What to do in Denver in May 2022

May Events and Fun in Denver!        May 3rd – 15th: Colorado Avalanche Stanley Cup Playoffs The Colorado Avalanche will take on the Nashville Predators for Round 1 of the 2022 playoffs. Games 1-4 are set for May 3rd, 5th, 7th, and 9th. Games 5, 6, and 7 will be played if necessary on May 11th, 13th, and 15th. Home Game Tickets & More Info!         May 7th – 8th: Cinco de Mayo Festival “A weekend filled with food, fun and culture, Denver’s Cinco de Mayo ‘Celebrate Culture’ Festival puts the spotlight on The Mile High City’s vibrant Latino population. With more than 400,000 attendees expected, it’s one of Denver’s most fun and family-friendly events.” More Info!         May 14th – 15th: Asian American and Pacific Islander+ Festival “In celebration of Asian and Pacific American Heritage Month, Denver Zoo is proud to partner with the Filipino-American Community of Colorado to host the first-ever Asian American and Pacific Islander (AAPI+) Festival at the Zoo. Together, we will celebrate the diversity of Colorado’s Asian community through multicultural dance, music, art, workshop and community engagement; and the Zoo’s unique connection to Asian cultures and countries through our animals and conservation programs. Guests are welcome to dress up in the traditional culture they identify with.” More Info!     May 14th – 15th: Denver Colfax Marathon “We are excited to celebrate the Denver Colfax Marathon on our traditional May weekend – May 14, 15, 2022.  We’ll have our two-day Cigna Denver Colfax Marathon Expo at Empower Field at Mile High on Friday, May 13th and Saturday, May 14th.  Our 5K Kickoff will be on Saturday, and our main Race Day will be on Sunday with the Marathon, Half Marathon, Urban 10 Miler and Marathon Relay (Corporate, Government and Open Relay Divisions).” Registration & More Info!     May 20th – 22nd: Colorado Rockies vs. New York Mets “Enjoy exciting major league baseball and come out to this series between the Colorado Rockies and the New York Mets.” Get Tickets!           May 28th – 29th: Denver Arts Festival “The summer arts festival season will open with the 23rd Annual Denver Arts Festival, May 28-29, at Conservatory Green in Central Park. Experience fine art and fine crafts from over 140 Colorado and national Artists. You can make a day of it with plenty of art to see, wine tasting from La Crema Winery, food trucks, adult beverages plus free live music both days. There is the Kids Art Zone where kids can create their own paintings to take home with them. Come see why this festival is one of the top-ranked shows in the country. Free admission and free parking.” More Info!       Have a great May!  

