Redfin, 60 Minutes, and the oh so funny spoof

This is sort of like David’s 10-pound infant brother offering to protect David from Goliath. But I’m going to stand up for Redfin none the less.

Let’s start at the end with this Canadian video that single-handedly reverses all of the funny work that Canadian greats John Candy, Jim Carrey, and Dan Aykroyd did in their entire careers. Seriously, these unfunny dorks should be required to attend a Borat comedy camp in Kazakhstan for their entire summer vacation.

Oh, I get it! Consumers are so stupid that they would allow their home to be priced almost 20% below market value. How clever! And the only person who is knowledgeable enough to save the day is a traditional Realtor…so it’s worth it to pay 6% because these online guys can’t possible price your home properly.

Oh really?

So all this magical pricing data that traditional Realtors have…where do they get it? Experience, right? It’s just floating around in their heads like grandma’s famous cookie recipe? Right. Isn’t previous sales data stored….uhhh oh…ONLINE? So all a person really needs is an accurate list of recently sold comparable homes, and currently for sale comparable homes in their neighborhood in order to get an idea of how they should price their home.

And let’s not even mention Zillow or Cyberhomes as possible starting places for home valuation.

This video is meant to be an attack on Redfin, but it really misses the mark and instead is an incredible insult to the typical home owner. Do the Svengalis who made this video really think that the modern homeowner has no idea of what their property is worth? Is it really that difficult for the homeowner to see what a similar home in their neighborhood sold for recently, and then do the math and calculate what their home can sell for?

If you’re interested in viewing the original 60 Minutes report that these guys are spoofing you can look here, or just click the big 60 Minutes logo above this line.

We all know that the days of charging 6% to sell your home are over. So how can a company like Real-a-Save sell your Colorado home for such a low price?

I think the better question is: how can other companies continue to charge so much to sell your home?

The simple answer is that they can’t. You don’t have to let them. There are alternatives.

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Building Green

It’s all about ugly solar panels and cold houses, right? Turn down the heat! Put a sweater on! God, those solar panels are an eye-sore!

Not any more. Green building has evolved into much more than simply slapping some solar panels on the roof of your house and calling it a day. It can include such basic concepts as: the proper orientation of your house, sealed air ducts, high efficiency windows, improved insulation, high efficiency HVAC, and tight construction.

Check out The US Green Building Council for more information. A comprehensive rating system called LEED (Leadership in Energy and Environmental Design) has been developed whose goal is to provide “a road map for delivering economically profitable, environmentally responsible, healthy, productive places to live and work.”

Too late, I’ve already got a house

Not really, LEED provides a document called “16 Ways to Green your Home” which advises that you:

1. Switch to compact fluorescent light bulbs
2. Program your thermostat
3. Plug air leaks
4. Tune up your HVAC system
5. Choose Energy Star appliances
6. Reduce water use
7. Switch to green power
8. Buy local
9. Use low VOC products
10. Use wood-alternative or FSC-certified wood products
11. Use rapidly renewable flooring materials
12. Plant trees to provide shade and wind protection
13. Use native plants
14. Use non-toxic garden techniques
15. Carpool
16. Buy a high-efficiency car

For more information about buying green real estate, or about buying Denver or Boulder real estate please visit our website or give us a call at 303-415-2541.

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Play the averages

Denver real estate average time on the market is still hovering in the 3-4 month range for most areas. This doesn’t necessarily mean it’s panic time for Denver sellers. The Denver real estate market has been holding at this level for some time, and most folks realize that it’s going to take a few months to sell their home once it’s on the market.

Is it low ball time?

No. If you look at the list price vs. sold price in most Denver area neighborhoods what you see is a difference of a few percentage points. The trend seems to be around a 3% average difference between list and sold prices, with some pockets of strength that are holding more towards the 1-2% range. Three percent is not bad. And it’s certainly not a call for Denver real estate buyers to start submitting low ball offers. Offers of 10-15% below list are likely to be countered much closer to the list price than if buyers and their agents take some time to structure an accurate purchase contract.

So how to you determine the purchase price?

It’s a good question. If your Realtor is telling you that it’s a buyer’s market and you’re gonna get a home for 10-15% below market…guaranteed! Then you’re being fed a line of garbage. It is possible to get a home for 10-15% below list price, but not likely even in this market (if the home is accurately listed in the first place of course). Offer prices need to be calculated on a neighborhood by neighborhood basis by examining the recent statistics for that particular area over the last couple months. Maybe a particular Denver neighborhood can justify an offer of 20% below list price, but there is simply no hard and fast rule of thumb. I’d be the first one to advise writing an offer at 20% below list price, but only if there is a justification for that offer. The only rule of thumb is that you need to research the area before you go stampeding off with a low ball offer. A low ball offer does not serve anyone.

