Wednesday, June 30, 2010
One-of-a-kind Mountain Retreat at Evergreen, Colorado
http://ping.fm/dYBWB As you drive up the private lane through a forested Colorado Hillside to the gated entrance of this mountain estate you will notice the cares of the day quickly disappearing and begin feeling the serenity of this one-of-a-kind mountain retreat. Located a short 26 miles or 25 minutes from downtown Denver, but a world away from the hectic city lifestyle. Situated on just under 7 acres with a 10,292 square foot main house, a 1052 square foot guest house and new 2,080 square foot carriage house where your nearest neighbors are Elk and Deer yet you are only five minutes to shopping and restaurants. Expansive views of snow capped peaks are the icing on the cake of this one-of-a-kind exclusive estate.
One-of-a-kind Mountain Retreat at Evergreen, Colorado
http://www.coloradodreamhouse.com/featured/property.php?id=0 As you drive up the private lane through a forested Colorado Hillside to the gated entrance of this mountain estate you will notice the cares of the day quickly disappearing and begin feeling the serenity of this one-of-a-kind mountain retreat. Located a short 26 miles or 25 minutes from downtown Denver, but a world away from the hectic city lifestyle. Situated on just under 7 acres with a 10,292 square foot main house, a 1052 square foot guest house and new 2,080 square foot carriage house where your nearest neighbors are Elk and Deer yet you are only five minutes to shopping and restaurants. Expansive views of snow capped peaks are the icing on the cake of this one-of-a-kind exclusive estate.
Tuesday, June 29, 2010
Divorce Mortgages
A divorce mortgage is a refinance transaction that removes the departing spouse from the current debt secured by the home. The spouse retaining the property refinances the loan that is in both parties name with a loan in their name alone.
A common misconception is that the departing spouse is no longer liable for the mortgage if they sign a Quit (not quick) Claim Deed to surrender their interest in the property. Even if the departing spouse no longer has an ownership interest in the property they are still liable for the mortgage unless: the mortgage holder agrees to release them from liability, or the loan is paid off.
In a divorce mortgage the departing spouse may receive cash for their portion of any equity in the home, or simply benefit by being relieved of future financial obligation on the property. Outcome will vary depending on individual circumstances.
Borrowers could of course contact the existing mortgage holder and see if they could requalify without the departing spouse. If you try this approach be very careful that you will qualify before you pay any fees other than a credit report. You do not want to spend hundreds of dollars on an appraisal to find out you can not get a loan because of income, credit, or other issues.
Interest rates continue to drop. Last week saw the lowest interest rates for fixed mortgages since March, 1956. Let me know if you would like a current quote.
Remember, interest rates float down and JUMP up!
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
A common misconception is that the departing spouse is no longer liable for the mortgage if they sign a Quit (not quick) Claim Deed to surrender their interest in the property. Even if the departing spouse no longer has an ownership interest in the property they are still liable for the mortgage unless: the mortgage holder agrees to release them from liability, or the loan is paid off.
In a divorce mortgage the departing spouse may receive cash for their portion of any equity in the home, or simply benefit by being relieved of future financial obligation on the property. Outcome will vary depending on individual circumstances.
Borrowers could of course contact the existing mortgage holder and see if they could requalify without the departing spouse. If you try this approach be very careful that you will qualify before you pay any fees other than a credit report. You do not want to spend hundreds of dollars on an appraisal to find out you can not get a loan because of income, credit, or other issues.
Interest rates continue to drop. Last week saw the lowest interest rates for fixed mortgages since March, 1956. Let me know if you would like a current quote.
Remember, interest rates float down and JUMP up!
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Monday, June 28, 2010
Check out my new real estate blog tit...
Check out my new real estate blog titled “Keeping Up With The Jones’†at http://ow.ly/24iAU
Check out my new real estate blog tit...
Check out my new real estate blog titled “Keeping Up With The Jones’†at http://ow.ly/24iAU
Check out my new real estate blog tit...
Check out my new real estate blog titled “Keeping Up With The Jones’†at http://ow.ly/24iAU
Keeping Up With The Jones'. By Dan Polimino. Your Voice Blogs Denver YourHub.com http://ping.fm/5zzVW
Keeping Up With The Jones'. By Dan Polimino.
