Category Archives: For Sellers & Homeowners

Useful tips and information for those currently owning a homes and those that may want to sell at some point in the near future.

Denver Area Sales Activity, December 2012

Here are the Sales stats for the Denver Metro Area in December 2012.  Looks like the market ended the year with continuing good news for homeowners!  Although, sales activity for Single Family Homes did slow down a bit compared to November (decreases in the number of Actives, Pending, Under Contract, and Sold), the average sold price did increase by 1.49%.   The decrease in activity in December is most likely due to the holidays.

If we look at the sales activity for December compared to a year ago, we see that we closed out the year with almost 30% fewer homes on the market than last December, 8-9% more homes under contract and sold, and an average sold price up more than 14% over this time last year.  Homes that are on the market are selling much faster than this time last year, with a decrease in Days on Market (DOM) of 31.78%!    The Real Estate market ended 2012 with a bang!  What a way to ring in the New Year!

Source: Denver Metrolist mls

The Ranch Neighborhood Featured in “City Edition”

The City of Westminster publishes a small local newspaper every other month for the residents of Westminster.  The paper is called City Edition.  It is free, and citizens can subscribe to either a print version or an online version of the paper here: http://www.ci.westminster.co.us/News/CityEdition.aspx .

In the Dec 2012-Jan 2012 edition, the beauty of the homes, open spaces, Ranch Park, ponds & lakes, and beautiful vistas available in The Ranch and Ranch Reserve subdivisions was highlighted in a full-page “Featured Walk” article.  These subdivisions, as well as the open spaces, etc sit on a total of over 550 acres.  The subdivisions called The Ranch and Ranch Reserve contain homes built as early as the late seventies and as recently as the 2000’s.  As you may already know, these neighborhoods surround The Ranch Country Club, the only private country club in Denver’s  north metro area.  The Featured Walk article includes many opportunities to enjoy the views of the golf course and gives the reader/walker a nice bit of history about The Ranch development as well.

The article takes the reader on a nearly step-by-step, round-trip journey through the streets and  paths around the neighborhood.  The adventure starts and ends at 118th Ave & Zuni St.  The journey is approximately 3.66 miles of hilly terrain.  If you are not up for that level of physical activity, you may want to take the hike in segments.

I have driven or ridden my bike through many parts of the trip described in the article and it does not exaggerate the beauty of the views and some of the spectacular homes in The Ranch and Ranch Reserve.  After reading the article, I am looking forward to exploring the parts of the journey that I have not yet seen.

If you are interested in learning more about The Ranch and Ranch Reserve, or in taking a tour through these neighborhood, you can check out the article, on page 12, at:  http://www.ci.westminster.co.us/Portals/0/Repository/Documents/News/CEDec12Jan13FINAL.pdf.  

And, of course, if you would like to buy or sell a home in either of these beautiful neighborhoods, please contact me using the form below!

The Ranch Reserve- Home Sales Activity for November 2012

This is the November 2012 snapshot of the homes sales activity in The Ranch Reserve Neighborhood.

The Status Categories are as follows:  A= Active, A/B= Active, taking backup offers, S= Sold, W= Withdrawn from the market, X= Expired listing.

 

