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--Mark and Lisa Cramer
Two doors from the Phipps Mansion, A Belcaro Time Capsule from 1958
Mark Cramer with Coldwell Banker Previews shows the back yard of a 1958 home built by Allen Phipps, son of Sen. Lawrence Phipps.
In 1958, steel magnate and former U.S. Sen. Lawrence C. Phipps was passing on to his reward … the same year that son Allen Phipps built a sprawling ranch on 1.15 acres carved from the oval-shaped Phipps Mansion site. Coldwell Banker agents Mark and Lisa Cramer have that house on the market at $2.3 million.
The senator’s sons, Allen and Gerald Phipps, are best known for having saved Denver from an unimaginably ignominious fate. In 1964, they bought the fledgling Denver Broncos and Bears Stadium from an owner that was ready to ship the team east following its first lamentable years in the AFL.
This house deserves that kind of break, too. It has 4,650 feet on its ranch level and another 2,200 on a split around the garage,angled about a resplendent back yard. In a year when Sputnik was in orbit and cars had fins, this was a place with a space-age kitchen and a full master suite with dressing area and plenty of built-ins. All the more remarkable, nobody seems to have changed it since; it’s a time capsule of 1958 — the cabinets, finishes, all as they were then.
Logic, says Mark Cramer, points to scraping and building, in one of a very few high-end neighborhoods that shows year-over-year price increases now. If you follow Kentucky Avenue around the Belcaro oval (street names change to Adams, then Belcaro Drive, then Madison) you’ll pass numbers of residences with comparable pricing, including some scrape-n-builds that have gone well beyond (one house, Cramer says, is at $6.3 million). At $2.3 million, a buyer could spend $300/foot for even 8,000 new feet and still come in well under $5 million.
The Cramers hope this will go another direction, though. Buy the house; put, say, $400,000 into a makeover of the main ranch level, and then totally rebuild the old garage and servants’ wing into a new bedroom wing around a pool deck ($600,000?). That would yield a period showplace in a matching neighborhood, at $3.4 million.
… One that preserves the styling and the fun details, including a wet bar that has a pass-thru to the patio outside. 3481 E. Kentucky Ave. is 5 blocks west of Colorado Boulevard on Kentucky Avenue.
Starting around 6AM with Squaw Pass, 3,500 cyclists climbed for 16 miles from 7,800 feet to 11,000 feet. I had a breakfast burrito before I started and piled on shot bloks, Powerbars, Goo, Gatorade, water etc. during the climb. At the summit I took a few minutes to enjoy the views and gear up for the 14-mile white-knuckle coast down to Idaho Springs.
From Idaho Springs we made our way to Georgetown where the fun began. Most riders would agree that the second leg of the Triple is the hardest. You’ve just finished a long climb up Squaw with a nice, although short, break before climbing for the next 30 miles to the summit of Loveland Pass with an additional elevation gain of around 4,200 feet. During this leg you never stop climbing – it’s always uphill, and a good portion of it is on the I-70 highway.
At Loveland Basin I realized that I had underestimated the Triple. I felt pretty spent when I sputtered into the aid station, and in front of me I saw a series of steep switchbacks, and thought, “that can’t be part of this ride.” On closer examination I could see little dots moving in one direction along the switchbacks and a few expletives raced through my head. I devoured ham and cheese sandwiches, watermelon, and chocolate chip cookies, threw down some Gatorade and water, and jumped back on my bike. The short break at the aid station really turned me around, and the switchbacks started falling behind me as I made my way to the summit around 12,000 feet and an easy coast down the backside through A-Basin and Keystone.
Driving into Vail is always a joy, but riding down as the last part of the Triple was a near spiritual event. The ride ends in Avon and you can feel the adrenaline pumping as riders pick up the pace for the finish line.
Again, thanks to everyone who contributed to Big Brothers Big Sisters, and to Lindsay Brown for his advice along every step of the way, and especially to Lisa for supporting me and encouraging me to train, and setting such a great example with Big Brothers Big Sisters.
The Homebuyer Tax Credits expired for qualified buyers who were not under contract on a home on or before April 30th. Looking at the MLS data for central Denver, we calculated a 47% drop in homes under contract between April and May during a time of year when the market should see a seasonal rise.
As you may know Lisa has been a big sister for the past 10 years to a very lucky young lady who just this past month was the first among her family to graduate from high school. Lisa’s positive influence is a testament to the difference that Big Brothers Big Sisters is making in the lives of at risk youth in our community.
