Just West of Wash Park in Denver, between Broadway and Downing and a few blocks south of Alameda is a beautifully maintained three story Victorian home for sale.  556 South Grant Street, Denver, CO is approximately 2,777 square feet with new flooring, new paint, an updated kitchen with new appliances, recently remodeled bathrooms—even a new front porch and walkway to welcome you home.

When it comes to Denver real estate the three most  important factors are Location, Location and Location!  Well West Wash Park offers an ideal location.  Close enough for quick access to the Park and an easy commute to downtown Denver or Cherry Creek.  It just east of the Blue Bonnet Cafe but tucked quietly into a residential neighborhood.

The second floor of this home has all four bedrooms on the same level!  A rare convenience among Denver’s older homes. 

556 S. Grant in West Wash Park, Denver, was built in 1890 on approximately 4,690 square feet of flat yard. It is a 4 bedroom, 2 bathroom house with approximately 2,777 finished square feet and has a detached 2 car garage. Public Schools for this home are: Lincoln Elementary, Grant Middle School and South High School.

Likewise the master bedroom has significant flex space which is currently used as an upstairs laundry room and a large sun room/retreat looking to the mountains west!  Designers have drawn plans to convert this space to a large master bath as well.

A third floor in a Denver home is very rare and this home has a perfect space for a home office and a play area and more and has a high deck looking east toward the park.

The kitchen boasts stainless appliances and rich painted cabinetry, lots of counter top space and a large brick wall serving as the focal point of the room.

The back room is used as a mud room, complete with cubby holes and coat hooks and leads out to the lavish back yard and the detached two car garage.

Overall this large home provides a high level of convenience with quick access to all of the amenities and grocery stores on Broadway while being on a nice street and relatively close to Wash park.  Schedule a visit to come by and take a look!

To set up your private showing please call me directly at (720)273-4262– Bob Maiocco, Broker/Owner Bob Maiocco 8z Real Estate.

Evergreen Real Estate .com has recently been recognized as one of the top real estate blogs in the Foothills west of Denver! If you haven’t had a chance to see some of the neighborhood videos, photography and community articles related to the different subdivisions in Evergreen.  Take a look!

With the shake up in conventional mortgage financing FHA loans have come back into the lime light! So I asked a local lender to share his take on Denver FHA Home Loans. When you’re buying a Denver home it’s best to know all of your options!

FHA Home Loans have become an increasingly popular choice for home buyers over the past couple years. With the poor economy and tightening bank qualification standards for conventional loans, many home buyers have been able to use FHA Home Loans to purchase a home.

In the past, FHA financing has been mainly a first time home buyer program or one that has been utilized by people with poor credit or a difficult situation. However, in today’s marketplace, even some home buyers with excellent credit and a down payment have been able to use FHA Home Loans to finance their home.

The positive of FHA Home Loans is that they require very little down payment and rates are still excellent and comparable to conventional financing. Couple this with easier qualifying standards, and FHA can be a great choice.

The negative of FHA Home Loans is that mortgage insurance is required unless you are obtaining a 15 year fixed rate mortgage with at least a 10% down payment. FHA Home Loans carry both an up-front mortgage insurance premium, currently 1.75% and set to go up to 2.25% in April, 2010, and a monthly mortgage insurance premium. The monthly amount is much lower than the monthly rate of a comparable conventional loan, unless you have more than a 10% down payment.

FHA also has many creative programs that can help you buy your home.

The FHA Energy Efficient Mortgage will enable you to finance the cost of energy-efficient improvements such as heating and cooling system upgrades, solar power, and insulation, even if your total loan amount exceeds the sales price of the home.

The FHA Kiddie Condo loan enables a parent to co-sign for their children without living in the home.

The FHA Streamline Refinance can help home owners reduce their rate and payment by refinance from an existing FHA Home Loan to another, all with less paperwork.

These creative programs along with competitive rates make FHA Home Loans a great choice for many consumers. In fact, FHA’s share of the home loan market has increased over the past 2 years to nearly 30% of all loan originations.