Residential-Detached Listings

Price

Status

SqFt

Style

Beds

Address

Office

$505,000

A

3887

2 Story

6

11403 DECATUR Ct

NEW06

$515,000

S

5561

2 Story

4

11265 Clay Ct

0RLCP

$555,000

S

3773

1 Story/Ranch

4

11278 DECATUR Cir

MBN82

$674,900

A

5017

2 Story

4

2598 W 115th Dr

0KWPR

$695,000

A

5026

2 Story

5

2593 Country Club Ct

FRON

$1,099,500

A

5571

2 Story

6

11235 Clay Ct

AFPB

$1,395,000

A

7198

2 Story

5

2788 W 115th Dr

0CRSS

$1,749,000

W

8274

2 Story

6

2441 RANCH RESERVE Rdg

CBR01

$2,490,000

A

8492

1 Story/Ranch

4

2391 Ranch Reserve Rdg

LLEG

Total Number of Residential-Detached Listings: 9

Residential- Attached Listings

Price

Status

SqFt

Style

Beds

Address

Office

$167,000

X

1317

1 Story/Ranch

2

2899 W 119TH Ave 202

USPRO

$175,000

A

1317

1 Story/Ranch

2

2891 W 119th Ave 203

RMME

$179,000

A / B

2317

1 1/2 Story

2

11557 DECATUR St 8B

00512

$179,900

A

1838

2 Story

2

2364 RANCH Dr

MBJ8L

$189,800

A

1390

1 Story/Ranch

3

2971 W 119TH Ave 101

REM36

$189,900

A

1396

1 Story/Ranch

2

2883 W 119th Ave 12-201

0RITZ

$229,900

A / B

2550

1 Story/Ranch

4

2845 W 119th Ave 102

2HOME

$230,000

A

2178

2 Story

3

2367 W RANCH Dr

MBP4A

$234,888

A / B

2614

1 Story/Ranch

2

2378 RANCH Dr

HET77

Total Number of Attached Dwelling Listings: 9

Prepared By: Joan Bagwell – Dec 12, 2012 10:27:25 AM

Information deemed reliable but not guaranteed. Some properties may be listed by other offices.  Source: IRES, LLC

Please feel free to contact me with any questions you may have about the real estate market or your home’s value.

Home Sales Activity in The Ranch, November 2012

Below, is the home sales activity for the month of November in The Ranch neighborhood.  As you can see, compared to the hundreds of homes in the neighborhood, there is not a lot up for sale.  I take this as a good sign, because low supply means a higher demand for homes, if a buyer were targeting The Ranch as the place they want to live.  Higher demand, should also result in higher prices and shorter time on the market for sellers.

Here are the definitions for the various “status” types:  A=Active, A/B= Active, taking backup offers, Sold= Sold, W= Withdrawn from the market, X= Expired listing.

The Ranch- Sales Activity Residential-Detached Listings

Price

Status

SqFt

Style

Beds

 

Address

Office

$265,650

S

3836

2 Story

4

11402 QUIVAS Way

KWR80

$289,900

A

3616

Tri-Level

4

11224 QUIVAS Loop

MBN17

$289,900

A

2858

Four-Level

3

11892 VALLEJO St

REX01

$294,888

A / B

3296

2 Story

5

11260 RARITAN St

00981

$299,900

A

3266

2 Story

3

2394 W 119TH Ave

00118

$299,990

A / B

3228

2 Story

4

11257 QUIVAS Loop

0034B

$349,900

A

3670

2 Story

6

2657 W 118TH Ave

KWR30

$350,000

X

3063

2 Story

3

1696 W 113TH Ave

KWR80

$354,700

A

3554

2 Story

5

2734 W 119TH Ave

PCO40

$399,999

S

4940

2 Story

7

2666 W 119TH Ave

KWR80

$500,000

W

4940

2 Story

6

11840 Bryant Cir

0KWPR

$509,900

A

4550

1 Story/Ranch

4

11615 QUIVAS Way

CBR56

$600,000

A

4949

2 Story

5

2256 COUNTRY CLUB Loop

CBR18

$653,000

A / B

4867

2 Story

4

11392 QUIVAS Way

CBR56

$695,000

A

5026

2 Story

5

2593 Country Club Ct

FRON

Total Number of Residential-Detached Listings: 15

The Ranch- Sales Activity, Attached   

Price

Status

SqFt

Style

Beds

Address

Office

$189,900

S

2150

2 Story

2

2361 Ranch Dr

WEST02

$229,000

A

2178

2 Story

2

2229 RANCH Dr

CC123

$239,900

A

2614

1 Story/Ranch

3

2133 RANCH Dr

MBN17

$250,000

A / B

2838

1 Story/Ranch

4

11241 WYANDOT St

CBR56

Total Number of Attached Dwelling Listings: 4

Feel free to contact me with any questions you may have about the Real Estate market or your home’s value.

*  The Ranch Sale Activity In November 2012.  Prepared By: Joan Bagwell – Dec 12, 2012 9:42:26 AM.  Information deemed reliable but not guaranteed. Some properties may be listed by other offices. Source: IRES LLC

Market Stats for Denver Metro Area, November 2012

Here are the sales statistics for the Denver/Front Range for the Month of November 2012.   The pattern of the data is the same whether a condo or a single family home.  In November, we saw a decrease in the number of homes that were active, pending, under contract, and sold compared to October. This may be due to the seasonal effect, as the market tends to slow a bit during the winter months- especially around the holidays.

