect?  Most of the time it is worth the cost - which is typically based on square footage - that you pay for a professional inspection, especially if the home is a resale. Many home builders discourage buyers having inspections on new homes as they offer guarantees for at least one year. The current state of the economy reflects a large number of builders in trouble and going out of business. Therefore a home inspection is a very wise decision even for the new homes.

If you make the choice of inspecting the property on your own you will need an extensive check list to follow. Your real estate agent will be happy to supply you with an example.

When contracting a professional inspector, it is to your advantage to accompany him/her on the home visit whenever possible. Inspectors normally will offer you valuable advice on how to fix the smaller items that may require your attention. It is also to your benefit to watch him/her inspect the attic and basement crawl spaces, the roof, basement area and other less savory tasks of the inspection. Not only does this assure you he observed these areas, but it shows you how and what to look for in case you have to enter these spaces in the future.

An inspector will check everything from light switches, plumbing, furnace and air condition, windows, foundations, sidewalks etc.. When the inspection is complete it is up to you, the potential buyer, to decide what should be fixed by the seller and what can be tolerated and/or fixed by you. There is no guarantee that an inspector will find every fault in the property. Appliances, toilets, sinks and light switches may work today but could require repair in the near future. You should consider asking the seller to include a one year home warranty to cover potential major repairs.

If you have negotiated a fair price for the property, you should expect to fix the smaller items yourself. An inspection is primarily a buyer’s way to assure himself there are no major defects left unattended prior to the closing. If you can go to the closing feeling assured there are no major repairs lurking in the immediate future, it will be a much happier experience.

I personally have purchased and lived in 15 different homes. Many were not inspected. A couple I did myself but the ones that were professionally inspected gave me less surprises while living in them. The final decision comes down to you, the potential buyer.

Guest Blogger: Jim P. 

Disclaimer from Michelle A. Potter/ Denver Relocation Broker: Always hire a professional inspector!!!

Live Where You Golf – One Perspective on the Southern Denver Suburb Courses

Saturday, April 4th, 2009

Perry Park, near Larkspur, is a magnificent course.  A slightly errant drive can hit one of the many beautiful  red rock formations, one being smack in the middle of the fairway.  The greens are tough, but what greens aren’t tough when your putting skills are inadequate?  However, as I endure the incessant provocations of missed putts, the frustrations quickly neutralized by the baby fox (kits?) happily playing near the green!  Additionally, deer quizzically gaze at my not-so-perfect shots as if to question why on earth I’m pursuing this sport.  One day an elk looked on furtively.

The two courses at Castle Pines are unequivocally the classiest I’ve ever enjoyed. (I’ve played many resort courses from Hawaii to Florida – none compare!) Even the restrooms on the course are amazingly constructed!  While haloed in the splendor of one of the elevated tee boxes, views of Devil’s Head near Sedalia leave the most calloused person saying, “WOW”.

During the 80′s, I was a member of the Pinery CC, near Parker.  Recently I revisited that course as a guest.  A splendid renovation has been completed, leaving the club so updated and charming. Side hill lies on the Mountain Course and can pulverize even the stoutest ego.  (Have you noticed how we golfers are far more affable when we are playing well?)  The wildflowers are abundant and as colorful as a spring bouquet.  The beauty of the mountains in the distance makes me quickly forget the burdens of my self-imposed bondage,i.e. GOLF!

You know golf.  Seductive. One good shot, one good hole, and before you leave the course you are making the next tee-time and looking for a foursome.  If I could just stay “in golf” and out of “ego”, perhaps my golfing language wouldn’t be so X-rated and I’d be an incarnation of purity!  Worthy goal, I say with wisdom and clarity.

Guest Blogger: Augusta P.

Downsizing in Denver: Are You Ready to Take the Plunge? Read a Real Life Tale

Saturday, April 4th, 2009

Living the “downsizer” lifestyle in the DTC has been a great experience. Like many others, my husband and I found ourselves “empty nesters” with a 5 bedroom, 4 bath home on a large lot with a playground in the backyard. The task of downsizing and changing lifestyles scared us for awhile, but when we had the opportunity to sell our home at a great price, we took the leap.

We now live in a “flat” in the tech center and take an elevator to get to our floor. We park underground, never shovel snow, have gardeners that take care of these beautiful grounds and fill our free time with golf, biking and hiking. We are within 5 miles of Park Meadows, can walk to Maggiano’s or Maxwell’s, the beautiful Landmark Theatres are just minutes away and the Inverness Golf Course is our backyard. Oh, and the light-trail comes right to our back door!

