Top 5 Things To Consider When Buying A Condo

Lots of Buyers in Denver are uncovering 'deals' that resulted from the housing down-turn. For many, they are considering new types of investment opportunities - particularly condos. If you find yourself considering a condo as an investment - read this first!

Condos can make a wonderful investment, but there is research that must be done to ensure that you avoid some common pit-falls. Every condo community has a unique story to tell, and each Homeowners Association (or HOA) should be thoroughly investigated. Take a look through our 'Top 5 Things to Research When Buying a Condo' list below.

1. Is The Complex FHA Approved?

Even if you are not an FHA buyer - this is something to consider. FHA loans allow a very small percentage down-payment, and for many lower price point buyers, FHA loans are their only option. If your complex is not FHA approved, you may limit the pool of Buyers who could consider your property when you go to sell it.

2. What Is The Ratio of Owner-Occupied Units vs. Rentals?

This statistic is something a simple phone call to the HOA office can reveal. Not only will it have an impact on the FHA approval of the complex, it will also give you an idea of how many rental units exist in the building. Banks consider non-owner occupied units to be 'higher risk'.

3. What Do The Financials of the HOA Look Like?

A homeowners association should have Financial Statements as well as 'Meeting Minutes' from recent HOA meetings available upon request. Take the time to review these in detail! The HOA should have a good amount of cash in their 'reserves' account, to manage any building wide maintenance issues or unexpected expenses that should arise in the future. A lack of 'reserves' may result in unexpected 'Special Assessments' that owners will end up having to pay (on TOP of any monthly or quarterly HOA fee). Make sure that the the reserves are in line with the size of the complex, and that the financial statements are readily available.

4. What Is The Delinquency Rate For The Complex?

The delinquency rate will tell you what percentage of units are behind in paying their HOA fees. This may give you insight into the financial health of the HOA and consequently, the financial health of the owners in the complex. Nothing is worse than having your property depreciate in value because of an overwhelming number of foreclosures or distressed properties in the complex!

5. Is There Any Pending Litigation Which Involves The Complex?

This is another question to ask your HOA contact. Lawsuits against the HOA or against the Builder of a complex can have a real impact on the ability to sell your property! In addition, you will want to be sure of any issues that exist in the complex which resulted in litigation to begin with...


Some other considerations...
Consider searching other sources for information about the condo complex you are investigating as well. Some of our ideas...

Google
Google is your friend. Google the name of the complex... you never know what you'll find!

Craigslist
Do a search for rentals in the complex to get an idea of what units are going for in the rental market

Search the Denver Bedbug Registry
As gross as this may sound, you'd be surprised to read some of the reviews of big condo buildings. Some property management companies are very responsive to this type of problem, and some do nothing... make sure there isn't a reported infestation in the building you are considering!

Denver LeafDrop Program

Autumn Alert from Denver Recycles

DON’T THROW THOSE LEAVES IN THE TRASH:

DENVER LEAFDROP TO THE RESCUE!

LeafDrop gives residents the opportunity to keep leaves off the street and out of the trash this fall

Denver Recycles’ LeafDrop program will once again provide Denver residents with the opportunity to recycle their leaves this fall. This year’s program adds a Saturday-only drop site and an additional Sunday drop site in southeast Denver.

LeafDrop is an environmentally responsible way to dispose of leaves. Leaves should never be swept into the street because they can clog storm sewers and hamper street sweeping efforts. Keeping leaves out of the trash also reduces the amount of waste in the landfill and “overflow trash” in the fall.

All the leaves collected at the drop sites will be composted over the winter and available for purchase at a deep discount in the spring at the Denver Recycles’ annual Treecycle Mulch Giveaway and LeafDrop Compost Sale. Last year 320 tons of leaves were collected and composted!

What To Do:

Leaves may be brought to the drop-off sites in plastic bags, or even better, in brown paper yard debris bags. Unlike plastic bags, brown paper bags can be composted with your leaves. Many hardware and home improvement stores sell paper yard debris bags. Leaves dropped off on weekdays must be bagged.

On Saturdays and Sundays, leaves can be brought in reusable containers or tarps that we will empty and give back to you. Bagged leaves are also accepted on weekends. It’s important to make sure leaves do not contain branches, trash or other materials.

LEAFDROP DATES AND LOCATIONS:

PLEASE NOTE: Leaves will not be accepted outside of the dates/times below and all sites will be closed on holidays

NEW! SATURDAY DROP-OFF:

• Oct. 30, Nov. 6 and Nov. 13, Noon to 4 PM at the Denver Solid Waste Transfer Station located at 7301 E. Jewell Avenue (near Quebec St. & Cherry Creek Drive South).

SUNDAY DROP-OFF: Oct. 31, Nov. 7 and Nov. 14, 10 AM to 3 PM at the following locations:

Denver Solid Waste Transfer Station (SE Denver) – 7301 E. Jewell Ave.

