Denver Lofts and Condos

New homebuyers were treated to some wonderful news today when the Senate approved an extension of the New Homebuyer $8000 credit for contracts signed by April 30^th and closed by June 30^th.  It was an overwhelming 98 to 0 vote for the action as it heads to the House of Representatives.

Thats not all.  Thus far the Homebuyer Credit only applied to first time homebuyers.  The new legislation created a $6,500 tax credit for those have already owned a home for the one of the past five years.  Now it applies to homebuyers who have owned a home in one of the past five years. 

If you are reading this post and are considering purchasing a Denver loft or condo this might provide some valuable assistance. 

Its an incredible time to purchase your new home.  New Era Realty has seen some incredible price opportunities throughout our market.  Interest rates are at some of the lowest we have seen.  If things couldnt be more attractive, this new Senate legislation creates a $6,500 additional reason that todays market couldnt be more attractive for buyers.

If you are interested in learning more about this new incentive and how you might qualify for either the first time buyer incentive or the new existing home buyer credit please give us a call today at 303.522.7746 or 303.521.6262.  We are here to help you understand how these new changes will help you.

Link to CNN Story

The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.

The Senate's bill also created a $6,500 credit for those who buy a home after owning one for the last five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

And we're back for the second part of our series, Design and Decorate your Denver Loft/Condo.  Last week we left you with some thoughts on how to decorate your loft/condo, as well as a list of several great local stores to purchase pieces of furniture, art, and accessories, but now it's time to strategize a bit more:

We begin by taking an inventory:

• How are the walls? Typically we'll pick a color scheme and take it throughout the unit.
• How is the furniture? What can we reuse and what can be reupholstered, refinished, or donated? Time for space planning (we create a floor plan by measuring the existing space, and place furniture in the plan (of course using proper dimensions of the furniture)).
• How's the floor? In most condos and lofts in Denver the floors are wood or some sort of tile, which is great because the floors can typically be re-finished to look brand new.
• What is needed? Art? Accessories? Bedding? Furniture?

Once we establish a paint theme, we leave the names of the paint with the client; if they are into do-it-yourself they can take it on, or if they prefer we can suggest a paint company in town that is one of the best (Painting Plus of Denver).  We space plan the rooms with what is existing and then we establish a budget of what we can spend on necessary items for the home. Space planning is one of the most important steps because this is where you really design the space, creating zones of use as well as privacy where needed.  After the painting is complete and floors are re-finished or deep cleaned (in the case of carpeting) we step in and go to work.  

Next is to create a list of items needed, and a budget per item. We hit the streets in search of deals, whether it be garage sales, or boutiques. We like to establish a few key pieces to design the space around (rugs are a great starting point, and because lofts and condos are typically hard floored, gorgeous rugs are a must! The only store where we shop is Azari Gallery (1410 S Broadway, Denver, CO 80210). They have the best prices, the most knowledge, the best staff, and they work with any budget!).  From there we find necessary items that fit in well with the condo or loft. Another great store for filler items, inexpensive accessories, bedding and towels in TJ Maxx Home Goods (located at 5910 S University Blvd., Littleton, CO 80121).  Plants are key as well to make the space feel really welcoming. One of our favorite stores is called Wild Flowers (location: 1201 Madison St, Denver, CO 80206).  It's great to have a large plant in the living room near a window. Typically windows are large in lofts and condos, and you'll want to find coverings for privacy. We often use Smith Noble (http://www.smithandnoble.com/sn/home.jsp) because they are really well priced, have tons of options and will provide custom sizes (they even contract with various local companies to measure and install the window treatments so you'll be certain to get it right the first time). 

Lastly, there are always small things to update in order to make the condo/loft feel updated and fresh including, changing dated light fixtures in bathrooms, update all bathroom accessories (robe hooks, towel bars, toilet tissue dispenser), change the mirror (we are not fans of the mirror slabs we often see...go for a nice framed mirror instead to make the space special), new place mats in the dining room, door mat, pillows, and bedding. 

A little goes a long way, and keep in mind, the items we've mentioned are great advice for those hoping to stage their loft or condo for sale! Hope you enjoyed our tips.

Just bought or looking to sell your loft or condo?  We wanted to share some of our design tips with you to help you sell quickly or maybe this will be helpful if you are just interested in making your friends jealous with your great taste and style!

When we enter the condo or loft there are a number of things we look for to see if we can find the big picture of the space both in terms of interior architecture as well as our clients overall sense of style. Some of our clients already have a good sense of what they want and what they like, but others give us carte blanche.  If the condo or loft is a hard loft, or resembles one with exposed duct work, brick walls, high ceilings and wood floors we embrace this and play off of the masculine forms, and general intention of the loft. The architectural elements should be the focal point so we want everything to work well within this context.  In this case we will keep colors pretty rich, and furniture clean lined and made of materials such as wood, metal glass, and leather. Because the fixed finishes can tend to be a bit overwhelming and dramatic, we like to incorporate softness and warmth through paint colors (on walls that are not exposed brick or concrete) and rugs, pillows, art and accessories.  Major pieces of furniture should be deep in color (dark leather couch that is aged well and has a nice patina-look).

Furnishing this type of loft is fun because creating an eclectic look is fun and easy. We would typically do a lot of our shopping in antique shops on Broadway, as well as some more contemporary stores like HW Home in Cherry Creek. 

