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SIX IN THE CITY
OK. OK. We had 6 yesterday, now we only have 5 wholesale properties (scroll to bottom to view), but I could not pass up the titleation or is that titillation? No more movies for me!
Do not forget, as we head into Memorial Day Weekend what it’s for: to honor the memory of our brave citizens who fought for our country. We thank you! We honor you!
FHA CHIEF: “This is a market purely on life support, sustained by the federal government,” Bloomberg News quoted him saying. “Having FHA do this much volume is a sign of a very sick system.” FHA is now our largest lender.
Lower Mortgage Rates Make Refinancing a No-Brainer. How low? 4.87% on a 30-yr fixed. OK, where do I sign up? Oh, stated income? Gone. Do your diligence, they are out there.
Open House? Not in jolly ol’ England. Seems the Brits are amused by this uniquely American “tradition.”
Think housing is recovering? Think again. Overall, not good news. Do not forget our conversation a few weeks ago about real estate no longer is an investment; you cannot count on appreciation / inflation and making money on your house. Your house is a commodity. Deal with it! Can you still make money in housing? Yes. Buy right, sell right, think right.
Because you didn’t ask: Res properties under $30K: Orlando: 222. Tampa: 141. Atlanta: 1032!!! Birmingham: 443. Memphis: 459. Chicago: 553. Saint Louis: 429. KC: 343. DENVER:13. Dallas: 186. Phoenix: 306. Las Vegas: 264.
INTEREST RATES. Nationwide. Owner occ. 30 yr fixed: 4.86%; 5/1 ARM 3.77%. Colorado is close by (4.81 & 3.82). Figure ½ - 1 point higher for Non-Owner Occ/Investor. Sideways creep; RATES are LOW historically! These numbers change weakly weekly. Get ‘em while they’re HOT.
REAL ESTATE WEATHER REPORT
Good news, bad news. You must hear this again: you can make money when the market is going up AND you can make money when the market is going down. Real Estate, Stock, any market. Just BUY RIGHT and BUY MORE (no Chuck).
Call us with tips, rumors, conjectures, and cold cases (we’re thirsty!). Send us your Wholesale Deals, too. We appreciate feedback on both our Newsletter/Blogs and Breakfast Club meetings (next meeting, June 12). Thank you for helping us help you!
INVENTORY
We have houses. We expect more deals anytime! Call us, 303 338-8000, for more information or with questions. FU and ARV are estimates. Actual results may vary.
7856 Elmwood St, Littleton. 3 bedrooms, 2 baths, 2 car attached garage. REO. Buy at $88K. Fix at $60K. Sell at $190K. We have a contractor looking to partner up.
1162 W Powers Pl, Littleton. 4 bedrooms, 2 baths, 2 car attached garage. HUD. Buy at $158K, fix at $15K, sell at $230K. This house had an “as is” FHA appraisal at $210K!
14595 E 12th Av., Aurora. Condo. 2 bedrooms, 1.5 baths, 1 car garage! Buy this HUD at $38K, fix under $7K, rent at $850/mo. Strong money maker!
69 Moline St., Aurora. 4 bedrooms, 2 baths, 2 car attached garage. Buy this HUD at $84K, fix at $21K, ARV estimate is $150K.
7090 W Yale Av., Denver. 4 bedrooms, 2 baths, 2 car attached. Great ‘hood. Off Wadsworth, buy at $150K, fix at $17K with ARV of $225K.
Bon Homepetit!
John Fisher
www.happycanyongroup.com
303 338-8000
QUOTE OF THE WEEK: That’s the key to having it all: stop expecting it to look like what you thought it was going to look like. ~Cindy Chupack, Sex and the City
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UNREAL ESTATE
Or is it SURREAL ESTATE? Just when things were starting to level out the world goes a-kilter and tilts: oil-slick view waterfront property in the Gulf of Mexico, Icelandic ash-enriched resort properties in Europe. Why buy a condo in Orlando when you can buy one in Belarus? Will the Euro reach dollar par? Trade deficit will take on a new meaning.
RUMOR: By next week, mortgage interest rates will reach an all-time low. 30 year fixed approaching 4.5 and 5/1 ARMS under 3.5!!! Stay tuned. Cash is king and Elvis has left the building.
More bad news: About 25 Percent of Mortgage Holders Are Drowning ‘Underwater’. Zillow.com reports repossessions reached record highs 1Q2010. Over 30% of houses sold nationwide in March went for less than sellers paid.
INTEREST RATES. Nationwide. Owner occ. 30 yr fixed: 4.94%; 5/1 ARM 3.63%. Colorado is close by (4.87 & 3.65). Figure ½ - 1 point higher for Non-Owner Occ/Investor. Sideways creep; RATES are LOW historically! These numbers change weakly weekly.
REAL ESTATE WEATHER REPORT
Some are calling this post-tax credit period the “hangover.” The party’s over. There was a giddy rush of pent up first timer purchasing that has ebbed. Heck, it’s phlat. Showings are down. Realtors are getting nervous. The smart ones just took a couple of weeks off from the deluge. It’s too soon to see real numbers of under contract listings. Just driving around a few ‘hoods tells you inventory is there; especially in the over $500K cribs.
