Observations about re-urbanization

With doom and gloom that the news media is feeding you, I have to insert a question:

What if times are great, and we don't even know it? What if this is as good as it gets?

In doing some reading and thinking about the current state of life, real estate, Denver, and Colorado, things may not be as bad as they say. I hate to be a non-believer in the news-media, but in working downtown the other night, people seemed pretty happy to be out.

Like all things, we are interconnected. I have yet to see statistics (unbiased statistics? Everyone has an agenda...there is a statistic for everything) that link the emotional health with news, or anything, for that matter.

When people ask me what is going on with real estate, I naturally back off and let them know that there are a lot of factors to summarize the current, past, present, or future real estate trends.

Just as Best Buy sells electronics, McDonalds sells hamburgers, news-media sells news, many real estate brokers sell homes. There are some markets that are doing better than others. There are some markets doing worse than others.

Many people are on edge about an incoming president, high gas prices, summertime heat, and stressors associated with things like money, house payments, and foreclosures. My advice: be informed and learn as much as possible about these things- it will put you in a better position to make informed decisions and cope with all types of stress, and deal with the ups and downs of a turbulent real estate market.

Thanks for reading!

Edward Martin
Showcase Properties Unlimited
apexofdenver.blogspot.com
303-875-4450

The Colfax Events Center

In perusing the most recent issue of Life on Capitol Hill, one columnist brought attention to an error made regarding the new Colfax Events Center.

This historic building, built in 1929 (zoned L2-Interdenominational Church with Missionary Emphasis), purchased in 1995, is now being rented for small venue concerts.

This church has embraced the idea of revenue (nonprofit) on the Colfax Corridor. I believe this venue has been used by sponsors like Swallow Hill Music Association and the Tattered Cover. It is a 500 seat auditorium. While I can't see huge name acts on the former playbill, it is just adjacent to the Lowenstein Theatre. The nearest venues from there are the Bluebird Theater.

It would also appear that it is going to be the site of the Velvet Elvis Gospel Revival, which looks to certainly be an interesting act.

The interesting thing about this, is when it comes to space, it is very difficult to find space for anything. In articles and reviews, people are asking why the Church is not restricting use and access?

As the Colfax Corridor grows, they realize that with 5 theaters within 2 miles of each other, they should really 'cash' in on the arts culture along Colfax- with local artists, and a live venue that could be great for any kind of intimate arts atmosphere.

Real Estate value? Neo-urbanization is dependent on the arts, culture, and those who are willing to open their doors (and their hearts) to something people want. Colfax seems to be 'concert row.' It encompasses local acts, the odd, the strange, and the well-known. This is a great addition to Colfax, and I should tell you, also, that it is nearly across the street from the new Esplanade project, on the Church in the City site.

Thanks for reading!

Edward Martin
Showcase Properties Unlimited
apexofdenver.blogspot.com
303-875-4450

Pedicabs, DNC, other topics!

Hi Bloggers,

In working my side job yesterday, I was pleasantly informed that I made the Rocky Mountain News! I was riding my pedicab on the mall and was asked to have my picture taken. Lo and behold, I made page 7 press. Read the article.
I love it!

In other news, the biggest news-maker has been this debacle of Fannie Mae and Freddie Mac. Just to be clear, there is so much to know about this, so in this post, I will outline the origins and why it is having such a large effect on our real estate market.

Fannie Mae was created by Franklin Delano Roosevelt, in 1938, to provide liquidity to the mortgage markets. It received federal funding until 1968, when it was converted to a privately held corporation.

Its use in current day mortgage market is that it provides guarantees (for a charge) of loans, more specifically, of the secondary market. The secondary mortgage market is in a bit of trouble, due to sub-prime lending practices.

It should also be said that the Treasury Department and the Federal Reserve (not a government agency, mind you) recently granted low interest loans to Fannie Mae and Freddie Mac to sure up confidence in many failing and problematic mortgage backed securities in the U.S. stock markets. It is an interesting political note, as well, that the prohibition of the U.S. Treasury Department to own stock of Fannie Mae, has been removed.

What are the implications for this thing? We don't know, ultimately. We are noticing an enlargement of government power, which won't allow the market to fail, then correct itself. I believe that this may be necessary to get us back to a nursing point, but I am a fan of Laissez-Faire- in other words, the market must correct itself. It has been proven many times over that the second the Government gets involved, it can create a larger mess. I suppose you could make the argument of its similarities of the separation of Church and State...Enter the small business person and entrepreneur, who may just save the world!!!

