Home Sales Edging Higher

By Steve Blank, Managing Broker Fuller Sotheby’s International in Writer Square

Where is the bottom? What is considered normal now? When should I be making my move? Such questions lack precise answers. One needs to balance current information and facts, with one’s own understanding of inherent abilities, needs and desires.

Managing your expectations is of primary importance. Double digit housing appreciation is probably living in the past, or at least not in the near future. Keep in mind, if you were to buy a home with a 10 percent down payment, and over the next five year period, the real estate market appreciated 3.5-percent per annum(compounded); your property would carry a value of approximately 20-percent higher. That is doubling your cash outlay while paying down principle and gaining the home tax breaks with the IRS.

Over the past few years most economic analysts have incorrectly predicted everything from supply and demand, the amount of sales and foreclosures, and even mortgage rates. In defense of these prognosticators, primary elements recently affecting our economy were hardly part of a normal economic or real estate cycle.

Hence, relying on recent history to predict the future is difficult for an economist. On the other hand, we’ve just spent four years learning, experiencing, over reacting, and balancing caution with when to move forward. We have made many economic adjustments and have gained a better view of what to expect, and what to be working towards.

Well established newspapers and Magazines predict our nations home prices to (at least) stabilize in 2012 and improve after 2013. And there are some opinions that think the economy and real estate market will remain soft for another 5-10 years(hum-bug). Lawrence Yun, chief economist for the National Association of Realtors, projects a gradual increase in home prices with 2 percent this year, a 3-percent gain next year, and 4 percent in 2014.

“Tight mortgage credit conditions held back homebuyers all year. Nonetheless, there is a sizable pent-up demand based on population growth and a doubling phenomenon that can’t continue indefinitely,” he said. Pent-up demand includes adult children living at home, older parents living with children, as well as divorces and marriages.

Top rising real-estate markets include Boulder, ranked number nine, nationally. Greg Rand of Fox Business selected Denver as the number one emerging city for 2012. His reasons included: half the nation’s average in foreclosures, unemployment levels below the national average, younger population, no over-supply of homes, nine Fortune 500 companies, and superior life-style.

Currently housing is at an 11-year low of 12,531 homes (down 33.6 percent from December 2010. Sold homes and condo’s were up 1.5 percent over 2010 with more than 39,000 sales. The average closed-price for December was $275,610 compared to $274, 625 in December 2010.

Leading local economist, Patty Silverstein, wrote in an Inside Real Estate News column: “the reality is that we were able to hold our own and not many markets across the country were able to do that. I think people are going to start to realize there are some tremendous deals out there.”

Courtesy of Steve Blank, Fuller Southeby’s. See stats this page.

Lea VanSchaack Joins Kentwood

Lea VanSchaack, a fourth generation Colorado native and great granddaughter of Colorado real estate legend Henry C. VanSchaack, has joined Kentwood City Properties in downtown Denver as a Broker Associate and Assistant to Heather Faircloth. VanSchaack brings a wealth of knowledge in both residential and commercial real estate to Kentwood City Properties.

VanSchaack has been a leading independent real estate broker for more than 10 years. She combines her market knowledge, much of which stems from her family’s roots in the real estate business, with honesty and integrity to create a positive real estate experience for her home buying and selling clients.

“My great grandfather founded VanSchaack Real Estate Company in 1920, and I am proud to continue the rich history and tradition that began nine decades ago with a smile and a handshake,” said VanSchaack. “I’m also pleased to join Kentwood City Properties, a market leader known for its outstanding agents, high profile Internet presence, and superior customer service.”

An avid skier and tennis player, VanSchaack has worked as a ski coach and as a distributor and sales representative for Bogner Ski. Her professional background has provided her with the competitive edge necessary to succeed in the highly competitive real estate industry.

Kentwood City Properties, formed in 1999, is the newest member of Kentwood Real Estate, known nationally as Denver’s premier real estate company. The company’s street-front office at 17th and Wynkoop, directly across from Union Station, is comprised of 50 of metro Denver’s most experienced real-estate professionals serving residential buyers, sellers and developers and offers commercial real-estate services for buyers, sellers, landlords and tenants.

For more information, contact 303-718-9312, Lea@KentwoodCity.com or visit kentwoodcity.com.

Leon Stamatis New Sotheby’s Marketing Coordinator

Fuller Sotheby’s International Realty (FSIR) is proud to announce that Leon Stamatis has joined the firm as marketing project coordinator. He provides the company with a great deal of experience in professional design, digital media and marketing for work in the Colorado real estate market.

Prior to joining FSIR, Leon was an award-winning marketing professional with Catalyst Corporation in Santa Barbara, CA. He has also worked as a production director, interactive media director and art director at advertising and design agencies in Florida.

“I’m looking forward to joining the Fuller Sotheby’s International Realty marketing team and supporting the outstanding service they provide to the firm’s customers and realtors when buying or selling a Colorado luxury property,” said Leon. “I have a strong understanding of the real estate market and the ‘built environment’, and am looking forward to applying my knowledge and skills on behalf of our team.”

Fuller Sotheby’s has seven office locations in the Denver metro area, including Downtown, Cherry Creek, Boulder, Evergreen and Castle Pines, as well as additional locations serving select mountain communities such as Aspen, Vail, Telluride, Summit County and Grand County.

Since the founding of the Sotheby’s auction house in 1744, the Sotheby’s name has earned renown as a marketer for many of the world’s most valuable and prestigious possessions. The Sotheby’s International Realty® organization began in 1976, in part to serve clients desiring a complete package of estate disposition services, and soon became known for representing extraordinary luxury real estate throughout the world.

To market a distinctive home requires uncommon knowledge and resources. In the Sotheby’s International Realty® local brokerage offices, sellers and buyers alike can find representatives experienced in offering exceptional homes. Our sales associates understand that a home, regardless of its price range, reflects the incalculable value of the life within.

For more information, visit sothebysrealty.com.