Slot homes in Denver

What the heck is a slot home?

Slot homes have been defined in Denver as a group of attached homes that are usually arranged perpendicular to the street they are on. Several of these have been built in the neighborhoods along the light rail that stretches along 11th Avenue from Denver to Jefferson County. Builders have built some slot homes that obviously do not fit within the architectural characteristics of the neighborhood. This has caused a lot of concern from the home owners in the neighborhood. The local TV Station 9News even did a report recently in which I was interviewed about the development of these slot homes. You can check it out here – 9News Story While the story primarily focuses on the negative aspects of the project and how the current homeowners are upset, here is my side to the story –

First of all, I want it to be known that I want to help anyone in this neighborhood. Whether they are looking to sell their home and buy a home somewhere else or even if they want to stay in their home. Some homeowners do not want to move because they have their house paid off, or prices are too expensive anywhere else in Denver, and I want to help these people make their houses more efficient so they are not paying out the wazoo for utility bills! I do know a few developers that would love to move forward buying up more of these homes and leveling them to make way for profitable town home projects (slot homes). The advantage to the homeowner is that they are able to sell without having to worry about the stress of inspections, appraisals and being pushed out. Several of the developers for these projects are even willing to allow the homeowners to stay in the home and rent it back while they search for a replacement property! There are obvious pluses and minuses to both sides of this story. Check out my video blog below to see what I’m talking about.

3rd Annual Pumpkin Carving Contest

Carve for cash!

Have you ever carved a pumpkin into a really scary jack-o-lantern or super unique design and thought it would win an award? This year could be your year to get recognized! Just submit a picture of your carved pumpkin

Amazon gift cards

Pumpkin Carving Contest Prize

to Justin’s Facebook page as a comment to this thread: Facebook Page Post. This year’s contest is awarding $25 gift cards for most creative/original and for scariest.

Make sure to get your pumpkins entered into the contest by midnight on Halloween. I will announce the winners the week after Halloween!

This contest started out as a client appreciation event but this year I’m opening it up to all people that connect with me on social media! With my architecture background, I like to put my creative talents to the test and carve some pretty sweet jack-o-lanterns. This year I am going to be carving one pumpkin in the spirit of our cousin that lost her battle to cancer a few years ago on my birthday. She posted a picture of a pumpkin she carved with a wooded scene and I am excited to replicate that in my one of my carvings. I’m hoping to do a time lapse video of the carving! Stay tuned! Here is a video with some more details on the contest:

Denver market is shifting

It’s true! As temps drop, so do prices!

The Denver market is seeing it’s typical seasonal slow down a little earlier this year. This is thanks in part to the 1,000’s of buyers that were extremely frustrated this summer and for the past 3 years with rising prices, bidding wars and lack of homes to buy. Usually Denver sees a slow down in home purchases in mid to late November, but this year, the slow down started in July! After dealing with bidding wars and waived contingencies, buyers were so frustrated that a lot of them decided to stay put and possibly remodel or improve their current residence. Craigs Menear, chairman, CEO and president of Home Depot stated, “We were pleased with our results this (2nd) quarter as our customers rewarded us with the highest quarterly sales in company history.” A lot of my buyers contributed as they hung up their “house buying” hat and put on their “house updating” hat. Sellers, of course, reaped the benefits by getting higher prices for their homes, buyers waiving contingencies, and being flexible on the closing date so the sellers could make their moving plans. That historic market has definitely affected today’s real estate in Denver.

For the past 3 weeks, the Denver Metro MLS has shown 1100-1500 price reductions on available properties for sale! This means that sellers (and their agents) have not gotten the message yet about the cooler market. They are listing their homes with summer prices and expecting a bidding war in a very short time, and that is simply not happening. Sellers are also counting on desperate buyers that will do anything just to buy their house, such as waiving their rights to inspection, covering low appraisal values and letting the sellers stay in the house rent-free after closing! Those times are on hold for the moment!

Don’t get me wrong, prices are still going up and all signs point to continuing price increases for the next couple of years. Denver still has a super-low unemployment rate with several companies moving their businesses to Denver and the Front Range in the coming years. We also have an insane amount of activities, concerts and sporting events as well as an awesome view of the Rockies. Our weather is super desirable by those that love sunshine while still experiencing all 4 seasons (sometimes all in one day!).

