Mark Marati - Benchmark Realty

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Click on the “View Larger Map” link above to see this upcoming listing of mine. This home is spectacular in every way.

Named after the schools in the area, Cory-Merrill was once part of the Town of South Denver (which had boundaries along the South Platte River, Alameda Avenue, Colorado Boulevard and Yale Avenue). It was founded in 1858 to be a dry town because its citizens didn’t like the saloons that had taken over Denver.

Today, the Cory-Merrill neighborhood is changing rapidly. Several homes in the neighborhood have already been scraped and rebuilt. Also the five-year rebuild of Interstate-25 is finished, providing the neighborhood with light rail service. Cory-Merrill’s central location between downtown and the Tech Center has made it very desirable!

(excerpted from Cory-Merrill Neighborhood Association - History) To visit the site and for more information copy this link to your browser window…

http://corymerrill.org/index.html

WASHINGTON (May 24, 2010) – Existing-home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence and favorable affordability conditions, according to the National Association of Realtors®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.

Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low.” According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.10 percent in April from 4.97 percent in March; the rate was 4.91 percent in April 2009. Total housing inventory at the end of April rose 11.5 percent to 4.04 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. Raw unsold inventory is 2.7 percent above a year ago, but remains 11.6 percent below the record of 4.58 million in July 2008.

“Although inventory levels remain above normal and much of the gain last month was seasonal, the housing price correction appears essentially over,” Yun said. “In fact, a majority of the markets have seen price gains recently. A return to old-fashioned responsible lending and buying will help the housing market avoid disruptive and painful bubble-bust cycles.” The national median existing-home price for all housing types was $173,100 in April, up 4.0 percent from April 2009. Distressed homes accounted for 33 percent of sales last month, compared with 35 percent in March.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buyer traffic is mixed. “It looks like the level of home sales that close in May and June will stay elevated, but many buyers remain in the market even without the tax credit,” she said. “Some Realtors® tell us they are very busy with clients who are entering the market now as a result of improved conditions, while others are welcoming a slowdown from frantic market conditions in recent months. “Buyers are focused on finding the right house and taking advantage of favorable affordability conditions. For many buyers, owning a home is a lifestyle choice. They want a place of their own to raise a family, build memories, and be part of a larger community,” Golder said.

A parallel NAR practitioner survey shows first-time buyers purchased 49 percent of homes in April, up from 44 percent in March. Investors accounted for 15 percent of transactions in April, down from 19 percent in March; the remaining sales were to repeat buyers. All-cash sales stood at 26 percent in April; they were 27 percent in March.

Single-family home sales rose 7.4 percent to a seasonally adjusted annual rate of 5.05 million in April from a pace of 4.70 million in March, and are 20.5 percent above the 4.19 million level in April 2009. The median existing single-family home price was $173,400 in April, up 4.5 percent from a year ago. Single-family median prices rose in 18 out of 20 metropolitan statistical areas reported in April from a year ago; six of the areas experienced double-digit increases. In data recently reported for the first quarter, 91 out of 152 metros saw price gains.

Existing condominium and co-op sales jumped 9.1 percent to a seasonally adjusted annual rate of 720,000 in April from 660,000 in March, and are 42.3 percent above the 506,000-unit pace in April 2009. The median existing condo price was $171,000 in April, which is 0.6 percent below a year ago. Regionally, existing-home sales in the Northeast surged 21.1 percent to an annual level of 1.09 million in April and are 41.6 percent higher than a year ago. The median price in the Northeast was $243,000, up 2.1 percent from April 2009.

Existing-home sales in the Midwest rose 9.9 percent in April to a pace of 1.33 million and are 29.1 percent above a year ago. The median price in the Midwest was $146,400, up 5.8 percent from April 2009. In the South, existing-home sales increased 8.6 percent to an annual level of 2.14 million in April and are 23.0 percent higher than April 2009. The median price in the South was $150,000, up 1.2 percent from a year ago.

Existing-home sales in the West fell 6.2 percent to an annual rate of 1.21 million in April but are 5.2 percent above a year ago. The median price in the West was $212,400, up 3.8 percent from April 2009.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #
NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for 20 select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors® or your Realtor.

Source: NAR

I have worked with many relocation companies over the years.  Cendant, Paragon, Prudential, Sirva, etc.  Pretty much they’re all the same.  They all offer the same service to the transferring employee; making the phone calls, setting up interviews with potential moving companies, finding the employee a real estate broker to help sell and buy a home(s), etc.  So how do they make their money?  What keeps them in business?  The answers may surprise you.

