This 4-bedroom, 3-bath ranch home at 19019 W. 88th Drive was a model home with over $240,000 in upgrades. The main level features an open floor plan with hardwood floors, a 14-ft ceiling, and floor-to-ceiling windows with stunning views of the Flatirons. The walk-out basement has a family room, custom full bath, and two bedrooms. In addition to the 2-car garage visible above, there’s a 1-car garage to its right. Take a video tour at www.LeydenRockHome.info. Open Saturday, Nov. 21st, 11-2. Listed by Chuck Brown, 303-885-7855
The Denver Metro Realtor Association (DMAR) has just released a report by its Market Trends Committee which noted that 22 different records were broken during October. Below is their summary, which is based on statistics from REcolorado, the Denver MLS. These statistics are for the entire MLS which lists property statewide but primarily the Denver metro area. Below is my own analysis limited to the Jeffco statistics from the same MLS.
(All Residential) 4,821 represents the lowest October on record. The previous low for October was 6,731 in 2016.
(Detached) 2,643 represents the lowest October on record. The previous low for October was 4,720 in 2017.
CLOSE PRICE — MEDIAN
(All Residential) $475,000 represents the highest amount on record. The previous record was $460,000 recorded in July, August and September of this year.
(Detached) $519,900 represents the highest amount on record. The previous record was $510,000 in September of this year.
(Attached) $339,425 represents the highest amount on record. The previous record was $335,000 in September of this year.
CLOSE PRICE — AVERAGE
(All Residential) $561,999 represents the highest amount on record. The previous record was $540,890 recorded in July 2020.
(Detached) $625,100 represents the highest amount on record. The previous record was $602,264 in August 2020.
(Attached) $393,733 represents the highest amount on record. The previous record was $384,902 in September 2020.
DAYS IN MLS — MEDIAN
(All Residential) 6 days represents the lowest October on record. The previous low for October was in 2015 of 10 days.
(Detached) 6 days represents the lowest October on record. The previous low for October was in 2015 of 11 days.
DAYS IN MLS — AVERAGE
(All Residential) 24 days represents the lowest October on record. The previous low for October was in 2015 of 25 days.
(Detached) 23 days represents the lowest October on record. The previous low for October was in 2015 of 27 days.
(Attached) 2,022 represents the highest October on record. The previous high for October was 1,657 in 2019.
(All Residential) 5,984 closed transactions represent the highest October on record. The previous high for October was 5,144 in 2019.
(Detached) 4,352 closed transactions represent the highest October on record. The previous high was 3,709 in 2019.
(Attached) 1,639 closed transactions represent the highest October on record. The previous high was 1,461 in 2017.
MONTHS OF INVENTORY
(All Residential) 0.81 months represents the lowest number on record. The previous record low was 0.91 months of inventory in September 2020.
(Detached) 0.61 months represents the lowest amount on record. The previous record was 0.72 months of inventory in September 2020.
(All Residential) 6,141 pending transactions represent the highest October on record. The previous high for October was 6,062 in 2017.
(Detached) 4,337 pending transactions represent the highest October on record. The previous high was 4,330 in 2017.
(Attached) 1,804 pending transactions represent the highest October on record. The previous high was 1,732 in 2017.
(All Residential) $3,363,002,016 sales volume represents the highest October on record. The previous high for October was $2,487,936,752 in 2019. July 2020 holds the all-time record of $3,965,805,480.
Of particular interest, in my opinion, is the difference between the median and average “Days in MLS.” While half the listings went under contract in 6 days or less, the average was 23 or 24 days. That gap is a reflection of how many homes are overpriced and linger on the market a long time, raising the average DIM when they finally go under contract. A search of currently pending MLS listings shows that 983 of them were “Active” for 100 days or longer before finally going under contract. Compare that to 4,097 listings that went under contract in 1 to 6 days.
The record low “inventory” continues in Jefferson County, as it does elsewhere in the metro area and much of the country. Most analysts will tell you that it’s because sellers are keeping their homes off the market for one reason or another, but that’s not the truth.
