Real Estate Market Trends in the Goldsmith/Hutchinson Hills Denver Neighborhood

Learn more about what the Goldsmith neighborhood has to offer

6 Tips For Purchasing A Foreclosed Home


November 7, 2018

1) Understand the different types of properties

Pre-foreclosure or short sale properties are still under control of the homeowner, therefore both the homeowner and the lender must approve any offers that come through. Short sale properties are usually in better condition because the homeowner has taken action to prevent foreclosure. 
Auction properties are typically awarded to the highest bidder and are cash only sales. The lender can't make a profit at an auction sale, so the best deals go to the investors and bidders. 
Real estate owned (REO) properties are in full possession of a lender because no one bid a high enough amount at the initial auction. At this point, lenders are typically eager to get the property off of their hands, but keep in mind that the properties will be in worse condition by the time they get to this stage.

2) Get preapproved for a mortgage.

Unless you plan to pay cash or bidding on auction properties, you’ll need a recent preapproval letter from a lender. A pre-approval letter will detail how much money you can borrow, it is based off your credit score and previous financial history.

3) Know Your Numbers

Know your numbers before you buy. It's expensive to keep rental or fix and flip properties without tenants. Does this neighborhood have a quick turn around on homes? Is this house in need of lots of repairs before it can move to market? Elevation Realty, can help you get your numbers straight and find the perfect fit for your family.

4) Never skip the inspection.

Foreclosed homes may sit on the market for a long time, leading to a lot of problems that have gone unrepaired. In many cases these homes may have been previously owned by disgruntled owners that damaged the interior in some way. Never purchase any property without first going through a through home inspection. You never know what might be hidden in the walls or the floorboards. Hire a qualified inspector to know for sure.

5) Remember, the home is sold as-is.

You may get overly excited to see a low price on a foreclosed home, but keep in mind that purchasing the property is not the only expense that comes with owning a home. Many forclosed homes will need repairs, so before making an offer be sure to know how much of your budget you are willing to spend on repairs. 

6) Get a helping hand.

Foreclosed properties are heavily regulated, and each state has its own set of laws. When you’re ready to look into buying a foreclosed home, be sure to find a real estate who has experience in dealing with foreclosures. Although every real estate transaction can be complex, there is an added layer of complications and legal regulations that come along with foreclosed properties, so you need to have an experienced professional, like Elevation* Group, by your side.
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Steps for Getting a Loan for Commercial Real Estate in Denver


October 24, 2018

Taking the initiative to invest in commercial real estate is a smart, if not bold step, towards increasing your investment portfolio. Having a hot, lucrative commercial property that earns significant returns as well as increases in value is a fantastic strategy for financial success. Making the move to purchase commercial real estate can become your ticket to bigger financial gains, especially in a market such as Denver, where a popular neighborhood can turn a commercial real estate purchase into the best financial decision you’ve ever made. But before you secure your commercial real estate property, you’ll likely require a loan to make the transaction a reality.

Secure a Downpayment


Purchasing commercial real estate differs from residential properties, in that you’ll likely need to have 20-30% of the purchase price up front in the form of a down payment. Securing a commercial loan, which will typically be a larger amount than a traditional mortgage, will be much more accessible to you if you are able to put up a larger amount of the total cost of the property. Your loan will be seen as a lower liability if you are able to put up more capital upfront.

Prepare Your Financial Documents


Typically, a bank or financial institution will want to learn as much as they can about the lender prior to making a decision to provide a loan. You will likely need to provide things such as five years of tax returns, financial records and reports of your business for the last five years of since its inception if it is less than five years old, and projected cash flow for your business during the life of the loan. Banks will like to see that your business will be able to produce a net operating income of a ratio at least 1.25 the yearly cost of the loan. If you loan is $100,000 per year, you will want to earn at least $125,000 in income during that same time period.

Consider Potential Lenders


For commercial loans, you will have options in terms of which lender you decide to work with. You can secure a loan with a bank, which will provide the possibility of good rates but also require the most documentation. You may also choose to work with a commercial lender, who will have less underwriting standards but will likely have higher interest rates. You can also seek out an SBA 504 loan, which will offer below-market interest rates but will be limited to qualified businesses only. 

If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today to begin the process of building your dream property development.
 
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Mistakes to Avoid Making When Purchasing Denver Commercial Real Estate


October 17, 2018

Investing in Denver commercial real estate is one of the most sound decisions you can make, as the mile high city’s booming economy provides plenty of opportunities for a high return on investment, especially within the commercial real estate space. However, investing in this highly valued asset is not necessarily an easy or surefire way to financial success, as there are plenty of wrong ways to go about the investment process. Here are some of the most common mistakes to avoid when investing in commercial real estate.

Not Fully Understanding the Market


It’s no secret that Denver’s real estate market has been hot in recent years, but this doesn’t necessarily mean it’s a sure thing when it comes to investing. Not all commercial real estate properties are created equal, as it is important to assess a variety of factors before spending your capital on a property. It’s important to look at the neighborhood and assess occupancy rates, demographics of the nearby population, rental rates of comparable properties, and competitive supply in the area. If your property is in an area that has a low occupancy with many competitive properties, it’s best to look to alternatives for making the smartest decision.

Focusing Solely on Returns


As with any investment, it can be easy to focus entirely on your return on investment as a top priority, and this is no different when it comes to commercial real estate properties. However, there are many other factors to consider when investing capital into a property. Factors such as appreciation, equity growth, and potential tax benefits are also important when deciding on which property to purchase. Outside of these factors, it’s also critical to take into account things such as maintenance costs and management fees, which can eat into your revenue.

Avoiding Intensive Questioning with Regards to the Property


It can be easy to look at an attractive property as a surefire route to investing success, but it is always important to question your assumptions as a check against making the wrong decision. If you are purchasing a property that will be made of mostly retail-based tenants but the retail sector in that neighborhood has seen store closures recently, it is a good idea to reconsider whether it’s the best decision. If you assume you will be able to easily rent out to long-term clients without any hassle, consult with comparable properties in the area to see what their average length of lease is in order to gauge what to expect for your property.

If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today to begin the process of building your dream property development.
 
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Current Commercial Real Estate Trends for Denver in 2018


October 10, 2018

The commercial real estate market in Denver continues to be a hot option for investors looking to maximize their return on investment. A thriving economy is a major factor in why Denver continues to be an attractive opportunity in the commercial sector, as there are a large percentage of young professionals willing to support the retail and hospitality sectors. If you’re considering making a move in the mile high city’s commercial real estate market, here are some key trends to be aware of in 2018.

Healthy Economy Boosts Real Estate Markets


While the overall US economy is doing well, the Denver economy is still seen as a strong local market to do business within. Fueled by solid fundamentals such as a steady population influx and stable job growth, the mile high city continues to be an attractive option for commercial real estate investors. Denver’s economy is supported by multiple industries as well as intangible and invaluable factors such as a high quality of life, as the Rocky Mountains provide a healthy boost for continued growth and expansion on the business front.

Although physical retail spaces remain a shaky part of the economy at large, this sector of the Denver economy remains mostly positive. There are plenty of multi-use, commercial retail construction projects on the horizon, and indicator that the city still has room to grow with regards to these types of projects. Additionally, according to CBRE, Denver’s industrial market is also poised for more growth in 2018, as solid market fundamentals and online demand provide fuel for continued expansion.

Continued Growth in the Mixed Use Property Sector


An important trend to be aware of in the Denver commercial real estate market is the continued prevalence of mixed use projects. These combine residential and commercial spaces within the same project, creating an authentic neighborhood experience while also allowing for high-rise residential projects to seamlessly provide a uniquely curated experience. 

Projects such as the Villas at Sloane’s Lake and the new south Broadway development near Mississippi ave are examples of what is possible when you combine commercial and residential real estate projects to create an attractive opportunity for tenants and investors. Expect to see similar projects sprout up around the city, as these popular developments provide a game-changer for those in the nearby vicinity. As RiNo has shown with its continued mixed-use developments, this particular type of real estate remains a formidable method to make a significant return on investment.

If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today to begin the process of building your dream property development.
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Top Features in University Hills Real Estate Buyers Are Seeking


October 3, 2018

No one can deny that it is a seller’s market when it comes to Denver and University Hills real estate, but that doesn’t mean your home will be in high demand once you list it. There are still things that buyers are looking for when they are looking for their dream home. Does your University Hills home have these coveted features?

Open Floor Plan

Open floor plans are one of the most popular features homebuyers are looking for in today’s real estate market. Not only do open floor plans make it easier for entertaining, but they also tend to let in more light. Older homes often have rooms blocked off with walls, so if you are considering updating your home before you list, knocking down walls might be something to think about.

Plenty of Storage

People love closets and storage space in homes, and the more yours has, the better. Often people are looking to buy a new home because they have grown out of their old home, so storage is crucial. Be sure your real estate agent plays up the amount of basement, attic, and closet space in your home to entice potential buyers.

The Right Number of Bedrooms

If your home has at least three bedrooms, you will appeal to the most number of buyers, according to real estate experts. Believe it or not, most buyers are not interested in homes with a huge amount of bedrooms; three seems to be the sweet spot for most people.

An Updated Kitchen

If you have an older home and an outdated kitchen, you might lose potential buyers. Buyers want the kitchen to be updated before they buy. Before you consider ripping out your entire kitchen, consider making smaller upgrades, such as new countertops and new appliances.

A Ranch Style

With a population that is aging, many homebuyers prefer one-floor living so they won’t have to deal with stairs as they enter old age.

At Least Two Bathrooms

Many older homes had just one bathroom, but new build trends are to have multiple bathrooms in homes—as many as three or four. This means most buyers are expecting to have at least two in any home they purchase. Having less could mean missing out on potential buyers.

An Outdoor Space

Buyers don’t just look at the inside space of a home when they are considering a purchase; they also look at the outdoor space. Even if your backyard is small, a sitting area can increase the appeal of your home.

Hardwood Floors

Design trends come and go, but hardwood floors stand the test of time and almost all buyers are looking for them. Hardwoods are beautiful and durable—and they can be refinished when they become worn.

Now that you know what buyers are looking for in a home, find out what they are not looking for in this article so you will know what to avoid: 12 Things Home Buyers Will Hate About Your House.
Are you ready to sell your home in University Hills? Contact Elevation Realty to be connected to a team of experienced real estate experts. We are ready to help you on your home buying or selling journey. Give us a call today!
 
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