samuelsonassoc.com Blog

In Cherry Creek, rare chance to preserve a little history

Administrator — Sun, 18 May 2008 16:50:38 +0000

WHERE: Victorian residence of State Sen. James Crosby, built 1897, 330 Madison St., Cherry Creek. From Cherry Creek’s central shopping district, take Third Ave. east, past Steele Street, another three blocks to Madison and turn north.

PRICE: $1.25 million

PHONE: 303-883-4707 or 303-946-2784

by Mark Samuelson

In Cherry Creek’s fast paced, scrape-n-build climate, nothing old weathers very well these days. However, Devonshire Realtor Nancy Morgan will show you a rare piece of 110-year-old architecture that’s a three-block walk from the Third Avenue shopping district…and you can buy it for not much more than a scrape value.

Nancy Morgan and her daughter Julie Winger, both with Coldwell Banker Devonshire, at 330 Madison in Cherry Creek.

A placard out front reads “Senator Crosby House 1892”…but other records show 330 Madison Street being built five years later…the same year Crosby, a former restaurant cashier from Leadville, ran a winning campaign for State Senate on a populist ‘single-tax’ platform.

Whether you choose 1892 or 1897 (some projects came to a halt in 1893 when the silver market crashed), a Victorian home in Cherry Creek North is a limited commodity, said Julie Winger, Morgan’s daughter, who’s joining her mom in listing the property centered in the pricey, 65-block neighborhood.

Morgan, meanwhile, took me for a drive-around in her luxury model VW beetle that graphically illustrated how rare a real historic building has become in Creek. Average blocks have three kinds of houses: some new custom or luxury townhome designs that price about $2 million and up (there’s one across the street at over $2.6 million), one or two little bungalows built in the 1930s or 1940s that will probably scrape, and nicer homes built over the last 30 or 40 years.

Virtually nothing’s left from days when Cherry Creek was on the map as the village of Harman. (It was absorbed into Denver in 1897, the later of the two dates of the Madison house. Harman’s old town hall nearby is now morphing into a single luxury home with a 10-car garage!)

“A San Francisco style Victorian paint job would be a knockout,” Morgan said as we stood in front. Nothing else would be easy on this project, however. In the 1940s its innards were split into downstairs and upstairs apartments, each remodeled 20 years ago with newer baths and kitchens. Floors, woodwork, downstairs fireplace, and a cherry staircase are all still in place that could be preserved as part of a conversion back to single family. There’s a 4-car garage in back….

Meanwhile, says Morgan, the price at $1.25 million is pretty close to what the two most recent bungalow-scrapes sold for, at $1.1 and $1.209 million.

A new architecture that speaks to the Fraser Valley’s growing promise

Administrator — Sat, 17 May 2008 23:51:08 +0000

      With every passing year, it becomes more evident that the Fraser Valley has entered a new era, attracting a caliber of development that could scarcely be imagined a decade ago. This summer, visitors to the Grand County Parade of Homes will see the latest sign of that emergence when they tour Rendezvous, the master-planned, year-round resort that’s growing along Winter Park’s northern and eastern edge.
      A centerpiece of the exhibition will be BigHorn Cabins at Rendezvous, the latest designs by Colonnade Resort Communities, creator of Rendezvous’ highly successful MooseHorn Cabins and its newer ElkHorn and ProngHorn attached homes. BigHorn takes that success in a bigger, bolder direction——opulent plans designed with progressive mountain architecture that captures both the allure of Grand County’s past and the excitement of its future.
      With sizes ranging from 3,690 to 4,215 square feet, cabins are styled and scaled for a new breed of purchaser that has become evident at Rendezvous. “When we introduced MooseHorn, we were surprised both at how fast the cabin concept was selling, and by how many buyers asked whether we could do something larger,” recalls Keith Neale, President of Colonnade Resort Communities.
      “We were also experiencing prices for our custom homes that were climbing into a range that had been the exclusive domain of Beaver Creek in previous years, and we knew we had an opportunity for a larger semi-custom production cabin.”
      BigHorn Cabins were rendered as a transitional vision of Winter Park life, suggestive of historic cabins and mining sites as well as the natural drama around them. Following Rendezvous’ grand theme as a family gathering place, plans would be on a scale to host the most impressive family events, while providing sublime accommodations not just for the owner, but for guests, as well.
      When visitors arrive at “The Corona,” the Parade entry nearing completion, they’ll see impressive exteriors rendered in barn-style natural wood, accented by dramatic glass walls and clerestories to bathe the interior in mountain light. Colonnade has appointed only the finest finishes: see-thru indoor-outdoor fireplaces, gourmet quality kitchens and appliances, and three master suites on three separate levels. …That’s in addition to extra space for kids’ bunkrooms, a home theater, and a two-car garage.
There would be another advantage to luxury buyers, as well: Although the quality and feature selection would be that of a custom home, BigHorn would avoid the brain damage…and the time…that accompanies most custom build jobs. And all are arrayed to wrap a forested open space and to show Rendezvous’ access to trails and river to best advantage. Realtors and their clients are already taking preview tours of BigHorn’s Corona model. To arrange, call Jackie Mullen or Jill Carey at Colonnade Resort Communities at 970-726-4169.

