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

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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

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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

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Washington Park in Denver

More commonly known as Wash Park, is bounded by Cherry Creek/Speer Boulevard, Downing Street, University Boulevard, and Interstate 25. 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

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 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.

Eats, Drinks and More in West Wash Park

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. 

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

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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!

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

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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

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Denver home buyers finally got word today that the popular First Time Home Buyers Tax Credit has been extended– or at least one big step closer. Many Denver buyers have been stressing out trying to procure their first homes and close by the original deadline of December 1. Now they can breath a sigh of relief since the Senate has reached a compromise extending the tax credit to the end of June 2010! The measure still must face the full senate vote and then the House of Representatives before becoming a bill.

The Tax credit maximum remains at $8,000 for First Time Home Buyers

See our related posts for additional information on how to qualify for the tax credit. A new addition to the bill which will surely stimulate additional purchases is a another credit for repeat buyers who have owned their current homes for at least 5 years. That’s right, this is a tax credit for repeat buyers! This could be a great time to move up and take advantage of ridiculously low prices, or even just move to a better school district.

Tax Credit For Repeat Denver Real Estate Buyers is Up To $6,500

Another helpful expansion is the increase in maximum income qualifications. Now homebuyers can make $125,000 or $250,000 for home buyers filing jointly! This opens the doors for some buyers in significantly higher price ranges to take advantage of the very soft top of the market. Higher priced homes in and around Denver have seen enormous price reductions and very slow deal velocity which has made resolute sellers very receptive to lower than usual offers. Stay tuned for more info about the passage of this promising Tax Credit Expansion.

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Fly fishing the Colorado River has helped shaped my identity over the years

My Good Friend Hunter Killian With An Elktrout Bow

I am an avid fly-fisherman and outdoor enthusiast.  I came to Colorado more than twenty years ago to enjoy the dramatic landscape and unlimited opportunity for adventure.  Over the years and having experienced a deep and broad variety of mountain activities I have come to fully appreciate how and why Colorado is such a wonderful place.   Nowhere else can one reach self actualization in a thriving metropolis while having a constant source of inspiration and discovery in true wilderness and beauty.  Denver provides the resources for intellectual  achievement and accomplishment while the Rocky Mountains are the unyielding, beckoning and basic fuel of our inner need for the freedom of the hills.  Whether it be stalking a wily brown trout on the crystal clear waters of Rocky Mountain National Park, listening to a majestic bull elk orchestrate a throaty bugle, or skiing bottomless powder in Vail’s China Bowl—Colorado creates the synergy of robust workplace and recreational Mecca.

I have had the pleasure to combine my career with my passions and have worked and spent time on some of the most dramatic private land holdings in Colorado.  Large conservation ranches like Eagle Ridge Ranch in Gunnison County along Ohio Creek, some of the best Elk country I have ever seen, The Danni Ranch, a trophy home, ranch development outside of Crested Butte  where I spent countless hours fishing the East River, and Elktrout, the ideal trout ranch in Colorado.

Another Beauty From an Elktrout Lease

Although I haven’t previously worked on Elktrout in a brokerage capacity, I have spent some very memorable days in the club house and along the banks of the Colorado River fishing Elktrout’s extensive improved fishery.

It’s bittersweet to now announce that Elktrout is for sale.  Although the last time I fished it’s incredibly productive trout waters I knew the owner was ill.  I was under the impression that a deal was struck with The Nature Conservancy to purchase the land or possibly just the river rights.  Regardless, this Colorado masterpiece is available for purchase.

This property is of significant quality and will make a remarkable legacy ranch for it’s purchaser and for the generations to come.  In my opinion this is a once in a lifetime opportunity to acquire undivided ownership in a large acreage ranch with approximately 2 miles of engineered trout habitat with a history for producing large rainbow and brown trout on both dry flies and nymphing techniques.

I’ve including the listing broker’s description below.  Of course, if you are interested, please contact me directly.

Bob Maiocco, Broker associate, Keller Williams. (720)273-4262 and BobMaiocco@kw.com

Elktrout Trout Ranch For Sale

Elktrout Lodge For Sale Including 100 acres – $1,000,000 SOLD
Shepards Bend Including 272 acres – $3,280,000

A one-of-a-kind dry-fly fishing paradise on the Colorado River, Elktrout Lodge was built on the vision of a dedicated Angler who dreamed of owning his very own trout stream. Miles of deep cut river banks hold countless numbers of large brown, cutthroat and rainbow trout which thrive in nutrient rich water and feed well on the mayflies. The trout stream was the foundation for later creating this first-class destination lodge on the Colorado River with comfortable rooms, private cabins, excellent staff, five-star dining and full-service facilities and accommodations and for fly-fishing enthusiasts. For the first time ever, Elktrout Lodge is available for purchase and includes 272 acres and over two miles of the Colorado River – just two hours northwest of Denver.

Location:
Elktrout Lodge is a relaxing destination retreat for anglers and outdoors enthusiasts located in Kremmling, Colorado where the hustle and bustle of city life is nonexistent and where one can be completely immersed in the tranquility of nature, wildlife and gold-water fishing. Located on a bench one mile south of Kremmling, Elktrout Lodge overlooks the spectacular Colorado River. Kremmling has small-town mountain charm with a population of approximately 2,000 people. The town lies at the confluence of Muddy Creek and the Blue and Colorado Rivers in Grand County, just 45 minutes from the west entrance of Rocky Mountain National Park. Kremmling is the perfect location for Elktrout Lodge. Kremmling is known as the perfect starting point for some of the most outstanding year-round outdoor adventures in Colorado. The town is close to the best downhill skiing in the state has to offer in Steamboat Springs, Vail & Beaver Creek, Breckenridge, Keystone, and Winter Park. For those who prefer Nordic skiing, Grand County offers over 300 miles of well-groomed cross-country trails and provides many other outdoor opportunities such as snow-mobiling, horseback riding, llama trekking, mountain biking, hiking, hunting, boating, hot springs and spas, cafes and coffee shops, gift stores, art galleries, 18-hole golf courses, and much more. Located just 2 hours northwest of Denver, Elktrout Lodge is far enough away from the city yet close enough to commute to and from Denver International Airport for weekend get-aways and/or corporate conferences/retreats. The town of Kremmling also has a public jet-accessible airport.

Property Description:
Elktrout Lodge is situated two miles east of Kremmling on the Colorado River and consists of 272 acres. The improvements are located on a bench overlooking the Colorado River and several hay fields. The part of Elktrout Lodge often referred to as Shepard’s Bend rests at the east end of the property and was formerly a ranch headquarters and boasts some of the best dry-fly fishing on the Colorado River. At an average elevation of 7,400 feet with surrounding peaks of 9,000 feet, most of the improvements of Elktrout Lodge are located on the bluff. Approximately 150 acres of the 272 total acres are in tall grass hay meadow with the remaining acreage in the improvement sites and well over two miles of the Colorado River surrounded by several stands of mature trees and willow.

Lodge and Improvements:
The main lodge of Elktrout Lodge rests on 3.5 acres of a well-groomed lawn with bermed green space areas, numerous flower beds and mature cottonwood and deciduous trees. The lodge area also has four additional cabins, a barn with an extra large angler’s outfitting/mud room, storage area, office, single-car garage, a multi-purpose bonus room, and several outbuildings located near Shepard’s Bend. Elktrout Lodge can host up to 26 guests at one time and has a full commercial kitchen and commercial laundry room, dining hall, wet bar, year-round sunroom, and a unique timber frame entertainment/dining tent for large parties, additional dining, or conferences.

Main Lodge: The main lodge at Elktrout Lodge is immaculate and comfortable and can accommodate up to sixteen guests in eight bedrooms with private in-room full baths. Built of milled, log timber in 1984 with additions in 1992 and 2007, the main lodge has a total of 6,528 square feet of living space and is two levels with a large moss-rock wood burning fireplace, dining area and wet bar, commercial kitchen and commercial laundry room, a large timber frame canvas entertainment tent. The commercial kitchen is complete with two stainless steel walk-in refrigerators, stainless steel walk-in freezer, stainless steel food-prep tables, commercial dish washer, convection oven, electric or gas range and much more. A staircase from the kitchen leads down to an 800 sq. ft. storage area with a cement floor, electricity and overhead lighting ideal for wine and food storage and a staircase from the kitchen leads upstairs to a large laundry facility with a bank of commercial grade washers and dryers, folding tables and a mangle rolling iron. On one side of the kitchen, there is access to a large, walk-in butler’s pantry which is currently used to store dishes, serving ware, pots and pans, and other kitchen utensils.