Denver Real Estate News – May 2022

  A Market Shift May Finally Be Upon Us   Not only have high winds been relentless this month, but the winds of change may also be upon us. We’ve all noticed higher prices for gas, groceries, and just about everything else. Although the inflation rate was already on the rise at the start of the year, it spiked to 8.5% in March, fueled by supply disruptions caused by the recent war in Ukraine. That is the highest inflation rate in the U.S. since the 1980s! So, what does rising inflation mean for the real estate market? One major impact is that it has had an adverse effect on mortgage interest rates. Those rates were already expected to climb this year after the FED said they would be rolling back extensive measures to ease the pandemic burden on U.S. families. To combat steeper-than-expected inflation, they recently voted to take an even more aggressive stance. As a result, we saw the most rapid increase in interest rates in the history of the U.S. mortgage market. As of April 12th, the average interest rate for a 30-year mortgage in Colorado was at 5.5%, a huge jump from around 3.4% at the same time last year.     What Does This Mean For Buyers? Competition Should Ease Slightly as Rates Increase What do these economic signals mean for buyers? Everyone’s situation is different, and it’s best to talk to your lender and agent about what makes the most sense for you, but here are the likely changes to the market: More Inventory: Interest rate hikes have already led to an uptick in inventory in Metro Denver. The biggest rate increases happened in early April, so this month will likely be more flush with inventory. In the Market Snapshot, you can see that in March there was already a 5.2% increase in the number of new listings (see below). With all the economic uncertainty, some sellers fear that the ship is sailing to make the most money possible for their homes, so they have opted to sell now. Less Competition: Higher interest rates mean that some buyers will be priced out of the market. If you are a well-qualified buyer and think you should wait to buy for interest rates to go back down to the record lows seen over the past couple years, that’s likely a mistake. Mortgage rates are expected to keep rising sharply based on current economic factors. Slower Home Price Growth: As you can see from the Market Snapshot, home prices are up around 20% from this time last year. Although home prices are not expected to decline, these price appreciations will likely slow down because of the current economy. If you’re a buyer who’s waiting for home prices to go down to pre-pandemic levels, there is no evidence that will happen anytime soon. Unlike the housing crisis in 2008 & 2009, the current issues in the market are not artificial due to bad lending practices, etc., but rather from genuine high demand and a lack of supply that are putting upward pressure on home prices.       What Does This Mean For Sellers? Rising Rates Panic Some Sellers Many sellers were shocked by the recent spike in interest rates and have decided that the best time to sell might be now. Some sellers fear that we’re in another housing bubble like in 2008 & 2009 and that the market will come to a screeching halt. As stated in the previous section, market conditions are radically different than they were back then. Home prices are expected to keep going up over the next year, although at a slightly slower pace. Prices are not expected to decline. Buyer demand is still strong, and inventory is still extremely low compared to a buyer’s market. Even if some buyers are priced out of the market due to higher rates, you might still be lucky enough to receive multiple offers. Still a win! In the end, we advise against trying to time the market. All these economic factors could change overnight, and no financial advisor has a crystal ball. Instead, do what makes the most sense in your situation. Need more space for your growing family? Looking to downsize? No matter what the case; if you do decide to sell your current home, this is still a strong seller’s market. If you would prefer not to sell, you will probably continue to build plenty of equity. Just keep in mind that monthly payments could be higher on your next property, given the rapidly increasing interest rates. As always, please reach out to chat about your unique situation. We are always happy to help you plan for your real estate goals! (Data Sources: REColorado®, The Wall Street Journal, CNBC, Fortune.com)        

What to do in Denver in April 2022

April Events and Fun!        April 3rd-10th: Denver Spring Fashion Week “Denver Fashion Week (DFW) is Colorado’s largest fashion showcase featuring emerging designers, local boutiques, national brands, hairstylists, makeup artists and models.” More Info!         April 8th: Colorado Rockies Home Opener “Don’t miss the Colorado Rockies Home Opener where the Colorado Rockies square off against the LA Dodgers!” Tickets & More Info!           April 8th: Magic on the Rocks “Denver native and world-renowned magician, Scotty Wiese, presents “Magic on the Rocks,” the first magic show in Red Rocks history! Prepare to witness mind-blowing magic, storytelling, comedy, and surprises throughout this once-in-a-lifetime event. The perfect show for family and friends of all ages.” Tickets & More Info!         April 15th-16th: Rodeo All-Star Weekend “Join us for a very exciting Rodeo All-Star Weekend! The ultimate pro rodeo competition with All-Star contestants from around the globe.” Tickets & More Info!           April 16th: Family Egg Hunt “Check in with the animals while you search for thousands of eggs through the 12-acre Park. Little ones, 3 and under, can enjoy their own egg hunt in the kiddie corral. After the hunt, hop on the tractor for a hayride, grab a photo with the Easter bunny or make a craft together. Make sure to check out the bottomless Bloody Mary bar and grab some snacks from one of our amazing food trucks!” Tickets & More Info!         April 23rd: Monster Jam “Monster Jam® is an action-packed motorsport with world-class athletes locked in intense competitions of speed and skill. Witness heated rivalries, high-flying stunts and fierce head-to-head battles for the Event Championship. Engineered to perfection, these 12,000-pound monster trucks, including the legendary Grave Digger®, Max-DTM, Megalodon® and more push all limits in Freestyle, Skills and Racing competitions. The Series Champion receives an automatic bid to the prestigious Monster Jam World Finals® to compete for the title of World Champion. This is full-throttle family fun. The Official Monster Truck SeriesTM only at Monster Jam.” Tickets & More Info!         April 30th: Elitch Gardens Opening Day “Park Opens for the 2022 season!” More Info!           April 30th: TEDxMile High: ASCEND “Join TEDxMileHigh on April 30th to hear from inspiring speakers, experience interactive exhibits, and engage with experiences that will explore bold new ideas! Throughout human history, we have faced tremendous challenges. Today is no different. We can continue to move new ideas forward that will spark greater equity, drive technological innovation, and inspire new paradigms. New ideas united with a courageous community can elevate curiosity, connection, justice, and a new world.” Tickets & More Info!             Have a great April!  