Denver real estate has taken a beating in the national media. But you simply can’t believe everything you hear on the news. National media has picked up on the high foreclosure rate in Denver and equated that to “the bottom has fallen out of the Denver real estate market.” Not true. And if your agent is feeding you the same story then he’s either feeding you a line of garbage in order to keep your business, or he’s simply not willing to do the research required to structure a legitimate contract.

Low ball offers don’t serve anyone. They’re a waste of the agent’s time, the buyer’s time, and an insult to the sellers.

A skilled agent does research

Before submitting an offer, your agent should be able to tell you the list vs. sold trends for a certain area. He should also be able to defend the purchase price you are submitting if questioned by the other agent…that is negotiating. Throwing in a low ball offer and hoping for the best is not negotiating..it’s lazy.

I’ve actually refused to write low ball offers for clients. After explaining that the client is much more likely to save money if we do some research and submit an offer that has a chance of being accepted, most clients will come around and see the logic behind this technique.

But I’ve also written low ball offers when justified…but then they’re not really a low ball because they’re justified. If the house has been languishing on the market, maybe my buyer has all cash, there are structural issues, foreclosure is imminent, etc. But as a general rule of thumb a low ball offer will be rejected or countered very high if there is really no justification for it other that the buyer and agent are fishing for desperation.

Denver real estate is not in the tank. Don’t believe the hype! And don’t believe the hype if your agent is telling you that you’re going to buy your next house for 15% below list price…guaranteed! It’s a line of garbage. You’ve simply got to do the research neighborhood by neighborhood before submitting an offer. Sorry, there’s no way around doing a little work.

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The Bolder Boulder

This year marks Boulder, Colorado’s 29th memorial 10k road race called The Bolder Boulder. Participants should not expect the typical 10k race, as The Bolder Boulder prides itself in being atypical…sort of like Boulder residents themselves.

With bands playing on every corner, new chip technology giving racers a split time, departures in waves of runners organized by skill level, and a grand stadium finish that makes even the slowest of runners feel like an Olympic athlete, the Bolder Boulder is not your average 10k.

Seriously, bands on every corner?

Yes, no kidding! There are currently 30 bands set to play at the Bolder Boulder. With styles ranging from the Dixie land jazz of The Swingin’ Seven, to the Irish folk/rock of The Indulgers, all the way to belly dancing by The Boulder Tribe (that’ll be at mile marker 1.6 for those of you who want to see for yourselves)

My wife and I last ran this event when she was about 5 months pregnant, and unfortunately we can’t do it this year as The Bolder Boulder does not allow strollers/joggers. I’m sure you can imagine that babysitters are hard to come by on Memorial Day weekend;-)

Does this even benefit charity?

No. But The Bolder Boulder does pour about 10 million into the local Boulder economy, and they also pay around 50 non-profit groups to help coordinate the event. Overall, it’s a huge plus for the Boulder community and local businesses.

How do I register?

Simply click here for registration locations and online registration instructions.

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Let’s see a show!

A little culture ain’t such a bad thing. And the great thing about living in the Metro Denver area is that we’ve got access to one of the best performance centers in the country: Denver Center For Performing Arts.

With performances ranging from the incredible stand up comedy of Carlos Mencia, to the upcoming production of Monty Python’s Spamalot, The Denver Center For Performing Arts is an incredible resource for the culture-hungry among us.

Though I’ll admit that I get dragged to some performances that I could live without (sorry Wicked, you’re just not my cup of tea), we always seem to have a blast when we head out to the Denver Center for some dinner and a show.

Our favorite restaurant in the area (within walking distance) is Denver’s best Spanish joint: Rioja. Located in Larimer Square, Rioja offers outstanding food, wine, and atmosphere.

So get out there and enjoy summertime in Denver! A little culture is good for the soul.

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Our favorite franchise

Broomfield dog owners flock to Camp Bow Wow on a daily basis- myself included. Good ol’ George

just loves the place. Camp Bow Wow isn’t just another kennel. The dogs hang out together all day, and dog owners can check in from time to time throughout the day via their webcam.

Worried about your dog?