The main entrance of the lodge opens into the large living room with custom polished and stained concrete flooring with inlaid timber and elegant and inviting area rugs. At the far side of this great room, along the east side of the lodge, interior sliding doors open into an all-weather sunroom with wainscoating and picture windows and can accommodate 20 guests with seating and tables. When not being used for sit-down dining events, the sunroom can be re-arranged with couches and chairs for additional cozy conversation areas. The sunroom has a low-maintenance polished and stained concrete floor, is equipped with wall heaters and opens to an outdoor 20′ x 30′ concrete patio overlooking the Colorado River. In addition, the lodge has a unique, timber framed canvas entertainment tent accessed by a French door off bar/conversation area. The tent is a well-built, permanent structure overlooking the Colorado River with an approximate 10′ pitched roof, exposed beams, durable all-weather zipper picture windows with full-glass window inserts for cooler-climate entertaining and rustic wood plank floors. The tent provides a unique ambience for gatherings and is perfect for casual meetings, parties, or a special place to dine.

Manager’s Residence and Office: Built in 1981 with hand-hewn log construction with two levels, three bedrooms, two full baths, kitchen, dining and living areas. There is a walk-in office area that completes this 2,306 square foot structure.

Owner’s Cabin: Built in 1984 and similar to the log construction on the manager’s house, the Owner’s Cabin consists of 1,136 square feet with one level. There are two bedrooms, two full baths, living and dining areas, kitchen, fireplace and a 15′ x 19′ screened-in porch which overlooks the Colorado River.

Rainbow Cabin: This is a small 544 sq. ft. log cabin with two stories built in 1992 with two levels. There is a living area, one bedroom, and one full bath.

Elkhorn Cabin: Built in 1997 with hand-hewn log construction, this 1,324 sq. ft. cabin can accommodate four guests and is one and a half stories. The first floor consists of the living/dining area, breakfast bar with sink, bedroom, full bath and a screened-in porch and the second floor has an additional bedroom, full bath and a small sitting area.

Angler’s Outfitting Barn & Ultra Mud Room: A well-thought-out improvement consisting of 3,102 ft. built in 1984 with two levels is the location the Angler’s Outfitting/Mud Room, single-car garage, additional storage room and an additional multi-purpose room which is currently used as a retail store. The ground-level of the barn is the location of an extra large Angler’s outfitting room/mud room and is the ideal set-up for changing in and out of waders and hippers, storing fly poles and equipment, and socializing while preparing for a day of fishing. This outfitting/mud room has a concrete floor, large picnic tables and benches in the middle of the room for preping equipment or eating and drinking and is comfortable enough to be used for casual meetings or informal gatherings. A staircase located in the single-car garage leads to an upstairs office and storage area approximately 800 sq. ft.

Shepard’s Bend House: Originally constructed in 1923 and considered the oldest house in Grand County, the Shepard’s Bend House consists of 3,040 sq. ft. and was relocated to its existing site by a team of horses and has undergone several remodels over the years. The house consists of three bedrooms, two bathrooms, living and dining rooms and kitchen.

Outbuildings: A 30′ x 45′ metal building with a concrete floor and foundation and two additional log-constructed barns, wood-frame utility sheds, loafing sheds, and wood corrals.

The Colorado River:
Recognized by the Colorado Wildlife Commission as one of the select few “Gold Medal” fishing waters in the state, the Colorado River is one the most magnificent fishing rivers available and is one of Colorado’s most outstanding freestone fisheries harboring large numbers of various trout species. Rainbows reach impressive sizes in the Colorado River and average 13-15″ with many reaching 16-20+. Elktrout Lodge’s private stretch of water along the Colorado River provides a variety of technical challenges and is a favorite location for anglers with any level of experience or those who are just learning the art of fly-fishing. The stretch of Colorado River at Elktrout Lodge contains broad sweeping riffles and deep pools providing some of the largest fish found anywhere in this watershed. The wading is easy, footing is good and rainbow, brown, and cutthroat trout are the primary targets at Elktrout.

