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Archive for September, 2010
Wash Park Grill, Denver, CO
Sep 27th 10
The Wash Park Grill. This is a Denver neighborhood bar and restaurant. They have great weekly entertainment and a menue that is full of goodies.
My wife and I meet here for lunch several times a year and dinner occasionally and we always love it!
1096 South Gaylord Street
Denver, Colorado 80209
The Wash Park Grill
Steve Beam
303-941-4663
[email protected]
Sent from my iPhone
Posted via email from Steven Beam’s posterous
2472 Newport St. Another awesome Hutchinson Hills home under contract.
Sep 24th 10
Hutchison Hills Home Under Contract.
This is also another great neighborhood in Denver Colorado. Ideal location with large yards and mature landscaping.
hutchison hills home
Steve Beam
303-941-4663
[email protected]
Sent from my iPhone
Posted via email from Steven Beam’s posterous
Who controls appreciation in your neighborhood?
Sep 23rd 10
Home Appraiser
The wonderful new system that our government has forced upon us is the HVCC. Home Valuation Code of Conduct. When you combine this with appraisers that are incapable and or incompetent then boy do you end up with a cluster… I’m not going to go into the full details of the HVCC but I did add a link above that you can go read and learn.
Here’s my story I wanted to share about my experience and how I believe the current new system is setup to:
- Prevent natural appreciation of a home, neighborhood, city or area.
- Allows appraisers, underwriters and banks the ability to control appreciation and market value in our real estate market versus the buyer and seller.
- Completely removes “Market Value” from the real estate industry. Market value being defined as what a ready willing and able buyer has agreed to pay a ready willing and able seller.
I have a seller that purchased a home next door to his mother. He bought the home years ago at a very low price and totally gutted the property. He took it down to the studs and replaced everything from the electrical system to the roof to the floors, kitchen and I mean everything. It was basically a NEW house. There is not an old surface in the house. He did the same on the exterior. It was a CLASSIC over improved property for this neighborhood. He knew this and was reasonable in his understanding that he was not going to get all of his money back out of this property. Not even close. He was probably going to be forfeiting $50,000 or more from what he had in the property but it was all fine. He used and enjoyed the house for several years while living next door to his mother when he was in town. He has several other homes in other states and travels almost constantly. Got the picture?
So we listed the house $60,000 under what he had in the house. When we originally talked about listing the house last year there were several arms length closings and a few foreclosures and of course the short sales closings. We had comps that were going to be about $25,000 less than what we were going to list for. I seriously didn’t think it would be an issue once the appraiser and bank saw the comps and the upgrades in this home. I figured we could garner at least $25,000 for the more than $100,000 he had put into it.
Once we listed the house with it’s upgrades and ideal location it was an immediate showing success. We secured an offer within about 2 weeks and agreed on a contract price which was about $5,000 under asking. All was good and we were trucking to closing.
Weeks later I met the appraiser at the property and handed him some comps and the full list of everything that was done on the house. Showing the over $100,000 in repairs and upgrades that he could easily see and touch.
Then the bottom fell out.
Even though I had a comp (that he used) that sold for $20,000 more than this house he said our house was only worth EXACTLY what the last foreclosure in the neighborhood was worth.
How is this possible?
How can a remodeled home be EXACTLY worth a trashed out foreclosure DUMP?
I called the bank the other broker and the lender. They all agreed that their must be a major issue. We were over 20% off the contract price. This has never happend before to me, the buyer’s agent or the lender. What was going on? Lots of questions to be answered. How could a comp that sold for $20,000 over this one not matter?
The buyer really wanted this house and was still willing to proceed so we waited several days for an appraisal review. At this point the seller and the buyer agreed that as long as they got it close we would all do whatever we could to make it happen.
Oh yes it came back the same. No change at all. Didn’t even add one cent to the appraised price. Basically a dead deal at this point…No hope.