Don’t. Camp Bow Wow puts each new “camper” through an interview of sorts that usually lasts several hours. They won’t just take any old dog- they make sure that the dog is properly social and non-violent. Once they complete the interview, the dog gets his diploma and is welcome to come back for a half-day, full-day, or overnight.

For more information about Camp Bow Wow visit their website or call 1-877-700-BARK.

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Denver real estate spotlight: The Landmark

The Landmark in Greenwood Village had a successful launch in 2005, and has gone on to deliver unique amenities to Denver that are helping to put this high-end condo project on the map.

With prices starting in the 300’s and going all the way up to around $1 million, The Landmark is has burst on the Denver real estate scene over the past year as the new benchmark in urban 4-star living.

Why do we mention this?

It’s important to remember that not everything in Denver real estate revolves around foreclosures. And contrary to what the national media will have you believe, there is still a thriving high-end real estate market in the Metro Denver area.

Glass House in Denver is just another example of the thriving Downtown Denver real estate redevelopment effort. Floor to ceiling windows and prices in the 300-600’s make this hot spot a Denver must-see for anyone considering loft and condo living int he Denver area.

Are you surprised at what’s going on in Denver?

Well, take a look at one of our favorite sites: DenverInfill.com.

Created by Matrix Design Group urban planner Ken Schroeppe, the not-for-profit website provides a comprehensive overview of current urban development projects in Denver. As far as accurate local construction and development information goes Ken’s site is about as good as it gets. Denver is grateful for such an unbiased and comprehensive site. Thanks, Ken!

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Lockheed Martin relocating employees to Colorado

Lockheed Martin, a major US Defense Department contractor, is relocating some of their California workforce to Colorado. It’s likely that there will be lots of Lockheed Martin employees looking at Littleton, CO as their neighborhood of choice given its central location and convenient commute.

Here’s some information on Littleton, Colorado for those of you considering the move:

Littleton Colorado Schools

Littleton High School

Powell Middle School

Centennial Academy Elementary School

General Littleton Information

• City of Littleton
• Maps of Littleton
• Chamber of Commerce
• Arapahoe County Colorado

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Coyote corner

If you’re a resident of Broomfield, Colorado then you’ve probably had a chance to at least seen a coyote over the past few years. This spring the coyotes in our neck of the woods are getting a bit more brazen than in past years.

My wife was recently running on a trail in Broomfield with our dog George. She looked back to see George surrounded by 3 coyotes not a few inches away. Dog and wife started running (maybe not the best choice) away, and believe it or not the coyotes pursued for about 30 seconds. It took some serious screaming on Michelle’s part to get them to stop the chase.

Now our dog is not the brightest bulb in the chandelier, so he may have approached the coyotes as potential playmates, and they may have been protecting their young. But to actually chase after someone for that amount of time seems a bit unusual.

Fair warning: keep an eye out for coyotes in Broomfield! Sometimes we get reminders that we share colorful Colorado with lots of wildlife.

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Radon: should I be concerned?

The short answer is yes. Radon is a carcinogenic, radioactive gas which emanates from natural decay of uranium in the earth’s supply of water, rocks, and soil. Can’t see it, can’t smell it, can’t taste it.

What can I do?

It’s quite simple for both home buyers and home sellers to hire a home inspector to test for radon. Visit the ASHI website for a list of qualified home inspectors in your area. Costs for short-term radon testing (about 2 days) is about $100-$150.

What if they find radon in my home?

The bad news is that the Surgeon General has warned that radon is the second leading cause of lung cancer in the US today. The good news is that radon mitigation systems work, and they are not very costly. The EPA recommends that home owners take action if the levels of radon are above 4.0 pCi/L. Most radon mitigation contractors can install a venting system in your home or the home you want to buy for an average price of about $1,200. Visit The Colorado Department of Public Health and Environment website and download their list of residential radon mitigation contractors if you need help.

Is this a deal killer?

Radon does not have to be a deal killer for either a home seller or a home buyer. It’s quite common for buyers and sellers to negotiate to have a radon system installed in the home after radon is deteced during the inspection. Most radon mitigation contractors will return radon levels to 4.0pCi/L after installation of the system.

How dangerous is 4.0 pCi/L of radon?

It’s hard to say. This level is simply the “action level” as recommended by the EPA. If you want some perspective, just take a look at this chart below which shows the action levels in various countries around the world:

If you’d like more information about radon or other environmental issues surrounding the purchase or sale of a home in Colorado, please feel free to call us at 303-415-2541

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