Great Success at The Cool Condo Tour!

Everyone,

I just wanted to take a quick moment to say thank you to everyone who attended “The Cool Condo Tour” this past weekend. It was an overwhelming success…two builders, four buildings and a record number of people attended!

I saw many familiar faces and made a lot of new friends. We also have new CUSTOMERS as a result of the tour. People got excited and bought condos…it was amazing!

A special thanks to Modo’s preferred lenders… Matt Bliss and Mike Kenevan of Spire Financial were there to answer financial questions and lead tours when there were just too many people for our staff to handle. We recommend Matt and Mike because of the excellent job they do for our clients.

Thanks again and keep us on your radar.

Sincerely,

Chris

PS if you missed the tour and would like more information just let me know.

Generally Prices Are Down... But Modo Sales are Up - See What the Rocky Says...

Metro home prices drop 5.4% in a year

By John Rebchook, Rocky Mountain News November 7, 2007

Denver-area home prices fell by about 5.4 percent in October from a year earlier.
The average price of a single-family home dropped to $289,754 in October from $306,306 a year earlier. The median price fell to $234,200 in October from $247,600 in October 2006.
There were 4,645 homes placed under contract in October, 7.3 percent more than the 4,329 sold in September. And despite the recent problems in the subprime mortgage market, the sales were down only 1.5 percent from the 4,715 homes placed under contract in October 2006.
Condo sales, on the other hand, shot up 10.5 percent in October from September, though prices were down.
"After speaking to a number of other brokers and people in the real estate industry, I expected sales to be about three-quarters of that amount," said independent broker Gary Bauer, who released a report on Tuesday based on Metrolist data.
"We continue to be countercyclical to the nation."
Larry McGee, managing broker of the Berkshire Group, also said he was "pleasantly surprised" by the relative strength of the market last month.
He isn't worried that home prices were down in October from a year earlier.
"That reflects a realistic price given all of the foreclosures," McGee said.
Jim McCloskey, owner of the American Real Estate College, noted there is about a six-month supply of unsold homes on the market.
But that inventory includes more than 700 homes priced between $1 million and $10 million, and ultra-expensive homes take an average of three years to sell, he said.
At the bottom of the market, there are many "one-bedroom condos and townhomes that you can't give away," he said.
If the homes at the very high end and the low end of the market are subtracted, there's probably about a three-month supply of unsold inventory for the remaining homes, he said, which is healthy.
Meanwhile, Modo Developers, which buys "ugly" apartment buildings in Denver neighborhoods and converts them into energy-efficient and artsy condominiums, is experiencing brisk sales.
For example, it already has sold five of the nine units in its Verte development at 271 Grant St. Two of the remaining units are priced at $139,320, one at $159,960 and the biggest at $288,960.
And early next year, it will be selling 16 units at 701 28th St. in Curtis Park, where units start at about $160,000, said Chris Behrens, one of Modo's partners.
"You'll be able to get a two-bedroom, one-bath unit with a balcony and a cool design for about $200,000," Behrens said.
"I wish I had a bunch of those to sell. They are going to fly off the shelf."
He said Modo has discovered a niche in an overall tough market.
"The people who typically buy our places are young, urban professionals who are entering their first real career with their first real income," Behrens said.
Also, parents are buying the units for their children, who are getting undergraduate or law degrees, with the idea the students will start paying the mortgage when they land jobs following graduation, Behrens said.
"And because these are entry-level buyers, they don't have to worry about having a home to sell or dealing with a nasty foreclosure," Behrens said.
Property values slide
$290,000 Average purchase price of an existingsingle-family home during October in the Denver area
• 5.1 percent decrease in average price from September
• 5.4 percent decrease in average price from October 2006
$176,000 Average purchase price of an existing condo during October in the Denver area
• 3 percent decrease in average price from September
• 6.8 percent decrease in average price from October 2006
28,928 Unsold homes on the market
• 2.7 percent decrease from October 2006
rebchookj@RockyMountainNews.com or 303-954-5207