Relo companies are paid in three ways (mostly).  First, they are contracted by the employer to provide services to the transferring employee and the employer agrees to pay the relo company a negotiated percentage of the purchase or the sale (or both) of the employee’s property.  Then, the relo company also requires that the buying and/or selling broker pay them a “referral fee” of up to 37.5% of the total commission earned by said broker.  So, let’s do some math.  Suppose your employer contracts Sirva to provide relo services for you.  Your employer agrees to pay them 1% of the sales price as a fee for these services.  You are the employee.  You are selling your 500K house in Colorado and moving to Dallas where you buy a similar 500K house.  How much does Sirva make?  About $20,000 (minimum).  Okay, so why should you care?

You, as the employee are often told that you “must” work with a certain broker (or one of three) you are assigned by the relo company in order to receive your relo benefits.  You have no choice or say in the matter.  What you’re being told is not actually the case.  True, you must work with the relo company.  But that’s where it can end.

What is often missed by the relo company and by your employer as well (or perhaps misunderstood) is that by this mandatory assigning of a broker, you are the one who actually can suffer.  Picture this.  If a broker knows he/she has to give up 37.5% of his/her commission, then further split that with the company they work for, do you think the top agents, the ones with the experience and knowledge you deserve, are excited to work with you?  Probably not.  So you get an agent assigned to you who is perhaps young, inexperienced, ineffectual, unable to find their own clients or a combination of some or all of these.  Regardless, who suffers?  You because this is the person you are “required” to work with.

The truth is that if your broker (or ANY broker from ANY brokerage of your choice) agrees to the “referral fee” the relo company wants, then you can normally choose to work with whomever you wish.  The point is this: which broker you choose to work with is YOUR decision, not anyone else’s.  Make sure you MAKE IT your decision by arming yourself with the facts.

So, you’ve been out looking at homes with your Realtor.  You may have seen several dozen homes in Firelight, BackCountry, Heritage Hills, Heritage Estates, etc. over the last 4-6 weeks or even longer.  A particular home catches your eye and you think this may be the one.  It’s been on the market for awhile and you’ve seen it maybe 3-4 times.  Time to pull the trigger!  You start to get excited as your Realtor goes over the contract with you at the kitchen table.  You feel good when he leaves knowing that your offer will be submitted in only a matter of minutes.  You think to yourself “can I really wait til 5pm tomorrow before we hear something back?”.  You go to bed that night mentally moving your furniture into your new home.  The next day you hear from your Realtor.  The listing agent has told him that there is another offer coming in and may be competing with your offer.  You think “oh no, what can we do?  Should we make a better offer?”.

I have seen this scenario all too often.  I’ve come to almost expect it now.  In fact, I have a sneaking suspicion (and this is only my opinion) that some offices actually train their agents to say this when presented with an offer.  It’s a sleazy side of Real Estate and it rubs me the wrong way.

So, what does a buyer do in this instance?  Look to your Realtor for guidance.  Your Realtor should be ready and able to handle this situation but there are some things you, as the buyer need to know.  First and foremost, do not get emotionally invested in a home before you own it.  This is the biggest mistake a buyer can do.  Mentally moving-in before the papers are signed can cause a buyer to overpay for a home and regret it later.

Secondly, there may actually be another offer coming in.  Just because it sounds fishy doesn’t mean it isn’t true.  Yes, you may lose out on the home.  Let me repeat that.  You may lose out on the home.  DO NOT panic.  There are plenty other homes out there and I guarantee I can find you another that you will love just as much.  If someone wants to spend more than you for a home let them overpay - not you.  Oddly (or maybe not so oddly), the amount of times the “other offer” mysteriously never materializes far surpasses the number of times my clients have actually lost a home.

Third, you have made a contractual offer to buy a home that should be responded to.  If the seller has preferable terms they should be presented to you on a counter offer not from a phone call or an email from the listing broker.  DO NOT make two offers on a home before the first one is addressed by the seller.  You give up precious negotiating leverage this way.  If your Realtor instructs you or tries to persuade you to do this you are possibly working with the wrong Realtor.

Lastly, this phenomenon knows now boundary.  I’ve seen this in all price ranges from multiple million dollar estates to 90K condos.  Don’t think you are immune.

There are many pitfalls and things to look out for when purchasing a home.  This is just one.  Having a knowledgeable Realtor working with you is a must.

Many of my clients ask the question: “What about a new build?”  The response is always this: “Its a great option as long as you are well educated with the process.”  This is where the experience of a professional Realtor who has been down this road many, many times comes in to play. Building a home can be tremendously rewarding and financially prudent.  I myself have done it 3 times and I’ve been very happy with the results each time.

Whether you work with a nationally known builder to complete a 150K condo, a 200K-700K single family home or go the full custom route with your own architect and builder to build the home of your dreams, the prospect of new construction can be very enjoyable if, and this is a big if, you know what you’re doing or you have a professional Realtor involved who does.

