Denver Post Shines Light on Millennials and The Housing Market

 Check out the headline from the front page of the Denver Post today — Are you concerned about the hoops you have to jump through to become a homeowner?  The Strange Team is here to make those hurdles incredibly easy to maneuver!  Our main goal is to make the process to purchase your home, whether it’s your first or tenth, as painless as possible.  Now is the time!  Contact us today at info@thestrangeteam.com for all of your real estate needs!

Millennials in Denver want to buy homes, but not now

Millennials face several hurdles on the way to home ownership, but the will to buy remains.

By Aldo Svaldi
The Denver Post

POSTED:   07/28/2015 12:01:00 AM MDT
Lauren Frommer, a jewelry designer, bought her first home in the Cherry Creek neighborhood. A recent study shows that millennials are buying fewer homes

Lauren Frommer, a jewelry designer, bought her first home in the Cherry Creek neighborhood. A recent study shows that millennials are buying fewer homes than past generations. (AAron Ontiveroz, The Denver Post)

Lauren Frommer, 28, socked away a fifth of every paycheck and last month purchased a Cherry Creek condo, renting out two of the three rooms to friends who help her cover the mortgage.

“It feels like when you are renting, you are throwing away money,” Frommer said.

But Frommer’s view doesn’t appear to be the most common one among her peers, the millennials born between 1980 and 1997.

Her roommate Kate Braden, also 28, said she prefers the freedom that renting provides, and even Frommer concedes locking in a mortgage seemed frightening at first.

“I’ll start to look at houses when I am ready to settle down,” said Braden, who estimates it will be another five years before she purchases a home.

At the end of last year, only 35.8 percent of adults under age 35 owned their own home, the smallest share in U.S. Census Bureau records dating back to 1982.

A decade ago, 43.1 percent of adults in that age range owned a home, and much of the decline in U.S. homeownership rates falls squarely with young adults who are delaying purchases.

“Most young people still aspire to own a home, but the question is that it is becoming more difficult,” said Andrew Woo, a data scientist with Apartment List, a San Francisco-based apartment listing service.

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At some point

Apartment List surveyed nearly 6,000 adults age 18 to 34 who were renting and found nearly three out of four expected to purchase a home at some point.

But only a quarter expected to do so in the next two years, and more than half don’t expect to own a home until 2018 or beyond.

Woo cites a variety of reasons of why millennials are delaying home purchases. Many graduated with heavy student loan debts and are struggling to find stable employment and incomes, leaving them less able to qualify for a mortgage.

They are marrying later, reducing another important motivation to purchase a home. And some were turned off by the housing market after seeing family members go through foreclosures.

One school of thought is that they eventually will own, just at a later age than previous generations, and the pent-up demand will drive home sales for years to come.

But another view is that many in that generation could find themselves trapped renting, reducing their ability to accumulate wealth and secure a stable retirement.

“The future housing decisions of millennials will have a major impact on the economy,” Woo said.

Millennials who were married, who had a college degree or earned higher incomes were more likely to say they wanted to buy. But in an interesting twist, those with advanced degrees, and thus more student loan debt, were less likely to say they planned to buy.

Not unexpectedly, the older millennials were, the more likely they were to indicate they would buy a home in the near future.

Miami, St. Louis, San Francisco, Boston and New York and San Jose, Calif., were cities where millennials expected to become home owners at a lower rate.

Cincinnati, Atlanta, Denver, Washington and Austin, Texas, were among the metro areas where millennials expressed a higher interest in buying.

When housing costs are very high, as in Manhattan, renters are more likely to resign themselves to not purchasing a home.

In Denver, 81 percent of millennial renters surveyed said they wanted to buy a home at some point.

Denver is interesting in that it is starting to look like more expensive housing markets where rising costs outstrip incomes. But renters still aspire to buy a home at rates seen in more affordable housing markets, Woo said.

A Bloomberg survey last month ranked Denver among 13 U.S.cities with the widest gaps between what millennials make and what a home costs.

The median millennial salary of $39,492 in Denver was $2,620 short a year of the minimum salary needed to buy the median home, including saving up a 20 percent downpayment.