Denver Real Estate News – April 2022

From Eccentric Billionaire to Minimalist Would-Be Astronaut   Shortly after the onset of the pandemic in the U.S., the initial panic had many people scrambling to buy up as much property as possible. Housing inventory was already low in many areas when the global crisis began, and prices were steadily on the rise. Some buyers were facing housing insecurity and did not want to be stuck renting forever, especially if they suddenly found themselves working from home full-time in an apartment. Others were investors looking to grow their portfolios while interest rates were at all-time historic lows, seizing the opportunity to build their personal wealth. One man publicly decided he would take the opposite approach. Elon Musk, the CEO of SpaceX and Tesla, and now the richest person in the world (again) is already a somewhat controversial figure. Back in 2020, he used his audacious attitude to let people know, “I am selling almost all of my physical possessions,” and that he would, “own no house.” Many people scoffed at the time, but sure enough, he slowly sold off seven houses he owned in California worth almost $130 million. The last of which was a $30 million mansion near San Francisco that sold in December. When someone on Twitter asked him why he was liquidating his real estate assets, he responded, “Freedom.” His true goal, he later revealed, is to put his massive fortune towards his company SpaceX’s project of launching a colonization mission to Mars by 2050. Elon said, “It’s going to take a lot of resources to build a city on Mars. I want to be able to contribute as much as possible to the city on Mars. That means just a lot of capital.” (Info Sources: The Wall Street Journal, Forbes, The Business Insider, Bloomberg, Google)     LOCAL MARKET UPDATE Home Prices Up Almost 30% Over the Past 5 Years   Meanwhile, back on earth, the local Metro Denver real estate market is still moving along at the same pace as it has been. Housing inventory is still extraordinarily low, and there were only around 1,200 active listings at the end of February. Average home prices are still on the rise, up about 7% from January, and up almost 17% since this time last year. That is the pattern we’ve seen lately, and with the current supply and demand imbalances in the market, these trends are expected to continue through at least the second half of the year, if not longer.   DMAR’s year-over-year market data for February breaks down the numbers for us. The table above looks at the market activity over the past 5 years. So far, new listing data in 2022 vs. the past four-year average shows that there has been an 18% drop in new listings over this period. Average home prices are up from about $450K in February 2018 to almost $630K last month. That amounts to an almost 30% price increase over 5 years! This is great news for existing homeowners who have accumulated a ton of equity in their homes, and for sellers who are looking to divest from their current homes like Elon did, but it’s not as good for many first-time homebuyers who may be forced to push their monthly budgets or continue renting for the foreseeable future. If possible to buy, it’s likely still worth the investment as home prices are not expected to decline any time soon. Whether you can make a move in today’s market will depend on your personal situation of course. We would love to help you weigh out your options – don’t hesitate to reach out, We’re always happy to chat!   Also, here is the monthly market snapshot:      