It is important for the consumer to know that most builders enjoy very solid reputations and are in business to stay in business building a quality product and providing excellent service to their clients;  several are building in Highlands Ranch right now at The Hearth and BackCountry.  There are exceptions to every rule of course and there are potential pitfalls that a well educated person can avoid by asking a few simple questions, paying rapt attention to the contract process and following up to ensure the build process is proceeding as it should.  These are all services your Realtor should provide at a minimum.

Let’s explore some of the common issues and some misconceptions that can arise during the process. First, let’s explore the misconception of having a Realtor represent your interests at the construction site/sales center.  It is never to the consumer’s advantage to walk into a sales center or a builder’s office without representation.  Would you go to court without an attorney?  Of course not.  The myth is that a person can save themselves money if they “don’t use a Realtor”.  This is simply untrue.  Builders value the relationship they have with their Realtor partners.  To damage that by extending an offer of a discount to a customer who comes in unrepresented is not a road they wish to travel.  Indeed, in some states, the representation of the customer by a licensed professional Realtor is not only recommended, but compulsory.

Secondly, the contract process itself is a bit different from a resale purchase.  The customer actually will sit down with the builder’s representative and, having their Realtor present, will negotiate the contract face to face in most instances.  This process allows for immediate discussion and selection of items offered, such as custom upgrades, optional equipment, etc.  Most often, this will be followed by a trip to design center to select colors, trim packages, etc.

The last item I would want to mention in this brief article is the actual build process itself.  Most builders will ask that the customer complete walk-throughs at various points during the process.  These are times of inspection for the client to ensure items selected are being completed as contracted.  They can also be a time to point out possible design flaws that can be fixed prior to completion of the project.  These are very important.  For the client who builds as part of a relocation and who is out of town and cannot attend the presence of their Realtor at the inspection is not only convenient but also essential for obvious reasons. I want to point out that these are but three of the issues facing new build clients.  There are a myriad of others.  Hundreds of details that can be missed or overlooked leaving the customer with unfulfilled expectations that, with the representation of a professional Realtor, can be easily avoided.  Good luck out there!

Located just to the south of Wildcat Ridge Pkwy from Broadway, The BackCountry offers many different price points and a style of living not yet seen in Highlands Ranch.  This newest development is just to the west of Firelight and to the south of The Highwoods, in the heart of Highlands Ranch.  The BackCountry will serve to finish off the ranch as it will be built out upon completion.

The BackCountry is truly unique not only for Highlands Ranch but for all of the Denver metroplex.  The homes are built adjacent to 8200 acres of untamed open space never to be developed.  A fully supervised, gated community, The BackCountry offers amenities not seen in previous developments in the area.  Residents enjoy miles of open trails suitable for hiking, biking, roller blading etc.  The Sun Dial House will serve as a private recreation point for residnets only.  There will be a pool, club house and ampitheatre for performances to be scheduled by the resident management association.  Perhaps “clubhouse” is a bit simple to describe the Sun Dial House.  Lodge is a better moniker.  The Sun Dial House will serve as a meeting point for various activites as events.  It will also serve as an education point for the Wilderness Area that surrounds and abuts the development.  There are also 6 separate and distinctive parks designed for the area as well as The Discovery Center, an additional gathering place for residents.

The homes in The BackCountry follow a specific plan designed to exist in harmony with the area in which they lie.  Extensive use of green belts and open spaces are prevalent everywhere.  Most every home backs to some sort of open space or greenbelt keeping the natural beauty of the land right outside your door.  Extensive use of landscaping with outdoor fireplaces and seating areas serve to bring the outdoors indoor adding to the wilderness ambience.

The price points in The BackCountry are varied.  There are production homes from Shea which begin in the high 500s/low 600s.  There are patio homes called villas which appeal to those not wishing extensive lawn maintenance.  From there, the homes can quickly climb into the 700s and up.  There are also custom home builders in The BackCountry who can design and build your dream home from 1.5M on up to several millions.  homes are available for both immediate delivery and dirt-start customization for those wanting to experience the new build process.

There is much to discover in Highlands Ranch’s newest community.  Your Realtor can assist you in touring The BackCountry and choosing the right home for you.

Living in Highlands Ranch definitely has it perks.  In addition to the miles of hiking/biking trails, the public libraries, the proximity to the best of all that is Colorado, the residents of Highlands Ranch enjoy the use of four recreation centers strategically located throughout the development.  The use of the rec centers is included in the home owner’s association dues paid quarterly by all residents.  The rec centers are for the use of Highlands Ranch residents exclusively.  Residents can use any of the rec centers that they choose.