Thanks for reading! More tomorrow!

Ed Martin
Showcase Properties Unlimited
303-875-4450

What is the deal with the economy?

Hi bloggers!

What is the deal with the economy? There are rumblings of all facets of the economy that are in trouble- everything from your large, national banks, to grocery stores, to your favorite and addictive coffee chain. What is going on?

I won't claim to have any answers about what the economy is doing. It would seem that we are in a cycle with pockets of growth and pockets of depression.

Some banks seem to be doing fairly well- like Wells Fargo Bank, N.A.- which boasts a positive outlook, based on their positioning in the current market and intelligent management, is weathering the storm. It also happens to be my former employer.

Wachovia Bank, N.A. is having to cut about 6300 jobs- and showing a large loss of 8.9 billion. Tough stuff. Read the Rocky Mountain News reports.

I am under the opinion that the economic growth that has happened over the last several years has been under the 'discretionary' monkier, giving rise to things like 'organic food' and the coffee addiction that so many people maintain by going to their local Starbucks- which, by the way, is closing 9 of its stores in Colorado, alone.

The pedicab industry is being affected- I am making one-half of the money I was making last year.

It could be argued that we are going through a cleansing period, where the willingness to lend money and spend money is caught between the popular media and the upcoming November election.

Many people are holding their cards close to the vest, because of unsure futures. Whether I agree with this or not, it is a reality that the popular news media is playing a very key role in controlling how people behave. Information is unbiased, but its presentation is not.

So, what will we do? It can be said that the government is growing by the day, like homeland security. Yes, it can be said that the War in Iraq is costing money, but I would be willing to say that the tax rates are doing nothing but going up, which means that the government is the biggest business in town.

What are hot industries? Government contractors, health care, and I dare say smaller, vibrant businesses, like entrepreneurs, start-ups, and local companies. My theory of people buying smaller, more locally, and investing in bikes and public transit, instead of cars and timeshares, things are changing from the last 10 years. With large companies in trouble- like Wachovia, Qwest, Frontier Airlines, United Airlines- all are scaling back.

The silver lining: our capitalism is in a cycle. We are currently finishing a slow 10 year cycle, which may give rise to greater economic period of growth. Something to think about.

Thanks for listening!

Edward Martin
303-875-4450
Showcase Properties Unlimited
apexofdenver.blogspot.com

DNC Housing...You know it is on all of your minds!

Good Day bloggers.

This will be short. In doing some research, the DNC coming to Denver is going to have a huge economic impact on Denver. It will encourage a lot of spending and optimism about our general state and economy. Personally, I think that the case is a little overstated, but it will bring a lot of people to Denver, which is great.

I am planning on renting my place out during the DNC. I am currently charging $450 a night, which I am not getting any bites. Another strategy just surfaced: go to the housing wanted craigslist site. I have posted apartments available on craigslist before, and it has never turned out badly.

nightly rentals are going for $300-$600 in my range, which isn't too much to ask. I would ask: How much is a home worth in a short-term rental market? Check it out.

http://denver.craigslist.org

Thanks for reading!

Ed Martin
Showcase Properties Unlimited
Apexofdenver.blogspot.com
303-875-4450

The Colfax Corridor- improvements?

Hey all,

The Colfax corridor is obviously the focus of this week's blogging activity. My thought turns to improvements.

In looking at the street-scape of Colfax, it comes to me that improvements are the key to beginning a re-vamping of our favorite main street.

A current look:

The vision statement, courtesy of the City and County of Denver, for Colfax states:

• Colfax Avenue in 2020 will be a multi-modal, commercial and residential “Main Street” that complements and sustains the nearby neighborhoods and encourages walking, biking and transit use. The corridor teems with activity on the street and captures the attention of commuters and visitors.

• Multi-storied, mixed-use buildings with active ground floor uses characterize development nodes at the intersection of major transit routes along the corridor.

• Transportation components include a uniquely Colfax form of enhanced transit, structured parking at development nodes, on-street parking throughout, enticing pedestrian amenities, and plentiful bike racks.
  

• Housing density on the corridor supports transit and sustainable urban growth.

