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Homecoming Win!
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Your New Property Tax Valuation…..WOW!
If you own a home in Larimer County, you are probably excited about the increase in equity over the last few years due to the appreciation level we have seen. If you are buying a home in Larimer County right now, don’t worry you aren’t left out in the cold, the prognosis for property values in the next 5 years is still good! But there is one fly in the ointment when it comes to appreciation, and those are your property taxes. The county assessor is re-assessing values, and most of these are going to be going up. The way that the Assessor looks at values is interesting, and if you would like help trying to fight your tax value and getting it lower, I can pull the specific information that is required to do that, and show you the steps. Give me a call or shoot me an email if you are interested and we can talk more about the details!
Friday Fun Facts – Mortgage Rates
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Another Big Out Of State Investor Purchase in Fort Collins
The interest in the Fort Collins apartment market is heating up even more! With the latest sale of The Mill House in Old Town Fort Collins to an investor out of New Jersey for $13.6 million, that equates out to $251,852 per unit according to the Colorado Real Estate Journal. This used to be a much less attractive side of Old Town, but we are seeing more and more development and re-development in the area. The increasing rents, especially in the realm of urban living has made it even more attractive for these investors.
The good news, is single family and smaller multiunit investments (like duplexes, triplexes, and fourplexes) are all seeing rental increases as well. The cash flow and yield numbers are working great on those as well even with the increase in pricing we have seen.
If you have any questions about this information, please feel free to give me a call to talk investment properties!
Friday Fun Facts
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What’s Happening In The 2017 Real Estate Market?
I want to thank everyone who came out to the Windermere Forecast last week, it was great to see so many people there interested in the real estate market and where we are headed in the future. I wanted to make sure that even if you did not make it, you are familiar with some of the big takeaways from the presentation.
The big story of course is the ongoing low inventory in Northern Colorado. We are at a quarter of where we were back just 6 years ago in 2011, just check out the graph below. This will continue to drive a fast moving market through 2017, although potentially not at the same pace we saw in 2016. That cooling off will be a product of increasing interest rates as the year progresses. While it is certainly great to be a seller in this market, there are still great ways for buyers to get more home than they could have afforded in the past because of where interest rates are currently.
What that low inventory has driven is an above average appreciation rate for the Fort Collins/Loveland areas (as well as the rest of Northern Colorado). As you can see below, we are above the long term 5% appreciation average, so again that will probably slow down just a little bit in to 2017, although we will still be appreciating!
One of the other big questions I get is from my investors, and that is “why should I buy an investment property with these increased prices?”. The answer lies in two things. The first is low interest rates, and the second is with massively increased rents. Even when a 3 bedroom 2 bath home near the CSU campus was $100,000 less than it was today, we are STILL cash flowing about 60% more than we were back when prices were lower. As you can see below, we have seen an increase in rents, along with a decrease in vacancy (especially if you look at a longer 10 year term).
If you have any questions about this info, or want to talk more about buying, selling, or investing in real estate, I’d love to take you to coffee to discuss it!
Thank YOU!
I want to thank all of my clients for making the tailgate party last week such a success! We had over 150 people, and we got to enjoy Tacos, drinks, and the Coyote Gold trailer even showed up to serve margaritas. It was a lot of fun to see everyone!
Great food with friends!
Eric Thompson in a mini trike race!
On a similar note, I got to attend our new Cherry Creek Windermere offices’ Grand Opening Party, and it was so cool to see how we are growing even more in the Denver area and will be able to serve even more of our clients in that area. If you or anyone you know needs real estate help in Denver, give me a call and I can put you in touch with amazing agents in that region.
Thank you again and have a great week!
Windermere Owner/Manager Conference-Sunny San Diego!
To quote the patron saint of San Diego (Ron Burgundy), “He had a voice that could make a wolverine purr and suits so fine they made Sinatra look like a hobo”.
While that has nothing to do with last week in San Diego, it made me chuckle. The Colorado leadership team got to spend a few days last week in San Diego for the Windermere Owner’s Retreat, and it was fantastic! We got to learn from other owners and managers about what programs are helping clients all over the western United States. We will get to bring these things back to Fort Collins to help our clients even better and more effectively!
The company is focused even more intently than ever on giving Windermere brokers the tools to help our clients in 2017. One thing that I am REALLY excited to announce is that we will be bringing the Gardner Report to Colorado. Matthew Gardner is Windermere’s chief economist (we are the only traditional brokerage with an on staff economist, let alone a nationally recognized one!), and he will be bringing us quarterly reports and data analysis that we will be able to share with you, our clients!
We also got to check out the Marine base at Miramar (where Top Gun was located when that movie was filmed), which was awesome.
If you have any questions or want to get on that list for the Gardner Report, please don’t hesitate to give me a call!