While all of the centers have “the basics” including an indoor and an outdoor pool, indoor full court basketball, indoor running track, full cardio equipment and weight machines as well as free weights each rec center has its own distinct quality that sets it apart from the others.  This serves to spread traffic out among them.  It also allows specification of the rec centers.

The facility at East Ridge, which is in the heart of Highlands Ranch, boasts an indoor climbing wall for instance.  This facility also has outdoor baseball fields and is set up for indoor volleyball.  If you want to take a steam, this is your rec center as well.

The North Ridge rec center, which lies just to the north of The Highwoods, has indoor tennis, racquetball courts and saunas.  Even though it is the oldest facility it is very well kept and a joy to visit.

The West Ridge rec center has indoor roller hockey.  Leagues are hosted there and they are fantastic!  This rec center also has the batting cages.  They are outdoor though so that makes them seasonal.

The newest rec center at South Ridge is nestled between The Hearth and Firelight.  The equipment there is state of the art!  What sets this facility apart is the indoor water park.  It is wonderful for children and adults alike.  There is a lazy river to float through, a log crossing to navigate and a large structure complete with water cannons for the youngsters to play on.  What makes this truly unique is the beach front that the kids enjoy.  The pool is a walk in type pool.  There is no edge.  Its perfect for infants.

In addition to all of this there are a vast number of programs and classes offered at all the rec centers.  One can find everything from Tae Kwon Do to pottery classes to music lessons.  There is indeed something for every taste. Visit a facility while you tour Highlands Ranch and you will quickly see why life here has its rewards.

Wow.  I normally have a fantastic time at CB & Potts but this last Friday I was hmmm amused?  No, astonished?  Maybe.  MIldly perturbed, definitely.  I’m talking about the CB & P off of Broadway and 470 in Highlands Ranch now.  No reason to lay a blanket of guilt on all of them.  As I said, I normally have a great time here.  Anyway….

It started at the bar where I sat as I was waiting for my family to arrive.  i had just finished showing homes with a client in The Highwoods and I knew I had about 30 minutes to spend so I thought heck, a beer would be perfect.  So i sat at the bar.  And I sat.  And I sat some more.  The bartender finally recognized me after about 6 minutes, asked me what I was having (I told him Big Red of course - my favorite).  He proceeds to ring me up and place the chit down in front of me before even pouring my beer.  Now, I’ve been in the restaurant business.  Its how I paid for college.  I know a few things about how its supposed to go.  This wasn’t it.

Okay so I get my beer, my family arrives and we sit down to eat.  The fun continues.  If you’ve ever been to CB & Potts with children then you know that the server is supposed to bring out carrots and ranch dressing for the little ones as soon as you sit down.  Its on the kids menu.  Its part of the kids dining experience.  So, of course, no carrots.  Long story short.  Our order was cooked incorrectly, by the time they finished redoing my wife’s the rest of us were done.  We asked for hers to go and they handed me an empty box not even offering to box it up for us.  We had to ask for the ice cream (again - on the kids menu). It was awful.

Hopefully, just a bad night for them.  We shall see…

Firelight lies nestled in the south eastern part of Highlands Ranch.  It was completed in late 2006/early 2007 and represents a large portion of the Highlands Ranch population.

Several builders and price points can be found within Firelight starting in the high 200s and quickly moving into the mid 300s before topping out in the mid 700s.  Detached, single family homes, patio homes, and townhomes can all be found in Firelight.  Square footages average approx 2100 with a low of 1400 and a high of well over 4000.  To be clear, this is above grade square footage only.  Shea Homes, Joyce, Beezer, Richmond Homes and Berkeley Homes can all be found here.

With the addition of the shopping center at Highland Walk, Firelight is truly a walking community.  All the convenient comforts can be found at Highland Walk.  King Soopers is there as are the usual suspects to be found at nearly every strip in the area.  Starbucks makes a strong effort here as well.  Walking to Starbucks on a Saturday morning is one of our favorite things to do.

The new Southridge Recreation Center, completed in October of 2007 was the finishing touch for Firelight.  This state of the art facility is the crown jewel of the 4 Rec Centers strategically located throughout Highlands Ranch.  Here you can find an indoor water park, outdoor pool as well.  There are indoor basketball courts, indoor volleyball courts, a full, free weight area, over 2 dozen cardio machines and the list goes on.  Lighted, outdoor tennis courts make this rec Center unique.

As is the case for all of Highlands Ranch’s sub areas, the walking paths go right through the open space areas.  This is a tremendous intangible benefit of life here.  There is never a walking path more than 100 yards from your front door in Firelight.  Not just for walkers either!  Ride your bike or roller blade along the miles of paths that interconnect these neighborhoods.