While Denver’s gap wasn’t as extreme as the ones found in many part of California, it highlights the risk that the metro area could lose its appeal with young adults going forward.

Living in the now

Frommer previously worked in the natural resources industry before becoming a jewelry designer and said the industry’s instability motivated her to lock in a home.

But she admits others her age seem much less concerned with saving for the future than living for the moment. Why save for a down payment when there are concerts to see and trips to make?

Braden, who grew up in a military family that moved a lot, said she has the income to take on a mortgage but prefers the freedom and flexibility that renting provides.

“I would have a house commitment issue,” she said.

Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or twitter.com/aldosvaldi

For more information, contact The Strange Team and our lending partner, Dustin Hodges at Summit Funding, Inc. (NMLS ID# 3199)

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Dustin Hodges
Direct: (303) 668-7605
Email: dustin.hodges@summitfunding.net
NMLS ID#: 269783
DORA ID#: LBM100030291

14153 Kahler Place in Broomfield, CO – New Listing with The Strange Team


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Welcome to your new home in Broomfield, Colorado’s exclusive Broadlands neighborhood.  Situated on a quiet cul-de-sac titled “The Enclave” this beautiful home offers the perfect combination of luxury and functionality.  The grand exterior of the home is surrounded by beautifully manicured landscaping in both the front and back yards.  Lovely stone detailing decorates the exterior around the entrances and spacious three car garage.

Enter through the solid wood door to find a luxurious foyer.  Beautiful, rustic hard wood floors span the spacious floor plan. French doors lead to a quaint office or den that looks out the front of the home.  A beautiful formal living room with tile surround gas fireplace opens to the elegant dining room.  Envision yourself hosting your family and friends for countless holidays and special occasions in this beautiful space.  The expansive cathedral ceilings span throughout the main level drenching this home in natural light all through the day.  Immaculate attention to detail can be seen all through the home with crown molding and custom built-in shelving.

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The gem of this home is the gourmet eat-in kitchen and adjoining family room.  The vast kitchen features tile detailing and gorgeous cabinetry that offers generous amounts of storage including a walk-in pantry.  The stainless steel appliances include an incredible gas six-burner stove top and double ovens.  Eat right at the marble island or in the lovely breakfast nook that looks out into the lush backyard.  Custom hanging lighting offers a warm glow as your cook a meals or entertain friends.  The family room offers plenty of space for entertaining with a cozy fireplace with stone surround to keep you warm through the Colorado winters.

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The main floor master bedroom will serve as your own personal sanctuary.  Tucked away from the main rooms, this spacious bedroom features a superb master bathroom includes beautifully lit his and hers sinks, glass stall shower and a tile surround tub fit for a king.   A walk-in closet completes the suite.  This master suite is the epitome of a comfort and luxury.

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Finally, up the grand staircase you will find two spacious bedrooms, a beautiful full bathroom and a vast loft space.  All with plush carpeting, these rooms would be the perfect space for your children or guest rooms.  The loft space offers an infinite number of possibilities for use.

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The backyard completes this wonderful home.  A lovely yard with beautiful landscaping and room for a garden.  Stones surround the cement patio with a stone pathway and wall raising it up.  Enjoy your summer nights privately in this fenced in area.

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For more information or to schedule a time to see this incredible home contact The Strange Team –

info@thestrangeteam.com | 720.295.4350

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Getting to Know Your Neighborhood : Countryside in Westminster

 

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Westminster is a quintessential Colorado suburb northwest of Denver with its serene mountain views and beautiful neighborhood communities.  Countryside subdivision is a prime example in Westminster, Colorado stretching from 100th to 108th Avenues and Simms Street to Sheridan Blvd.

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Countryside is maintained by its citizens rather than an HOA providing more of a close knit community feel.  There are tons of outdoor activities to partake in year round.  The West View Recreation Center on W. 108th Avenue provides access to the Walnut Creek Trail which will eventually stretch three miles once completed. Map

Dog lovers will be pleased to find the Westminster Hills Off-leash Dog Park a short distance away.  In the summer months you can find residents at the local community pool on Oak Street or Christopher Fields where local youth baseball games are held.

