We have smart parking meters in Denver, specifically in Downtown Denver; they will be coming to Cherry Creek soon.

Why are they so smart?  They take credit/debit cards! Yes they do, and they are really easy to use.

Let me give you an important TIP:  If you are going to have a day hopping all over downtown moving from meter to meter, or that you continue to pay your dollar per hour at the same meter, keep in mind that your credit/debit card may have a usage limit.  I’m not talking about a dollar amount I’m talking about how many times you can use it in one day.  I learned this the hard way.  My card had a 9 time limit per day to help prevent thieves from spending all the money in the account.  This was funny the day when I first parked at 8 AM, I ate twice, feed the meter 6 times, purchased a ticket, and when I was going to buy desert after having a great day, the card was declined because I used it too many times.  So, be warned!  Maybe take an extra card if you don’t plan on taking change.

Remember:  Parking on Sunday’s at marked meters downtown are free and every Sunday all of the parking in Cherry Creek is free.

© 2010, Amy Cesario. All rights reserved.

I am thrilled to see the Spire is closing and residents are moving in!  After months of roller coaster emotions from buyers, investors and real estate agents, the Spire is officially on its way to being a full fledged residential community!

Congratulations to the Spire’s management and staff for keeping such positive outlook and thought through the past 6 months, and to all the new homeowners who are privileged to be the first owners in such a unique community.

For all those who have been sitting on the fence not sure if you should buy, you have 8 days to still qualify for the first-time home buyer tax credit (click here, if you haven’t had a mortgage in three years you may qualify).  I’d love to help you have a new home in this community; it’s unique and will be a fabulous place to call home!

Get inSPIREd!

Call me: 303-995-3180 or E-mail to amycesario@gmail.com and let me know how I can help you.

© 2010, Amy Cesario. All rights reserved.

Whenever I work with out of town buyers, one of the most asked questions is “Does Denver have an IKEA?”

Now I have a new answer…”we will soon!”

My first experience was a little over a year ago in an IKEA that was jam packed in Los Angeles, yes, the country was having a recession and yes, the state of California was millions of dollars in the hole, but IKEA was thriving that weekend, well, apparently more than just that weekend.

Well Denver, ahem…I mean our suburb, Centennial, good job!

Much needed details are:

• Where: West of I-25 between Dry Creek and County Line Roads
• Ground Breaking:   May 4, 2010
• Grand Opening:  Fall 2011
• Jobs Created: 500 for Construction, then 400 when it opens

My Facebook Friends have now requested a Trader Joe’s, but I am loving Sprouts Farmer’s Market (Havana and Mississippi) I say support those who really want to be here, too bad for Trader Joe’s unless we can get one or the other in the city limits.

My thoughts are this:  Denver, it took you 10+ years to get a Nordstrom and then a Nordstrom Rack…please don’t take another 10 years to get a Farmers Market like Sprouts/Trader Joe’s.

Have a comment?  Scroll down and leave your thoughts below…

© 2010, Amy Cesario. All rights reserved.

New HAFA Rules:

1. Apply to Short Sales.
2. The rules do not apply to loans that are backed by Freddie or Fannie ask the other agent before showing so you know if the rules apply to the house you are potentially looking at.
3. Will allow borrowers (current sellers) to receive pre-approved short sales terms before listing the property (include sales price from the bank).
4. Prohibits the banks from requiring a reduction in the real estate commission agreed upon in the listing agreement, up to 6%.
5. Requires borrowers to be fully released from future liability for the first mortgage debt and if the second receives an incentive under HAFA, that debt will also be released.
6. Financial incentives for relocation assistance ($1500), and up to $3000 to be distributed to subordinate lien holders.
7. Takes effect April 5, 2010 and sunsets December 31, 2012.

Time line:

• Notification from the servicer (bank)
  • If the borrower doesn’t qualify for HAMP (Homes Affordable Modification Program) the bank must consider borrower within 30 days after one of the following has been met:
    • Doesn’t qualify for trial period plan
    • Doesn’t successfully complete a HAMP trial period plan
    • Misses at least 2 consecutive payments
    • or Requests a short sale

• Borrower has 14 calendar days from the date of the short sale agreement to sign and return it to the bank.
  • The bank must give the borrower 120 days to sell the house (extensions permitted up to 12 months).

• Within 3 business days of receiving a fully executed offer from a purchaser the Agent/Borrower must submit a complete Request Approval of Short Sale to the bank.
• Ten business days after the bank has received the complete RASS they must approve or deny the request.
• The first mortgage lien must release the lien within 10 business days or earlier after receipt of sale. The investor (lender) must waive rights to see deficiency judgments and not require a promissory note for the deficiency.

These deadlines will push the banks to get houses sold and off their books.  These houses will now be competition to the traditional owner occupied sellers who, for the past 2 years, have had an advantage and I think it will help prices hold and not decrease because of the length of time on the market.  Time will tell.

If you didn’t understand the lingo above call or email me.   You need someone to help you navigate though our ever changing guidelines and someone who will listen to your needs, has the experience, tenacity, and kindness to get through a short sale.

© 2010, Amy Cesario. All rights reserved.

Open Houses are a topic of conversation for Agents Last week on Twitter.  One says open houses are for Real Estate Agents to pick up buyers, others say it is to create more exposure for the sellers.

Sellers are requesting an “Open House” on a Sunday and they are requesting this because the other agent they interviewed said that they would have them every weekend.  Does this really create the exposure for the seller that is needed to get the house sold?

In my 10 year experience I have sold one house at an open house.  The buyers brought their agent back a couple of days after coming to the open house.  I have done hundreds of open houses over the years, connected with many potential buyers, who became my clients through the open houses which is why many homes are held open.

There are many reasons to hold a house open:

o   It has been under construction for months and everyone is dying to see what it looks like inside.

o   The agent is inviting peers to see it for feedback for the seller and to introduce to their buyers the minute is hits the market. (This would be a Broker Open by invitation.)

o   The neighborhood hasn’t seen it and it is in a trendy neighborhood where out of town buyers tend to look first and the agent wants exposure for the house and for new business.

o   Houses in the neighborhood do not go on the market very often and it is a way to introduce it to the general public and to the neighbors.  Neighbors tell friends about great homes available in their neighborhood.

There are a few reasons not to hold a house open:

o   Security is the biggest reason I will hesitate to hold a house open. If the house is lived in, there are many security reasons to not hold a house open, potential theft, etc.  As a Realtor there is just no way to be able to follow each and every person who walks in the door around the house to make sure they don’t take anything.  We never know how busy the day will be.  One summer in Denver we had a professional Open House thief, we are a small enough community that we got the word out to the agents who hold the targeted neighborhood of homes open and the people were arrested but this was after items were stolen and sold. (Prescription drugs and electronics that fit in a bag.)

o   Open houses can be disruptive to a sellers life.  Sellers don’t want “lookers” in their house they only want qualified buyers to look at their house.  Sometimes sellers are too busy just to leave their house every Saturday or Sunday just to have it open.

o   The house is not in “show” condition and the heat or the water isn’t on.

I think price is also a factor in holding open a house.  Right now in Denver, if a house is priced under $300,000 and priced well according to condition, the house will sell quickly and there is no need for an open house.

Most buyers look online before they will go into any house, but this year, I am finding a lot of people thinking they might want to buy are walking into open houses.  They don’t know if they can qualify for a loan, they don’t know how much they can afford they aren’t even sure if they will buy, they are “window shopping”. Window shopping is okay but not worth the risk in my opinion to have a “lived in” house help open for everyone to walk through.

© 2010, Amy Cesario. All rights reserved.

The Streetscape project is underway!  Over the next 11 months you will start seeing the transformation of the streets of Cherry Creek North.  CCN and the contractors have done a great job of communicating with the business in the neighborhood, you will see changes in the parking meters (they will look like meters but you can use your credit card!), the 1980 globe lighting will disappear and before we know it the holiday lights will once again transform our neighborhood and 2010 will have a new holiday look.  There will be construction on our streets but nothing will be shut down and it will continue to be pedestrian friendly as always!

These changes means change to the Free Cherry Creek North WiFi. This neighborhood was one of the pioneers offering free Internet use, but it is coming down with all the upgrades in the electrical setup but don’t fret, there are plenty of places that you can still jump on for free:

• Argyl Gastro Pub
• Café Colorado
• Crepes N’ Crepes
• Cucina Colore
• Gelato d’ Italia
• Ink! Coffee
• Mad Greens
• mini BAR
• Panera Bread Bakery-Café
• Peet’s Coffee
• The Weber
• Whole Foods Market (in the eating area)
• Both Starbuck’s have 2 hours free if you have a registered Starbucks card

Remember, Sunday is always a free parking day in Cherry Creek.

© 2010, Amy Cesario. All rights reserved.

Properties that are priced correctly are going fast.  Be as prepare as a cash buyer so you will come out ahead! This is one of the most important and largest investments you may make in your lifetime the more information you have, will make the process less stressful and exciting!

1. Know what your credit score is and what mortgage programs are available to purchase a property (15 year, 30 year fixed, Conventional, Jumbo, FHA, etc.), as well as, understanding how much you will have to bring to closing to purchase the property and how much your monthly payment will be.  When a credit score is pulled a Mortgage Banker/Broker will be able to give you a Good Faith Estimate within 72 hours, which will be used when closing on your home to ensure you are receiving the same information when you started your buying process.
2. Know how your Real Estate Broker is representing you.  Are they a Transaction Broker or Buyers Agent or are you a Customer?  Be clear so that you know how the agent can best help you during the buying process.
3. Know that when you write an offer on a home, the “form has legal consequences and the parties should consult legal and tax counsel before signing.”
4. Understand what Megan’s Law is and if you are concerned about the crime rates and sex offenses, look up the neighborhood statistics before your start looking at houses.

The past few years has brought extreme changes to our Real Estate world.  Five years ago, people didn’t have to put down any money on a property, they had many choices of different loans and banks to choose from, basically almost anyone could buy a house.  We have had a couple major changes this year that will require more details from buyers, so don’t be offended that you are required to give more information, it is in your best interest to find out the details before you fall in love with a house.

Knowledge is Power.

© 2010, Amy Cesario. All rights reserved.