What to do in Denver in March 2022

Check out what’s going on this month!     March 11th – 20th: Denver Restaurant Week “Denver Restaurant Week 2022 is back March 11-20 and menus are now live! Don’t miss your chance to secure your spot at your favorite Denver restaurants. To make your reservations, please contact restaurants directly. You can even make a night of it with our great hotel deals.” More Info!         March 11th – 20th: Colorado Ballet presents The Wizard of Oz “Septime Webre’s dazzling production returns, bringing Dorothy and a whirlwind of your favorite characters back down the Yellow Brick Road. Webre’s whimsical and timeless choreography showcases the athleticism of each dancer on their journey to Emerald City. Approx. Run Time: 1 hr. & 55 min., including one 20-min. intermission” Get Tickets!         March 12th: Denver St. Patrick’s Day Parade “Join us for the 60th anniversary of the Denver St. Patrick’s Day Parade.  Step off is at 9:00 am. Check our Facebook and Instagram pages for the latest updates!” More Info!           March 12th: Harlem Globetrotters “Harlem Globetrotters live at Ball Arena!” Get Tickets!           March 15th: Dua Lipa “Dua Lipa: The Future Nostalgia Tour with Megan Thee Stallion and Caroline Polachek at Ball Arena.” Get Tickets!           March 18th – 20th: Denver Home Show “The Denver Home Show is a vibrant marketplace where you can shop for home-related products and services, experience stunning displays to help inspire your next home project, connect with industry experts, and enjoy informative presentations from renowned local and international home professionals. Whether you’re joining us at the National Western Complex with a specific project in mind or just looking for some inspiration, our local home professionals have you covered. With 400+ booths to explore and several unique feature displays to enjoy, this is a valuable event for all Denver homeowners.” Tickets & More Info!       March 19th: Billie Eilish “Billie Eilish: Happier Than Ever, The World Tour at Ball Arena!” Get Tickets!           March 24th – 27th: Denver International Sportsmen’s Exposition “Colorado offers an unprecedented number of outdoor pursuits and matching consumer participants. This is why ISE’s longest-running expo continues to expand—product offerings, destinations, activities, number of attendees. Hunting and fishing remain core. Several generations of outdoor enthusiasts from Colorado and the seven bordering states attend, while the expo’s Youth Fair, hosted by Colorado Parks and Wildlife, educates and inspires thousands of future outdoor enthusiasts.” Tickets & More Info!         Have a great March!  

Denver Real Estate News – March 2022

  Unconventional Buyers Break with Tradition   With demand for homes skyrocketing and inventory in short supply, it may be no surprise that people have started teaming up on their real estate purchases. However, what may surprise you are the numbers. According to a recent survey from Realtor.com®, 31% have bought a primary residence with someone they are not married to. That number is even higher among the 18-34 age group at 41%.   Unsurprisingly, many of these buyers are romantic partners who have skipped marriage (16%). With wedding costs also rising, many people forgo a traditional wedding and instead use that money as a down payment on a house. Other co-buyers include parents/grandparents/older relatives (6%), children/nieces or nephews/younger relatives (5%), siblings/cousins/relatives of a similar age (4%), roommates (4%), and friends (4%). Despite the unfortunate market imbalances forcing people to make these complex life decisions, maybe it will bring people closer together in the end. No matter who you are, be sure you like to be around, and especially trust, your co-borrower(s)!   Where Have All the Condos Gone?     Many people feel the pressures of this housing market and the rising costs of living. As a result, there has been much competition for homes, even in the luxury price segment of the market. For example, take a look at our Market Snapshot below. At the end of January, inventory was still meager at 1,291 active homes for sale, down a massive 70% from the end of January 2021, which was already a tight market for buyers. So, the question on some people’s minds is… “Why don’t they just build more homes?”         Shortage of new construction In Metro Denver, there has been a shortage of new construction for about 12 years now. Our city became incredibly attractive to companies and qualified buyers looking to move. As a result, the population increased more dramatically than usual. Construction has not been able to keep pace with all these new buyers. We have discussed some of the limiting factors to new home construction in previous editions of this newsletter, including shortages of everything from supplies to skilled labor and even land shortages. What this issue boils down to is profitability.   From a development standpoint, many investors prefer to put their money into multi-family units (only apartments, NOT condos and townhomes) because the return on their investments is higher. They can rent to more people using the same amount of square footage. If you take a step back and look at the entire scope of new multi-family homes being built, you’ll see that condo construction is near a historic low over the past 50 years.     Condo construction reached an all-time high around 2005 and 2006 when about 50% of the new multi-family construction was a for-sale product. Since then, condo construction has gone from representing approximately 50% of the new multi-family construction to about 5% today. As a result, hardly any multi-family construction money is getting put into condos, and most of it goes into apartments.   There are a few factors for low condo construction, and lack of demand is certainly not one of them. One reason is that there is currently too much uncertainty with the retail and office asset classes. Those properties are much less interesting to commercial investors than they used to be. As a result, much of that money shifted to assets like apartments and warehouses.   Another factor is that first-time homebuyers are being priced out of the market, so they are forced to either rent longer or rent for the long term. This has created much rental demand for apartments. So, unfortunately, rising purchase prices for condos are also creating more demand for apartments.   The final component is probably not consistent for every market, but in Colorado, there is something called a “construction defects” liability problem. Developers that build a for-sale condo are exposed to liability for any defects in construction for up to 7 years after the project is completed. A couple of years ago, there was a little bit of reform on the condo defect law, but it didn’t go far enough, so it’s still financially unattractive for developers to build condos here. Unfortunately, all these factors are likely to be stuck in place for a while, so don’t expect to see a lot of condo construction any time soon.    