Best of all our neighbors are fantastic! We call this kind of living “adult dormitory”. We get together for sporting events, card games, and very interesting nights of karaoke (the things you learn about one another when that machine comes out!) This decision to downsize and explore this lifestyle has been a truly fun decision!

Guest Blogger: Terri Connors, Broker Associate

Denver’s Uptown/West Capitol Hill Neighborhood: Up Close & Personal

Saturday, April 4th, 2009

I am a real estate investor and currently live in Denver’s Uptown neighborhood.  I consider this one of the very best neighborhoods in metro Denver.

Here’s why:

In the past 3 months, I have:

  • Visited the Colorado Symphony to listen to concerts on numerous occasions
  • Gone to the Museum of Contemporary Arts
  • Seen special exhibits at the Denver’s Museum of Science and Industry
  • Explored the Santa Fe Arts Districts, with thousands of other art aficionado’s, visiting an eclectic collection of art galleries
  • Gone to the Denver Zoo
  • Spent hours at the Denver Botanic Gardens taking reprieve in their tropical exhibits, while the outdoor temperature hoovers around 3 degrees
  • Spent time strolling the 16TH Street mall, shopping for books and going to movie theaters
  • Relaxed with massage and steams at a local old-fashioned “spa”
  • Ridden my bicycle on designated street bicycle trails (we have one of the largest and most extensive system of trails in the country)
  • Swam at 1 of 5 of the City of Denver Recreation Centers
  • Eaten at perhaps 20 local restaurants and visited 2 clubs

The best part:

Every single of these activities took less than 10 minutes to get to from my front door – Many of them are within walking distance!  Additionally…

There are so many summer festivals in downtown’s Civic Center Park as well as weekly FREE jazz concerts in City Park during warmer months.

Uptown is one of the most densely populated neighborhoods in the entire 7 state Rocky Mountain region and is really of very fine urban existence here in the Rockies.  For decades, City planners have recognized the importance of sustainability and “green” land use forms – and it shows. It is convenient, stable, and desirable – The Europeans have understood this for centuries.

I am an urban animal, as are my dogs, squirrels, fish, the coyotes in my alley, the huge flock of geese in the parks, the pigeons, seagulls, robins and of course the feral alley cats.

I am a student of the Urban Experience, and currently Denver is in a renaissance of construction, despite the recession.  I love to drive the one way streets and watch the all the new construction going on which changes the Denver scape by the month.  It is truly fascinating.

My alley is  pedestrian-oriented and anchored by a 7-11 store on the south entrance and the Starbucks on the north end.  This creates a constantly entertaining parade of pedestrians who I can watch from my home office, which faces the alley.

However, all is not rosy in the City. My cars have been broken into more times than I can count.  I am contending with graffiti “artists” who use my alley as their gallery on a routine basis.  Oh - and,of course it can be quite noisy with the flow of commercial traffic.  But – so what?  This is what it means to live urban.

Guest Blogger – Kerry B., Property Investor

Thinking of Moving to Denver and Wondering Where to Stay?

Saturday, April 4th, 2009

If you are considering moving to Denver and want to stay downtown, the options are endless. From historical choices (my preference as it gives a better feel of our city) to the standard chains, these all afford great luxury options.

Downtown Denver Historic Hotel Choices

The Oxford Hotel – Situated in LoDo (Lower Downtown Historic District) at 1600 17th Street, the Oxford is about 35 minutes from Denver International Airport and within 3 to 8 blocks of the following: Coors Field, the Denver Performing Arts Center and the Denver Convention Center. The lobby and surrounding public areas boast an amazing collection of Western Art, antiques and classical furnishings. Interestingly, rooms are decorated differently and one can find Art Deco, English, French or Classic American décor. McCormick’s Fish House is attached to the Oxford and I suggest passing on dining here, as there are far better restaurant choices.

RESERVATIONS: (800) 228-5838

The Brown Palace – This Mobil Four-Star hotel, located in the heart of Denver, exudes an old fashioned ambiance with contemporary amenities. Local’s love the ever so civilized “traditional afternoon tea”, complete with Devonshire cream imported from England, against a backdrop of delightful music performed by the harpist or pianist. I am forever jealous of my friends who have girls who make this tea a bi-annual ritual. Amenities are everything one would expect, including multiple restaurants, amazing concierge services, masterfully decorated rooms and spa services to name a few.