The truth is that there are a record number of new listings each month, but they sell so quickly that the number of active listings doesn’t have the opportunity to increase. Here are Jeffco’s October’s stats compared to prior years:
I like to look at weekly statistics. As of this past Sunday, there were 524 active listings in Jeffco of single family homes, condos and townhomes. There were 189 new listings in the 7 days ending on Oct. 8th, but there were 195 closings, 132 of which had gone under contract in 7 days or less. In real estate parlance, that computes to under 3 weeks of inventory — 524 ÷ 195.
As of Sunday, there were 1,088 Jeffco homes under contract, more than twice the number of active listings, and 55% of them went under contract in 7 days or less.
About those 189 new listings between Oct. 2 and Oct. 8, 137 of them were under contract by Oct. 8th. That’s what I was saying — homes are coming on the market, but they sell right away.
This 2-bedroom Belmar condo at 7220 W. Bonfils Lane #201 has hardwood floors throughout. The price was just reduced to $698,000. In addition to its two large bedrooms, it has a large study. It has two reserved parking spaces in the secured basement garage. The building opens to Belmar Plaza, which is very active year-round with concerts, outdoor dining and even ice skating in the winter. And of course, it’s in the heart of Belmar. Walk to Whole Foods, Dick’s Sporting Goods, Target, BestBuy, Nordstrom Rack, and numerous restaurants, including Ted’s Montana Grill. Find more details, interior pictures and a narrated video tour online at www.BelmarCondo.info, then call your agent or Jim Smith at 303-525-1851 to request a private showing.
The townhome at left is within walking distance of the Colorado School of Mines and Downtown Golden. The address is 707 20th Street. The price was just reduced to $725,000, fully furnished. The interior is loaded with upgraded newer stainless steel appliances in the kitchen along with granite countertops and an eat in kitchen. There are new hardwood floors throughout the main level. All the bathrooms are new with beautiful tile, granite and glass. All the bedrooms have their own baths. Take the narrated video tour at www.GoldenTownhome.com, then call David Dlugasch at 303-908-4835 for a showing. Open house this Saturday 11-2.
This 5-bedroom ranch at 120 Field Street in Lakewood is now priced at $550,000. The updated kitchen has stainless steel appliances and both bathrooms have been updated. Thanks to its easy access to the 6th Ave. expressway, this home is only a few minutes from downtown Denver or the foothills. There is a light rail station less than a mile north on Garrison Street. Check out the narrated video tour at www.MeadowlarkHome.info, then call Ty Scrable at 720-281-6783 to see it.
An Austin, Texas, technology company named Icon was the winner of the “general excellence” category in this year’s World Changing Ideas Awards by Fast Company for their development of a 3D printer for building houses.
Their Vulcan II machine is already at work building a neighborhood of homes for Austin’s homeless population and building homes in Mexico for that country’s poor population currently living in shacks. Below is a picture of one of those Mexican homes and a closeup showing how Icon’s 3D printer works, applying layer upon layer of a specially designed mixture called Lavacrete. That product sets quickly enough that another layer can be applied on the machine’s next go-round.
All the walls of a home can be poured in 24 hours spread out over two or three days. The framing of windows and doors and construction of a wooden roof is then done using, when possible, local workers who get on-the-job training, learning skills they can apply in other jobs.
Lavacrete is a propriety adaptation of concrete which overcomes many of the shortcomings of concrete, especially in terms of aging. Because the walls are solid (no room for ducts), the homes are heated and cooled using my favorite method — heat pump mini-splits — which are also far more economical than gas forced air furnaces.
The Mexican project is in a rural area near the southern city of Nacajuca under a partnership with New Story, an international non-profit whose mission is to “pioneer solutions to end global homelessness.”
I remember seeing TV footage showing Icon’s 3D printing machine at work. Prior to that, I attended a presentation by New Story at the Rotary Club of Golden, which, as I recall, joined Rotary International in providing financial support. I am proud to be a financial supporter myself, and you can do so too at www.NewStoryCharity.org.