What to do in Denver in February 2022

See what’s going on around town this month!     February 1st to 28th: Celebrate Black History Month “Each February, Black History Month honors the achievements and contributions of African Americans to the country. Here’s how you can celebrate throughout the Denver metro area with lectures, dramatic performances and music.” Schedule & More Info           February 4th to 13th: Colorado Ballet Presents Romeo & Juliet “It is one of the most beautiful yet tragic love stories of all time. Choreography by Derek Deane that demands exceptional levels of ballet technique, artistry and acting, paired with Sergei Prokofiev’s phenomenal music, makes for an evening of stunning artistic grandeur that will take your breath away.” Tickets & More Info         February 11th to 13th: Monster Jam “Whether you prefer break-neck, dirt-track racing or car-crushing freestyle competitions, one thing’s for sure: if you love the biggest, baddest trucks pulling off the craziest, most exciting stunts, then you love the Monster Jam Trucks competition, coming to the Ball Arena on February 11th, 12th & 13th, 2022! Want to catch the action live and in person? Then you’re missing just one thing: tickets!” Tickets & More Info         February 12th to 20th: Colorado Garden & Home Show “Discover the Rocky Mountain region’s oldest, largest and most prestigious garden and home show – a nine-day spectacular event at the Colorado Convention Center– where you can find inspiration from the latest ideas and trends in landscaping, gardening and home improvement. Enjoy the multitude of fragrances as you stroll through more than an acre of professionally landscaped gardens – 8 in all. Talk to representatives from more than 650 companies from 25 states and Canada. Visit with the region’s gardening gurus and home improvement experts about the best ways to move your home and garden projects forward.” Tickets & More Info           February 14th – March 1st: Denver Jewish Film Festival “The 26th Annual JCC Mizel Arts and Culture Center’s Denver Jewish Film Festival powered by The Chotin Foundation will be held virtually and in-person from February 14 to 22 and will be followed by an entirely virtual festival from February 23 through March 1, 2022. The festival includes 34 films and shorts showcasing cinema from 14 countries. Films cover a variety of diverse topics, many showcasing stories of perseverance through different lenses.” Schedule, Tickets, & More Info         February 25th to 27th: Colorado Golf Expo “The 2022 Colorado Golf Expo is where you can find the latest in golf clubs, equipment and accessories, deals on greens fees, plan your golf vacation and find out about golf programs in the state. This “golf centric” experience is a perfect time to spend with your partner, your golf group or kids!” Tickets & More Info         February 25th to 27th: DGMG Jewelry, Gem, & Mineral Show Fun for the whole family, with geode cracking, beautiful minerals from around the world, (and meteorites from around the solar system) ancient fossils, fluorescent room with rocks that glow in the dark, gems, opals, custom made stone tables, magnificent hand-crafted custom jewelry and more. Watch skilled lapidary artists cut gems and create beautiful polished stones. Talk with area rockhounds to learn about local field trips and collecting opportunities. Over 20 educational displays from; The Sherman-Dugan Geological Museum, the Phoenix Gold Mine, Dinosaur Ridge, and more. Vote for your favorite display and enter to win prizes. More Info       Have a great February!  

