Wow, the first half of 2023 has been relatively good in real estate throughout most markets. Volumes are down substantially, but there has been little movement in prices. Even with higher interest rates, most areas have stayed relatively flat, but the winds are...
In a recent survey done by New Era Colorado where they polled 506 Coloradans between 18 and 34, a whopping 91% supported “rent stabilization” policies. The legislature is hearing this drumbeat loud and clear. The biggest focus of this legislative session has focused...
SmartAsset uncovered the fastest-growing cities in the U.S. To identify the top boomtowns in America in 2021, they looked at the most recently available data for 500 of the largest cities across the following seven metrics: population change, unemployment rate,...
For the past 15 years or so, my “mushroom theory” was an amazing tool (no I’m not talking about the magic mushrooms that were approved by voters). Up until Covid the mushroom theory worked like a charm to predict price appreciation in cities like Denver, but recently...
Colorado property taxes were set to jump almost 50% in some markets which finally go the attention of the Colorado Governor. At the last minute, Governor Polis put together a proposal that supposedly will drastically save taxpayers. What is in the new proposal? ...
Get ready for sticker shock; as you will be receiving your new tax assessment in the next few weeks (typically the beginning of May) and time is of the essence as you have a limited window if you want to fight your tax value. How can assessed values continue to...
I’m asked daily what happens to prices in high cost cities like Denver. Will prices stabilize due to the Golden handcuffs of low rates? Will prices go into a free fall due to higher mortgage rates? Historically there is a correlation between rents and prices,...
The legislature passed a little known bill in 2021 to allow property owners to defer their property taxes above 4% increase starting in 2023. On the surface, this sounds like a great plan. Why wouldn’t someone want to defer their property taxes. Unfortunately the...
Every time I turn around there is yet another proposal to implement rent control. The newest house bill concerning requiring just cause for an eviction recently passed its first hearing. On the surface it sounds harmless, but the details are the most troublesome of...
There is yet another proposal in the statehouse on affordable housing. This new bill would allow governments the first right of refusal on basically any multifamily property. On the surface, the new proposal sounds innocuous, but the devil is always in the...
Last year Denver passed an “affordable housing program” that requires multifamily developments to pay linkage fees and/or reserve a percentage of units for low income housing. What has happened to apartment construction since passage? Were my original predictions...
Get ready for sticker shock as this year is a reassessment year. As values soften throughout the state, will your property taxes finally go down? Unfortunately the short answer is just the opposite, look for your taxes to jump an astronomical amount. How can...
I always watch what happens on the coasts to see what is next for Colorado. Whether it is minimum wage, required sick leave, etc… these all originated from the coasts and migrated to Colorado. NY’s laws on nightly rentals will soon find their way to Colorado. The...
The prevailing theory is that this real estate cycle will be considerably better than others as so many people locked in rock bottom rates which will serve as “golden handcuffs” and prevent a meaningful increase in inventory. This in turn will keep prices high with...
Denver is making waves again with the passage of a new law that requires all long-term rental properties to meet “min housing requirements”. This new law goes into effect on January 1 2023. On the surface the new law sounds innocuous, but the reality is far...
Wow, 2022 has been quite the year in real estate. In Denver, the average home price peaked at $913,000, a whopping 52% increase from 2019. In Summit County (home to Breckenridge, Keystone, etc..) the average home is 1.2m up 116% since the pandemic. Even with higher...
It is amazing, they just called the last races in Colorado a few weeks ago and already there is a ballot initiative to increase taxes further. In the last cycle voters passed an affordable housing initiative and hot on its heals is a new statewide transfer tax...
I recently receive a Denver Metro Association of realtor’s newsletter touting: “People have been flocking to the Mile High City from more expensive cities in search of a cheaper cost of living and to work remotely in the Rocky Mountains. “ Is this leading to higher...
It has been a crazy election cycle in Colorado with multiple initiatives impacting everything from alcohol, nightly rentals, income taxes, school lunches, magic mushrooms, etc… Some taxes were reduced, others were increased. What were the big Colorado initiatives...
Voters in Steamboat Springs, Aspen, Dillon, Glenwood Springs, Carbondale, and Summit County will all decide whether to impose additional taxes, with at least part of those funds in each municipality going to support affordable housing. What are the new short term...
The Summit Daily recently posted an article that Fall is a great time to hike a 14er. I took the pic below of a 13k foot peak the same week the article came out. Probably not a good time to attempt a peak ascent in the snow. The article on 14ers is eerily similar...
I was recently looking at a property in Colorado and looked up its Zestimate (above)… it is a miracle that the Zestimate suddenly increased 300% with no changes to the property. I’ll bet 900 million that the Zestimate is not accurate. Why did the Zestimate jump so...
Don’t be surprised by the recent numbers. I mentioned months ago that many Canadian markets changed on a dime and the same would happen in major US cities. A recent Redfin report showed that Denver ranked second behind Boise in price drops amongst 97 cities. ...
The Denver Metro Association predicted “extreme bidding wars” will continue in their August Newsletter. At the same time the National Association of realtor’s chief economist said: “We’re witnessing a housing recession in terms of declining home sales and home...