When we work on lofts and condos that are more contemporary and/or new we like to incorporate a really fresh feel. Bright paint, lighter colors, playful furnishings, like Phillipe Starck's ghost chair for dining chairs, with Eero Saarinen's Tulip table, and Sergio Rodrigues's gorgeous wood and leather strapped chairs in the living room. Again, eclectic is the way to go! Some of our favorite stores for modern décor include:

• Mod Livin', 5327 East Colfax, Denver, CO 80220
• Scandinavian Design, 9000 East Hampden, Denver, CO 80231
• Room and Board, 222 Detroit Street, Denver, CO 80206
• Studio Como, 2590 Walnut Street, Denver, CO 80205
• Lee Alex Décor, 66 South Broadway, Denver, CO 80209
• Zeitgeist Modern Furniture Classics, 1150 Spear Blvd., Denver, CO 80204

Remember to have fun and enjoy the process.

Are you in the market for a loft or condo in Denver but don't know where to start? Reading this post is a great first step! There are a number of things one must do prior to the big purchase. The first step is to have an understanding of what your financial situation is, what you can put down, and how much you can afford monthly. It is generally understood that you should never spend more than 1/3 of your monthly gross income toward your mortgage (this 1/3 should also contain monies for your HOA if you have one, which most Denver lofts and Denver condos have).

Once you know what you can afford, the next step is to decide where you want to live. Do you prefer urban or suburban living? If you prefer suburban living, you're in luck. There are seven counties just outside of Denver county that offer sprawling space with gorgeous front range views, and typically living in the suburbs is still a convenient 45 minute drive to the heart of Denver.  If suburban living is not your pace and you prefer to live in urban Denver, you'll have the convenience of great restaurants, bars, amusement parks, Rockies baseball games, Bronco football games, Nuggets basketball games, great skyline views, and pedestrian-friendly paths. Living in Denver's dense urban area will allow you to literally go weeks without needed a car.

Step three is to figure out which form of financing works best for you. Pre-approval is the best way to go.  Do you want a 30 year fixed loan? Or are you more interested in a five year interest only arm? With the recent economic mortgage problems, Fannie and Freddie may not be your most friendly option.

Fannie Mae and Freddie Mac, government-controlled mortgage companies, have their place. As of March 2009, however, they tightened their restrictions on mortgages for condos (new or newly constructed). At present, they will only consider mortgages if 70% of the units have sold or are under contract. FHA loans may be an option for those that require a lower down payment, where the down payment can be as low as 3.5% of the purchase price of the condo. If there is a FHA seal of approval the mortgage process will move forward much more quickly. If you want to check to see if a building is FHA approved, you can do so by checking the government's HUD database at:  https://entp.hud.gov/idapp/html/condlook.cfm  or simply contact your loft and condo experts at New Era Realty (agents@mynewera.com) to speak directly to a recommended lender to determine your qualification.

Step four, you must know your Condo or Loft's home owners' association. With the current economic situation many people are falling behind on association dues. Delinquencies are then handed over to other condo owners, and if more than 15% of the condo association dues are 30 days late, Fannie Mae won't purchase any mortgages within the complex. 

Take the time to answer these questions and you will ultimately feel more satisfied with your purchase and you will enjoy living in your new Denver Loft or Condo for a longer period of time.

Once you have figured out financing for your loft or condo in Denver, now it's time for some fun!

There are a few critical questions to ask yourself:

"Where do I want to live?" Denver has many spectacular neighborhoods, and the pros at New Era Realty have done us the favor of breaking out neighborhoods and condos/lofts in Denver on their website so searching based on location is easy!

"Do I prefer the city or the suburbs?"  There certain are plenty of options regardless of your preference. City living is convenient if you enjoy pedestrian lifestyle, and higher density (meaning more hustle and bustle), and suburban living is great for those that want a bit more space to spread their wings.

Is this loft a hard or soft? Hard lofts are buildings that were originally warehouses, or other such buildings, converted to loft spaces. Soft lofts are buildings built from the ground up with the only intention of being a residence. Hard lofts often have the urban charm many want when thinking of loft living, however soft lofts have their benefits as well; for example sound proofing between units is considered in the beginning phases. There are also occasional issues with financing when looking at a hard loft.

What is the pet policy? If you have an animal, and you are living in an urban area, you may wish to be in close walking proximity to a park or other green open space so your animal can enjoy some exercise.

What's happening in the immediate area? Are there any potential new developments that will obstruct your view plane? Are there amenities within walking distance (restaurants, bars, dentist, eye doctor, grocer, convenience store, etc.)?

How many renters are there in the building? It is difficult to purchase if a large percentage of the units are rented within a given building because it is assumed that renters aren't going to be as concerned about the well-being of the building as owners are.

Are there any pending assessments? Home owners' associations (HOA) typically collect money from the owners to cover maintenance issues for the building (including, roofing, cleaning of common areas, landscaping, lawn maintenance, etc.). It's always important to see a balance sheet of what expenditures and upgrades have occurred in recent years.

Lastly, how much are the HOA dues, and what do they cover?

Preparing answers to the questions above will get you moving in the right direction, and of course, if you have further questions, and could use some guidance, the team at New Era Realty would be the right people to ask!