In an effort to lose some weight and support Big Brothers Big Sisters, I have pledged to raise $1,500 for the organization by contributing $500 myself and soliciting friends and family to support my ride across three Colorado Rocky Mountain passes (Squaw, 11,140′; Loveland, 11,990′; Vail, 10,560′) on one 120-mile lung-busting day in the Triple Bypass cycling challenge on July 10th.
If you believe in Big Brothers Big Sisters then click here to make a donation. Thanks for your help and I will let you know how it goes!
Cheers–
Mark
The Central Denver Market was no exception. Looking at homes and condos under contract in Central Denver, we calculated a 47% drop in activity between April and May, during a time of the year when the market should be on a seasonal rise.
It’s still too early to know exactly how much of a difference this slump in demand will depreciate prices, if at all.
During the six months prior to the tax credit expiring, inventory for homes under $300,000 was at a record low (around a 2.5 months supply). The decrease in demand will certainly increase the supply of inventory, but only time will tell if it will be enough to start depreciating home prices in that price range.
Of course, the amount of available inventory increases as you move up in price. At the same time, the level of motivation to take advantage of the tax credit decreases; after all, how many million dollar buyers are first-timers, and would $8,000 really motivate them?
Just last June, Forbes Magazine ranked Denver as America’s best city to purchase a home (article). The article noted an average 5.7% increase in Price Per Square Foot in Denver, between February and March 2009. Only ten months after Forbes published the article, April 5th, 2010’s edition, the magazine reversed directions and ranked Denver as America’s second Worst-Selling Housing Markets (article).
The recession hit Denver later, and only in the past year have real estate sales slowed and inventory begun to pile up. The number of unsold homes rose 27% year-over-year, and sale prices were flat, pushing the city up to the No. 2 spot [of worst selling markets].
The article explains the calculations behind the rankings, which are less than clear and based on Zillow’s numbers.
The cities were ranked according to the biggest inventory increases and biggest drop in home sale numbers between the fourth quarter of 2008 and the fourth quarter of 2009. Those two metrics were then averaged for each city to determine our top 10.
Looking just at last month’s figures from Metrolist you see that prices and number of transactions are up, and inventory is down compared to March 2009 for both condos and single family homes. On average, prices are up 7.1%, transactions are up 12.35% and inventory is down 2.9% over last year’s March.
While “America’s Worst-Selling Housing Markets” makes for a sensational title that will sell lots of magazines, the reality is that Denver’s market has been comparatively good and continually improving. The disconnect between this article and the reality on the ground is so egregious that Mayor Hickenlooper is demanding that the magazine explain their numbers.
Francesca Levy, the author of the article, has since back-peddled her spin admitting:
By many measures, as you know, the Denver market is doing quite well, and certainly it’s doing well relative to other metros. But this story was based on a fairly narrow set of metrics
In fairness to Denver, Forbes could at least re-title their article “America’s Worst-Selling Housing Markets Based on a Narrow Set of Metrics”
After burning up the slide-ruler and the graph-paper we’ve calculated the neighborhood appreciation numbers and we’re sticking with them! A bit of explanation up front is only fair.
We identified forty-one major neighborhoods (listed here) in the Denver area, the ones that we thought would most interest you, and compared their average selling price for 2008 to 2009. Simple enough, right? In addition neighborhoods with fewer than 25 home sales were not considered in the rankings, but their statistics are still available by clicking on them here.
The envelope please… The top appreciating Denver neighborhood for 2009 is… Congress Park at 5.83% with an average price of $417,555 calculated from the sale of 116 homes.
In second and third place are Sloan’s Lake (5.38%) and Virginia Village (4.64%) respectively. Sloan’s Lake averaged $308,993 with 141 homes sold, and Virginia Village averaged $242,956 with 132 homes sold.
Bringing up the rear for 2009 for greatest depreciation are Country Club (-24.36%), Greenwood Village (-26.98%), and Cherry Creek (-28.84%) which all hover around sale prices of $1 million.
While we tend to think of real estate by neighborhoods, this year’s performance points out the importance of price-point. So don’t despair 700 square-foot Cherry Creek shack dwellers, you probably made money this year! To you Stapleton McMansion inhabitants the year was not as kind.