Overall, the trend for this year versus last year still shows that the market is continuing to improve.  Inventory  (The number of actives) is down.  The number of homes under contract and sold is up.  The number of days on market is down 30% compared to last year.  Average sold price is up 11% for residential homes and 29% for condos .

Definitely a good trend for homeowners and sellers!

Market Activity for the Ranch Reserve, October 2012

Here is the Market Activity for the Ranch Reserve for October 2012:

 Attached Dwelling Listings

Type Price Status SqFt Style Beds Address Office
ATD $154,500 S 1492 1 Story/Ranch 3 2897 W 119TH Ave 204 CASTL
ATD $175,000 A 1317 1 Story/Ranch 2 2891 W 119th Ave 203 RMME
ATD $179,900 A 1838 2 Story 2 2364 RANCH Dr MBJ8L
ATD $179,900 A 1838 2 Story 2 2364 RANCH Dr MBJ8L
ATD $183,900 A 2317 1 1/2 Story 2 11557 DECATUR St 8B 00512
ATD $189,800 A 1390 1 Story/Ranch 3 2971 W 119TH Ave 101 REM36
ATD $189,900 X 1492 1 Story/Ranch 3 2891 W 119TH Ave 201 RMW10
ATD $189,900 A 1396 1 Story/Ranch 2 2883 W 119th Ave 12-201 0RITZ
ATD $229,900 A / B 2550 1 Story/Ranch 4 2845 W 119th Ave 102 2HOME
ATD $230,000 A 2178 2 Story 3 2367 W RANCH Dr MBP4A
ATD $234,888 A / B 2614 1 Story/Ranch 2 2378 RANCH Dr HET77
Total Number of Attached Dwelling Listings: 11

Residential-Detached Listings

Type Price Status SqFt Style Beds Address Office
RES $505,000 A 3887 2 Story 6 11403 DECATUR Ct NEW06
RES $539,900 A / B 5561 2 Story 4 11265 CLAY Ct 01331
RES $539,900 P 5561 2 Story 4 11265 Clay Ct 0RLCP
RES $569,900 A / B 3773 1 Story/Ranch 4 11278 DECATUR Cir MBN82
RES $595,000 S 4830 1 Story/Ranch 4 11207 DECATUR Cir MBRLT
RES $627,000 S 5991 2 Story 6 2951 W 114TH Ct 00181
RES $674,900 A 5017 2 Story 4 2598 W 115th Dr 0KWPR
RES $695,000 A 5026 2 Story 5 2593 Country Club Ct FRON
RES $695,000 W 5026 2 Story 5 2593 COUNTRY CLUB Ct CBR56
RES $1,099,500 A 5571 2 Story 6 11235 Clay Ct AFPB
RES $1,395,000 A 7198 2 Story 5 2788 W 115th Dr 0CRSS
RES $2,490,000 A 8492 1 Story/Ranch 4 2391 Ranch Reserve Rdg LLEG
Total Number of Residential-Detached Listings: 12

Total Listings Reported (All Types): 23

Prepared For: Ranch Reserve Activity, Oct 2012 – Prepared By: Joan Bagwell – Nov 16, 2012.  Information deemed reliable but not guaranteed. Some properties may be listed by other offices.  Source: IRES mls

Sales Activity for The Ranch, October 2012

Here is the market activity in The Ranch for the month of October 2012:

Attached Dwelling Listings

Type Price Status SqFt Style Beds Address Office
ATD $229,000 A 2178 2 Story 2 2229 RANCH Dr CC123
ATD $239,900 A 2614 1 Story/Ranch 3 2133 RANCH Dr MBN17
ATD $239,900 W 2614 1 Story/Ranch 3 2133 RANCH Dr MBN17
ATD $250,000 A 2838 1 Story/Ranch 4 11241 Wyandot St FRON
ATD $250,000 W 2838 1 Story/Ranch 4 11241 WYANDOT St CBR56
ATD $265,000 W 2838 1 Story/Ranch 4 11241 WYANDOT St CBR56
Total Number of Attached Dwelling Listings: 6