Written by RJ Baxter First Mortgage Corp. Contact RJ Baxter

My newest listing is a short sale townhome in Parkers Landing in Aurora. This is located between Parker Road and Peoria Street, just south of Yale Avenue. This 3 bedroom, 2 bathroom townhome is very private and actually has no adjoining walls to any other units. As you can see in the video below, it is more like a single family detached home, than it is a townhome.

This great townhome is currently listed at $125,000 and is the lowest priced unit in the whole development. Even better is that we have a ‘pre-approval’ from the bank at this price! We have a great line of communication with the lender on this property, so the short sale process should move along much quicker than normal. I would expect that we could have full approval and moving along in less than 30 days! That is about 60 days faster than most short sales take!

Some more of the nitty gritty details of this townhome are:

Bedrooms: 3
Bathrooms: 2 full
Square Feet: 1,358 finished square feet with a 404 square foot unfinished basement
HOA Fees: $195 a month. The HOA is currently repainting, repairing and replacing worn siding and much more around the entire complex.

Parker Landing is conveniently located to shopping (walking distance to King Soopers), transportation to the Denver Tech Center and downtown Denver (less than 1/2 mile to the RTD Lightrail station at Parker and Peoria) and 5 minutes from Cherry Creek State Park. Learn a little more about the complex in the videos below.

If you would like to schedule a showing of this townhome, please don’t hesitate to contact me directly. Also, for all Aurora condos and townhomes for sale around Parker Landing, just click on the map below.

bobby verenna
keller williams, dtc
303.995.8786
www.bikeracingrealtor.com

I get this request all of the time…”I want to buy a foreclosure…” However, most people don’t really know what it means to buy an actual foreclosure, so I’d like to explain the different terms used in Real Estate such as Short Sale, Foreclosure, REO, etc. to help everyone understand the difference of each situation. There are many different and confusing terms out there today regarding ‘distressed properties’. And many real estate professionals are using some of these terms more for marketing purposes because the public associates these certain ‘buzz words’ with bargain prices. Of course, that is not always the case. Please continue reading for a brief explanation of each scenario and the pros and cons associated with each.

What is a Short Sale?

We will begin with short sales, because they are very popular across the United States right now and are a huge buzz word in real estate advertising. A short sale is very often another term used for Pre-Foreclosure. A short sale is when a lender agrees to take less than the full amount owed on the home. Very often there are multiple lien holders because the home owner has taken out second and third mortgages and is no longer able to make the payments.

Short sales are very often the last effort the home owner will make in an effort to avoid foreclosure. Although the lender(s) will receive less than the total loan amount owed, they very often prefer getting a smaller amount in a shorter time period and with less effort than going to foreclosure. The costs of foreclosing on a property is very often greater than the bank’s loss by taking a short sale. Another reason the lenders prefer the short sale to a foreclosure is that the property may not sell at the foreclosure auction and then the bank would be forced to take it back. As an REO (Real Estate Owned) property, the lender would have to maintain, list and sell the property themselves. Banks are not in the real estate selling market and would prefer to stick to lending money…not selling homes.  See more on this below in the REO section.

Short sales are very complicated, time consuming and the outcome is never guaranteed. In most cases the process to get a short sale approved is overly cumbersome and extremely frustrating for the buyer, seller and the real estate agents involved. Banks are completely over run with short sale requests and the approval process can take up to 4 months. The bank employs a Negotiator to evaluate each individual short sale request on a case by case basis. It is my experience that this is a high turnover position because I have never had a short sale transaction with only one negotiator!

From the banks perspective there are many factors that go into the decision making process and are also factors in the long time frames. Banks consider the home owner’s/borrower’s personal and financial situation, appraisal of the home, market conditions, the banks financial situation, and in many cases they have to consult with the outside investor who purchased the loan. Given all of these varying circumstances, you can imagine why this process takes so long. Many buyers are not willing/able to wait through this cumbersome process. For those that can, they most often buy a home well below market value and begin their home ownership with instant equity.

What is a Foreclosure?

The nitty gritty definition of a Foreclosure is when the bank/lien holder/mortgagor takes back a home that the borrower/home owner/mortgagee can no longer make the payments on. The foreclosure process and home owner rights are VERY different in each state. If you have a specific foreclosure question you should consult an attorney in the state where the property is located.

