Parker CO Homes For Sale, Homes in Castle Rock, and Elizabeth CO Homes Blog

Monday, September 29, 2008

It's All About Rates Baby!

CAN HOUSING WEATHER THIS HISTORICAL STORM?

Despite all the historic events of the week, home loan rates ended the week only around .125 percent worse than where they began. I will continue to monitor this situation closely in the days and weeks ahead, and keep you informed!

To me there is one clear way to stop the bleeding in the housing market; get interest rates down to an ALL-TIME low so that buyers just have to buy, homeowners can refinance easier, and prices stablize as the supply and demand balance comes back to even. Something to totally shock the public! Too bad there is nobody like a Ben Bernake to pull that trigger and have it happen tomorrow! Thank God the inventory of homes in Parker and elsewhere in the Denver area are low, because there aren't enough buyers out there even for the homes that are listed.

This Blog is dedicated to Parker Colorado Real Estate, Parker Colorado Homes, Elizabeth Colorado real estate, Elizabeth Colorado homes, Franktown Colorado homes, Franktown Colorado real estate, Lone Tree Colorado real estate, Lone Tree Colorado homes, Highlands Ranch real estate, Highlands Ranch homes, Castle Rock real estate, Castle Rock homes, and metro Denver Colorado real estate property listings. Search the Denver MLS directly for properties and homes at http://www.coloradodreamhomes.info/ and access a huge real estate resource at http://www.coloradodreamhomes.net/

Wednesday, September 24, 2008

750 Million Home-What Can That Be Worth Now?

Russian billionaire’s purchase of French villa sets new world record for most expensive home -- $750 million!

Most expensive home on the market in Parker, Colorado is $22,000,000.

The market for the average priced U.S. residence may be soft, but the über rich (especially the Russians) continue to drive prices up at the very top of the world’s luxury market. Case in point -- Villa Léopolda, one of the most historic estates on the French Côte d'Azur, is now under contract by an anonymous Russian billionaire for $750 million (€500m). This three-quarters-of-a-billion dollar sales price sets a new record for the most expensive home sale in the world. The previous record was set earlier this year by Indian billionaire Lakshmi Mittal, with the reported purchase of a London home for his son for an estimated $236 million.
“While the French Villa is a fabulous property, this sale does put into perspective the value U.S. properties represent,” said Jeff Kroll, a luxury home expert with Colorado Dream Properties in Parker Colorado. “The most expensive residence on the market locally is listed for just $22,000,000. Its a 42,471 SF home with 11 bedrooms, 24 baths, 16 car garage, 10 fireplaces, and an indoor pool on 70 acres."

Villa Léopolda, a cream-colored, turreted mansion with two guest houses, is midway between Monaco and Nice overlooking Cap Ferrat, near Villefranche-sur-Mer. The villa was originally built about 1902 by King Leopold II of Belgium. The grounds are regarded as among the most spectacular on the Côte d'Azur. Fifty full-time gardeners look after 20 acres of gardens and terraces, planted with 1,200 olive, orange, lemon and cypress trees.

The property’s new owner is said to be a Russian oil oligarch but not – despite initial rumors – Roman Abramovich, the highly visible owner of Chelsea Football Club, who already owns a €100m mansion near Antibes.

According to the Nice-Matin newspaper, a contract was signed last week to transfer ownership of the villa from Lily Safra, the widow of Edmond Safra, a murdered banking billionaire. Rumor has it that Mrs. Safra held out for months as the persistent mystery buyer kept raising his offering price. The paper also reported that 60 villas or mansions on Cap Ferrat are now owned by wealthy Russians.
The property has a unique history. In 1916, King Leopold’s nephew and heir, King Albert I, turned the villa into a hospital for officers wounded during the First World War. It later passed into the hands of the Agnelli family – Fiat automotive tycoons -- and became the scene in the 1960s for legendary jet-set parties attended by Frank Sinatra, Ronald Reagan (in his acting days) and other celebrities.
“This sale raises the bar and makes the half dozen or so $100 million U.S. properties on the market seem like bargains,” said Laurie Moore-Moore, Founder of The Institute for Luxury Home Marketing (www.LuxuryHomeMarketing.com), a US-based organization which trains real estate agents who work in the luxury market and awards the international Certified Luxury Home Marketing Specialist designation. “Today’s affluent are citizens of the world and the successful luxury agent must know how to reach them and what lifestyles they are seeking. It’s an exciting and active market for agents at the top.”

Kroll is a member of The Institute for Luxury Home Marketing and has received special training in assisting upper-tier buyers and sellers.