Denver’s housing market shows signs of shift from buyer’s to “normal” market

Administrator — Sat, 17 May 2008 23:41:07 +0000

Denver’s real estate market is showing signs of a precipitous shift from a buyer’s market to a “normal” market, according to a newly released report by Jack O’Connor, Managing Broker of Prestige Real Estate Group and a widely read industry analyst.
The shift is evident, O’Connor reported May 5, in the continued drop of market-wide inventory to just over 27,000 homes, down from peak levels of 2006; as well as in the market’s supply of homes, now indicated at just over seven months of supply. Traditionally, a buyer’s market is defined by a supply greater than eight months. A seller’s market, one with high demand where sellers have flexibility in pricing their homes, is defined by a supply of less than six months.
“What we’re seeing is a return to a normal market in Denver,” said Leeann Iacino, President of Prestige Real Estate Group, in releasing the report. “This is further evidence of the countercyclical performance of Colorado’s market, which went into a post-911 slowdown faster than other national markets, and now appears to be recovering faster, as well.”
Iacino added that the data are for the seven-county Denver-Boulder area, which includes portions of northeastern counties that were abnormally affected by foreclosures in the wake of heavy production homebuilding during recent years. “In talking with our own agents, we’re seeing signs of an even stronger turnaround in mid-priced markets of south-central Denver and the south and southwestern metro area,” she added.
The report also suggests that a combination of staff reductions in the banking and real estate service industry, along with the challenging mortgage environment, may be causing a backlog of homes headed for closing. Although the number of properties under contract this month is up 6.87% compared to May 2007, year-to-date properties closed through April are lagging behind those posted year-to-date April 2007 by around 1,300 sales, indicating a lag in processing time. “In the past, buyers who could rightfully afford a home could be approved for a loan in less than 14 days,” O’Connor noted in the report. “But lenders’ reduced staffs over the last eight months and the challenges faced in obtaining financing are causing delays of as much as eight weeks.”
Iacino noted that national studies are corroborating the indications that Denver is returning to a normal market and has little resemblance to markets seen as “overvalued.” Prestige Real Estate Group serves the entire Denver area and is particularly strong in popular neighborhoods of south Denver, Arapahoe County, Highlands Ranch and Douglas County, with offices in the I-25/Tech Center corridor, Highlands Ranch, Cherry Creek, Castle Pines North, and Conifer/Evergreen. For a copy of the newly released data, contact Leeann Iacino at (303) 874-1316.

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Primo unit at the Denver Art Museum that Obama or Hillary would love…

Administrator — Sat, 17 May 2008 23:13:47 +0000

WHERE: Unit 501 at The Museum Residences, 2,202 sq. ft. loft overlooking new Denver Art Museum.

PRICE: $1.39 million

PHONE: 303-478-5110

Rick Ansay liked the idea of having a pied-à-terre beside Daniel Libeskind’s new Denver Art Museum so much that he stood first in line when sales opened for Museum Residences in 2004. “It’s going to be famous as the Sydney Opera House,” Ansay recalls thinking as he took in the jumbled superstructure taking shape on Acoma Street near Golden Triangle. He wrote a check for the best unit——No. 501——jutting into the square with a view of the museum and downtown.

Rick Ansay shows off his view of downtown from his unit at Museum Residences, Daniel Libeskind’s new museum to the left, Michael Graves’ Denver Public Library to the right.
Now Ansay is putting his 2,202-foot pad on the market, with a drop-dead view that could turn a party hosted by Casper Milquetoast into the hottest soiree in town.

So hot, in fact, that inquiries have reportedly been made by both Democratic presidential candidates about getting their own pads at Museum Residences during the DNC…Obama’s team rumored to have inquired about a couple of remaining builder units left for sale; and Hillary’s for a 2-story party suite that’s directly above Ansay’s, reportedly being finished by Libeskind’s own studio for a DAM trustee.