When a home owner fails to make the payments on their mortgage, the lender can begin the foreclosure process. This is a very specific legal and judicial process with set in stone timelines and proceedings. In a foreclosure, the lender takes possession of the house and the homeowner is forced to relocate.

Foreclosures are NOT sold by Realtors. Foreclosure properties are auctioned once a week at a Public Trustee Sale in the county where the property is located. These auctions are open to the public and anyone with CASH is able to make a bid on any foreclosed property. Foreclosure properties must be paid for in full, with a cashiers check at the time of the auction.

When you purchase a home at a foreclosure auction, you could be at risk of multiple legal, judicial and title problems that are typically researched and overcome by Realtors and title companies in normal sales transactions. These issues include, but are not limited to: title problems, multiple lien holders, IRS liens, tenants or owners still occupying the property, and/or structural, functional or pest issues. Since you do not have the opportunity or the right to visit and inspect foreclosure properties before the auction, only the most seasoned and savvy investors are encouraged to participate. Very often there are unforeseen risks that may run into the thousands of dollars to overcome.

What is an REO?

REO is a abbreviation for Real Estate Owned properties. If no one purchases the property at the Foreclosure Sale, then the home is returned to the lending bank and goes on the ‘regular’ market for sale through a Realtor. Typically, lenders are very motivated to sell these homes as quickly as possible, as they are in the business of lending money, not owning real estate. Another downside for the lenders in holding these properties is that the management of these properties can become very costly.

Buying an REO property can very often be the best opportunity to find a good deal for the general public. The reasons that REO’s are the best opportunity for the general public is that any buyer can submit an offer. Once the offer is accepted by the selling bank, the transaction is just like any ‘normal’ real estate transaction. The buyer has the opportunity to preview the property before writing an offer. The buyer can than utilize conventional and sometimes FHA financing. The also have to opportunity perform any inspections and due diligence necessary. The banks will very often have their own set of addendums and disclosures for the buyer to agree to and should be carefully reviewed by the buyer, buyer’s agent and potentially the buyer’s attorney.

I hope this clears up the confusion between these differing ‘distressed’ properties. There are many opportunities out there for everyone from the first time home buyer to the seasoned investor. If you have any questions or would like to get some information on a particular property don’t hesitate to contact me at any time.

Ask me how to set up a custom search that will only send you properties that are either short sale or REO.

bobby verenna
keller williams, dtc
303.995.8786
www.bikeracingrealtor.com
twitter: bobbyindenver
facebook: bobby verenna

Washington Park in Denver

More commonly known as Wash Park, is bounded by Cherry Creek/Speer Boulevard, Downing Street, University Boulevard, and Interstate 25. Take a look at this beautiful Victorian Home For Sale in West Wash Park.  The neighborhood includes it’s namesake, Washington Park , central Denver’s most popular and most utilized public park. The neighborhood of Washington Park was divided by the City of Denver in 1972, into two neighborhoods: Washington Park and Washington Park West.

Watch the Wash Park Video

The majority of the houses in the Wash Park area were built between 1900 and 1940.   In recent years there has been a movement to either scrape the original homes or ‘pop the top’ in an effort to build larger, more modern homes.  With Wash Park being one of Denver’s more affluent neighborhoods, with the median income well in excess of $100,000, the quantity and quality of remodel or new builds is superior to many of the surrounding neighborhoods.  The average home price in Wash Park is well above $425,000 and hasn’t been negatively affected by the recent housing slump.

Watch the Wash Park Video

Eats, Drinks and more in Wash Park

If you are looking for eating, casual drinks and a little shopping, then south Gaylord Street in Wash Park is the place for you.  Old South Gaylord Street (as the locals call it),  is the second oldest shopping district in Denver offering patrons fine dining and quaint shops where you can find health and beauty services, sporting goods, unique gifts, fine art, fashion and much more.

Old South Gaylord is located 6 blocks east of Washington Park, on the 1000 block of South Gaylord Street in Denver, between Mississippi and Tennessee Avenues.