• Urban design integrates an eclectic mix of architectural forms and sustainable building materials which respect the surrounding historic architecture.
  

• Signage is simple and clear.

• Lighting and landscaping reinforce the street building line, enhance building facades as architectural features, and promote a pedestrian oriented environment.
  

• Significant structures have been preserved and adaptively reused.

Colfax welcomes and embraces neighborhood diversity that encompasses a wide variety of ages,
lifestyles, economic circumstances, ethnic groups and family types. Colfax exemplifies the best of what a city can offer: a vibrant, hip, and progressive urban avenue.

You can't get any more direct than this! Take a look at the entire plan here.

Thanks for reading!

Edward Martin
Showcase Properties Unlimited
303-875-4450
apexofdenver.blogspot.com

After a brief hiatus...

We are back today, folks!

About that lot on Marion (1148), here are some pictures. From front to back, the thing looks as if it has not seen any work since the demolition of whatever home that was there.







As of July 1, an City inspector went out there, and placed the notice. Good thing! I don't know how long the process takes, but the property next door is in wonderful condition- nicely edged and manicured lawn, chairs out back, etc. From the rear, it doesn't look as bad, but still...Sell the thing, or someone gets in trouble.

In other news, I took a walk down Colfax, to discover exactly what makes this street what it is. I was able to contact the master developer of the Church in the City Project, and a family member who happens to be the guy trying to sell the retail. I sent a list of questions, and judging on the response, I have more questions. The most important of these questions is this: What makes Colfax the place to develop and re-develop? What goes into the process of planning and execution?

Other than all of the neat art galleries, funky clothing stores, and fast food establishments, what kind of opportunities does Colfax encompass? What is the starting point and destination for Colorado's Main Street?

I can say that in perusing the sprucing up of property along the Capitol Hill Corridor, you find that it may be sidewalk widening, building of landscaping and bicycle routes, etc. Much of the planning process according to the City and County of Denver, is doing some aesthetic cleaning of signage, curb-driveway development, re-creating a Denver Streetcar system, a parking district, a Colfax Marketing plan- and a total re-design of the street-scape, in landscaping.

More tomorrow!

Edward Martin
Showcase Properties Unlimited
303-875-4450
apexofdenver.blogspot.com

Property Values and Quality of Property

Hey Bloggers!

There is a property, sitting between 11th and 12th on Marion, which is being neglected! It is across the street from a friend's place, and it is hideous; almost to the point of city enforcement. So, as a concerned citizen, I have contacted the City of Denver about it.

Firstly, I find it hard to believe that a lot is in so much negotiation (especially in Cheesman Park, to be exact 11th & 12th on Marion St.), that it has been completely neglected. I know that there are grumblings of recession and problems with Denver's housing market. But, here is the reason to sell, or maintain a property- so it WILL SELL!

From what I can tell from records, it has either been scraped or never re-assessed for a dirt lot. Pictures to come. As I said, there is no reason to have this kind of blank lot in this area. Pictures tomorrow.

Edward Martin
Showcase Properties Unlimited
303-875-4450
apexofdenver.blogspot.com

Cherry Creek North Project, a must see!

I came upon 5th and Josephine yesterday, and found the St. John's Garden Project.

The old St. John's Evangelist Church, is going to be the home to 9 luxury residences. A mix of old and new, there is a Denver Square home, 1900's vintage, right next to a church, built approximately the same time.

In the parking lot space, will be the luxury residences, a pool, a fountain, and a Roman-arches inspired unique oasis in the city. Even though this is out of my general area, it is still a great project- it shows that infill and revival is necessary to development in an urban area, even though it is slightly outside of downtown-urban Denver.

Here are some photos. These residences are being offered by Keller Williams, as listed on the sign.

Thanks for reading!

Edward Martin
Showcase Properties Unlimited
303-875-4450
apexofdenver.blogspot.com

Spotlight on the Esplanade!

Hi today!

Courtesy of Life on Capitol Hill Volume 34, Number 4, July 2008, we found some awesome material!

Firstly, I want to spotlight the 8th and Emerson Project, called "The Terraces." Initially, this space was slotted to be a community garden project, where there would be a variety of flowers and botanical beauty, called the Denver Urban Gardens, or Emerson Community Gardens.

