Blog

FHA Restrictions Limit Condo Buyers & Sellers

Mon, 21 May 2012 20:01:00 GMT

The Federal Housing Administration is the largest mortgage insurer in the world and has made major efforts in recent years to enable first-time homebuyers to qualify for low interest-rate and downpayment loans in residential and urban areas, including the $8,000 housing credit program endorsed by President Obama. Unlike their parent's generation, young prospective homeowners could get keys to their first homes with little more than 3.5% due at closing and loan rates as low as 4% in areas across the country.

However, due to the high risk of FHA loans, buyers must adhere to a strict set of guidelines when looking for their perfect property. The FHA can deny financing on properties for everything from location ("up & coming" or "transitional" neighborhoods are common no-no's) to unsteady handrails on interior staircases.

When applying for our FHA loan in 2009, we were unable to close on a first property we were under contract with because public records listed it as a "condo" but FHA requires a minimum of 4 units (with 80% owner-occupancy) for condo-loans. Three years later, FHA restrictions for buyers and sellers are tighter than ever, decreasing a property's chances of qualifying for FHA certification- even if it was previously approved.

According to the Denver Post, "Communities that have tried to recertify in recent months have been rejected at a 38% rate, due in part to the complexity of the rules".(Denver Post)

If properties are unable to qualify for FHA certification, owners cannot market to the majority of first-time homebuyers, which greatly decreases a properties' chances of selling in a reasonable time period. Unfortunately, members of condominium and multi-unit properties can be negatively impacted by actions of other owner's in much less obvious ways than with single-family homes. In smaller buildings, if one owner forecloses, the entire property may not qualify for FHA financing, and therefore inhibit the other owners from finding able buyers when the time comes.

Tighter FHA Rules Locking Many Entry-level Buyers Out of Condos, Denver Post 5/18/2012

FHA/ HUD.Gov

Breakfast with the Broncos!

Mon, 14 May 2012 20:55:00 GMT

There are few better ways to start the work-week than with a sneak-peak into the lives (and locker rooms!) of our beloved Denver Broncos! LuxHomesDenver's Joyce Kelly and Hailey Fynaardt had the privilege of attending the annual Breakfast with the Broncos event, generously hosted by NBC 9NEWS and staff of Sports Authority field at Mile High, this morning. Following an exclusive tour of the stadium which included stops in the media room (with a photo-op with Cheerleaders Sam & Tristan) and the 50-yard line, guests were treated to a buffet breakfast and meet-and-greet with veteran Ed McCaffrey!

During breakfast, NBC also aired pilots for new series' and previews of their Fall show-schedule. Everyone also had the opportunity to enter a raffle that included great prizes like an autographed helmet, football, and tickets for the upcoming season! *We're still keeping our fingers crossed!*

A very big "Thank You!" to the generous staff at 9NEWS and Sports Authority Field for hosting a great event!

Contemporary Craftsman Bungalows

Tue, 08 May 2012 20:45:00 GMT

The Craftsman Bungalow is one of the most popular home styles in Denver's historic neighborhoods. The concept for the simple single-family homes originated during the 1920s, amidst the economic turmoil of the Great Depression, as a means of providing cost-efficient housing opportunities for the working class. Housing plans typically featured three small bedrooms, one bathroom, galley kitchens, and covered porches and could be built for around $1200.

Original Craftsman Bungalow Blueprint

Today some of these original bungalows can fetch upwards of $500,000 in certain neighborhoods- talk about return-on-investment! Although many homeowners today are seeking larger living spaces, extra amenities, and updated features not found in original Craftsmans, contemporary interpretations of their charming aesthetic qualities are sprouting up everywhere. LuxHomesDenver recently leased a Contemporary Craftsman in Denver within a matter of days of being listed, and after receiving multiple offers! We were curious about other great examples of this growing trend throughout the US!

Here are a few of our favorites!

contemporary exterior design by portland general contractor Kaufman Homes, Inc.

contemporary exterior design by san francisco architect Simpson Design Group Architects

traditional exterior design by denver architect Lawrence and Gomez Architects

contemporary exterior design by salt lake city architect Highland Group

contemporary exterior design by san francisco architect Ward-Young Architecture & Planning

Do you have your heart set on a Contemporary Craftsman?