Stop in the Wash Park Grille for lunch Japon for Sushi and/or Reivers for a casual yet fun happy hour experience.

Of course the ‘bike racing realtor’ couldn’t talk about Old South Gaylord without mentioning a bike shop!  The Singletrack Factory located at 1005 S. Gaylord boasts one of Denver’s best selection on high performance mountain bikes.  These guys know their stuff and are not afraid to share their knowledge of bikes and trails alike.

Wash Park Schools

Elementary Schools: Steele Elementary School

Middle Schools: Merrill Middle School

High Schools: South High School

West Wash Park

West Washington Park (better known as West Wash Park) is bordered on the east by Downing/Washington Park, on the west by South Broadway, the north by Alameda and on the south side by Interstate 25.

West Wash Park is the ‘step child’ of one of Denver’s most popular neighborhoods, Wash Park.  Washington Park, or as the locals call it, Wash Park, is Central Denver’s most popular and utilized public park facilities.  It’s proximity to downtown, Denver University, Cherry Creek and I-25, make it the logical choice for any urbanite looking for some green grass, running trail or paddle boat lake.

While West Wash Park can’t boast the same affluent numbers that Wash Park is able to do, it still ranks as one of Denver’s most popular and sought after neighborhoods.  With prices skyrocketing across the park, many have chosen recently to buy an older Denver Square in West Wash Park and either scrape and rebuild or ‘pop the top’ to update and enlarge to modern living standards.

Take a look at this beautiful West Wash Park Home For Sale:

West Wash Park Eats, Drinks and More

Whether you are looking for a neighborhood watering hole, or the best Italian food in all of Denver, West Wash Park is the place for you!  Starting with breakfast in the morning at either Luciles on south Logan or the Buffalo Doughboy Bakery all the way to dinner at Carmines On Penn (my favorite restaurant in all of Denver), West Wash Park has something for everyone.

Here’s a quick cell phone video of West Wash Park:

For a drink and some sports check out the Candle Light Tavern on south Pearl, or head over to Ogden Street South for a little karaoke on the weekends.  Of course if you are a cyclist (this is after all written by the ‘bike racing realtor’), you can’t miss The Handle Bar and Grill.  This is really a bicycle racing museum that doubles as a bar and grill!

West Wash Park Schools:

Elementary Schools: Lincoln Elementary and Steele Elementary

Middle Schools: Grant Middle School and Merrill Middle School

High Schools: South High School

Evergreen real estate deserves its own specialty site.  I’ve been working the Evergreen market for years and have been very active in the community.  Finally, after a many years of struggling and experimenting to find the best platform for neighborhood sites I’ve launched evergreen-real-estate.com

If you have been considering Evergreen Homes for sale I think you’ll find this site very helpful.  It is a very similar format to DenversRealEstateNews.com with the same best in class search tools.

I’ve also added several Evergreen videos!

Well, it’s done!  The extension and expansion of the First Time Home Buyer Tax Credit has been signed:

THE FIRST TIME HOME BUYERS TAX CREDIT ON THE WAY FOR OBAMA’S SIGNATURE

According to a breaking news story, the Senate has passed a bill that would extend the current First Time Home Buyers Tax Credit of $8,000 through April of next year.  The current tax credit is scheduled to expire on November 30, 2009.  There has been a flurry of activity in the Denver market over the last 90 days, with First Time Home Buyers scrambling to take advantage of the credit.

Not all of the details have been released yet but it looks like the new bill  will extend the current First Time Home Buyer tax credit through April 2010.  It also increases the qualifying income level to $125,000 for individuals and $225,000 for joint filers.

The bill will be expanded to allow qualified homeowners to move up to middle-market homes that cost no more than $800,000. However, be aware that the specific qualification for current home owners have not been released.  We are hearing that they may have to increase in value by a certain percentage.  The tax break for current home owners is said to begin December 1, 2009.

I will pass along more news as we receive it.

For an up to the minute list of homes on the market in your price range and neighborhood, give me a call/email/facebook/twitter and Iwill be happy to send you a customized search.

Happy House Hunting!

bobby verenna
keller williams, dtc
303.995.8786
follow me on twitter: bobbyindenver