Ansay and wife Jenny maxed out their own interior finishes, asking the rhetorical question, “What would Daniel do?” They picked up on the sea-foam green Libeskind used in the windows and did a complementary palette. Berloni cabinets, $3,000 faucets… ”We went a little crazy in here,” Ansay said, showing off a fire engine red powder room. …And a glass-door fridge: “Enough with the stainless steel already,” he quipped, nodding to the titanium megalith next door.

That’s the view you get from the master suite each morning when you push the remote and raise the automatic shades. There’s the DAM, crashing like Battlestar Galactica into downtown. Ansay added that he’s gotten to know some club owners and restaurateurs who have sparked some of the nearby nightlife on Broadway and Lincoln…and showed me his two parking places downstairs, “the best”…beside the elevator.

Ansay’s unit is marketed by big brother Ron Ansay with Kentwood DTC.
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Mark Samuelson is president of Samuelson & Associates, a homebuilding/real estate communications firm, on the web at MarkSamuelson.com. You can e-mail him at mark@samuelsonassoc.com

The ‘primo’ unit at Denver Art Museum, with a view both Hillary and Obama would love

Administrator — Sat, 17 May 2008 21:23:54 +0000

WHERE: Unit 501 at The Museum Residences, 2,202 sq. ft. loft overlooking new Denver Art Museum.

PRICE: $1.39 million

PHONE: 303-478-5110

Rick Ansay shows off his view of downtown from his unit at Museum Residences, Daniel Libeskind’s new museum to the left, Michael Graves’ Denver Public Library to the right.

Now Ansay is putting his 2,202-foot pad on the market, with a drop-dead view that could turn a party hosted by Casper Milquetoast into the hottest soiree in town.

National ranking shows Denver area homes a better investment

Administrator — Sun, 10 Feb 2008 22:36:44 +0000

A ‘new urban’ concept in popular Washington Park offers homes created in a block-wide site recovered from a former Denver elementary school. Lofts are being offered in the restored school building, all walking distance from shops and dining.

By Jill Croteau

Managing Broker
Coldwell Banker Devonshire

Commenting on the foreclosure crisis last month, former Fed chairman Alan Greenspan was quoted as saying, “The financial erosion will come to an end when the prices of homes and equity in homes stabilize.”

Newspaper headlines here in the Mile High are still firmly fixed on the foreclosure story…but national publications are starting to look favorably on Denver ’s real estate performance, something that appears less and less like a decline and more and more like a recovery.

You can see part of that expectation in the drop in inventory…down over 6% from a year ago…and by our gradual move downward among the states with the highest foreclosure rates…down from first or second place a few months ago, to 5th, to 7th, back to 4th, but trending lower.

But more to the point are national evaluations of our basic market value compared to other cities around the country. Information like that (along with recreational and cultural amenities, air connections, and education of the workforce—areas where we always look great) are what corporate CEOs consider as a key component of a decision to relocate.

Smart Money summed up that situation for its national readers this month…a ranking of 150 housing markets around the country assembled by Global Insight and National City Corp, focusing on relative investment values. The ranking looks at housing prices crossed with other factors relating to the health of the local economy…essentially asking, ‘how much have home prices risen in comparison to residents’ abilities to buy those same houses?’

At the top of Smart Money’s list are markets now ranked as Extremely Overvalued. A number of cities that we Denverites were envying two years ago are on that list: Miami , San Bernardino , Stockton , Bakersfield and Los Angeles …with average home prices that are rated an astounding 50% over real value. At various points down the next 80 slots are Phoenix, 43% overvalued, Las Vegas, 31%, San Jose, 29%, San Francisco, 19%, San Diego, 18%, and Minneapolis, 15%.

Well below the halfway point at 92nd on the long list, centered in what Smart Money refers to as Fairly Valued markets, is Denver …3% over value. At the bottom of the fair section are towns with average prices 10% below value including Buffalo, Omaha, Little Rock, and Beaumont (Tex.)…and below that is a short list of Undervalued markets: Wichita, 15% below, Indianapolis, -16%, Houston, -24%, and Dallas, -25%.

If you’re like me, you hear that final list and wonder Who would want to live there? Colorado, meanwhile a place where people really do want to live is doubly blessed this holiday season with a strong economy that includes growing revenues from the energy sector, plus enticing new infrastructure components: DIA, T-REX, Light Rail, sports venues, cultural arts facilities, and on and on.

All of that gives those of us who live here a great deal for which to be thankful…and some solid information to use in countering a few doomsayers in 2008.

Fitting right in with a Wash Park lifestyle…

Administrator — Sun, 10 Feb 2008 22:26:18 +0000

Community representatives Karen Havelka (left) and Laura Padgett show off blend of historic architecture that pleases neighbors in Wash Park.