New Listing!

Sunny and bright townhome available with lots of windows, light paint schemes and an open feel. Two master bedrooms, each with their own walk-in closet and full bathroom. Office/loft upstairs, laundry room on the main floor, ceiling fans in both bedrooms, living room also wired for a ceiling fan. Central air conditioning; all south facing windows have been tinted to reduce UV rays and heat exposure – owner loves that feature!

Low maintenance living with an HOA that covers all shoveling, mowing and outside maintenance. Great location with easy access to E470, DIA, and Southlands shopping area. Also a quick commute to I225. Elementary and middle schools are EASY walking distance. Don’t pass up this low maintenance living.

New Listing!

Offering an open and livable floor plan, this beautiful 1996 tri-level with basement home features 4 bedrooms, 3 baths, and 3513 finished square feet. This home provides a large fenced lot with a great deck and hot tub for outdoor entertaining. The location combines professional landscaping and walking distance to schools, all within the heart of Highlands Ranch.

This home can accommodate the growing family! It boasts a huge family room, a living room, dining room and a finished basement boasting custom built-in shelves, heated workshop and a large rec room . Entering the two story foyer your eye will be drawn to the designer colors, openness of this home. In the kitchen you’ll find abundance of cabinets, walk-in pantry, sky lights, granite counter tops, a nice sized breakfast nook, and French doors out to the great deck. The plantation shutters embrace the natural light to showcase the homes’ style throughout. Freshly painted pottery colors thru-out, enhancing the newer neutral carpet and gleaming hardwood floors. A main floor office has custom built-in shelves/drawers, just off the family room. The 5 piece master bath is complete with a deep soaking tub, a huge walk-in closet, separate shower room.

Other Amenities Include:
-Air conditioning -Refrigerator included
-Sprinkler system -Surround Sound
-Plantation Shutters thru-out
-3 car garage w/heated workshop
-High ceilings thru-out
-Large Main Level Laundry room
-Fully finished basement -Double Oven

The Housing and Economic Recovery Act-Good or Bad?

Sometimes you wonder why everything is the world is reactive and not proactive? Why are we always chasing what is in the rear view mirror instead of looking forward?

In August President Bush signed the "Housing and Economic Recovery Act of 2008" into law. If you didn't catch the specifics on this here is the lowdown! At least someone is taking some kind of action with this mess we are in! I don't see how this could be a bad thing at all. This $300 Billion rescue plan is aimed at helping struggling homeowners avoid foreclosure, as well as boost confidence in the housing market. Although the bill is several hundred pages long and contains a number of far-reaching provisions, here are a few of the major provisions in the legislation that impact homeowners and homebuyers:

1. Tax credits. First-time homebuyers who purchase their primary residence on or after April 9, 2008 and before July 1, 2009 are eligible for up to $7,500 in tax credit, provided they haven't owned a home in the last three years and fit certain income parameters. The credit is generous, but it is actually an interest free loan, paid back over 15 years at $500 per year when taxes are filed.
Special note: Some types of seller-paid down payment assistance programs are being eliminated as of October 1st as well - so purchasing a home before then may gain you a double benefit of tax credits AND seller-paid down payment assistance while it is still available.

2. Larger loans at lower rates. There have recently been provisions in place that have allowed loans larger than $417,000 to qualify for better financing rates than normally would be available for "jumbo" loan amounts of that size, thanks to Fannie Mae and Freddie Mac. Although these provisions were set to expire, they are being extended...however, the top end of the loan size that will be allowed under these programs will be dropping down from $729,750 to $625,500 as of January 1, 2009.

3. FHA Hope for Homeowners. This provision is designed to help homeowners who are "upside down" on their mortgages--that is, they owe more on their house than they can sell it for in today's market. Essentially, this plan allows homeowners who meet the requirements and are upside down to refinance their mortgage to a new 30-year Fixed FHA mortgage. There are a number of qualifying details that must be met and requirements to be agreed to -- including agreeing to split the equity in your home with the government in the future. Still, if you're upside down on your mortgage and struggling in today's economy, this is an option worth exploring in more detail.

These are just a few of the provisions that may benefit you, and there are a number of other items that impact the housing and mortgage industry as whole. But the bottom line is, home prices are extremely reasonable right now, home loan rates are low, and new incentives are in place that may help make the decision to buy even more appealing than before. If you're in the market for a new home or need to make some changes with your current mortgage...there's never been a better time to act. Just get in touch so we can start the planning process together.

If you have any questions or concerns regarding the new legislation and how it may impact you, please call or email to schedule a time to talk.