In concern with urban development, it could be seen as an oasis, much like Governor's Park, or even a small version of The Denver Botanic Gardens. The owners of the property passed away, and the interest passed to a trust, making way for Priam Development to build Multi-Family homes, ranging from 1,500-2,000 square feet, with three buildings. Negotiations are out there to approve all three buildings. Read the article here.

This project is still in the approval stages. Mid-July is the hope for final approval of the development. I believe that this property was listed by Fuller Commercial Real Estate. Here is a photo of the current state of the property:
Also from Life on Capitol Hill, St. Charles Town Company has done some interesting transactions, in the past 5 years, on Colfax. The Lowenstein Theatre, home to Twist and Shout, a neat movie house, and home to the Tattered Cover Bookstore, it has purchased several for MS-1 (Main Street-1) zoning. Read about the development here, called The Esplanade.

Developer Charlie Woolley has plans to redevelop the area between 15th and 16th on Josephine, home to the Church in the City and Sunmart.

The new location for Church in the City will be the 1897 Beth HaMedrosh Hagodal Synogague, currently being remodeled for the move.

It has been vacant for many years, reports LOCH. Here is a photo of the remodel.

The project is slated to be under way this summer, with preliminary razing of structures happening in the first few months of 2009. It is also contingent on negotiations with the current tenants, Colorado Free University, Church in the City, and Sunmart.

Here is a mix of vintage, old, and new- the Pinnacle towers overlooking City Park.




More on this, as soon as I find out. Thanks for reading!

Ed Martin
Showcase Properties Unlimited
303-875-4450
Serving the Apex of Denver
eamart1@yahoo.com

What attracts people to an area like Cheesman Park, Uptown, or Capitol Hill?

Why are people attracted to Cheesman Park, Capitol Hill, and Uptown?

There are many reasons, many of which have been posted here- like proximity to urban centers, diversity of life, safety, etc. But, I have to add in- really cool places to hang your hat, for a good meal, a fine ale, or a cultural center.

Over the last 5-10 years, Central Denver has become a place of cultural wonders. This could be Denver's Museum of Contemporary Art, (located in LODO), the Vance Kirkland Museum (a contemporary of Jackson Pollack),














or the new wing designed by Daniel Liebeskind designed Denver Art Museum, near the State Capitol.

Denver is becoming a wonderful cultural hub, where one can find plays, art, and sports. It is experiencing a restaurant renaissance, and due to the Democratic National Convention spending time here, in August, there is a lot going on in Denver. I do believe that it has potential of becoming something like a San Francisco, but hopefully not as expensive. I implore ye to visit these museums! They have certainly had a lot of money poured into them, and the work is incredible. All of which are different, and you could see them all in a day.

Spotlight on local, cool hang-outs: The Cheeky Monk, located at 534 East Colfax Ave, at Pearl. it is a Belgian Beer House, from the owners of the Royal Hilltop in Aurora. Here is a picture of it. I can also say that it is a great food house, as well. I have yet to engage their full menu, but in Belgium, beer is king. As with wine in France, beer is what Belgians drink.

Where does this involve real estate? It has everything to do with the attractiveness of an area- why people settle in specific areas. Yes, they want a cool place to live, yes they want proximity to that which is 'cool'! But, all said and done, they need places to spend time and money to enrich an area. Places like the museums and the Cheeky Monk are pretty cool places.

Thanks!

Ed Martin
Showcase Properties Unlimited
303-875-4450

Spotlight on networking, community volunteerism, Capitol Hill!

Hello, bloggers.

In today's installment, I wanted to spotlight on community involvement. Over the last several years, I have been involved with Rotary, Rotaract, The Optimist Club, and The Boy Scouts of America. All have a special component of urban development- volunteerism.

When it comes to networking, especially for young real estate professionals (like moi), it is necessary to build a network of people in whatever capacity is possible. This means staying in touch with previous colleagues, creating a solid customer database, and always prospecting for business.

Urban development is a renaissance in Downtown Denver, Capitol Hill, Cheesman Park, and Uptown. It is experiencing a movement of younger, professional people moving into urban centers. Community involvement is necessary in these centers because it creates a sense of community and vibrancy. For anyone interested, I would highly recommend Rotary International. I would recommend because it is truly a community group that wants to help, and isn't just a networking-socializing tool- people are there because they want to be there. More about this later.