Check out our current listings for Lease!

Awesome Outdoor Areas!

Fri, 04 May 2012 21:55:00 GMT

These days, what's outside your home can be just as important as what's on the inside. Little is off-limits when it comes to designing the perfect outdoor space and plastic patio furniture is a thing of the past. Kitchens complete with granite counters and stainless steel ranges, stand-alone stone fireplaces, surround-sound audio systems, upholstered furniture, and unconventional lighting are some of the unexpected features found in our round-up of awesome outdoor areas that are sure to inspire a summer of alfresco entertainment.

traditional patio design by dallas design-build Dallas Renovation Group

*dine and mingle on this spacious veranda, that could double as a dance floor!*

mediterranean patio design by santa barbara architect J. Grant Design Studio

*outdoor formal living room full of cozy charm*

mediterranean landscape design by san diego landscape designer debora carl landscape design

*perfect use of small, side-yard space that gets some shade*

contemporary landscape design by toronto general contractor Paradise views landscaping

*romantic retreat with water feature and gazebo*

contemporary patio design by toronto photographer K West Images, Interior and Garden Photography

*modern and masculine*

eclectic patio design by other metros architect Prideaux Design

*contemporary southwestern style*

contemporary patio design by chicago interior designer jamesthomas, LLC

*roof top terrace with stunning city views*

eclectic patio design by other metros design-build Blue Sky Building Company

*perfect use of a bare wall or tight space next to garage*

traditional patio design by orange county interior designer Wendi Young Design

*comfy furniture, soft lighting, and rustic textures are the only focal points this space needs*

Are you dreaming of your next outdoor soiree?

Mix up a pitcher of this delicious sangria and let your patio take care of the rest!

via Tasty Trials

What Higher Home Values Might Mean for Owners

Thu, 26 Apr 2012 22:48:00 GMT

Homeowners everywhere are breathing a long-awaited sigh of relief as they start to see home prices creeping higher than previous years. With greater confidence in the market, many are anxious to list their homes for sale this season but history warns against getting too excited before giving some careful thought to individual circumstances.

The Good News:

Home prices in the city of Denver are on average 4.4% higher than last year with desirable areas such as Greenwood Village, Sheridan, Todd Creek, and Genesee showing greater increases. (via Denver Post, 4/24/2012)

Average days on market has hovered around 100 for the past year, nationwide, but this number could drop into the 80-90 range this summer.

85% of agents in the western states predict prices will continue to rise.

What Homeowners Need to Hear:

The median sales price of homes in Denver is $271,000, with an average days-on-market of 105. As property prices increase, odds of selling decrease sharply, making the chances of selling a home valued around $450,000 at a mere 50%.

For homes priced above $1,000,000 the odds of selling sink below 20% in the North and South Denver Metro Areas.

In a recent REMAX report, only 25% of agents report high demand for "high end" and "luxury" properties, with 27% seeing "full price or slightly less" offers coming in.

Our Two-Cents:

"Son, I've made a life, out of readin' people's faces,

and knowin' what their cards were by the way they held their eyes.

So if you don't mind me sayin', I can see you're out of aces-

for a taste of your whiskey, I'll give you some advice"

- Kenny Rogers, the Gambler

We understand that the past five years have been a financial and emotional roller coaster as homeowners have ridden along hoping for a change in luck. At the first sign of recovery, the temptation of being able to sell your home and relieve the weight of a burdensome property is enough to make you want to take a gamble on selling, and you're not alone.

Owners that pulled their homes off the market in recent years will be eager to re-list at a higher value, which will create a surge of properties and push the ball back into the buyer's court.

Leasing allows owners the financial ability to move on with their lives without compromising equity while the market continues to stabilize. With a greater demand for distinctive rental properties than ever, we are confident in our ability to lease your home to a qualified tenant in a fraction of the time it could sit on the market.

_ _ _

Every gambler will tell you the secret to success is patience, but by leasing your home you don't have to wait to start living the life you want.

Profit, stability, and security are the ultimate jackpot in the real estate game.