Last month, I received an email from a reader of this column telling me that the problem of "keeping up with Jones" was one of the main reasons we got into real estate trouble in this country. What he is saying, if you are not familiar with the term "keeping up with Jones," was that some people over bought or bought too expensive of a home for their income level just to keep up with family, friends, neighbors, or colleagues who had similar size homes. Still, others may have been ok with that level of mortgage payment had the economy not fallen, but when things went bad they were not able to sustain those commitments. He also went on to say that the real estate agents were partially to blame for pushing people into homes they could not afford.
I agree that this did happen and some real estate agents did push people into higher priced homes, but I am fairly sure that the vast majority of those buyers went willingly. Yes, some people did saddle themselves with too high a mortgage payment and still, others got approved for loans that should have never been allowed to buy a home. I don't have the stats and I am not sure if this encompasses the main reason why real estate fell and fell hard. What I am sure of is that I can point the finger to at least 10 different directions that all bear some responsibility.
Here's the good news part of this story. Since this occurred, I have seen remarkable progress. Today's buyer is more aware of the impact of their mortgage costs than ever before. I see a more cautious buyer, a more conservative buyer, and a more informed buyer. I see very little "keeping up with the Jones'" mindset and see more and more people telling me that they do not want to be married to their home. I see more people downsizing than upgrading, and more people talking about a quality of life than things they need to buy. As far as real estate agents go, a lot of bad apples are no longer in the business and the real professionals are still here and doing well.
In summary, was the real estate crash bad? Yes, it was and a lot of people got hurt, lost homes, jobs, and families. Did this country learn its lessons about debt, materialism, greed, and what's important in life? I am not sure; only time will tell, but I like the preliminary results.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
I agree that this did happen and some real estate agents did push people into higher priced homes, but I am fairly sure that the vast majority of those buyers went willingly. Yes, some people did saddle themselves with too high a mortgage payment and still, others got approved for loans that should have never been allowed to buy a home. I don't have the stats and I am not sure if this encompasses the main reason why real estate fell and fell hard. What I am sure of is that I can point the finger to at least 10 different directions that all bear some responsibility.
Here's the good news part of this story. Since this occurred, I have seen remarkable progress. Today's buyer is more aware of the impact of their mortgage costs than ever before. I see a more cautious buyer, a more conservative buyer, and a more informed buyer. I see very little "keeping up with the Jones'" mindset and see more and more people telling me that they do not want to be married to their home. I see more people downsizing than upgrading, and more people talking about a quality of life than things they need to buy. As far as real estate agents go, a lot of bad apples are no longer in the business and the real professionals are still here and doing well.
In summary, was the real estate crash bad? Yes, it was and a lot of people got hurt, lost homes, jobs, and families. Did this country learn its lessons about debt, materialism, greed, and what's important in life? I am not sure; only time will tell, but I like the preliminary results.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Thursday, June 24, 2010
10,000 sq., 3 acres and only $300 a month in utilities
http://coloradodreamhouse.com/featured/property.php?id=15 “Worry Free”, “…truly luxurious and green, inside and out” and Built® Green Home of the Year are only a few of the reviews and awards for this Colorado - Natural Dream Home.
Perched atop three perfect acres chosen for solar access, favorable wind currents and views this 10,071 square feet, 5 bedroom, 8 bathroom, family lodge enjoys Mountain Living magazine’s “Natural Dream Home” status.
Nothing in state-of-the-art materials, construction practices or living amenities has been spared. From the moment you turn the corner onto Longbow Place and see this home towering above the 8th fairway you are impressed. Every building material and finish was selected with one thing in mind—responsible luxury.
10,000 sq., 3 acres and only $300 a month in utilities Your Voice Blogs Denver YourHub.com http://ping.fm/z4hoS
10,000 sq., 3 acres and only $300 a month in utilities
http://ping.fm/7j1J7 "Worry Free", "...truly luxurious and green, inside and out" and Built® Green Home of the Year are only a few of the reviews and awards for this Colorado - Natural Dream Home.
Perched atop three perfect acres chosen for solar access, favorable wind currents and views this 10,071 square feet, 5 bedroom, 8 bathroom, family lodge enjoys Mountain Living magazine's "Natural Dream Home" status.
Nothing in state-of-the-art materials, construction practices or living amenities has been spared. From the moment you turn the corner onto Longbow Place and see this home towering above the 8th fairway you are impressed. Every building material and finish was selected with one thing in mind-responsible luxury.
Perched atop three perfect acres chosen for solar access, favorable wind currents and views this 10,071 square feet, 5 bedroom, 8 bathroom, family lodge enjoys Mountain Living magazine's "Natural Dream Home" status.