Sloan’s Lake Park (NW Denver) – 17^th Ave. & Sheridan Blvd.

JFK High School (SW Denver) – Newland St. & Brown Pl.

Cranmer Park (East Denver) – 3^rd Ave. & Clermont St.

Smiley Middle School (NE Denver) – 26^th Ave. & Holly St.

South High School (SE Denver) – Louisiana Ave. & Franklin St.

WEEKDAY DROP-OFF: Monday through Friday from Oct. 4 to Dec. 3, 7:00 AM to 2:30 PM, bagged leaves only may be brought to either the Havana Nursery (10450 Smith Rd.) or the Denver Solid Waste Transfer Station (7301 E. Jewell Ave.).

For more information on LeafDrop or to check for extreme weather cancellations, call 3-1-1 or visit www.DenverGov.org/DenverRecycles

Be The Denver Difference! Organize a LeafDrop clean up this fall with your neighbors and work together to gather all the leaves on your block! Working together means more efficient raking and fewer trips to the drop off locations. It’s also an opportunity to help neighbors who can’t do it themselves.

Harkness Heights Charmer -SOLD!

Home Prices UP?

Denver home prices up 1.8% in June from 2009, says Case-Shiller Index This local Denver Business Journal article is a breath of fresh air among national reports. READ ARTICLE HERE

Home Refinancing Demand At Highest In 15 Months!

NEW YORK (Reuters) – U.S. mortgage applications leaped last week as rock-bottom interest rates lifted demand for home refinancing to its highest level in 15 months, a development that could portend stronger economic growth.

Home loan refinancing puts extra cash into consumers' hands that can be used to pay off existing debt or funnel money into the economy through extra spending.

By lowering a monthly mortgage payment it may also help some homeowners avoid default and foreclosure if their credit is good enough.

LINK TO FULL ARTICLE HERE

Denver Region Seeing Fewer Price Cuts; Values Up Since March 2009

This promising article shows some great data about the Denver area, and how well we've fared through this housing market compared to the rest of the nation. Check it out:

LINK TO ZILLOW ARTICLE

The Future of Sloan's Lake!

Sloans Lake construction has begun - for what will be a drastically improved community park! The following article gives detail on the plans for the park which include improvements to the water quality as well as aesthetic appeal. Completion is set for Spring of 2011 - Read full details below.

Link To Sloans Lake Article

Just Listed in Historic Part of Highlands

This Harkness Heights beauty is remodeled from top to bottom. Don't miss an opportunity To see this beautiful home! New bamboo floors, totally remodeled baths, top floor master suite, new kitchen includes custom cabinetry, concrete counter tops, stainless appliances - and more. Too many features to list...

Virtual Tour at: www.4142Knox.Info

Despite Foreclosure Rate, Rental Market In Denver Is Going Strong!

If you've considered owning rental property in Denver, and need a nudge - check out this article from Denver's Business Journal. With interest rates still historically low, how's that for incentive?

We have access to all the latest income-property listings, and would be happy to set up a customized search based on your target areas and price range. Contact us to find out how you can take advantage of this market, and become a landlord yourself!

SOLD - Picture Perfect Victorian In Curtis Park

Denver Rated 3rd-best City For College Grads!

Thinking of relocating to the Denver Area? You may want to check out the following article from the Denver Business Journal to help convince you!

This study found Denver to be one of the best job markets for those fresh out of school - while still offering affordable housing. Read More at the following link:

LINK TO ARTICLE

PRICE REDUCED $10K ON MAYFAIR RANCH

*CONTRACT PENDING*

Visit www.955Fairfax.Info for More Photos

Now Listed for just $323,800 - this home is extremely well priced. This home features 3 large bedrooms, a luxurious master suite complete with walk-in closet, plus a bonus area/study off kitchen, a large backyard, and an attached garage. All this, and it's FULLY REMODELED! Vaulted ceilings, open-concept, stainless steel kitchen & spa-like travertine bathrooms.

FasTracks - Denver Lightrail Maps

RTD's FasTracks project is bringing public transportation to many parts of our great city, and is a great project to follow if you are considering investing in real estate. Many neighborhoods are affected. Is yours?

Link to the project's homepage below for project progress, maps and all the latest!

LINK TO FASTRACKS WEBSITE

Featured Denver Neighborhood: Highlands

The Denver Highlands neighborhood is broken into two areas, 'Highland' and 'West Highland' - together 'The Highlands'. Located just a few minutes from Downtown, this neighborhood is full of charm, local-businesses & some of the most popular restaurants, bars and shops in Central Denver!

Read More...

Have You Seen The Latest 5280??

Once again, 5280 Magazine has rated the HOTTEST neighborhoods in Denver. Although the list has looked similar in years past, there are some nice changes this year! A few of the surprises....

West Wash Park
West Berkeley/Regis
Jefferson Park
East Sunnyside
West Sloans Lake

Check out the full article HERE!