Compared to the rest of the country Denver performed admirably in 2009 as evident in the most recent Standard & Poor’s/Case-Shiller Home Price Index where Denver ranks number one. And the market is only getting better as home inventory continues to drop in the metro area. December inventory was down 16% as compared to 2008 December’s inventory.
If we did not list your neighborhood in our analysis, or you would like for us to create a market analysis for your home, just drop us a note or give us a call, and thank you for your continued support and referrals.
It’s often said that you can’t time the market. However, you may find opportunities from differences between supply and demand as a result of seasonality in the Denver real estate market whether you are a buyer or a seller.
The Cramer Group studied the Denver central market using three year’s worth of data from 2006 through 2008. We measured demand by the number of showings requested at the Coldwell Banker, Devonshire office, and we measured supply by the number of active listings reported in the Denver MLS for central Denver.
We then calculated the yearly percentage by month for both supply and demand and graphed them side-by-side:
From this chart you can see according to the orange bars that during a given year the demand for homes in Denver is greatest during the month of April, and according to the blue bars that the supply of homes is greatest during the month of September.
Subtracting the percentage of listings (supply) from the percentage of showings (demand) provides greater insight:
Sellers will benefit best from market seasonality in April when the difference between showings and listings is greatest. On the other hand, buyers will benefit in the month of December when the difference is lowest.
The chart below lists the months from best to worst for both buyers and seller:
|
Buyers |
Sellers |
| December | April |
| September | March |
| October | February |
| November | May |
| July | January |
| August | June |
| June | August |
| January | July |
| May | November |
| February | October |
| March | September |
| April | December |
While this analysis answers a question often asked of us, it’s important to remember that overpricing a home, or under-pricing an offer too much is often just a waste of time regardless of which month of the year it is. To really succeed as a buyer or a seller you need to take into account many more factors and considerations. If you or someone you know is looking to buy or sell a home, we would be happy to help them navigate through those factors and other considerations.
DENVER POST, October 25th 2009
By Mark Samuelson
With a panorama across the 18th fairway lake at Cherry Hills Country Club of the peaks along the Divide, 4201 S. University may have the very best view in Cherry Hills Village (Realtors Mark and Lisa Cramer took down BestCherryHillsView.com for their web site). But what sets it apart from newer, bigger houses you can see in the south metro suburbs is the character.
Inside, there’s no sign of the two-story great room that’s centerpiece for virtually all newer homes in the multi-million price range. Interior spaces are intimate, warm and inviting.
Architect, Edwin Francis, who studied under Jacques Benedict, has his signature on numbers of public buildings including Mullen High School, the ape house at Cheyenne Mountain Zoo, and the castle-like Crest House at 14,260 feet on Mt. Evans, once billed as the highest-elevation structure in the world. The homes’ owners over the decades maintained the integrity of the French Norman architecture… a Wm Ohs makeover of the kitchen a while back, and tasteful updates on the master and baths (leaving the period lath-style cabinetry). What hasn’t changed a bit is the home’s living room, inspired by a French chapel, its vault set off with prominent beam ceilings above a massive, country fireplace.
The current owners have furnished that with period pieces picked up on various expeditions though the Continent. Some of those, says Lisa Cramer, could be made available as part of a purchase.
There’s a very inviting morning room beside the kitchen… joined by a rounded island bar to the kitchen. The gallery that forms the centerline of the bedroom level has a balcony overlook to the chapel area below; and the master was oriented with a bay window to bring in the westerly view. Two other upstairs beds are served by a Jack-n-Jill… and there’s a guest bedroom down in a finished basement area.
One thing that was added recently is the pool… on the south side of the house, with large surrounding terrace. Beyond that along S. University, Mark Cramer notes, are a couple of custom home lots for sale. Somebody who really wanted to maximize this could acquire those and reroute the driveway into a protected entry from Quincy Avenue.
Mark Cramer, who follows the market on the couples’ web site at DenverNeighborhoodNews.com, says that there are signs of a pick-up in the Cherry Hills Village market. This home, priced at $3 million, is being held open from ten until 11am, for serious buyers only. It’s just north of Quincy Avenue on University, west side of the street, a couple of hundred yards south of the entryway to Cherry Hills Country Club. For information call 303-378-5618.
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The Cramer Group
200 Fillmore Street. Suite 300 | Denver CO 80218 Phone 303-378-5618 | Fax 303-265-9874 © Copyright 2008 Cramer Group, All rights reserved November 1, 2008 agent login |
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