No poker-face needed.

Company Update: COCO & DCS Montessori Fundraiser Success!

Wed, 25 Apr 2012 19:55:00 GMT

The LuxHomesDenver Team wants to extend a very enthusiastic "THANK YOU!" to everyone who tuned in to watch Joyce and Mike on Colorado & Company, with host Denise Plante on Channel 9News in Denver, on April 11th. The results were incredible and we have been busy over the past few weeks previewing new properties thanks to all of our viewers. We may be able to cover a lot of ground through social media and online networking, but nothing beats a live interview that helps us connect on a more personal level with our community. We are hoping to make subsequent COCO appearances in the near future, stay tuned for details!

We also want to acknowledge the hardworking staff at DCS Montessori School and Cielo Castle Pines who hosted a fantastic fundraiser on April 14th. Through the combined efforts of talented teachers and generous sponsors, they raised $23,000.00 to support the school! We will look forward to participating in years to come, but have made mental notes to avoid eye-contact with the dueling-pianos entertainers! Overall, a gorgeous facility, delicious food, great atmosphere, and a very successful evening that we were so thankful to be a part of!

Colorado & Company

DCS Montessori School

Cielo, Castle Pines

2011 Tax Benefits for Homeowners

Wed, 11 Apr 2012 00:23:00 GMT

Tax Day is almost here and depending on how you have prepared, you may be expecting a refund or making a payment. If 2011 was the year you took the plunge into homeownership or you refinanced your property, you may be eligible for several tax deductions or credits.

1. Mortgage Interest

The best part about writing that mortgage check each month is that the interest (also the largest!) portion of your mortgage payment is fully deductible! There are limitations in place if the balance of your loan is greater than $1,000,000 for a couple filing jointly, or $500,000 if filing individually.

2. Points, origination, and discount fees

Deductions for points paid towards a loan generally need to be made over the life of the loan,

instead of as one lump payment unless a number of exceptions are met.

3. Mortgage Insurance Premiums

Itemized deduction procedures have changed and, in some cases, been eliminated in certain areas. Be sure to consult your local legislation for details.

4. Real Estate Property Taxes

Portions of the settlement costs and real estate taxes split between buyers and sellers are prorated and deductible for the year the property is sold.

5. First Time Homebuyer Credits

For those who meet the requirements, a tax credit of either $4000 (for individuals) or $8000 (for married couples) is available. Due to restrictions on gross income and purchase price values, this credit is intended to bring those who may have previously unable into the property owner market.

6. Energy-Saving Improvements

There are tax rebates available for energy-saving improvements from windows to roofs but they vary from city to city. Check with local government websites or companies to find out what credits are available in your area.

Lookin' Up: creative ceiling designs to elevate your style!

Thu, 29 Mar 2012 20:23:00 GMT

Wood, tile, carpet, rugs, paint, lighting, windows, artwork... Why should floors and walls have all the fun?

This is exactly what has inspired designers around the world to take on the task of turning lesser-looked at spaces into fabulous focal points. We have selected our favorite designer ceilings that may help inspire you to "look up" when considering your next decor project. From wallpaper to brick, metal to wood, the materials are as vast as the possibilities... no longer are ceilings confined to just plaster and paint.

These designs so gorgeous, you may be tempted to swap out your furniture for a plush Flokati!

Embossed wallpaper, Designpublic.com

Brushed metal planks, Beard + Riser Architects

Arched Brick, Echelon Custom Homes

Wood wainscoting and coffers, Angela Otten WmOhs Showrooms Inc.

Custom plaster design, dSpace studio

White wainscoting, Michael Robert Construction

Wood planks, Bruce D. Nagel, NYC

Style & Decor: Favorite Spring Trends

Wed, 14 Mar 2012 16:08:00 GMT

Spring is a perpetual symbol of new beginnings, fresh starts, and second chances. We often emerge from our winter hibernation in need of a good stretch and a bit of inspiration. If your interior space is lacking a little luster or you are feeling adventurous enough to experiment with a new trend, spring is the perfect time to tackle your project. We've gathered a few of our favorite style & decor trends for the season to help give you a boost of creative confidence!

