Karl Lueders Presents…. LoHi Loft Sold in a week.

It’s been a busy summer, so Karl Lueders Inc. hasn’t been able to post the recent sales and listings from July, mostly because they’re selling as quickly as he’s putting them on. Denver real estate has been humming right along since the spring, with low inventory and lots of buyers creating bidding wars for desirable properties.

Credit listing agents who know not to overprice homes and cave in to the temptation of testing the market. Buyers are more savvy than ever, and for every Denver house that sells in a day, there are two like it getting no love at all.

Karl Lueders Closed This Lohi Loft in 2 weeks. Cash. That doesn't suck.

This amazing loft in the original LoHi corridor of 15th Street sold twice, actually. After 10 showings in a day, the sellers received a full-price offer, but the buyers backed out once they understood the complexities of home ownership and maintaining such a large condo.

A week later, Karl Lueders and his seller drew another offer – cash, this time – and closed the property faster than had the original offer stuck around. True, LoHi is one of Denver’s – not to mention the country’s hottest neighborhoods – but Denver condos have been struggling for years. And while this was a cash deal, banks are finding creative ways to lend money to good borrowers.

Updates on more condos, like 2441 Broadway #206, which sold last month, are coming. Along with yet another Lohi sale and even properties out of town!

Karl Lueders is a residential Realtor with The Kentwood Company. You can “find” him on LinkedIn, Twitter or G+. The phone method works well, too. 720-971-8267. And email: karl@denverrealestate.com.

Stop the Presses… Condo Sold in Denver… With Conventional Financing… Less than 20 Percent Down!

Karl Lueders, along with the help of BBVA Compass in Park Hill, Denver, sold a unit at 2441 Broadway last week. This sharp 1BD condo in the Silver State Laundry building, just north of LoDo (make sure to capitalize that D), faced other competition in the same building, but had better staging, better “curb” appeal (in a condo, it’s what you see when you walk into the main living area for the first time) and a realistic seller. Demand is high across the board for Denver real estate, but buyers are savvy and won’t be willing to overpay for much (save east Washington Park).

Karl Lueders Presents Another Condo Sold

Karl Lueders Presents 2441 Broadway #206 - Another Condo Sold... Quickly.

What also helped Lueders and his sellers was the ability of BBVA Compass to create a loan product that give buyers the opportunity to become primary residents in condos, giving these great buildings a chance to reclaim a greater percentage of owner-occupancy and the ability to be recognized by FHA as a viable condo building.

Undoubtedly, Denver’s real estate surge has been fueled by recent news items, as well as the low inventory, but as we just told one client looking to relocate from Idaho: Denver has three things totally buzzing right now: city life, outdoor life and the economy.

Don’t hesitate to contact Karl Lueders or his friends over at Denver Condo Help to find out how you can not only list your condo, but sell it to a qualified buyer who can actually close!

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

Karl Lueders Presents: 2525 15th Street #3A… LoHi Loft Living


 

Dial into Denver’s hottest neighborhood from this amazing LoHi loft! 2 bedrooms (w/master suite on the main level), 2 bathrooms, washer/dryer in unit, open kitchen and ceilings the way a city loft should be! The only deck in LoHi with better views of the city and mountains is at Linger, but yours is private with plenty of room to entertain just as well! No more parking next to your neighbors; this unit comes with a private 2-car garage and entry into the building. Extra large storage unit, central AC, end unit, island kitchen, tons of closet space, in-unit storage and built-in cabinets. Check out the crowd at Forest Room 5 from your living room windows, get a sandwich from Jays or Masterpiece or go to Cellar for amazing wine and antipasti. And those are only the hot spots on your block. Go a little further and youre at Lola, Vita, Shangri-la, Little Man, the list goes on. The Overlook is also FHA approved so we welcome low down-payment buyers! Get here quick!

…Is De-Condoizing a word, yet?

Recently  I wrote this about the condo market in Denver:

There has been a lot of news – mostly bad – in regards to the Denver condo market. Even though it comprises a significant segment of the Denver homeownership population, condos have been taking a beating, both literally and figuratively, from banks, the FHA, careless tenants and appraisers.

For the most part, that’s still true. For instance, I have two condo listings in hip parts of town that are going to be tough to sell to a buyer who needs FHA-type financing, i.e., low down payment. The first is at Baker Commons on Broadway, 277 Broadway, to be exact. It was under contract in a day last year, but the buyer couldn’t secure financing in any way, shape or form, because she used lenders that didn’t understand condo reviews or the new FHA guidelines. It’s a great top-floor, west-facing condo for only $200,000 in the hippest part of Denver.

The second unit is at the Silver State Lofts building, at 2441 Broadway. This is going on the market next week (pictures and video to come). The problem is that this unit, which is going on the market for $235,000 (includes parking and storage) is going to face significant scrutiny from any lender trying to give money to a buyer with less-than-stellar credit and less-than-stellar cashflow.

It’s easy to blame HOAs and management companies for not enforcing – actually writing! –  rules that prohibit changing more than 40% of a building into rental/investment property, and for sleeping at the wheel in terms of keeping their FHA status when they do meet the criteria. The reality is that rarely do condo buyers think ahead about their exit strategy if they do need to sell.

You can sell your condo in Denver, but in most cases, it’ll be to the cream of the borrowing crop or cash buyers. And, in these cases, these guys are looking to rent their new investment anyway.

Maybe it’s the start of a new trend of “de-condoizing” buildings back into multi-family apartment buildings.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.

…How To Sell Your Condo in Denver – Update

March 12, 2012: Recent changes to the FHA borrowing guidelines are going to make it even harder for buyers to qualify for loans. These rules don’t take effect until mid-April, so if you have been thinking of selling or buying a condo, keep reading.

There has been a lot of news – mostly bad – in regards to the Denver condo market. Even though it comprises a significant segment of the Denver homeownership population, condos have been taking a beating, both literally and figuratively, from banks, the FHA, careless tenants and appraisers.

What few people are talking about is that the condo market has some strong pockets in it – especially for well-qualified buyers. There are more than a few buildings in Denver that have strong HOAs, deep reserves and active boards, but may have not elected to get FHA approval in order to allow FHA buyers to own in that building. Or, because of the complicated and often confusing manner in which the FHA reset their expectations for qualification, these buildings either chose not to renew or didn’t know how.

Here’s a site that can help cut through the confusion: Denver Condo Help. A collective of experienced real estate agents in Denver have compiled lenders and condo resources that can help you sell your Denver, regardless if your building has FHA approval or not. Check it out!

The site to help you get your Denver condo sold.

Karl Lueders is a residential Realtor with The Kentwood Company at Cherry Creek. He can be reached at 720.971.8267, email, Twitter or G+.