 Residential-Detached Listings

Type Price Status SqFt Style Beds Address Office
RES $289,900 A 3616 Tri-Level 4 11224 QUIVAS Loop MBN17
RES $299,900 A 3266 2 Story 3 2394 W 119TH Ave 00118
RES $299,990 W 3228 2 Story 4 11257 QUIVAS Loop 0034B
RES $299,990 A / B 3228 2 Story 4 11257 QUIVAS Loop 0034B
RES $299,990 P 3228 2 Story 5 11257 Quivas Loop 0HIGH
RES $309,888 A 3296 2 Story 5 11260 RARITAN St 00981
RES $329,900 A / B 3836 2 Story 4 11402 QUIVAS Way KWR80
RES $349,900 A 3670 2 Story 6 2657 W 118TH Ave KWR30
RES $354,700 A 3554 2 Story 5 2734 W 119TH Ave PCO40
RES $376,000 S 3828 2 Story 6 2774 W 119TH Ave M2045
RES $399,999 A / B 4940 2 Story 7 2666 W 119TH Ave KWR80
RES $500,000 A 4940 2 Story 6 11840 Bryant Cir 0KWPR
RES $509,900 A 4550 1 Story/Ranch 4 11615 QUIVAS Way CBR56
RES $524,500 W 4550 1 Story/Ranch 4 11615 QUIVAS Way CBR56
RES $524,500 W 4940 2 Story 6 11840 BRYANT Cir KWR80
RES $600,000 W 4949 2 Story 5 2256 COUNTRY CLUB Loop CBR18
RES $600,000 A 4949 2 Story 5 2256 COUNTRY CLUB Loop CBR18
RES $650,000 X 6108 1 Story/Ranch 4 1741 W 112th Ave 0CRSS
RES $653,000 A 4867 2 Story 4 11392 QUIVAS Way CBR56
RES $695,000 A 5026 2 Story 5 2593 Country Club Ct FRON
RES $735,000 S 7276 1 Story/Ranch 6 2554 COUNTRY CLUB Ct RMW01
Total Number of Residential-Detached Listings: 21

Total Listings Reported (All Types): 27

Prepared For: The Ranch, October Activity – Prepared By: Joan Bagwell – Nov 16, 2012.  Information deemed reliable but not guaranteed. Properties may  be listed by other real estate offices. Source: IRES mls.

Denver Metro Market Stats for October 2012

Here are the market statistics for the Denver Metro Area for October 2012.  Available inventory (Active) continues to drop.  We can see a little of the seasonal shift coming into play (Day on Market rose by 3% over last month) but still 35% less than last year.  Prices are holding pretty steady.

 

 

 

Debt forgiven in a Short Sale may be taxed as income in 2013!

As you are probably aware, home prices fell off the proverbial cliff around 2007-2008.  And even though values have been improving in the Denver market over the past year or two, most people are still climbing their way out of the housing market’s “pit of despair”.  Those who bought their home with little down, or who had taken equity out of their home before the bust, may now find themselves owing more on their house than it is currently worth.

This becomes a problem if you now have to sell your home.  If you are “upside-down” in your home when you sell, you will either have to bring money to the closing table to pay your lender back in full- or, if your credit is already shot from late payments or pre-foreclosure, maybe a short sale is a good alternative.  In a short sale, the bank allows the homeowner to sell the home for less than what is owed on it.  The lender(s) either agrees to take the proceeds of the sale and forgives the balance owed, or they may require the seller to pay back a portion, or all, of the remaining balance after the house is sold.

Unfortunately, that is not necessarily the end of the story or the financial consequences for the seller.  Up until 2007, the amount of mortgage debt that was forgiven was taxable as income on your federal tax return.  (Ouch! Seems a bit like kicking you when you are already down)!  The Mortgage Forgiveness Debt Relief Act of 2007, now allows many people to exclude the forgiven debt from their income- but you have to “qualify” for the exclusion. For example, the debt forgiven has to be on your primary residence.  It has to be debt that was used to buy, build or substantially improve your home.  The amount forgiven can be no more than $2M for a couple filing jointly ($1M separately). Other conditions apply.