3D printing of homes makes sense. I have seen how 3D printers can build various products applying layer upon layer of resin as instructed by a computer program. As with those table-top machines, all that’s needed to build the interior and exterior walls of a home is a larger flat surface (a concrete slab) and a massively larger printer to float above it. Taking the process to yet a higher level, Icon has successfully built the walls of three side-by-side homes simultaneously in Austin, which is impressive and, of course, more cost effective. Here’s an aerial view of 3D printing at work:
Partnering with local non-profits and using local materials and laborers, New Story delivers its fully finished homes free to the Mexicans it is serving, but I can see it being practical in our country to offer such homes with low-cost mortgages and nominal down payments to the homeless or working poor.
The homes built by Icon for the Austin non-profit Mobile Loaves & Fishes were permitted by that city. When fully built out, their Community First Village will house an estimated 480 formerly homeless individuals, representing 40% of that city’s chronically homeless population.
This beautifully finished condo at 7220 W. Bonfils Lane #201 has hardwood floors throughout. It was just listed by Jim Smith of Golden Real Estate for $710,000. Showings begin Thursday, Nov. 5th, at 10 a.m. In addition to its two large bedrooms, it has a large study near the kitchen and dining room with French doors and ceiling fan with light. This unit has two reserved parking spaces in the basement secured garage, plus a 6’x8′ storage cage. Units in this 5-story building are selling very well. The building faces Belmar Plaza, which is very active year-round with concerts, outdoor dining and even ice skating in the winter! And of course, it’s in the heart of Belmar. Walk to Whole Foods, Dick’s Sporting Goods, Target, BestBuy, Nordstrom Rack, Ted’s Montana Grill and more. A Century movie theater is just across the street. Click on the thumbnail below to watch a narrated walk-through video, then call your agent or Jim Smith at 303-525-1851 for a private showing.
It’s that time of year when I like to remind readers about the advantages of EVs in snow and cold weather. Here’s what you need to know.
1) No warming up is needed. Just put the car in Drive and go! Also, the cabin will be warm within 1/2 mile because it doesn’t require an engine to warm up first. In my Tesla I can turn on the heat with my phone app a few minutes earlier so the cabin, steering wheel and seat are all warm when I get in the car. Also, when I park the car for brief periods (such as when shopping), I can leave the heater on so it’s warm when I return, .
2) Your car will never break down, stranding you in a freezing car on the side of the road. The only time you see an EV on the side of the road is if there’s a flat tire or an accident. Stuck in a snow drift? The heater will keep you warm as long as you need, consuming only 3-5 miles of range per hour — and no carbon monoxide!
3) Because of its low center of gravity and its typical 50/50 front/back weight distribution, an EV handles snow-covered roads really well. My all-wheel-drive Teslas handle much better than my AWD 2009 Lexus RX 400h did in snow, aided by its standard traction control and stability control.
4) Used EVs are your best buy. Older AWD Tesla Model S’s can be bought, undamaged and running like new, starting around $40,000. And older Tesla Models S and X come with transferrable lifetime free supercharging coast-to-coast when purchased privately instead of from Tesla.
5) There are still federal and state tax credits and various rebates to be had. For a full list, visit www.electricforall.org/rebates-incentives.
Here are the first 3 paragraphs of a story just published on greencarreports.com:
“Kandi America announced Tuesday that the lowest-priced of its two small, Chinese-made electric cars has been EPA certified and cleared for California roads, and the company is preparing to start deliveries in the state.
“Considering both the federal EV tax credit and Kandi’s eligibility for the state’s $2,000 incentive, the Kandi K27 has an effective cost of just $7,999, the company reported.
“In September, Kandi updated its website to include estimated EPA-cycle numbers, with an expected 59-mile range from the 17.7-kwh battery pack. Kandi lists a seven-hour charge time on 240V AC (Level 2). The K27 isn’t for everyone, though. While it appears to be certified as a full-fledged passenger car, it can only reach 63 mph.”
