Podcast #36: Denver May 2018 Monthly Roundup
I just wrapped up the May roundup webinar (our monthly "let's grab a virtual cup of coffee and talk Denver real estate investing.")
Topic #1: Denver Monthy Market Snapshot
Commentary: Market hasn't changed much. Still a sellers' market
April Stats:
- Sold volume -1% vs last year
- Sold price +10% vs last year
- Inventory +5% vs last year
- UC +2% (nice to see!)
Topic #2: Investing Indicator: Denver Named a "Future-Proof City"
Lonnie Glessner with NOVA home loans passed along this great information. Here's Lonnie's write-up:
Jones Lang LaSalle or JLL, a financial and professional services firm, just created the City Momentum Index which covers 131 major global cities and ranks their prospects for long-term success. Denver was one of 8 U.S. cities that made their Top 30 List of Future-Proof Cities as Denver came in #20. JLL says future-proofed cities have higher education infrastructures, innovation capability, better environmental quality, and more technology firm and more international patent applications.
This declaration makes Denver a big-time player for companies looking to relocate or open new large offices here. This means people will continue to relocate here for new jobs that our city is creating. More jobs=more people=more housing demand.
Topic #3: Colorado Springs Condo
These investors have purchased properties in Denver and Grand Junction. They wanted to buy another investment property but didn't like the numbers in Denver. They were actively comparing properties between Colorado Springs and Kansas City.
- 3/2 Townhouse in a gated community w/ 2 car garage.
- Bank owned property (yes banked owned.)
- Listed at 148k, purchased at 152k.
- Expected rents between $1,400 to $1,450.
- CS property is a 7.9 cap. Similar KC property is 10 cap.
Topic #4: Fourplex Listing in Lakewood
At the time of the webinar and writing this blog, this is a property that Charles is about to list. So no address! If you're interested, let us know. This property will hit the MLS in early June.
- It's a solid brick up/down fourplex with two garden level units.
- C+ neighboorhood.
- New roof / new furnaces
- Value add play: Rents are under market.
- With updated rents, pro forma cap rate is 6.8+
Datasheet and spreadsheet downloads at DenverInvestmentRealEstate.com/webinar24
Podcast Listening options:
- Search for "Denver Real Estate Investing" in your podcasting app.
- Listen on website at DenverInvestmentRealEstate.com/Podcast36
- Listen on iTunes / Apple's Podcasting App