Nothing in state-of-the-art materials, construction practices or living amenities has been spared. From the moment you turn the corner onto Longbow Place and see this home towering above the 8th fairway you are impressed. Every building material and finish was selected with one thing in mind-responsible luxury.
Wednesday, June 23, 2010
Foreclosures are a lot harder to come by
http://www.coloradodreamhouse.com/index.php/news/ Once upon a time Colorado was the number one hot spot for foreclosures. Today they are harder to come by and it’s even harder to find a good one. Fuller Sotheby’s International Realty Agent Dan Polimino is advising some his buyers to actually avoid foreclosures. To find out why watch this week’s video market update with Dan Polimino.
Foreclosures are a lot harder to come by
http://ping.fm/0bV9H Once upon a time Colorado was the number one hot spot for foreclosures. Today they are harder to come by and it's even harder to find a good one. Fuller Sotheby's International Realty Agent Dan Polimino is advising some his buyers to actually avoid foreclosures. To find out why watch this week's video market update with Dan Polimino.
Tuesday, June 22, 2010
Can you still get a mortgage?
You do not have to be Bill Gates to get a mortgage, however, mortgage requirements have tightened up considerably. Unless you are a vet applying for a VA mortgage, 100% financing is gone. Stated income programs, programs where income was not verified, have gone the way of dollar a gallon gasoline. It might come back someday, but I would not count on it.
Factors that lenders focus on include: income to debt ratios, stability of income, down payment, and credit scores. While these guidelines have been tightened up significantly people are still getting mortgages to purchase or refinance.
FHA is the most flexible of current mortgage programs. You may still purchase a home with a down payment of 3.5% of the purchase price. FHA is also more lenient on credit scores, and other requirements, such as reserves. Reserves are the cash or other liquid assets a buyer has after the closing.
If you have been turned down for a mortgage, find out why. The problem may be fixable with a little work, or it could be you have an incompetent lender. It never hurts to get a second opinion.
Next week: Divorce mortgages
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
Factors that lenders focus on include: income to debt ratios, stability of income, down payment, and credit scores. While these guidelines have been tightened up significantly people are still getting mortgages to purchase or refinance.
FHA is the most flexible of current mortgage programs. You may still purchase a home with a down payment of 3.5% of the purchase price. FHA is also more lenient on credit scores, and other requirements, such as reserves. Reserves are the cash or other liquid assets a buyer has after the closing.
If you have been turned down for a mortgage, find out why. The problem may be fixable with a little work, or it could be you have an incompetent lender. It never hurts to get a second opinion.
Next week: Divorce mortgages
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
Monday, June 21, 2010
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Toxic People†at http://ow.ly/219KS
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Toxic People†at http://ow.ly/219KS
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Toxic People†at http://ow.ly/219KS
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Toxic People†at http://ow.ly/219KS
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Toxic People†at http://ow.ly/219KS
Toxic People. By Dan Polimino.
There is a saying in business that 20% of the people you deal with create 80% of your aggravation. I believe this to be true because I have seen it time and time again in my own life. The question is: what do you do with the 20% that you consider as toxic people? Answer... you remove yourself from doing business with that 20%. How does this pertain to real estate? Simple: real estate is all about relationships. As an agent, do you click with the buyer or seller? Does Mr. and Mrs. Seller or Buyer click with the agent? If you are not all on the same page and do not feel like you have a great relationship of trust and confidence, then you're well on your way to a toxic relationship.
In these economic times, no one has the time, patience, money, or effort to continue to be involved with toxic people. Yet, we do it all the time. Each one of us puts up with someone else. Many of us have said over and over, "If and when this person gets out of my life, things will be a lot better." Maybe you shouldn't wait until that happens. Maybe you should cut the cord and your losses now and get back your sanity. Maybe it's time to start saying goodbye to that 20% that creates 80% of your aggravation? I know what you're saying, "Dan, it's not that easy," or "I can't afford to do that," or "I need that client," or "I need that job," or "I have come too far with this Realtor." Listen, I am a firm believer that if you let go of that 20% of toxic people, you won't lose anything, but gain everything. With a positive frame of mind, good people supporting you, having more time to think freely and creatively, and becoming a happy person will, at the end of the day, produce far more success than what you would have earned from that group of toxic people.