1.Subtle Southwestern

North Star Ranch, Miller Architects

2. Rustic Retreat

Cleary Residence, Miller Architects

source

Miller Architects, PC

3. Eclectic Collage

Photo credit: John Bedell

BHG

Hollywood Dream Homes! { Part I }

Wed, 14 Mar 2012 20:26:00 GMT

The set of a movie is nearly as important as the characters or plot itself. Within a few moments, the set gives viewers a complete idea of when and where a story is taking place. The exterior of a building or surrounding landscape can reveal the geographic locale, demographics, or historical significance of the setting. Inside, stylistic details from light fixtures to furniture, appliances to artwork support the culture and time period in which the story unravels. Obviously, we are passionate about exquisite architectural and interior design, but we have picked a few of our favorite Hollywood Homes to share with you:

"Under the Tuscan Sun"

If you love Italy, food, travelling, chick flicks, or Diane Lane you've probably seen Under the Tuscan Sun(2003), an ordinary college professor's extraordinary tale of her adventures abroad and the accidental restoration of a deteriorating Tuscan villa. Since the movie was filmed, the "Bramasole" seen in the film has been beautifully renovated to reveal a fresh, carefree, quintessential "Tuscan" ambiance unlike any other. The best part- "Bramasole" is available for rent as a vacation destination, for a mere $3500/night. Who's in?!

Click Here for more photos and rental information

"Something's Gotta Give"

One of the most dynamic duos in movie history has to be Jack Nicholson and Diane Keaton in Something's Gotta Give, but their set- a gorgeous Cape Cod home in the Hamptons- is just as much of a scene-stealer in our eyes. The home's traditional finishes, airy palette, and coastal style makes us feel like we're on vacation year-round.

Click here for the Architectural Digest tour of the home!

"Life as We Know it"

In case you haven't seen the movie, starring Katherine Heigl and Josh Duhamel, the plot is rather predictable and unremarkable. The true star of the show, at least in our humble opinion, is the set: a gorgeous Colonial home nestled in a quiet suburb of Atlanta, Georgia. The photos below are from the property's recent real estate listing that boasted a $1.8million price tag. Every room (in both the real and movie versions) is decorated with perfection and attention to detail that make it seem like it was built upon decades of family history... or at least several dozen shopping sprees at Pottery Barn. This casual, yet elegant home would be the perfect setting for holiday gatherings and back yard barbecues year round.

Click here for more photos from the movie!

Denver's Rental Market Not Much of a Gamble

Wed, 14 Mar 2012 16:12:00 GMT

It may still be hard to believe, but some of the effects of the recent housing crash could have positive, long-term potential. With property values near record lows in many cities across the U.S., buyers are finding themselves capable of securing homes in areas that were once only on their wish lists. While buying properties on the cheap with the hope of flipping them in an economic "comeback" is not advisable, investing in rental properties in desirable areas is proving to be a secure, stable, and relatively successful move.

In a recent market report, Denver is sitting comfortably around the middle of the top 100 places to invest in rental properties- a testament to the stability our market has maintained in recent years. Because property values in Colorado as a whole have not been subject to severe economic impacts, compared to other states, and interest in towns across the front range continues to rise, buyers and sellers are finding themselves in similar places they were half a decade ago. Of course, this means that those waiting to either buy or sell are in a stalemate as prices are not fluctuating as much as predicted at the start of the market downfall so some are choosing to cut losses or overspend on properties. Renting is a viable solution that helps both "buyers" and "sellers" avoid unnecessary short-term compromises or long-term losses.

Unlike the housing market that varies drastically from one zip code to another, rental values are relatively comparable across the board. The negative rental stigma is being replaced with one reflective of a more modern, transient, and adaptable culture. We are predicting this trend to continue to spread throughout the Greater Denver area in upcoming years. Younger generations are seeking properties that will accommodate their lifestyle, not the other way around, allowing them to maintain a care-free quality of life without the worry of carrying a mortgage. Those nearing retirement are relieved by the ability to rent their homes, earn steady monthly income, and enjoy their freedom to pursue lifelong goals.