Now here’s the rub!  As you may suspect, all good things must come to an end.   The Mortgage Forgiveness Debt Relief Act expires at the end of 2012.  That means, if you are trying to sell via short sale, you need to close the sale by the end of the year to take advantage of this tax break.  In 2013, any mortgage debt forgiven will go back to being taxable income on your federal return.

This is just a “heads up”  call on my part.  There may be other ways that you can get relief from the tax burden- it just won’t be under the protection of this Act.  To know for sure, you will need to consult a tax adviser or attorney about your specific circumstances.

For those of you that don’t mind poking around the IRS website, you can get a lot of great information about this issue there. Here is a link to a great summary article:  http://www.irs.gov/uac/Ten-Facts-for-Mortgage-Debt-Forgiveness.  The IRS has an interactive online tool (the ITA tool) to help you determine whether cancelled debt is taxable.  You can also find more information on their website in Publication 4681- Cancellation of Debts, Foreclosures, Repossession and Abandonments, or have a look at Form 982.

In the best case scenario, if you need to short-sell your home, you already have it on the market, under contract, and have a very responsive lender (and only one of them).  But, even if you don’t manage to get your short sale closed by the end of the year, all is not lost!  A short sale can still be a good alternative in 2013 and beyond.  If you have a financial hardship, you still have a good chance at getting the bank to forgive some or all of your remaining balance.  You would just have to pay the taxes on that amount- but it’s still less than paying the full balance. If you are in a financial bind, paying less is almost always better than paying more.

The consequences and issues surrounding short sales can be pretty complex. Consequences vary, and can depend upon which state you live in, who your lender is, what type of loan you have, and more. This tax relief Act is just one little piece of the story.

If you have any questions regarding short sales, contact me at 720-201-3049.  I would be happy to discuss whether a short sale might work for you!

Distress Sales in the Ranch & Ranch Reserve

Real Estate statistics for sales across the Denver Metro area indicate that the real estate market is improving.  Prices are up, inventory is down, and sales are closing much more quickly than a year or two ago.  This is all good news for sellers!  But since the “devil” is usually in the details, it might be a good idea to take a closer look at those numbers to get a better feel for the recovery of any specific neighborhoods.  For example:  The Ranch, and The Ranch Reserve.

How have we been affected by distressed sales in The Ranch and Ranch Reserve?  The charts below break out the types of sales that we are still seeing in these neighborhoods.  “Distress” sales, such as shortsales and Foreclosured properties (BANK/REO/HUD) can take a toll on the home values in a neighborhood, since these are usually sold “as-is” and, depending on the property’s condition, may be sold significantly below market value.  This has the effect of bringing down the property values in the surrounding area when used as a “comparable sale” in home appraisals.  In high foreclosure and high shortsale neighborhoods, values may stay depressed for a longer period of time than a neighborhood that has mostly “normal” types of sales.

So how does the Ranch and Ranch Reserve stack up?  In the past twelve months, in both neighborhoods, only about 65% of the homes were sold in what would be considered a normal sale by an individual (no banks involved, no corporate approvals, etc).  Of the homes currently on the market (active, pending, or under contract), the market looks better in both The Ranch and The Ranch Reserve.  About 82% (18 of 22), of homes in The Ranch and 92% (11 of 12) of the homes in the Ranch Reserve are normal sales.

That’s a good sign for these two neighborhoods- hopefully one that will continue!  In recent years, home values in The Ranch and Ranch Reserve were in decline by up to 10% per year.  In Filing 6, for example, homes backing to the golf course sold for around $400k-425k in 2004, but recent sales of these homes are now closer to $380k!  We still have a lot of ground to make up to get back to the “pre-crash” levels.  But things are improving, with less distress sales and more demand in the overall market.  That should keep property values moving in the right direction (up)!

SOLD (in the Past 12 months):  

Sale Type Ranch Ranch Reserve
Regular sale by individual 17 13
Short sale 0 1
Bank/REO/HUD 5 4
Corporate/Estate/Trust 4 2
Total 26 20

CURRENTLY ACTIVE, PENDING OR UNDER CONTRACT:

Sale Type Ranch Ranch Reserve
Regular Sale by Individual 18 11
Shortsale 1 0
Bank/REO/HUD 2 0
Corporate/Estate/Trust 1 1
Total 22 12