Secondly, I did a Capitol Hill Real Estate tour yesterday, which started on Logan and went all the way to Franklin, roughly 15 blocks. I saw homes I didn't know existed and a community that was incredibly interesting.

Take a look at two houses, directly across the street from each other. These are undoubtedly the same builder. I am positive this was some prominent Denver historical figure. But, what this tells me is that there are wonderfully valuable homes or converted condominium projects that add to the character of an area.
Why are these two homes so valuable? There is aesthetic value in these homes, which is what sells them. But why do people keep these homes? Because they offer an urban oasis into historical sophistication, and they grab so many elements of a city-dweller.

These dwellers don't need an entire yard, or their very own garage. These dwellers need some space, but are aware of their restrictions. They are aware of the costs of living where they do, but don't mind paying for it. They like the idea of an easy commute or a work from home scenario.

Business opportunities abound, like this one in Cheesman Park, right next to The Park Tavern. This is right next door to a Laundromat, and has been remodeled. It could be any variety of things, considering there is a grocery store right across the street, a tavern next door, a couple of restaurants right near by. What does this area need? Maybe it needs a real estate office? Maybe it needs a bookstore? Maybe it needs a bona-fide coffee shop. These are all great businesses, especially given that it is directly next door to a Laundromat.

Thanks for reading! More on the Capitol Hill house tour tomorrow. Then, the Fourth of July weekend. I am going to try to post Thursday, but take the weekend off, more than likely. Here is a wonderful 4th of July festival, in Fort Garland, outside of Alamosa. The most striking thing to me was a 19th Century baseball game, in Victorian era baseball uniforms. Awesome!

Thanks for reading!

Edward Martin, Real Estate Professional
Showcase Properties
303-875-4450

Spotlight on Single Family Homes!

Good Day all.

Many people think of my four zip codes as small homes (1,000 square feet or less), condominiums, or townhomes. Single Family Homes are important to our urban development- simply because it adds an additional demographic of people to our new-urbanization. I think of a single family as a free-standing building, not a condominium or townhome. A duplex could be considered a single family home. A triplex is venturing into condominium territory.

Courtesy of Trulia.com, there are 121 single family residences for sale in the 80218 zip code. There are 115 single family residences in the 80203 zip code. There are 361 homes listed for the 80205 zip code. Keeping in mind the sizes of the zip code areas, 80205 certainly has more geographical area than 80218 or 80203.

Nevertheless, single family homes are a great indicator of new-urbanism. Many of the homes are remodeled, more than likely an 1880-1950 vintage. Some of these homes have the Queen Anne style, others are ranch-style homes, built after World War II. The 80205 zip code includes Hyde Park and Five Points, Whittier, and Curtis Park, the area known as Denver's first actual neighborhood. Here is Denverinfill's take on Curtis Park and Whittier The square footage is roughly $120-170 psf, for single family homes.

Take a look at this beautiful stone single family residence, located at 35th and Marion. This home was built by an Irish immigrant, per the listing information, which is a part of Denver history.
This listing is for sale for $317,000, as of today. It is located in 5280's newest-hottest neighborhoods. I think I can also say that Five Points is one of Denver's only neighborhoods that survived the 1960's and 1970's destruction of historic buildings, and maintains some truly wonderful architectural history.

The 80203 zip code is truly Capitol Hill, and its listings are small bungalow style, with the exception of one home, which has been meticulously restored, with 9 bedrooms. It is being offered at $850,000. There is a tin ceiling and a carriage house- superbly done.

The 80218 zip code is going to encompass Country Club, Cheesman, and some of West Washington Park. For all intensive
purposes, we are going to stick to my favorite part, Cheesman.

There are still many homes that are affordable in these zip codes, especially in the bank-owned and foreclosure realm. The 80218 zip code has a lot of more contemporary homes, so it is more likely that you will find updated kitchens, and more contemporary models and furnishings. The days of cheap houses (unless you want to deal with remodeling a home) are coming to an end, for this area. If you absolutely want to buy here, buy a townhome of condo, or find an investment opportunity with a business partner.

Great stuff! I was speaking with my tenant, Jeff, who has done a great job with maintaining my condominium at 1401 Franklin. He is an aviation nut, and in looking at some historic maps, he found pictures of my building, probably dating back to the 1920's. More to come on this!

Best,

Ed
Showcase Properties
303-875-4450