The underwriter, lender , buyer, seller and both brokers all agreed that the appraisal was wrong but the controlling forces wouldn’t change the price.
Obviously I believe the appraiser was so inept and a major idiot probably with an axe to grind so he took it out on this seller and buyer. Maybe he was so freaking stupid and scared to lose his license he wouldn’t step out on a limb and give the property a true value. I think a lot of it has to do with stupidity and laziness in the industry. He knew he was getting his check from the bank so what the heck. Why should he do any extra work and try to determine the real value of the house with it’s upgrades. WTF? Lazy, lazy, lazy.
Market Value = what a ready willing and able buyer is willing to pay a ready willing and able seller.
Market Value = What we the appraisers fell like valuing your house for on a particular day if we feel like working that day.
This just lets us know that if the appraiser and bank don’t want your neighborhood to appreciate it ain’t going to happen.
So maybe all the people fixing up their homes right now should NOT do it? Are home remodels a total waste of time and money?
With a system like this neighborhoods cannot appreciate.
Details:
List price $265,000
Contract price: $255,000
Over $300,000 in the house for the initial purchase and remodel. Top of the line beautiful remodel. Move the house across the reservoir into Greenwood Village and it would have sold for $400,000 +.
Comps. #1 = $283,000, #2 = $205,000 and #3 = $212,000.
The house appraised for $205,000. REALLY? What a dumb-ass.
I feel better now at least I got this off my chest.
Westcliffe Colorado 42 Acres and Beautiful Custom Home For Sale or Trade
Sep 20th 10
See Video below. of 400 Ridge Road in Westcliff Colorado.
Owner will consider a trade for this property. If you have a lakehouse or property with water access this might be an option for you. Property must be located in the West preferably in Colorado but not a must. Call Steven Beam for details. 303-941-4663 begin_of_the_skype_highlighting 303-941-4663 end_of_the_skype_highlighting.
Priced at $799,000.
$799,000 – Owner will trade this house for a lakehouse! Home with 42 acres in Westcliffe Colorado. Spectacular long range mountain views! There is no detail left out in this amazing “KING of the HILL” property. This home was custom built in 2008 and has 3 bedrooms each with it’s own full bathroom. Wide open granite kitchen that looks into the dining room and open two story family room. On the second floor there is a beautiful loft overlooking the main level that is currently being used at a game room. There is a large 3 car attached garage and a massive unfinished room above the 3 car garage.
Parker Colorado Townhome For Sale
Sep 3rd 10
19440 East Mann Creek Dr, Parker Colorado
19440 East Mann Creek is located right in the middle of Parker, Colorado. Parker Colorado is located in Douglas County Colorado. A better location with the amenities this townhome comes with would be hard to find. This Parker townhome has been remodeled and updated so walk in and expect to see a super clean home filled with new surfaces and flooring.
Here is a link to the MLS sheet. If you have problems here just email Steve and I ask for a PDF file of this wonderful home and I will shoot you an email with the file. You can always call too. 303-941-4663.
See the PHOTOS HERE
HOA Covered Amenities: CHECK THIS OUT!
- Community Pool
- Trash & Snow removal
- Water and Sewer
- Grounds maintenance
- Tennis Courts
- Clubhouse with Fitness Room
- Exterior building maintenance including the roof.
-
Asking Price is $157,000
Living Room Photos
- Living Sqft 1052
- Attached 1 car garage
- Balcony overlooking green space.
- Reserved Guest Parking
- Built in 1998
- 2 Bedrooms
- 2 Bathrooms
Just to give you an idea this town home in Parker Colorado is located just south of what will soon be the Hess Road cut through to I-25 so this means direct access to I-25, Sky Ridge Hospital, and the DTC. No more dealing with Lincoln Ave and Parker Road.
The grounds are perfectly and professionally maintained. The exterior building maintenance is also perfectly and professionally maintained. So, there is nothing to do but move in and enjoy.
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