Chuck Strauss\’s Blog

Plese check out this new listing in Stapleton:
2210 S. Valentia Street, Denver, CO   80238
2-bed/2-bath with a very unique floorplan. This 1200+ sq. foot townhouse lends its self well for a home office, or perfect for roommates.
It is close to Stapleton parks and recreation and near-by dog park. Close enough to the town center so you can walk to take advantage of all that the are has to offer.
We will be holding an open house this Saturday (6/19) from noon to 4PM, so come take a look.
For further information:
http://tour.prohomesites.com/3cqfqyyykh/

For the past 6 months:

Great New listing; short sale opportunity in SE Aurora:
Check this out:
http://www.mlsfinder.com/co_metrolist/charlesstrauss/index.cfm?action=searchresults&searchkey=bc63a7bd-9f2b-a520-7b9e-151af89c9944&npp=10&domain=chuckstrauss.yourkwagent.com&nSite=N&so=a
Open tomorrow (May 22)   from 1-4PM

Here are the current sales statistics for Heritage Eagle Bend. This looks back at sales over the past six months as well as current homes on the market and under contract.

Sold Statistics:

Count:               34

Average Days on Market: 143

Average Price:           $355,421; Net Sold: $311,250

Average Sold/Sq. foot:       $139

Lowest Price:               $198,700 (Net Sold: $195,000)

Highest Price:             $579,900 (Net Sold: $540,000)

Note: Average Days on Market have increased in the past month, and average price/sq foot and average sold have decreased; my analysis will follow the statistics.

Non-Sold Statistics

Active:

Count: 46

Average Days on Market: 128

Average List Price:                   $355,619; $190/sq. foot

Under Contract

Count: 12

Average Days on Market: 115

Average List Price:                   $310,950; $181/sq. foot

I believe that there is a reason for the net change (negative) in sales statistics for our neighborhood over the past month or two. The market has clearly been focused on first-time and move-up buyers, spurred by the federal tax incentive ($8000-first-time and $6500 for current home owners). Our market doesn™t really fall into this niche, causing sales to slow (which happens annually here) and price/sq. foot to decrease. As we approach the Spring sales season, our market should, as it does almost every year, pick up. When we look at these numbers in June and July, there should be a significant improvement. All of this assumes that the economy will continue to improve and that the housing market won™t totally tank when the tax breaks expire next week. It will, at any rate, be interesting to follow and I will continue to keep you posted.

A new listing in Arvada that is terrific for first-time home buyers. It’s location (walk to retail, buses, etc.) would also make it a great rental property.
* New everything: hardwood floors and carpet, granite counters, cabinets, two-tone paint; newer appliances
* Addition of 250 square feet in two bonus rooms
* Three beds/ one bath, plus a non-conforming bedroom and 3/4 bath in the partially finished basement
* Total of over 2,000 square feet
* Very large 2-car detached garage with plumbing and electrical, suitable for RV storage or use as a workshop
* Storage shed in large backyard.
* Quick close and possession, but not a short sale or foreclosure

In the past six months, there have been 31 properties sold, with an average of 131 days on market, average sold price of $358,050.
The highest priced property was   $540,000, and the lowest $195,000. Average days on market improved in the past 3 months (119 days down from 141 the previous 3 months) but the average sales price declined, in spite of two home sales over $500K (first in that price range in over a year).
There are currently 40 active listings, with an average list price of $349,020, and 157 average days on market. The highest price home is at $559,900, and the lowest at $193,000. There are 9 homes under contract (an increase over previous periods).

n 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010”although some servicers may implement it sooner, if they meet certain requirement–and sunsets on December 31, 2012.Home Affordable Foreclosures Alternatives Program: Overview

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP (including HAFA) is available at: www.makinghomeaffordable.com/contact_servicer.html.
HAFA Provisions

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).
• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.