In real estate, whether you are a buyer or a seller, you are hiring a company to represent you but more importantly, you're hiring a person within that company to represent you. I tell potential clients all the time that a lot of these brokerage firm services all look alike. What's really important is if you like me, trust me, are comfortable with me, and feel like we'll have a good relationship. That will make all the difference between a pleasant real estate experience and a nightmare. Agents, you may feel like you need to take on any client no matter how toxic they are because you need business. Try it the other way, just take on good people and see if your business really takes off.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
In these economic times, no one has the time, patience, money, or effort to continue to be involved with toxic people. Yet, we do it all the time. Each one of us puts up with someone else. Many of us have said over and over, "If and when this person gets out of my life, things will be a lot better." Maybe you shouldn't wait until that happens. Maybe you should cut the cord and your losses now and get back your sanity. Maybe it's time to start saying goodbye to that 20% that creates 80% of your aggravation? I know what you're saying, "Dan, it's not that easy," or "I can't afford to do that," or "I need that client," or "I need that job," or "I have come too far with this Realtor." Listen, I am a firm believer that if you let go of that 20% of toxic people, you won't lose anything, but gain everything. With a positive frame of mind, good people supporting you, having more time to think freely and creatively, and becoming a happy person will, at the end of the day, produce far more success than what you would have earned from that group of toxic people.
In real estate, whether you are a buyer or a seller, you are hiring a company to represent you but more importantly, you're hiring a person within that company to represent you. I tell potential clients all the time that a lot of these brokerage firm services all look alike. What's really important is if you like me, trust me, are comfortable with me, and feel like we'll have a good relationship. That will make all the difference between a pleasant real estate experience and a nightmare. Agents, you may feel like you need to take on any client no matter how toxic they are because you need business. Try it the other way, just take on good people and see if your business really takes off.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Friday, June 18, 2010
Just Reduced to $464K for 3800 sq. ft. in Highlands Ranch!
http://www.coloradodreamhouse.com/featured/property.php?id=1 Just reduced to $464K for 3800 sq.ft., five-bedroom, four bath home in Highlands Ranch. This home rests just steps away from a quiet greenway path, and Redstone Elementary School. With new carpeting on the main floor, fresh paint throughout, new exterior paint and a finished basement, this home is ready immediately. Three bathrooms, a powder room, and a three-car garage make this space a joy to live in. The cul-de-sac location next to the green belt makes it private with plenty of space for the kids to play.
Thursday, June 17, 2010
Just Reduced to $464K for 3800 sq. ft. in Highlands Ranch!
http://ping.fm/q6CLO Just reduced to $464K for 3800 sq.ft., five-bedroom, four bath home in Highlands Ranch. This home rests just steps away from a quiet greenway path, and Redstone Elementary School. With new carpeting on the main floor, fresh paint throughout, new exterior paint and a finished basement, this home is ready immediately. Three bathrooms, a powder room, and a three-car garage make this space a joy to live in. The cul-de-sac location next to the green belt makes it private with plenty of space for the kids to play.
Just Reduced to $464K for 3800 sq. ft. in Highlands Ranch! > Your Voice > Blogs > Highlands Ranch > YourHub.com http://ping.fm/UNXtq
The Gap Between Buyer and Seller Is Still Too Great
http://www.coloradodreamhouse.com/index.php/news/ Fuller Sotheby's International Realty Agent Dan Polimino tells us that when it comes to the Real Estate transaction buyers still don't get along with sellers and visa versa. Why is there so much animosity and what are the problems? Watch this weeks market update with Dan. Also Dan Polimino highlights this weeks home 995 Longbow place. http://www.coloradodreamhouse.com/featured/property.php?id=15
Wednesday, June 16, 2010
The Gap Between Buyer and Seller Is Still Too Great
http://ping.fm/5GVaH Fuller Sotheby's International Realty Agent Dan Polimino tells us that when it comes to the Real Estate transaction buyers still don't get along with sellers and visa versa. Why is there so much animosity and what are the problems? Watch this weeks market update with Dan. Also Dan Polimino highlights this weeks home 995 Longbow place. http://ping.fm/g4xDr
The Gap Between Buyer and Seller Is Still Too Great Your Voice Blogs Denver YourHub.com http://ping.fm/R7Lr0
Tuesday, June 15, 2010
Reverse Mortgages
A reverse mortgage is a loan for homeowners over 62 who have equity in their homes. The property must be the homeowners primary residence; not a second home or investment property. It is called a reverse mortgage because the homeowner receives a check from the mortgage company instead of making a payment to the mortgage company. A reverse mortgage may be used for either a purchase or a refinance of an existing home.
The money is tax free as it is proceeds from a loan and not considered income. The loan does not have to be paid off as long as the homeowner lives in the home. With a reverse mortgage the homeowner does not have to qualify for the mortgage or worry about credit issues. The homeowner may use the funds for anything they desire: in-home care, remodeling, a new car, etc.