Note: The $7,999 price is computed after including a $2,000 California tax credit. The tax credit Colorado is $4,000, which would bring the effective price to only $5,999 in Colorado.
Read the full article at https://www.greencarreports.com/news/1130193_kandi-claims-7-999-cost-in-california-for-59-mile-electric-car. Here are a couple pictures from that web page:
As I write this, the real estate market is a tale of two cities — or, more accurately, a tale of cities vs. suburbs. Because of the virus, Americans are “getting out of Dodge,” leaving the congestion of multi-story buildings and moving to the suburbs and the countryside.
The statistics tell the story. In a recent 30-day period, 46% of the sales in Jefferson County closed above their listing price after being on the MLS for a median of 5 days. It was quite the opposite in downtown Denver. There, during the same 30-day period, 87% of the listings (primarily condos in elevator buildings) sold below their listing prices with a median time on the MLS of 24 days.
It’s the same story nationwide, and for good reason. People are fearful of catching Covid-19, and they know that being in close quarters can’t be good. In the suburbs they can take their dog for a walk without using an elevator and without having to come within 6 feet of another human being. (I’m describing my own life here — I walk my dog Chloe every morning on a one-mile circuit around my subdivision and never come in close contact with the neighbors I encounter. Because of that, I don’t even need to wear a mask on these walks.)
We keep hearing that the inventory of homes for sale is at record low (except downtown), but that’s only true because homes are going under contract so quickly. The chart below, generated on REcolorado.com, tells the story well.
Using the most recent full-month MLS statistics for Jefferson county (September 2020), you can see that we actually had more new listings this September than in any of the five previous Septembers, yet the number of sold listings was nearly the same, so there was no way the number of active listings was going to increase and was, in fact, lower by far than the number of active listings in the five previous Septembers. The median time on the MLS of 5 days tells you why.
Moreover, the average ratio of sold price to listing price in Jeffco was 100%, as it had been every prior September except in 2019, and the price per finished square foot has continued to soar. The situation is similar in all suburban counties.
Clearly, the takeaway from this analysis is that if a homeowner is thinking of selling their home anytime soon, he or she would be smart to put their home on the market right now. Don’t think that just because winter is coming that buyers aren’t actively looking for homes. Last week in this column I promoted a 1973 ranch in Arvada that was “not particularly updated.” It didn’t even have a garage door opener for its one-car garage, and it had a backyard clothes line instead of a dryer. Yet that home attracted over 50 agent showings in 72 hours and 11 offers by Saturday evening, when it went under contract for $30,500 over its listing price.
A recent real estate industry article predicted a terrible winter for us real estate agents because of low inventory, but there are just as many homes for sale as ever — maybe more. You just have to act quickly because they are selling right away.
Another recent listing of mine also illustrates how hot the market is. The very first offer for my $530,000 tri-level listing in central Lakewood came in at $585,000, apparently from a buyer who had lost out in previous bidding wars and didn’t want that to happen again. The strategy worked, because no other agents would submit an offer when they learned that we had one that was $55,000 over full price.
Are you wondering what you might be able to get for your home? It costs you nothing to get a comparative market analysis from a real estate agent, and, regardless of where your home is, my broker associates and I are happy to provide that for you. Call us!
When homes sell this easily (if priced right), you might think you don’t need to use a listing agent, but think again.
Take this example. I listed a home last week for what it was worth based on comparable sales, but it attracted 50 showings and 11 offers and I played the offers against each other to get $30,500 over the listing price, waiving appraisal.
If the owner had tried to sell it herself, fewer buyers would know about the home because it wouldn’t be on the MLS and countless other websites. And how could she have handled those 50 showings without our showing service, which is only available to licensed agents? And what about handling those 11 offers which come in using a software package used by virtually all agents, not available to sellers? It would be rather awkward, don’t you think, to conduct the bidding war and end up with as good a result?
Do you have questions? Give us a call.