By Mark Samuelson

Denver Post Real Estate
Sunday, Jan. 20, 2008

Washington Park has everything you could wish for in a new urban lifestyle: Walk a couple of blocks this way to the café life on Old South Gaylord, or a couple that way to 16-acre Grasmere Lake, where even on a cold Sunday there’ll be a crowd of joggers, bikers and walkers out, plus kids and golden retrievers.

Right in the middle…two blocks east of the park, two blocks west of Reiver’s restaurant on Gaylord, you can view three ways to put yourself into the Wash Park picture…all of them new designs, with features that neighbors in older houses only dream about.

At Myrtle Hill at Washington Park Place, the tour starts with single-family residences nine distinct homes (tour the model and a couple of others finished), with wide-open entertaining spaces and bedroom suites, and options for basement finishes that are so hard to do right on historic houses. You’ll also get an eyeful of how well these designs complement the stre et Craftsmen, Denver Square and Tudor stylings that fit nicely. The builder, Colorado Land & Home Company, is known for some of the best custom homes up in Hilltop and Crestmoor.

In Wash Park, Colorado Land has done something few builders could take on…convert a block-wide former elementary school site into three product types: custom homes, brownstones (they start pre-sales today from the $900s) and, in the historic schoolhouse, big lofts…1,300 to 2,600 square feet with two garage spaces each.

…All while working to satisfy concerns of the neighbors, who after years of scrapes and pop-tops want to preserve the feel of Wash Park (the builder had 30 me et ings to arrive at what you’ll see today).

The loft plan (it’s still too early to tour) is particularly creative. It preserves the much of the brick schoolhouse, which had once been called Myrtle Hill School before Mayor Speer transformed the park into a pristine spectacle of water and gardens. Some lofts will have remnants of floors and water fountains…and one gets a masonry schoolroom clock that had “Tick-Tock” chiseled around the face.

The lofts and brownstones are both pre-sales…but the customs are ready now, close enough to the park to stroll over after you finish your tour. Take University south from Cherry Creek to Mississippi and turn west five blocks, past Gaylord’s shops, to S. High Street .

Shut the solar blinds, please, HAL…

Administrator — Sun, 10 Feb 2008 22:03:07 +0000

Engineer John Avenson shows off his highly modified solar home in Westminster , which he heats and cools for a tiny fraction of even the newest homes.

By Mark Samuelson

Denver Post Real Estate

Westminster communications engineer John Avenson looks so much like Tom Hanks that during assignments in Asia , people would routinely stop him in airports asking for autographs. His house, open 10-4 today, is a dead-ringer, too…for one built in 1980 under the auspices of the Solar Energy Research Institute. But Avenson has done things with this house that SERI engineers could scarcely have imagined then.

Avenson lives in an area north of Wadsworth Bypass on W. 100^th that was among 12 featured by SERI in a passive solar home tour. At a time when gas was a buck-a-gallon and nobody thought much about global warming, around 100,000 Denverites turned out to see those new houses.

The neighborhood’s builder, Nedlaw Construction, created its SERI design from a typical tract model it was selling by the dozens in blocks around Avenson’s house. The one next door, about the same size, g et s mid-winter energy bills of $200-$300/month…but Avenson, believe it or not, paid XCEL just $17 last February for gas, $10/$15 for power.

During summer, when neighbors are shelling out big bucks to run air conditioners, XCEL actually pays $5 or $10/month back to Avenson, for the surplus juice his 4.76 kW of rooftop solar cells send back to the grid after running all of his lights, swamp cooler and computers.

The photovoltaic cells were too expensive to be included in the 1980s SERI home…but last year it cost Avenson only $14,000 to add them, after rebates from XCEL and the feds.

That’s just the latest of the modifications he’s made over 25 years. The first thing one notices inside is a soft, woman’s voice in a monotone say “Closing the solar blinds now.” That would be REX, Avenson’s computer, which, like HAL in 2001, A Space Odyssey, tracks all of the Boolean functions he’s programmed to monitor the passive solar system, turns on a fan as somebody closes a door or a cloud passes over the sun, and then reports back.

When Avenson first added the system, he named the computer “Computer!”…but that made for problems while he was watching sci-fi movies in his downstairs theater. In one cyber-thriller, as an actor shouted, “Computer! Turn everything off!”, the system did just that. He renamed it REX…hard consonants on both ends, not very feminine.

Avenson also shows off the original storage box of 2-inch river rock under the fireplace that SERI designed to store passive heat, and see displays of new lighting products and other gadgets. Avenson, who lives alone, has signs all over his fixtures and cabinets pointing up their energy performance.