Homeowners are required to take a counseling class, prior to closing the loan, to make sure they understand all of the benefits and responsibilities of a reverse mortgage. The program is designed for those who plan on staying in their homes for an extended period of time. It is not meant for borrowers who plan on moving in the near future. Homeowners may will the property to whoever they wish, but they may not change the title after taking out a reverse mortgage.
A reverse mortgage is a non-recourse loan. This means that the house pays off the loan, not the homeowner or heirs.
Is a reverse mortgage right for you? That depends on your individual circumstances. Feel free to call for a complimentary consultation.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
The money is tax free as it is proceeds from a loan and not considered income. The loan does not have to be paid off as long as the homeowner lives in the home. With a reverse mortgage the homeowner does not have to qualify for the mortgage or worry about credit issues. The homeowner may use the funds for anything they desire: in-home care, remodeling, a new car, etc.
Homeowners are required to take a counseling class, prior to closing the loan, to make sure they understand all of the benefits and responsibilities of a reverse mortgage. The program is designed for those who plan on staying in their homes for an extended period of time. It is not meant for borrowers who plan on moving in the near future. Homeowners may will the property to whoever they wish, but they may not change the title after taking out a reverse mortgage.
A reverse mortgage is a non-recourse loan. This means that the house pays off the loan, not the homeowner or heirs.
Is a reverse mortgage right for you? That depends on your individual circumstances. Feel free to call for a complimentary consultation.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
Monday, June 14, 2010
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Where’s The Yard†at http://ow.ly/1YhTI
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Where’s The Yard†at http://ow.ly/1YhTI
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Where’s The Yard†at http://ow.ly/1YhTI
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Where’s The Yard†at http://ow.ly/1YhTI
Check out my latest real estate blog ...
Check out my latest real estate blog titled “Where’s The Yard†at http://ow.ly/1YhTI
Where's The Yard. By Dan Polimino.
I have recently been showing some relocation buyers around town who were looking for a nice single family home with acreage. Unfortunately, the areas they wanted to live in and the price point of the homes didn't come with big backyards. This then brings up the inevitable discussion about how much land and home you get when you live on the East Coast.
Yes, I know I am from the East Coast so I know and hear from relocation buyers all the time, "How come there are no backyards in Colorado?" My business partner Gary Lohrman once had a client in from the East Coast who quipped, "I expected to measure my land in acres, not inches." Well put.
Let's assume one thing first before we get into the reasons why we have little yards. First, we are not talking about city properties. Even cities on the East Coast that were built on a grid like Denver and have small lots. What we are talking about is the difference in lot size for suburbs.
Reason # 1 and I think you could have guessed this...MONEY! Yes, developers figured out that when they buy land, they should subdivide it into postage stamp size lots and build as many homes as possible on that land to increase their profit. This is not news to anyone which brings us to the question, "Weren't developers on the East Coast interested in making money?"
Answer: Yes they were, but a lot of development on the East Coast occurred prior to 1970 when land was not a premium like it is today, particularly in the outlying areas. Remember, there was a time when it was not cool to live in the suburbs so builders used large lots to lure people out of the city.
Reason # 2. The California Influence. Right around 1970, builders around the country took notice of what was happening in California. Land was and has always been a premium in California and builders had to maximize their land with large homes on small lots in order to make a profit. Business was good and some of those builders brought their model to Colorado. Other builders in Colorado followed their lead and tada we have the large home with a blade of grass in the backyard.
Since then, the trend has continued and proves to be a good business model for builders so we keep getting more of the same. There will always be some builders and I know of a few that will build on bigger lots at a reasonable price, but it will be in an outlying suburb to entice people to move there.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Yes, I know I am from the East Coast so I know and hear from relocation buyers all the time, "How come there are no backyards in Colorado?" My business partner Gary Lohrman once had a client in from the East Coast who quipped, "I expected to measure my land in acres, not inches." Well put.
Let's assume one thing first before we get into the reasons why we have little yards. First, we are not talking about city properties. Even cities on the East Coast that were built on a grid like Denver and have small lots. What we are talking about is the difference in lot size for suburbs.
Reason # 1 and I think you could have guessed this...MONEY! Yes, developers figured out that when they buy land, they should subdivide it into postage stamp size lots and build as many homes as possible on that land to increase their profit. This is not news to anyone which brings us to the question, "Weren't developers on the East Coast interested in making money?"
