Denver is one of the nation’s hottest markets. Low inventory paired with the high demand of this popular city mean homes are staying on the market for fewer and fewer days and going under contract faster than anywhere else in the country.
A year ago the average days on market was 43, now it has dropped to a record low of 23 average days on market. One of the three best markets for home sellers, Denver homes are going faster than homes in other highly competitive cities like San Francisco and Seattle.
Denver is one of the fastest growing cities in the nation. Colorado was the fastest growing state from July 2014 to July 2015, with a 1.9% increase. From July 2015 to July 2016, Colorado had a 1.7% increase, adding 91,726 people, according to the Denver Post.
The city’s remarkable popularity and rapid growth means a highly competitive housing market. The desirable market paired with low inventory means homes are going at record speeds…and often for above asking price. Approximately one quarter of Denver homes sold in January went for above asking price.
Low inventory, a competitive market, and record low mortgage rates mean one thing: this is the ideal market for those looking to sell or begin investing in new properties. In such a hot market, homes often go for over asking price and are sometimes under contract within just two weeks of listing!
If you’ve been thinking of selling or are just interested in seeing what your home could go for, reach out to your Madison Realtor®! We’re here to help you. Our expert Realtors® will be with you every step of the selling and buying process, rest assured you and your home are in good, capable hands.
With perfect proximity to almost anywhere in Denver, this North Denver neighborhood is ideal for families, business professionals, singles and everyone else looking to preserve the “cool” factor of Downtown Denver and the Highlands without the higher cost of living.
Spectacular views of the city, beautiful parks, and a welcoming neighborhood community make Chaffee Park a wonderful place to settle down and call home. Neighbors host regular events, encouraging friendship among the lively neighborhood that borders the Sunnyside neighborhood, with I-70 and I-25 easily accessible. Its proximity to the Highlands, Downtown Denver, and LoDo means endless options for popular restaurants, bars, coffee shops, retail and more.
The serene neighborhood is characterized by charming, older homes with large yards perfect for kids, gardening, and backyard parties on warm Denver days. A unique blend of historic Italian and Latino influences give Chaffee Park a vibrant and diverse culture.
This quiet, family-friendly neighborhood is loved by residents for its convenient location paired with a friendly, urban setting.
Tax Day, April 15, is around the corner, and that means it is time to start getting taxes in order.
Whether you’re a new homeowner, or taxes just aren’t your thing, here are the deductions, credits, and tax breaks for homeowners you need to know about.
In addition to the environmental impact and saving money on bills, going green can qualify you for both state and local tax breaks and credits. Visit your state, county, and city government websites to learn more about the tax breaks and credits you could qualify for.
Mortgage Interest Write-off
Not only can mortgage interest for your primary home be written off on your taxes, but in most cases a second home as well. Refinancing as well as home equity loans and home equity lines of credit of under $100,000 are also fully deductible.
Homeowners can also write off all property taxes paid during the tax year they are filing for. These are the taxes already paid by the prior homeowner, and will be shown on the settlement sheet when you purchase the home.
Any points paid when you purchased the home are also tax deductible. The IRS considers points to be prepaid interest, and one point is equal to 1% of the principal loan amount. Some points cannot all be deducted at once and must be deducted over the lifetime of the loan.
Reverse mortgages received as loan advancements are not considered income by the IRS. Thus, the amount you receive isn’t taxable. However, any interest that builds on the loan cannot be deduced until the loan is paid off, differing from traditional mortgage interest.
If You Sell
While some restrictions apply, proceeds on the sale of a house are tax-deductible if they meet the ownership and residency requirements. These include, but are not limited to, living in the property for two of the five years before the sale and owning the property for two years. If the home is sold prior to meeting the requirements, the IRS may still provide tax relief if the sale was due to unforeseen circumstances such as health or employment.
Madison & Company has assembled a top-producing team in the commercial real estate industry, with the ability to facilitate the purchase/sale/or lease of in all aspects of commercial real estate including retail, office, industrial, land, multi-unit investments, business opportunities , and commercial short sales and foreclosures.
The CORE Power Broker Team has some of the best Realtors® in the industry. These top producing brokers are experts in real estate and work tirelessly for every one of their clients.
You can learn more about the CORE Power Broker team and contact them here.
Did you know…?
• Richard Cadbury produced the first box of chocolates for Valentine’s Day in the late 1800s. (List25.com)
• 141 million Valentine’s Day cards are exchanged annually, making Valentine’s Day the second-most popular greeting-card-giving occasion. (Hallmark)
• In addition to the U.S., Valentine’s Day is celebrated in Canada, Mexico, the United Kingdom, France, Australia, Denmark, Italy and Japan. (History.com)
• Teachers receive the most Valentines, followed by kids, mothers, wives, and sweethearts. (Wisebread.com)
• Hallmark produced its first Valentine in 1913. (Wisebread.com)
• 15 percent of U.S. women send themselves flowers on Valentine’s Day. (List25.com)
• Over 50 percent of all Valentine’s Day cards are purchased in the six days prior to the holiday, making Valentine’s Day a procrastinator’s delight. (List25.com)
• The phrase “Sweets for the sweet” is a line from Shakespeare’s Hamlet, Act 5, Scene 1.
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Just incase you’re still figuring out your plans for the National Day of Love, check out a few of these unique guides to doing Denver Valentine’s Day right.
Eventbrite: Valentine’s Day in Denver
5280: Valentine’s Day
Open Table: Valentine’s Day Restaurant Reservations
Denver.org: Romantic Events Around the City
Ben Maxwell has been dreaming of redeveloping the 2800 block of Fairfax Street for over 10 years. This Denver developer lived in Park Hill for over 11 years, and identified the two-acre block between 28th and 29th as a possible site for redevelopment long ago.
After developing a few rental properties in the neighborhood, Maxwell assumed someone would pick up the block he now owns. When no one came along to revamp the area, Maxwell decided to pursue his dream of bringing more housing, community, and business to the area.
Park Hill Commons, the mixed-use neighborhood Maxwell is planning, is slated to begin construction in summer of 2017 through Maxwell’s development firm, HM Capital Group.
Maxwell’s vision is to create an all-in-one neighborhood in Park Hill. The small neighborhood will surround the town square, with a park, restaurants, residential, and commercial property. Offices can be rented out by a number of small companies as shared workspaces, or a couple larger companies could rent out the entire space.
According to the current plans, Park Hill Commons will consist of 21 townhouse and 22 apartments, in addition to spaces for retail, restaurants, and offices. Maxwell estimates it will cost approximately $30 million to create the mixed-use complex on Fairfax Street.
Residential rentals in Park Hill Commons will range in size and price, from small micro-apartments to 1,400 and 2,000 square feet townhomes.
The vision for Park Hill Commons is to create a mixed-use neighborhood that fosters community, is pedestrian-friendly, and offers more options to the residents of Park Hill. Maxwell envisions restaurants overlooking the park where kids can play while parents dine, possibly a grocery store, and more in this all-in-one neighborhood.
Read the full Denver Metro Association of Realtors® report here.
“I’m starting to see an increased trend with more single-family attached/condo properties entering the market. Property managers have reported that some rental property owners are starting to sell their rentals, taking advantage of record high prices. We had 17.06 percent more new condo listings hit the market this December compared to December 2015, which represents a five-year high for new condo listings. Looking a little deeper, over the last two years the City and County of Denver had roughly 30 percent more single-family detached properties for sale than single-family attached. We had a reversal this December with 33.1 percent more single-family attached condo properties for sale than single-family detached homes.”
– Steve Danyliw, Chairman of DMAR