Colorado statewide rental vacancies dropped to 6.6%. Looks like rentals will continue to improve; we’re not sure that rates will rise, however. The market speaks. Do we listen?
Call us with tips, rumors, conjectures, and cold cases (we’re thirsty!). Send us your Wholesale Deals, too. We appreciate feedback on both our Newsletter/Blogs and Breakfast Club meetings (next meeting, June 12). Thank you for helping us help you!
INVENTORY
Wholesale Inventories continue to open. We have houses. We expect more deals anytime! Call us, 303 338-8000, for more information or with questions. FU and ARV are estimates. Actual results may vary.
7856 Elmwood St, Littleton. 3 bedrooms, 2 baths, 2 car attached garage. REO. Buy at $88K. Fix at $60K. Sell at $190K. Bank gave us a reduction for structure. We have structure quotes. This is a strong deal for the strong of heart. Risk vs. reward.
1162 W Powers Pl, Littleton. 4 bedrooms, 2 baths, 2 car attached garage. HUD. Buy at $158K, fix at $15K, sell at $230K. This house had an “as is” FHA appraisal at $210K!
3703 S Danube Cir. Aurora. 4 bedrooms, 2.5 baths. 4-level, patio/cluster. Good comps. Light fix. Buy at $91K, fix at $12K. Cherry Creek Schools. Great Rent to Own, Flip or Rental.
Bon Homepetit!
John Fisher
www.happycanyongroup.com
303 338-8000
QUOTE OF THE WEEK: Much of the social history of the Western world over the past three decades has involved replacing what worked with what sounded good. ~Thomas Sowell, 1993
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ARE WE THERE YET?
(The bottom)
It all depends who you talk to; as a country, most experts and pundits (an expert with ironic wit) say we’re not quite there yet. City by city, some are, some are not. Of course the index used most often is average sale price. In our Denver market, that price is over $200K. I’ve been involved in nearly 100 sales/year and those properties average closer to $120K. So it’s relative. Put it into perspective. Figures don’t lie (but liars figure!)! SO WHAT? Most people are concerned with putting bread on the table and living, making money to afford “life.” The importance lies in trending and statistical analyses: we see where we have been and where we are to better determine where we are going. That’s why people study history, economics, anthropology…and blogs….
And yet, Real estate’s new problem: Not enough homes! So it’s INVENTORY. “in some areas, supplies are even bidding-war tight. In Denver, for example, supply has fallen to 5.7 months from 6.2.” Ironically, price goes up and supply goes up. “This so-called ‘shadow inventory’ comes from two main sources: properties’ lenders have not yet repossessed or have not yet put back on the market; and homeowners who want to sell but who have refrained because of low prices.”
Here’s a wonderful bankrate.com chart, city by city, 4Q2009 fm 4Q2008 (Denver up 11.2%, Orlando, e.g., down 20.3%, Saginaw up 53.5% (!).
A friend and investor sent me this: Lower Prices and More Foreclosures Will Solve Housing. Less filling…more flavor. Our market will self-level…or our government will continue to act as bentonite (expand, contract, intrude, destroy)…but wait! There’s more…why is it most of the big banks are well on their way to recovery and the pseudo-government agencies cannot lend their way out of a paper bag: After Another Big Loss, Freddie Mac Wants $10.6 Billion Bailout From Taxpayers. Oh, I forgot, our government can just print money, right?
INTEREST RATES. Nationwide. Owner occ. 30 yr fixed: 5.071%; 5/1 ARM 3.68%. Colorado is close by (4.94 & 3.68). Figure ½ - 1 point higher for Non-Owner Occ/Investor. Sideways creep; RATES are LOW historically! These numbers change weakly weekly.
REAL ESTATE WEATHER REPORT
Who was it that said the “only thing constant is inconstancy?” Or was that “consistency?” We know that things continue to change in our industry. Interest rates heading down (we’ve got the European Blues), inventory remains low. Shadow Market is still in the dark. Maybe there is consistency in the lack of…
We hear rumors that lenders have money and are more willing to lend, even to those who don’t really need it. Imagine. The dust is still settling on the tax creditors and the lead painters. We’ll soon see who has to be contained, controlled, or contaminated.
Call us with tips, rumors, conjectures, and cold cases (we’re thirsty!). Send us your Wholesale Deals, too. We appreciate feedback on both our Newsletter/Blogs and Breakfast Club meetings (next meeting, June 12). Thank you for helping us help you!
INVENTORY
Wholesale Inventories continue to open up. We have houses. We expect more deals anytime! Call us, 303 338-8000, for more information or with questions. FU and ARV are estimates. Actual results may vary.
7856 Elmwood St, Littleton. 3 bedrooms, 2 baths, 2 car attached garage. REO. Buy at $88K. Fix at $60K. Sell at $190K. Bank gave us a reduction for structure. We have structure quotes. This is a strong deal for the strong of heart.