Answer: Yes they were, but a lot of development on the East Coast occurred prior to 1970 when land was not a premium like it is today, particularly in the outlying areas. Remember, there was a time when it was not cool to live in the suburbs so builders used large lots to lure people out of the city.
Reason # 2. The California Influence. Right around 1970, builders around the country took notice of what was happening in California. Land was and has always been a premium in California and builders had to maximize their land with large homes on small lots in order to make a profit. Business was good and some of those builders brought their model to Colorado. Other builders in Colorado followed their lead and tada we have the large home with a blade of grass in the backyard.
Since then, the trend has continued and proves to be a good business model for builders so we keep getting more of the same. There will always be some builders and I know of a few that will build on bigger lots at a reasonable price, but it will be in an outlying suburb to entice people to move there.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Friday, June 11, 2010
This week's home values for Boulder, Colorado > Your Voice > Blogs > Denver > YourHub.com http://ping.fm/AJvqr
This week's home values for Boulder, Colorado
http://www.coloradodreamhouse.com/index.php/news/ This week we take a look at home values in Boulder, Colorado. For a long time people have thought that Boulder was insulated from price drops because it is such a special place to live and always seems to be in demand. That held true all the way through August of 2009. That was the peak for the average home value in Boulder at $429. Since then as you can see from the graph from Zillow.com, home prices have been falling in Boulder and still are dropping to an average of $410. To see how other communities and neighborhoods are doing like Niwot, Louisville and Superior click the blue link below the graph.
As always if you have questions or want to speak with me about buying or selling home in Colorado feel free to contact me at 303-522-1161 or dpolimino@fullerproperties.com.
As always if you have questions or want to speak with me about buying or selling home in Colorado feel free to contact me at 303-522-1161 or dpolimino@fullerproperties.com.
Thursday, June 10, 2010
Mediterranean Style Home in Parker, Colorado
This beautiful home is nestled among the pines in Parker, Colorado. This 9,750 square-foot home boasts a beautiful open floor plan with 5 bedroom suites and 6½ baths is artfully woven together with old-world Mediterranean style. From first sight of the soaring cathedral ceiling of the Grand Entry, plenty of airiness and natural light distinguishes the spacious feel of this home and evokes a brightly genial atmosphere. This home is unique in the sense that it is built in a style to accommodate either the family with separate bedroom wings for the children or the empty nester / retiree looking for their final purchase in a home.
For more details check out http://www.coloradodreamhouse.com/featured/property.php?id=11
Mediterranean Style Home in Parker, Colorado > Your Voice > Blogs > Denver > YourHub.com http://ping.fm/9diHw
Mediterranean Style Home in Parker, Colorado
This beautiful home is nestled among the pines in Parker, Colorado. This 9,750 square-foot home boasts a beautiful open floor plan with 5 bedroom suites and 6½ baths is artfully woven together with old-world Mediterranean style. From first sight of the soaring cathedral ceiling of the Grand Entry, plenty of airiness and natural light distinguishes the spacious feel of this home and evokes a brightly genial atmosphere. This home is unique in the sense that it is built in a style to accommodate either the family with separate bedroom wings for the children or the empty nester/retiree looking for their final purchase in a home.
For more details check out http://ping.fm/68lFF
For more details check out http://ping.fm/68lFF
Wednesday, June 9, 2010
Summer is here and you should buy this house!
http://ping.fm/s2DGW In this week's market update Fullers Sotheby's International Realty agent Dan Polimino talks about the activity in Denver the last two months and what he expects to see in June and July. Dan also begins a series taking a look at homes that are great deals in this market. To find out Dan Polimino's best bargain this week watch the video market update for Denver Colorado.
Summer is here and you should buy this house!
http://www.coloradodreamhouse.com/index.php/news/ In this week’s market update Fullers Sotheby’s International Realty agent Dan Polimino talks about the activity in Denver the last two months and what he expects to see in June and July. Dan also begins a series taking a look at homes that are great deals in this market. To find out Dan Polimino’s best bargain this week watch the video market update for Denver Colorado.
Seduced by an ARM (Amazingly Risky Mortgage)? > Your Voice > Blogs > Denver > YourHub.com http://ping.fm/tfQeg
Tuesday, June 8, 2010
Seduced by an ARM (Amazingly Risky Mortgage)?
A common myth among people with an ARM (Adjustable Rate Mortgage) is that they can switch to a fixed rate mortgage when they see interest rates headed up. This is like waiting to put on your seat belt before a traffic accident. By the time you react, it is too late. Remember that interest rates float down and jump up.
