Free Co-Working Space on Earth Day

If you work from home or a local coffee shop and would like to try a co-working space, you can test one for free on Earth Day. This Tuesday, April 22nd, is Earth Day and shared office space provider, Regus, is granting you the opportunity to do so. Regus has 16 offices in the Denver area including the latest in Boulder at 1434 Spruce Street. They also have an office in Broomfield at 12303 Airport Way and are expanding to Ft. Collins and Loveland within the year. They offer a commute calculator to show how much time, carbon and money you'd save by working at one of their offices close to you. Stop by to check out their space and see if shared office space might work for you.

Historic West Highland Zen Temple goes off the Market

The historic West Highland building that houses the Zen Center of Denver went on the market yesterday.

The 17,090-square-foot building at 3101 W. 31st Ave., built in 1920 near the intersection of Speer and Federal Boulevards, represents one of the first commissions by renowned architect Burnham F. Hoyt, who is best known as the architect of the Red Rocks Amphitheatre.

Hoyt also designed such landmarks as the Central Denver Public Library and the State Capitol Annex Building.

Hoyt designed what is now the Zen Center for the Fourth Church of Christ Scientist. The church sold it to the Zen Center in 1998, making it only the second owner.

The building, which includes an adjacent11,492-square-foot parking lot at 3055 Speer Blvd., is being listed by Billy Riesing of Pinnacle Real Estate Advisors.

The lot is zoned U-MX-3, which would allow a three-story, mixed-use building that could include housing, retail or office components.

Both properties are being sold together.

“We are going to market with an undisclosed list price,” Riesing said.

“It is such a very unique building with some various potential buyer profiles that we felt it was best to bring it to market.”

After 60 days, they will consider the best offers.

Riesing has been meeting with the non-profit owners of the parcel for about a year.

“They are just an amazing group,” he said. “They do a lot of different meditation and seminars and retreats.”

Why are they selling?

“Ultimately, they absolutely love the building,” Riesing said.

“But they wanted to find something more conducive for their needs. And given the strength of that whole West Highland neighborhood, which is one of the hottest and most popular areas is all of central Denver, they their timing was per rect to take advantage of the strong market and sell.”

He said a potential buyer could range from a religious organization to historic developers.

“I think there are a handful of select groups out there that do very well and have a strong track record of historic redevelopments that could position this building for an entirely different use,” Riesing said.

“There are some very sophisticated investment groups out there that I think will be extremely interested in this site,” he continued.

The buyer could redevelop the 73-space parking lot or could keep it for parking, at least initially, he said.

“The parking lots bring a value-add component to this deal,” Riesing said.

“The parking lot has short-term or long-term value,” he said. “The next owner might want to develop it right away. The U-MX-3 zoning is pretty flexible, allowing a number of uses. Or, someone could continue to use it as parking, with the idea of redeveloping it in five or 10 years, let’s say.”

Whoever buys it, will not be able to raze the historic structure or make major architectural changes to it.

The building was listed on the National Register of Historic Places in April 2004.

The Renaissance Revival style showcases detailed masonry craftsmanship, vaulted ceilings, colored glass panes, a “breath-taking “amphitheater with a double-shelled skylight, and an Austin Pipe Organ with Echo Loft, he said.

The building has received funding from the state’s Historical Trust and there are covenants in place restricting what can be done in the interior, he said.

“Whoever buys it would need to understand the limitations in place because of the State Historical Funding,” Riesing said.

“But anybody who sees the gorgeous interior would want to preserve it,” he said.

“The exterior, of course, can’t be touched except for needed maintenance,” he said. “While Burnham F. Hoyt is best known for Red Rocks, he did a lot more than that. It is is unfortunate that some of his buildings have been torn down over the years.”

He said the building took about eight years to build.

“It’s going to be standing long after all of us are gone,” Riesing said. “It’s an amazing building and the sellers want to find the perfect buyer for it. It’s truly a masterpiece.”

On a personal level, Riesing meditates, but he said that played no role in him landing the assignment.

“It never came up,” he said.

Rather, he said, Pinnacle was chosen because of its knowledge of the local market and its extensive list of local and national contacts.

Source: Land Title Guarantee

Existing Home Sales: 12,575 sold yesterday!

If you read certain headlines, you might be led to believe that the housing recovery has come to a screeching halt. Naysayers are claiming that rising mortgage rates and a lack of consumer confidence are keeping Americans on the fence when it comes to purchasing real estate. That is actually far from reality. After all, 12,575 houses sold yesterday, 12,575 will sell today and 12,575 will sell tomorrow. 12,575! That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. According to the report, annualized sales now stand at 4.59 million. Divide that number by 365 (days in a year) and we can see that, on average, over 12,500 homes sell every day. If you are considering whether or not to put your house up for sale, don't let the headlines scare you. There are purchasers in the market and they are buying - to the tune of 12,575 homes a day.

Source: Keeping Current Matters

Bills to Help Homeowners Avoid Foreclosures Recently Pass

Colorado Legislature has passed 2 bills aimed at protecting homeowners from undergoing wrongful foreclosure in Colorado. The Colorado Senate passed a bill to prohibit "dual tracking", in which a lender negotiates with a customer for loan modifications while also pursuing foreclosure. The bill is necessary to help low-income families quickly and easily access housing protections. Read more at the Denver Business Journal.

Home Listings up Slightly from February to March

The area housing market experienced a boost in the number of single-family detached home listings from February to March but is still down significantly from the same month a year ago in most communities as the total number of sales also lags.

Boulder, Fort Collins, Longmont, Greeley/Evans and Loveland/Berthoud all had month-to-month increases in active listings, according to figures released Monday by the IRES Multiple Listing Service. But Greeley/Evans continued to be the only local area of the five where the number of year-to-date sales has outpaced 2013.

The Greeley/Evans area has had 316 single-family detached homes sell this year, up from 287 at the same point a year ago. Median sale price of those homes in March was $184,000, up significantly from $164,500 a year ago.

With the low inventory, Boulder's median monthly price for single-family detached homes continued to soar, hitting $685,000 in March, up from $633,750 for the same month a year ago.

Fort Collins had 228 single-family detached home sales in March, with a median sale price of $255,750, up $750 over a year ago. In Loveland, 126 such homes sold, with a median price of $257,654 that was up nearly 10 percent from a year ago. Longmont's median price for its 74 sales was $270,250, up 3.7 percent from a year ago.

While single-family detached-home prices showed strong growth throughout, attached single-family sale prices lagged in March, dropping in all but one of the five local areas from February. Only Loveland had an increase in median price in the category, from $160,500 to $174,900 for the 31 listings sold.

Home Ownership's Impact on Net Worth

Over the last six years, homeownership has lost some of its allure as a financial investment. As homeowners suffered through the housing bust, more and more began to question whether owning a home was truly a good way to build wealth. A study by the Federal Reserve formally answered this question.

Some of the findings revealed in their report:

  • The average American family has a net worth of $77,300
  • Of that net worth, 61.4% ($47,500) of it is in home equity
  • A homeowner’s net worth is over thirty times greater than that of a renter
  • The average homeowner has a net worth of $174,500 while the average net worth of a renter is $5,100

What Generations are Buying & Selling These Days?

A new study from the National Association of Realtors (NAR) has found that the Millenial Generation now account for the greatest market share of recent home purchases. The NAR Home Buyer and Seller Generational Trends Study for 2014 revealed Millenials comprised 31% of recent purchases, leading all other age groups. Additionally, Generation Y made up 76% of first-time home buyers. This demographic shift should be considered when selling your home, from staging to marketing. Read the complete report here.