14231 Randolph Pl, Denver. 5 bedrooms, 2 baths, Montbello. Buy at $87.6K. Fix at $20K, estimated ARV is $145K. REO.
Bon Homepetit!
John Fisher
www.happycanyongroup.com
303 338-8000
QUOTE OF THE WEEK: A wise man can see more from the bottom of a well than a fool can from a mountain top. ~Unknown
Tags: Denver, home, homes, house, houses, lenders, mortgage rates, real estate
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WHO’s the MAD HATTER at YOUR TEA PARTY?
Lots of anger and frustration going on both sides of our political continuum. I just heard about the Coffee Party, a group of “liberals” formed in answer to the “conservatives’” Tea Party. What’s next, the Frappuccino Party? The Latte Party apparently already exists…Milk, anyone?
Here’s an update on the EPA Lead Paint Law: an apparent LOOPHOLE allowed homeowners to “opt out” if no pregnant women or children under 6. That “waiver” has now been officially rescinded, gone! It appears the change will take effect by June 22, 2010. Confusion remains. No wonder!
Here’s another controversial item: A 3.8% “Sales Tax” on Your Home? And tied to Obamacare. And now the “rest of the story…” Snopes calls it “MOSTLY FALSE” as this only affects Americans earning over $250K/yr when they sell their investment properties after January, 2013. Read the links; it’s fun to track this stuff! FactCheck.com provides more details on this.
Who’s greedy? Flipper Victims Sue Developer. Who’s at fault? And all this in Florida, where else?
Instead of Jacks or better to open how about a Four Condo Minimum? Who can afford a Florida condo now? Maybe the time AND the price is right! (Note: beware of HOA fees)
Who’s still getting hit hard? Where Americans Are Losing Home Equity Most: California, Nevada, Florida, Arizona. Recurring themes. Recurring States. Recurring nightmares. Remember, HOUSING is a COMMODITY, not an INVESTMENT.
INTEREST RATES. Nationwide. Owner occ. 30 yr fixed: 5.07%; 5/1 ARM 3.69%. Colorado is close by (5.01 & 3.71). Figure ½ - 1 point higher for Non-Owner Occ/Investor. Sideways creep; RATES are LOW historically! These numbers change weakly weekly.
REAL ESTATE WEATHER REPORT
And now the local news….what is going on in our local market place? Lots of first timer houses are in queue to close before June 30. Will we see a volume drop off? Probably. Will we find better deals? We hope so! Are prices going up? They appear to be in the Low Entry Division (under $150K). Just track Montbello solds over the past 12 months if you have any doubt. Or track Old Aurora (80010, that’s “eight hundred ten” to seasoned Aurorans).
Rentals? Going fairly well. Condos? Going well in nicer neighborhoods. Bargains? Still out there. Greener grass on the other side? I challenge you to do some surf shopping on realtor.com and see (Phoenix metro has 912 active listings under $40K) what the sand states have to offer (1403 active listings under $40K in Orlando metro).
Don’t forget our Breakfast Club tomorrow, Saturday, May 8, New York Deli News Restaurant, 7-9AM. We’ll be discussing trends, markets, rumors, successes, failures….
Call us with tips, rumors, conjectures, and cold cases (we’re thirsty!). Send us your Wholesale Deals, too. We appreciate feedback on both our Newsletter/Blogs and Breakfast Club meetings (next meeting, May 8). Thank you for helping us help you!
INVENTORY
Wholesale Inventories are opening up. We have houses. We expect more deals anytime! Call us, 303 338-8000, for more information or with questions. FU and ARV are estimates. Actual results may vary.
7856 Elmwood St, Littleton. 3 bedrooms, 2 baths, 2 car attached garage. REO. We’re working with the bank on the structure. Call us if interested.
813 Lipan St, Denver. 2 bedrooms, 1 bath, 2 car detached garage. HUD. Central Denver. Buy at $110K, fix at $10K, and sell at $170K, $180K, or $190K. What’s not to like!
4538 S Fairplay Ct. Aurora. 4 bedrooms, 2 baths, 2 car attached garage. HUD. Cherry Creek Schools. Buy at $121K, fix at $20K and sell at $180K.
8781 Franklin St, Denver/Thornton. 3 bedrooms, 2.5 baths. Buy at $109K, fix at $25K, estimated ARV $175K. REO. Check it out!
14231 Randolph Pl, Denver. 5 bedrooms, 2 baths, Montbello. Buy at $87.6K. Fix at $20K, estimated ARV is $145K. REO. Waiting for MEC from seller on this one.
Bon Homepetit!
John Fisher
www.happycanyongroup.com
303 338-8000
QUOTE OF THE WEEK: ‘But I don’t want to go among mad people,’ Alice remarked. ‘Oh, you can’t help that,’ said the Cat: ‘We’re all mad here. I’m mad. You’re mad.’
~Lewis Carroll, Alice in Wonderland
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