RESERVATIONS: (303) 297-3111

Hotel Teatro – This charming boutique hotel is a favorite weekend get-a-way for local suburbanites and Denver urbanites alike. It is located across from the Denver Performing Arts Center, making it perfect for out-of-towners to get a glimpse of our cultural offerings. Additionally, the concierge team is incredibly attentive whether the request is from a guest or the guest’s pet. Oh, did I fail to mention Hotel Teatro is pet friendly – another bonus! Perhaps best of all are the dining experiences offered by locally acclaimed Chef Kevin Taylor – The “Kevin Taylor Restaurant” offers French cuisine and is the recipient of numerous culinary awards. The “Prima” offers a delicious array of Italian fare.

RESERVATIONS: (303) 288-1100

Downtown Denver Upscale Chain Hotels

Grand Hyatt – This 26 floor hotel with 516 rooms offers everything you would expect in an upscale Hyatt. While the prices seem quite reasonable for this caliber of a hotel, keep in mind that parking is additional fee. Amenities include the onsite restaurant “1876”, a fitness center, an indoor pool and spa tub and a running track to name a few.

RESERVATIONS: (303) 295-1234

The Ritz Carlton – This is a new hotel to the Denver scene as it was recently (late 2007) converted from an Embassy Suite Hotel. Sophistication meets high tech as the amenities are plentiful in both departments. FORZA Fitness is located adjacently and offers an indoor lap pool, basketball court and state-of-the-art fitness equipment (please checks as there are age restrictions for children’s use of the fitness center). Spa treatments are also available as are children’s programs. Well trained pets are welcome under the guidelines outlined by the hotel.

RESERVATIONS: (303) 312-3800

Denver Marriot® City Center – This hotel, located close to the financial district, is within 2 miles of some of Denver’s best eateries including: Jax Fish House, Tamayo, Vesta Dipping Grill and Panzano. In house choices include Allies American open for breakfast and lunch and the D-Spot Lounge open for lunch and dinner. While there is no on-site spa there is a Marriot fitness center and pool. Another bonus is that many rooms either have views of downtown or of the Rocky Mountains. Be sure and ask!

RESERVATIONS: (303) 297-1300

Leaning towards the Suburbs or are Undecided and Wondering Where to Stay?

Staying at one of the 50 hotels in the Denver Technological Center is perfect if you are considering moving to either Denver’s South Central (Denver and Arapahoe Counties) or Southern suburbs (Douglas County). The Denver Tech Center is also great for out-of-towners who are completely unfamiliar with Denver as it is also within 20 minutes to downtown Denver, Stapleton, and many other Denver neighborhoods. I think you will find this centrally located area perfect for really getting an understanding of our geographical layout as well as getting a feel for various community/neighborhood nuances in the noted areas. Most of the hotels in the Denver Tech Center are standard chains so you will know what to expect in terms of lodging.

Please feel free to call me with any of your real estate needs while you are visiting our beautiful Mile-High City. Visit www.DenverRelocationBroker.com for additional information.

Denver Housing Market Stability

Saturday, April 4th, 2009

PMI Mortgage Insurance Company released their 2008 3rd quarter “Market Risk Index” with good news for Denver.

January 18, 2009

The Denver/Aurora Colorado’s real estate residential market is faring considerably better than most of the 50 U.S. cities measured in the PMI’s “Market Risk Index”. This comprehensive risk index uses economic, housing, employment, foreclosure activity, and additional indicators to forecast future real estate activity.

Denver’s risk index rank was one of the 10 lowest cities in the U.S. According to PMI Mortgage Insurance Company’s 3rd quarter/2008 report, Denver received a risk index rating status as “minimal” with a score of 4.1) – meaning, we are only at a 4.1 risk of home prices dropping beyond what they are today. While this index doesn’t predict future appreciations, it certainly inspires confidence that the Denver market is stabilizing. To gain further perspective on Denver’s low rating, take a look at the following areas with the highest risk rank of 99.8 to 99.9:

Riverside-San Bernardino-Ontario CA

Miami-Miami Beach-Kendall FL

Fort Lauderdale-Pompano Beach-Deerfield Beach FL

Los Angeles-Long Beach-Glendale CA

If your city is in one of the “red-zones”, and you are considering purchasing property in Denver or a Denver suburb, feel free to give me a call.