Fishing season begins with caddis and stoneflies in late May. Stonefly nymphs provide the nutrition the trout need to grow large by May. By June, Pale Morning Duns, Blue Wing Olives, Rusty Spinners, Green Drakes and more hatch.

The Colorado River has an abundance of hatches. Mayflies, caddis and stoneflies can all be found in excellent numbers and provide the diet and nutrition trout need to grow large, healthy and in great numbers. Multiple hatches often results in dry-fly action throughout the day. From late June to early July, adult salmon flies will emerge on the upper Colorado River. By August, terrestrials make for the kind of top-water action that many Anglers live for. Ants, beetles and hoppers easily find their way into the waters of the Colorado River. Tricos provide a challenge for those who like to catch big fish on tiny flies and provides a great deal of fun and excitement for experienced Anglers. In some years, the tricos hatch well into October providing excellent fishing well in the fall.

The Colorado River is fabulous to fish and explore and puts a smile on almost every angler’s face that challenges it. Its diversity, size, scenery, access and large trout all contribute to making Elktrout Lodge a spectacular place to call home or visit.

Shepard’s Bend: This exclusive spot on Elktrout Lodge’s private water is so appealing it bares the owner’s name. Andy Shepard spent many afternoons sight casting with dry flies to large bows lurking below undercut banks on his bend. Grasshopper patterns and droppers are a recipe for success. Streamer fishing for beautiful browns remains magnificent between hatches.

Grady’s Hole: Andy Shepard originally purchased the land Elktrout Lodge sits upon from a local rancher named Grady. The water widens at this original piece of land owned by Grady and is a point where the Colorado River’s rocky bottom gives way to gravel and trouble-free wading. Technical dry fly fishing and sight casting to browns and bows bring success at this location.

VW Hole: The picturesque water is named from the aged car bodies that were placed long ago to stabilize the river’s banks. Clouds of pale morning duns, blue-winged olives, and tricos fill the air creating ample opportunities for dry fly fishing. Increasing numbers of big browns lurk in this water and await the patient angler.

Gold Leaf Hole: Perfectly named, Gold Leaf Hole is a romantic bend in the river where golden fall cottonwood and aspen tree leaves are reflected in the water below casting a shimmering reflection of golden light off the water. In late summer and early fall, the river water is its lowest and water moves more slowly providing anglers with the best opportunity for success for trophy browns and bows. Lucky anglers spend delightful afternoons stalking the big fish at Gold Leaf Hole and enjoying the excitement and beauty if offers.

Operational Considerations:
Elktrout Lodge operated for 27 years up through 2008 and is, for the first time ever, available for sale. Throughout it operation, Elktrout Lodge was endorsed by Orvis Outfitters and was named “Orvis Lodge of the Year” in 1999. It operated from May through September every year and employed 30 individuals.

An Orvis endorsed fly-fishing lodge represents the best fishing experience in the world. Only a select group of lodges will meet the high standards of an Orvis endorsement. Patrons of Elktrout Lodge have shared the same experience of excellent service, world-class fishing, and the pristine accommodations and location of the facility for many years.

Utilities and Real Estate Taxes:
Electric is provided by Mountain Parks Electric, phone service is provide by Qwest, natural gas is provided by Excel Energy, water is by well and has a commercial filtering system, and the sewer is septic with a leach field. Real estate taxes for the entire property for 2008 were $15,572.

(Listing Agent’s)Brokers Comment:
Rarely do you find a property with this a long history of operating success and a great story that began with its founder Andrew Shepard who loved the outdoors. Fly fishing was his passion and he set out to build one of the premier fishing lodges in the world. Many of the former fishing leases may still be available for a buyer would want to run Elktrout Lodge as a commercial operation. Many of the former employees would love the opportunity to return to Elktrout. As a fishing lodge, its past is well known but there are many other possibilities for Elktrout Lodge such as a private family vacation property, corporate retreat, special events venue and so much more. The possibilities for this one-of-a-kind offering are endless.

Elktrout is listed by Ron Morris and Billy Long of Ranch Marketing Associates.

The Elktrout Lodge sold recently but only a part of the entire offering was purchased.  The Fly Fishing Lodge and Clubhouse sold but the renowned fly-fishing waters of the Colorado River are still available, Shepard’s Bend.

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