When looking at your ARM mortgage you should consider how long the current rate will last. It might last for years or it might reset every month. You need to examine your mortgage documents to know. Factors to consider when analyzing your mortgage are: the index, margin, adjustment period, and caps. Your interest rate will consist of the index plus the margin. Common indexes are COFI (Cost of Funds Index), LIBOR (London Interbank Offered Rate), 1 year CMT (Constant Maturity Treasury), etc. Margins can vary widely and must be analyzed individually.
ARM's always have "caps" that specify how much the loan can change in a given time period and over the life of the loan. One ARM mortgage might have caps that limit the rate increase to 1% a year and 6% over the life of the loan, while another could change monthly with a ceiling interest rate of 14%. The fact that your neighbor's ARM went up or down does not mean your mortgage will change the same way.
Feel free to call or email me with any questions or current rate quotes.
Next week: Reverse Mortgages
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When looking at your ARM mortgage you should consider how long the current rate will last. It might last for years or it might reset every month. You need to examine your mortgage documents to know. Factors to consider when analyzing your mortgage are: the index, margin, adjustment period, and caps. Your interest rate will consist of the index plus the margin. Common indexes are COFI (Cost of Funds Index), LIBOR (London Interbank Offered Rate), 1 year CMT (Constant Maturity Treasury), etc. Margins can vary widely and must be analyzed individually.
ARM's always have "caps" that specify how much the loan can change in a given time period and over the life of the loan. One ARM mortgage might have caps that limit the rate increase to 1% a year and 6% over the life of the loan, while another could change monthly with a ceiling interest rate of 14%. The fact that your neighbor's ARM went up or down does not mean your mortgage will change the same way.
Feel free to call or email me with any questions or current rate quotes.
Next week: Reverse Mortgages
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
What A Difference A Year Makes. By Dan Polimino. > Your Voice > Blogs > Denver > YourHub.com http://ping.fm/vNQRl
Monday, June 7, 2010
Check out my latest real estate blog ...
Check out my latest real estate blog titled "What A Difference A Year Makes" at http://ow.ly/1V3J1
Check out my latest real estate blog ...
Check out my latest real estate blog titled "What A Difference A Year Makes" at http://ow.ly/1V3J1
Check out my latest real estate blog ...
Check out my latest real estate blog titled "What A Difference A Year Makes" at http://ow.ly/1V3J1
Check out my latest real estate blog ...
Check out my latest real estate blog titled "What A Difference A Year Makes" at http://ow.ly/1V3J1
Check out my latest real estate blog ...
Check out my latest real estate blog titled "What A Difference A Year Makes" at http://ow.ly/1V3J1
What A Difference A Year Makes. By Dan Polimino.
The other day, I was taking a glance at the recent MLS statistics and it jumped out at me the startling difference in stats compared to one year ago.
Let's take a minute and talk about some key indicators in the real estate market and what the data from Metrolist tells us about the health of local real estate.
First, inventory has been stable and it's been remarkably low. For at least the last 18 months, we've been hearing rumor after rumor from "industry insiders" that banks were getting ready to flood the market with a massive amount of foreclosures. I hear it and I hear it, but it doesn't happen. We're all grateful it hasn't happened and as a result, if you take a look at inventory as of the date of this column, there are only 21,000 single family homes and condominiums on the active market. That's low for this time of year and it's only up 1% from this time last year. Conclusion: inventory is low, has remained low, and probably will stay low for a while which means less choices for the buyer and better prices for sellers.
Sold data is what we all want to know about and it gives us some of the best news of the all the numbers. Sold homes and condos are up 16% from last month and 23% from this time last year. Better yet, average days on market are down 7% from last month and 22% from last year. To top that, the average sold price rose 7% from this time last year.
There is good news with homes that are under contracts as well. Homes that are under contracts are up 12% from last month and 27% percent from last year. That 27% represents the most significant change in all of the market data.
Combine this information with the data that was released about positive job growth in March, April, and May and you start to have a good feeling about the recovery. There is pent up demand by home buyers and now we are starting to see those results. Remember, jobs and real estate are always the last indictors to come around for a recovering economy and with positive news in both sectors, maybe we are out of the woods.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Let's take a minute and talk about some key indicators in the real estate market and what the data from Metrolist tells us about the health of local real estate.