There are hundreds of reasons why people are choosing to rent instead of buy or sell: down-sizing, up-sizing, relocating, seeking a change of scenery... Whatever the reason, renting allows people in all places in life to enjoy the things that matter most (and we don't mean mortgage rates!).

Our Favorite Five: Gourmet Kitchens

Mon, 12 Mar 2012 16:54:00 GMT

It is often said that the kitchen is the heart of the home; a place where meals and memories are made, either in haste during early morning dashes out the door, or over hours of preparation for holiday gatherings. For all they do and represent, kitchens can say a lot about the people who use them: crayon drawings taped to a fridge, a sink full of dishes from a recent soiree, clutter-free counters or perpetual piles... which is why designing or updating them can be a very personal, and rewarding project. Though tastes, styles, and preferences differ, kitchens designed using basic layout principles and quality finishes often bring the most "bang for your buck"; making moderate kitchen investments highly recommended across the board.

Below we feature our five favorite Gourmet Kitchen spaces from properties we have represented in the past:

1. Old World Charm

This gorgeous space is both functional and inviting, with plenty of space for families to gather while preserving a cozy Old World style.

Rich, dark cabinetry and molding contrast cream walls and granite creating depth and interest. Exposed brick and natural hardwood floors add texture and warmth.

2. Sleek & Seamless

This space proves that contemporary kitchens can still have personality. Textured wood cabinets, free of distracting hardware, are pleasing on the eye, while the dark stone-tile back-splash mimics the scale and grid pattern seen on the ceiling. Low-profile lighting and fixtures keep the space feeling clean and cohesive.

3. Timeless Tradition

Classic kitchens that adhere to a proven palette of warm wood tones, natural stone, and soft lighting are timeless and appeal to a broad range of homeowners. This space features modern upgrades such as granite counter tops and stainless steel appliances that compliment, not contradict, the traditional cabinetry, molding, and wrought iron details.

4. French Country

Unique features such as fresco paintings, arched doorways, and a tumbled tile back-splash resemble those found in centuries-old, European countryside homes. Contemporary appliances and recessed lighting provide modern conveniences without compromising character . The darker island contrasts the cream cabinets but the solid counter tops maintain uniformity, allowing the eye to focus on the charming details in the molding and trim.

5. Formal & Functional

This space boasts chef-worthy counter space and a second sink within reach of the deluxe range for convenient cooking preparation. Plantation shutters, shaker cabinets, and molding are finished in a rich wood tone that compliments the natural colors in the granite counter tops. Iron pendant lights and hardware, along with antique-inspired fixtures, add a hint of timeless elegance.

What Makes Us Different?

Wed, 07 Mar 2012 22:43:00 GMT

We are often asked by prospective clients "What makes LuxHomesDenver different from your competition?". The answer is nearly as multifaceted as our company itself.

For starters, we have virtually no other competition in the area as we have secured 98% market-share presence by approaching the luxury leasing market

from a variety of angles: listing, marketing, and representing luxury properties for sale and lease.

As a small business, we understand the importance of nurturing lasting relationships within our community. We network with local brokerage firms and real estate professionals who recommend us to clients and customers seeking alternative options to buying or selling. We also partner with a select group of agents to schedule property showings and listing appointments to give us the flexibility to meet, and exceed, needs and expectations.

Since 2008, LuxHomesDenver has grown exponentially, with our marketing reach extending around the world. When the economy headed into it's darkest hour, LuxHomesDenver flourished as clients from all over the country began contacting our team to help them find practical alternatives that would allow them to move forward with their lives without compromising their priorities or profit.

We attribute much of our immediate success to our personal, professional approach to each transaction and guarantee our services to ensure lasting relationships with both clients and tenants. We simply focus on what we do best, and avoid competing in areas where there is a surplus of qualified agents, ultimately creating our identity as Denver's exclusive luxury leasing team.

Rents on the Rise!

Thu, 01 Mar 2012 18:46:00 GMT

News sources nationwide are finally acknowledging a fact that we've built our growing business on for years: the rental market is proving to be more competitive and fluid than ever, while housing markets remain stagnant. There is increasing demand for quality rental properties in metro areas across the country and low inventories are sending prices skyrocketing. Now is an excellent time for property owners to consider leasing or renting their homes instead of letting them collect dust on the market, waiting for the economy to recover.