Denver Real Estate News – February 2022

  2021 Final Stats Are In – How Did the Year Compare to 2020? Still Rising Inflation & Interest Rates Spell Higher Prices   The 2021 real estate market was much like 2020 in some ways: high demand for homes, low inventory, and the overall showing traffic patterns. However, a couple of elements were markedly different in 2021 — specifically, skyrocketing inflation and rising interest rates. In the last newsletter, we focused on inflation, which essentially measures what consumers pay for goods and services. To recap, inflation in the U.S. hit its fastest pace since 1982, rising 7% in December. This marked the third straight month that inflation exceeded 6%. The main driver for these dramatic inflation increases is pandemic-related supply chain issues.   The other significant difference about 2021 was that mortgage interest rates, kept artificially low by the Federal Reserve as an attempt to lessen the pandemic’s blow to the economy in 2020, started to see an uptick once they announced they would gradually discontinue those measures. As this newsletter is being written, mortgage interest rates just hit pre-Covid levels for the first time in 2 years, around 3.8%. Although that rate is still low compared to historical levels, the rates have risen sharply since the year began.   What does all of this mean for the 2022 market? The net result of housing supply and demand imbalances, rising inflation, and rising mortgage interest rates is that home values are expected to sharply rise again this year. There is no immediate way to curb these issues without drastic changes and improvements to existing trade and infrastructure. With Washington politics in seemingly perpetual gridlock, it is unlikely there will be relief from these issues in the short term.   If you are a current home buyer, now may be your last chance to lock in a low mortgage rate. As any mortgage professional will tell you, there is a lot more room for interest rates to rise than to fall. These rate changes may seem insignificant, but they can amount to hundreds of additional dollars per month on your mortgage payment, in addition to the ever-rising home prices created by low inventory.   As always, the best move for you will be dependent on your unique situation. Don’t hesitate to reach out if you’re wondering what your current options are!   Last thing — here are the Denver Market stats looking at December 2021 vs December 2020:    

What to do in Denver in January 2022

Events around town this month!     Now – February 6th: Immersive Van Gogh “From creators of the blockbuster show in Paris seen by over 2 million visitors and still wowing crowds in Toronto, the premiere of the Immersive Van Gogh Exhibit will bring the art of Vincent to life in Denver. You will be immersed in Van Gogh’s works – from his sunny landscapes and night scenes to his portraits and still life paintings. Experience the organic landscapes of Van Gogh’s imagination, and journey through his brilliance and madness. Astonishing in scale and breathtakingly imaginative, you will experience Van Gogh’s art in a completely new and unforgettable way.” Get Tickets!       January 8th – 23rd: National Western Stock Show & Rodeo “Bulls and broncs, cowboys and cowgirls – rodeo’s biggest superstars perform amazing feats of athleticism during each performance of this professional rodeo. Showcasing the elegance and athleticism of the world’s top reining horses, the hard-hitting competition of Denver Professional Bull Riders Chute-Out and the Mexican Rodeo Extravaganza, this event has something for everyone.” Schedule, Tickets, and More Info!       January 13th – 15th: Colorado RV Adventure Travel Show “Featuring the very latest makes and models of RVs from the nation’s top manufacturers. Take advantage of special show-only pricing and incentives in order to get the absolute best deal! Financing and on-the-spot loan approval makes this show a cannot miss for outdoor enthusiasts! The show will also feature a huge selection of outdoor accessories as well as campgrounds, resorts and more. Find everything you need for your next RV adventure.” Tickets & More Info!       January 17th: Martin Luther King Jr. Day Events “Civil rights leader Martin Luther King Jr.’s legacy is commemorated in The Mile High City every January with what has grown to be one of the largest MLK Jr. Day celebrations in the U.S. — even larger than that of Washington, D.C.!” More Info!             January 22nd: Denver Winter Brew Fest “Enjoy craft brews in a fun festival environment! Upon entry, try unlimited tastes in an intimate setting and interact with brewery reps often sharing special releases or seasonal brews. Attendance is limited for short lines so that you can discover amazing craft beer from both local and national breweries while listening to live music. Savor food from our awesome food trucks and check out the other vendors!” Tickets & More Info!       January 22nd: Charley Crockett “Charley Crockett at Mission Ballroom, Denver, CO Ages: 16 & Over.” Get Tickets!       Here’s to a great year ahead!