First, inventory has been stable and it's been remarkably low. For at least the last 18 months, we've been hearing rumor after rumor from "industry insiders" that banks were getting ready to flood the market with a massive amount of foreclosures. I hear it and I hear it, but it doesn't happen. We're all grateful it hasn't happened and as a result, if you take a look at inventory as of the date of this column, there are only 21,000 single family homes and condominiums on the active market. That's low for this time of year and it's only up 1% from this time last year. Conclusion: inventory is low, has remained low, and probably will stay low for a while which means less choices for the buyer and better prices for sellers.
Sold data is what we all want to know about and it gives us some of the best news of the all the numbers. Sold homes and condos are up 16% from last month and 23% from this time last year. Better yet, average days on market are down 7% from last month and 22% from last year. To top that, the average sold price rose 7% from this time last year.
There is good news with homes that are under contracts as well. Homes that are under contracts are up 12% from last month and 27% percent from last year. That 27% represents the most significant change in all of the market data.
Combine this information with the data that was released about positive job growth in March, April, and May and you start to have a good feeling about the recovery. There is pent up demand by home buyers and now we are starting to see those results. Remember, jobs and real estate are always the last indictors to come around for a recovering economy and with positive news in both sectors, maybe we are out of the woods.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Thursday, June 3, 2010
Amazing Stone Residence at Cherry Hills Village, Colorado
This stunning stone residence radiates Old World elegance and charm. Elegantly designed and spacious rooms, wide-planked walnut floors, a large gourmet kitchen, and a Two-story family room with a stone fireplace are just some of the architectural elements designed to create an atmosphere of warmth and sophistication. Among the plethora of amenities are a Cherrywood study, a sumptuous master suite, three additional bedrooms, six baths and an enormous exercise room. In addition, a sensational children's retreat offers a special spot for family enjoyment. The covered terrace with a cozy fireplace, and a large lawn area for evening gatherings, complete the package. Truly a distinctive offering in a desirable location, this elegant home is timeless in design and detail.
For more details visit http://ping.fm/n9lyS
For more details visit http://ping.fm/n9lyS
Amazing Stone Residence at Cherry Hills Village, Colorado > Your Voice > Blogs > Cherry Hills Village > YourHub.com http://ping.fm/MQ81O
Wednesday, June 2, 2010
What is a zero or no cost loan?
This is a mortgage without any closing costs added on to the loan or paid by the borrower. Examples of closing costs would be origination fees, discount points, appraisal cost, processing, underwriting fees, title insurance and recording fees. A mortgage where these costs are added in is not a true no cost loan.
How is this possible? With a no cost loan, the mortgage investor increases the interest rate to pay for the closing costs. In essence, the investor "pays for the party" instead of the borrower. For example, a borrower could obtain a thirty year fixed rate mortgage at 4.75% with $3,600 in closing costs and the same mortgage at 5.25% with no closing costs. The difference in the monthly payment would be $68 a month. Even before you consider the time value of money and possible tax consequences; it would take a borrower 5 years to break even. Most mortgage professionals will opt for a no cost loan when doing their own mortgage, unless it is a purchase and the seller is paying the fees.
The size of the mortgage not only effects how much you can save but the final rate and costs. The bigger the mortgage, as long as you stay under the conforming loan limits, the better the price. Many of the costs for a mortgage, such as appraisal and underwriting, are basically fixed and do not vary with the size of the loan. While title insurance costs will increase with the size of the loan, a $200,000 mortgage will not cost twice as much as a $100,000 mortgage.
Next Week: Seduced by an ARM (Amazingly Risky Mortgage)?
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
How is this possible? With a no cost loan, the mortgage investor increases the interest rate to pay for the closing costs. In essence, the investor "pays for the party" instead of the borrower. For example, a borrower could obtain a thirty year fixed rate mortgage at 4.75% with $3,600 in closing costs and the same mortgage at 5.25% with no closing costs. The difference in the monthly payment would be $68 a month. Even before you consider the time value of money and possible tax consequences; it would take a borrower 5 years to break even. Most mortgage professionals will opt for a no cost loan when doing their own mortgage, unless it is a purchase and the seller is paying the fees.
The size of the mortgage not only effects how much you can save but the final rate and costs. The bigger the mortgage, as long as you stay under the conforming loan limits, the better the price. Many of the costs for a mortgage, such as appraisal and underwriting, are basically fixed and do not vary with the size of the loan. While title insurance costs will increase with the size of the loan, a $200,000 mortgage will not cost twice as much as a $100,000 mortgage.
Next Week: Seduced by an ARM (Amazingly Risky Mortgage)?
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
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