So what does all this mean to home buyers and sellers? Now is an awesome time to move up in house value! Properties priced under $400,000 are still in pretty high demand, but overall around Denver, buyers can expect to purchase a home at or slightly under the list price. There are always exceptions: for instance, if it is in a highly desirable neighborhood or priced lower than market value. Since their are still some buyers out there trying to get into their first home, selling your home and buying a home at a higher price point where there is less competition, means you can maximize the value of your home and the bargain you can get on a more-expensive home! People looking to downsize will experience the opposite effect and so I don’t recommend doing that this winter! The other factor driving buyers to act now instead of waiting until next spring/summer is the fact that the FED is going to slow down their purchases of mortgage backed securities thus making the interest rates finally start rising as promised.

Historically, Denver has always seen an increase in prices on average. Waiting until next year to purchase your home only means you will have to pay more and may not be able to afford the house that you want to buy this year. This fall and winter will be the ideal time to sell your starter home and buy a more expensive home! If you are thinking about building a home, lock in the price now so that you will close when the market is hot and gain instant equity! I personally have done that and it is a great feeling when you close on a house and know that it is worth more than you are paying! Check out my YouTube Channel to find out more about building a home as that is my speciality!

If you want to get in touch with me to run some numbers, fill out the form below and I will get in touch with you ASAP!

New listing in Morrison – Open House Saturday

Even though the weather has turned cold and cloudy for a day, this property is bright and sunny! Boasting one of the biggest and best lots of the entire neighborhood, this 2236 square feet house backs open space and has a 1/4 acre of landscaped yard and open decks and views of the mountains! Inside you will find new hardwood veneered floors, a remodeled kitchen, and a newer master bedroom addition that will leave you wanting to move right in! Tomorrow (Saturday, March 25th) is supposed to be sunny and in the 60’s, which makes for great weather to come check out the open house in the afternoon! Come and enjoy some fresh-baked cookies, the beautiful scenery and the custom finishes on this beautiful house in Morrison! You can call me directly for your own private tour before or after the open house. Just call Justin Phillips at 303-514-7889 for more information! The address is 12765 W Temple Dr, Morrison, CO 80465.

Virtual tour of 12765 W Temple Dr, Morrison, CO 80465

Upcoming Denver Listing

I have been contacted by the owners that have inherited this little house in Denver to possibly sell it in the near future. It is a very small 1-bedroom, 1-bathroom ranch house located on the edge of the College View Neighborhood just south west of downtown Denver. There is a ton of potential in this house for whoever fixes it up and then re-sells it. Please subscribe to this blog and send me a message if you want to be kept in the loop about this one!

Find me something to buy!

I get that a lot these days! Right now the amount of properties for sale in Littleton is at a crazy low level. According to the graph below, the amount of properties available has dropped 30% in the past 3 years! While there are still homes available, it is slim pickings! I have been able to get my clients under contract using a variety of strategies to make their offer package stand out from the rest. I also make sure to contact the listing agent so that I can establish a great line of communication to help alleviate any questions or concerns they may have about my clients.

Low amount of homes for sale

On another note, if you have been on the fence considering whether you should sell your home, now is definitely the time. Make sure you pair up with a broker that can find you a home before you list your house for sale, otherwise you might end up homeless with an agent that doesn’t really care. I’m sorry to tell you, but with 50,000 agents in Colorado, there are some agents out there that do not consider this job their passion like I do. I also just recently moved our family and so I have recent, first-hand experience on how difficult a move can be and what I can do to help things go as smoothly as possible! Check out this video below and then call me to help you!

New Featured Listing in Lakewood!

674 South Youngfield Court

Come and check out this remodeled town home! This home is move in ready! The great neighborhood is quiet with great views of the mountains! This home also has it’s own detached 2-car garage and maintenance-free living! The HOA covers the water/sewer, building and grounds maintenance and removal of trash and snow! With a smaller comp right around the corner at a similar price, this one has great value!

 

 

For more information or to set up a private showing, please fill out the form below: