Three prestigious, well-recognized companies are planning new office projects in metro Denver, offering further signs of an improving regional economy.  The TriZetto Group is planning a $40 million corporate headquarters at Meridian in Douglas County. Trimble is planning a 125,000-square-foot building in Westminster. And Johns Manville is planning to relocate from downtown Denver to Greenwood Village.  “It’s a very positive sign for the real estate markets in the Denver metro area that companies are looking for build-to-suits, ” said Sherman Miller, executive director of the CU Real Estate Center at the University of Colorado at Boulder.

For information on Denver real estate, or regarding Denver relocation, please contact TeamCox Realtors at 303-400-6060.

Read article – Denver Post

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As soon as the ball dropped (and before), our eyes turned toward 2012, wondering what it will bring. Naturally, TeamCox Realtors has been assessing the Denver real estate market for the coming year.

Here are the top Denver real estate trends that we are seeing during the first week of 2012:

• Increasing home sales: According to recent data released from Metrolist, there were 39,387 Denver homes sold in 2011, which is 1.5 percent increase from 2010. We expect for Denver home sales to continue to increase throughout 2012.
• Low inventory of Denver homes for sale: The inventory level of metro Denver homes has been falling for the past few months – there were 34 percent fewer homes on the market in December 2011 compared to December 2010. This is good news for Denver home prices and for Denver sellers. However, it means slimmer pickings for buyers, which could affect home sales at some point.
• Colorado foreclosures continue to decline: foreclosures decreased over 24 percent in November 2011 from November 2010.
• Low interest rates: 30-year fixed interest rates hovered at historical lows (below 4 percent) throughout December. We expect this to continue for at least through the first half of the year, although rates have edged up a bit in recent weeks.
• Improving economy and job market: Colorado’s economy continues to show improvement, A mid-year update from the University of Colorado at Boulder’s Leeds School of Business predicted recently modest job growth over the next year. Several companies, including Arrow Electronics, announced plans at the end of 2011 to relocate headquarters and create Denver jobs.

We hope that 2012 is a great year for you! If buying a home is on your resolution list, please contact TeamCox Realtors at 303-400-6060. We are here to help you find the home of your dreams.

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The Denver apartment market is booming! The Denver Post reported last week that the Denver metro area’s apartment vacancy rate has fallen to 4.8 percent – the lowest level in a decade (since the first quarter of 2001). The rate decreased 21 percent from just  last year.

What does this mean for homebuyers in the Denver real estate market? Since the apartment vacancy rate is so low, rents have nowhere to go but up, landlords will likely be less flexible, and selection is limited. There has been a documented increase in rents throughout the Denver area. According to the article, during the second quarter of 2011, the median rent in metro Denver rose to $863.37, increasing 2.5 percent from 2010′s second-quarter median rent of $842.70.

It makes sense to purchase a home now while interest rates are low and it is a strong buyer’s market. A portion of your payments will go toward the loan’s principal and don’t forget the valuable tax write-off!

For information on renting versus buying in the Denver real estate market, please contact TeamCox Realtors at 303-400-6060. We will give you an honest assessment to help you make the best decision for your current circumstances.

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There is good news on the Colorado economic front!

• The Colorado Division of Labor recently reported that Colorado’s unemployment rate decreased for the fourth straight month in June – to 8.5 percent from 8.7 percent in May.  This decrease was the result of an increase in total employment.
• Colorado added 4,500 nonfarm jobs in June.
• The U.S. Federal Reserve’s “Beige Book” survey of our region’s (Kansas City-based 10th District, which includes Colorado and some or all of six neighboring states) “expanded at a moderate pace” in June and early July. Colorado’s region is reportedly stronger than many other regions.
• The survey also found that consumer spending “rose solidly” during the same period.

All of this is good news for the health of the Denver real estate market, which is on the rebound. For more information on the state of the Denver economy, or regarding the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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According to a recent Denver Post report, Denver and Colorado Springs are among the metro areas  recovering the fastest from the economic recession.

Denver was one of six metro areas (out of the 100 surveyed) that outperformed the job creation rate during the 4th quarter, growing 0.8%, according to Mountain Monitor, a report by the Brookings Institution.  The report also took other economic indicators into account, including metropolitan product, which was up 4.5% in Denver from its peak in the 4th quarter of 2008.

Another economic indicator Brookings measured was housing prices, but unfortunately, it does not seem that the Denver housing market is a contributing factor to the recovery in Denver. On the contrary, the report claims that the sluggish housing market is slowing the recovery. The report goes on to say that home prices dipped in the 4th quarter, after a brief rise in the 3rd quarter. There is still some positive news, though. According to another article published by the Denver Post, home sales saw a 3.4% rise in February over the previous month.

For more information on Denver’s economy,  or regarding Denver real estate, please contact TeamCox Realtors at 303-400-6060.

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The preliminary 2010 U.S. census numbers were released last week, indicating that people are still moving to beautiful Colorado!

Colorado’s population has passed the 5 million mark, which is a 1.8 percent increase from last year. Only Wyoming, Utah, and Texas had higher growth rates than Colorado.

According to a recent article in the Denver Post, Colorado added 727,935 residents from 2000-2010, an increase of 16.92 percent. This is the ninth fastest growth rate in the country for the decade.  While this is an impressive figure, the state grew by over 30 percent in the 1990s, so growth has slowed.

The strong growth is good news for the Denver housing market. Colorado has a reputation as a great place to live, boasting a stable job economy with a diverse industry base, along with a plethora of recreational and cultural opportunities. With 300+ days of sunshine (bound to be more than this after the winter we are having!), and panoramic mountain views, Denver is a wonderful place to call home.

For information on relocating to Colorado, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

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There is good news on the Colorado employment front. The Denver Business Journal reported this week that the number of Coloradans filing new claims for unemployment benefits has dropped to its lowest level since September 2008. There are 54,293 Coloradans receiving unemployment benefits, which is a 27 percent decrease from July. In addition, the number of companies announcing mass layoffs is also decreasing from month to month, with only five companies announcing mass layoffs last month, compared to 24 companies announcing mass layoffs in December 2009.

This is all good news for the Denver real estate market, since employment is one of the most important ingredients to a long and sustained real estate recovery. The Denver job market has boosted the Denver housing market throughout the economic downturn. Several economists have recently predicted that the Denver area is set-up for sustained long-term growth, due to its diverse base of vibrant industries.

For information on Denver’s economy, or regarding the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

What are the Hottest Jobs in Denver?

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Is it time to move up or move on?  We never dreamed that interest rates would reach 4.50% for qualified buyers with secure jobs and a good down payment. This is an historic opportunity for families to take advantage of a combination of low housing prices and low interest rates. In a few years, buyers who have had the foresight to take advantage of these current market conditions, will reflect their  “brilliant” decision back in 2010 to invest in a Denver home!

TeamCox Realtors is happy to report that our sales activity this summer is outpacing that of the past two summers. We cannot say that the economy has improved, but Denver has never marched to the same ol’ tune as the rest of the country!  In fact, our Denver housing market is so good that Denver was recently named the “most improved housing market” in the country by Businessweek. The report cited a 5.8 percent increase in Denver home prices from the first quarter 2009 to the first quarter 2010, and projects a 5 percent increase in Denver home prices over the next year. It also mentioned, and it is our observation as well, that distressed sales in the Denver area have decreased.

Although sales in the Denver real estate market remain uneven, we feel prices in most areas have stabilized, and are actually appreciating in some neighborhoods. This summer, our repeat buyers represent about 50% of our transactions. Three months ago, repeat buyers accounted for only 34% of home purchases. In a more normal market, the ratio is two-thirds repeat buyers. Improvement is also seen in the average time needed to sell a home as reported by our MLS. In 2009 through May of 2009, the days on the market averaged 102. For the same time period this year, we are averaging 83 days on the market. This is a significant improvement, particularly for the homeowner who has to live with having a home on the market!   

Now, more than ever, it is essential that you work with a trusted real estate advisor. In those critical areas, not many agents can compete with TeamCox! For more information, please contact us at 303-400-6060.

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We recently had an interesting conversation at a closing with one of our clients. To purchase their new home, the buyers qualified on the husband’s salary only. A couple of weeks before they were ready to close, Jessica, the wife, decided to look for a job on Monster.com. There was one job that particularly interested her – a senior project engineer position at a power plant in Golden, located only minutes from her new Littleton, Colorado home. This was it. One job. She applied, she interviewed and she got the job. This is June 2010, not June 2004. While I am sure she was the perfect candidate, this just demonstrates that there are still many opportunities for employment in Denver, Colorado. Congratulations, Jessica!

A recent article in the Denver Business Journal substantiates this claim, reporting that nineteen percent of Denver-area employers plan to hire in the third quarter of this year. This is a great improvement from the previous quarter (13 percent planned to hire), and from the third quarter of 2009 (nine percent planned to hire), According to the article, job prospects “appear best in construction, nondurable-goods manufacturing, transportation and utilities, wholesale and retail trade, information, financial activities, professional and business services, leisure and hospitality and “other services.”

For more information on the Denver economy, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

What are the Hottest Jobs in Denver?

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Denver Named “Most Improved Housing Market”

There is more good news for the Denver real estate market. Denver has been named the “most improved housing market” in the country by Businessweek. The report cited a 5.8 percent increase in Denver home prices from the first quarter 2009 to the first quarter 2010, and projects a 5 percent increase in Denver home prices over the next year. It also mentioned that distressed sales in the Denver area have decreased.

Why has the Denver economy fared relatively well during the recession? Businessweek’s report mentions Denver’s strong job market, anchored by companies in a variety of industries, including the energy sector. This has shielded Denver from some of the harshest national recession winds.

Some other “most improved” real estate markets in the country are Boston, Saint Louis, Pittsburgh, San Jose, and San Francisco.

There is not a better time than the present to buy a home in the Denver area. As the market improves, buyers’ negotiating opportunities diminish. For information on the Denver housing market, please contact TeamCox Realtors at 303-400-6060.

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Denver Real Estate Update – June 2010

TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.

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