"We are more of a rental nation than we have been for a while", Christopher J. Mayer- professor of real estate at Columbia University Business School- recently commented in a New York Times article.

According to the DenverPost, Denver had a citywide vacancy rate of just 5.4% at the end of last quarter- even lower for homes in desirable areas- and rental prices are up 3% from last year. These numbers, in conjunction with a struggling economic rebound, falling home-ownership rates- down to 66% in 2011- and a swollen market supply, renting is offering both landlords and tenants the freedom to move forward with their respective plans without the risk.

In case you need a bit more convincing before taking the next step towards your Denver dreams... here are a few recent Forbes Lists we're happy to see the Mile High City (and a few neighboring towns!) near the top of!

Forbes: 25 Best Cities for an Active Retirement

Forbes: Best Places For Businesses and Careers

Curious if renting your home is the best solution for you?

Visit our Facebook page and "LIKE" us today! Our first 100 Denver-Resident Homeowner fans will be eligible for a FREE exclusive consultation with Joyce to help determine potential income for your property!

7 Solutions to Help Sell Your Home

Sat, 25 Feb 2012 05:30:00 GMT

1. If walls could talk...

They'd probably ask you to patch up their holes, wipe them down, or give them a fresh coat of paint before showing them off! Walls and ceilings comprise the majority of surface area in a home but are often deprived of the same regular care and attention shown to furniture, floors, and windows. You may think your walls are in perfect shape until the photos come down and furniture is moved around for staging purposes, revealing a bare, bland, or sun-bleached space riddled with nail holes and smudges. Walls don't lie- home inspectors typically look there first for any obvious signs of foundation or structural issues (cracks, warping, or water/smoke/mildew damage) so making sure they look their best prior to showing will increase chances of a quick and painless showing process.

2. Hit the floors...

Whether you have carpet, hardwood, laminate, tile, or ones made for dancin', floors need to be clean and presentable to prospective buyers or tenants. New carpet is practically a given in higher-end properties, but having hardwood freshly refinished helps older homes or those in subdivisions with higher competition stand "above" the rest.

3. Get in the kitchen...

Recent reports claim that mid-range kitchen remodels can have up to 100% returns on value if done tastefully with simple upgrades. The average kitchen remodel, in scope and size, can cost between $10,000-$30,000 but will make the most impact on discerning buyers, especially when competition is high. Don't go overboard on custom cabinetry or professional-grade appliances. Instead, opt for a fresh look with a paint face lift and standard stainless steel finishes.

4. Keep it clean...

Like kitchens, the return on updated bathrooms is high nationwide, making minor investments in upgrades generally safe investments. However, instead of blowing your budget on a five-piece master ensuite remodel, get more bang for your buck with relatively minor cosmetic updates (fixtures, lighting, flooring, etc.) in each bathroom.

5. If it ain't broke...

Fix it anyway! Quick fixes are often the most obvious: broken ceiling fans/fixtures, burned out bulbs, ripped screens... but don't overlook the significance of replacing leaky windows or heating/cooling systems with more efficient options, as they will not only catch buyer's eyes in a listing description, but can provide residual energy savings for future occupants.

6. Curb appeal...

Studies show that 90% of prospective buyers make up their minds about a property before walking in the front door... assuming they even bother getting out of the car! First impressions are priceless and, in competitive markets, can differentiate homes that sell from those that don't. Maintaining a well-manicured lawn and thoughtful landscape design reflects pride of ownership and shows buyers that the property has been cared for. Seasonal, yet neutral, decorations on the porch create an inviting entry that helps potential owners feel at "home".

7. Raise the roof...

...or at least have it inspected for damage and assessed for repair/replacement. Considering roofs have an average lifespan of 20 years, chances are most owners will need to finance one replacement in their property-ownership years, but relieving potential buyers of this burden will not only provide them with peace of mind, but may result in quicker, higher property sales. When replacing, make sure the contractor removes all existing roofing material and makes any necessary adjustments to even out the surface. Opt for a neutral color that will compliment exterior house, trim, and gutter palettes.