Rome & Other Cities

The real estate market buzz is the lack of inventory in the metro areas, much to the dismay of many buyers.  If you are a seller, this is great news as low inventory tends to increase market values.  However, if you are a seller looking to buy or even rent, the news is receiving mixed reviews.  Afterall...
."Rome ne s'est pas faite en un jour."  Ah oui, the famous phrase..."Rome wasn't built in a day." was coined by none other than a 12th century French cleric.  Voila!

Cherry Creek North is the Roman example.  With several new projects underway, most mixed-use commercial and residential, it will be a few years before product is available and most of the product will be rental.  If you have been fence sitting in the Cherry Creek North area, time to find a lower fence.  A year ago, buyers had the luxury of patiently waiting for one of two things, prices to drop further or new inventory hitting the market.  Neither of these two things occured in 2013.  While the neighborhood associations took action with developers to proceed with caution, the developmens were delayed and the existing inventory sold.
The new normal in Cherry Creek North is finder's keepers.  The same holds true for many urban communities.. the aka?... LoHi/Highlands and Lower Downtown.

Yes, market fans, we cannot Houdini inventory.  However, during the lag in new construction there are some alternatives.  The best action plan is to get involved with the market you desire with an experienced and licensed realtor that specializes in your desired area.  Zillow and other websites cannot track the word of mouth.  The specialist not only knows the market via Intenet, but the specialist knows the neighbors and the friends of friends and the other brokers that specialize.  

If you are interested in learning your market, contact me now!  I specialize in city close and suburban areas including the best kept secret for inventory and prices...Castle Pines Village!

Judy Fahrenkrog
Kentwood City Properties
303-820-3489 posted: April 22, 2013 - Judy's Denver - Blog
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