Not only is Countryside close to community facilities, but is also conveniently located near many local businesses.  Ball Corporation calls W 108th Avenue home as well as Brocade Communications Systems.  Many technology and industrial parks in the area provide numbers of jobs for Westminster residents.

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The Strange Team has helped to sell a number of properties in this area and has a current new listing at 10753 Routt Court.  Please contact us at The Strange Team for more information about this listing or how we can help you buy or sell a home!

 

Host a Summer Block Party!

Summer block party ideas and planning tips

Summer Block Party Ideas

from party411.com

What better way to kick off summer than a block party for your entire neighborhood?! Certainly none that I can think of. Get started with these easy summer block party ideas and get everyone ready for the best party on the whole block!
before you get started: summer block party tips
First things first! Form a Block Party Committee. Send out a flyer to all neighbors asking for interested parties to attend an organizational meeting. See if you can get volunteers to different roles:
  • Communication – responsible for sending out invitations, RSVPs, arranging publicity and answering questions.
  • Treasurer, Paperwork – in charge of money, budget, permits, street closure and contracts.
  • Food and refreshments – responsible for (you guessed it), the food and refreshments.
  • Games and Activities – organizes and runs games, handles any rentals (ie – inflatables, DJ, karaoke)
  • Clean-up – one person in charge, but several people should help!
block party invitations
Get the block rockin’ with your invitation.  Choose your invitation from our selection of summer theme party invitations and set the tone for your party. Or choose a patriotic theme invitation with the American flag and barbecue artwork.

You’ll want to list all of the activities that you see below, and each family’s responsibilities (like BYOG—bring your own grill!).

Make sure everyone participating in the committee is listed on the invitation. You may also want to call some people who will get behind this and make sure other neighbors attend. List them, too. The more, the merrier. The event will look like a success before it even starts!!

summer block party decorations
Use picnic gingham paper goods to decorate your tables. Choose from table covers, plates, cups, napkins and more to pull through your theme. Don’t forget forks, knives and spoons in matching colors. A few clear tablecover clips will be a big help in keeping your table covers from flying away.
For centerpieces, use those mini $5 grills you see at Target or your favorite discount drugstore. Fill them with magic tricks or small toys so the kids (and adults) aren’t bored at the table. Finally, tie balloons off the “grill” top. Add a few citronella candles to the table.
One of our favorite summer block party ideas… Nametags! They may seem geeky, but it will help everyone really get to know each other. Make them fun by attaching a tag to a plastic lei or a string of party beads!

You don’t need much more than that. Save your budget for the entertainment and activities!

block party menu: how to feed the hungry hoard

The committee should decide how to organize the party food. Here are a few great ways to do it:
  • Organize a potluck and have people bring foods from different categories based on their address (ie houses 1234-1400 bring sides, 1401-1600 bring desserts, 1601-1800 bring plates, utensils, napkins, and 1801-2000 bring drinks)and everyone pays in a small amount for a main dish (hot dogs, hamburgers, fried chicken, pizza)
  • Plan a “community menu” and assign households to bring specific dishes or beverages
  • Ask people to bring picnic baskets to share with other families
  • Cater the meal from a local restaurant
  • Hold a chili or barbeque cook-off

Block party tip: For the foods that need to be refrigerated, don’t forget to bring plenty of ice and coolers. You can assign that to someone too.

For more summer block party ideas you may want to check out is www.barbequerecipe.com—you’ll find a list of menus, recipes and more that you can circulate around to those who want to bring something different!

summer block party games and activities
Add a truly important activity to your block party. Round the kids up to get their pictures taken. Project KidCare is a national child photo identification and safety education program that was developed jointly by Polaroid Corporation and the National Center for Missing and Exploited Children that provides ID cards for children. Each ID lists a child’s vital statistics and valuable emergency information. Check out their website for more information.

How about karaoke? Some people say it’s not “in” anymore, but take it from me, it’s always fun. Let the kids get up with some fake microphonesand sing their guts out. Let the adults get up and do their own rendition of Bruce Springsteen with an inflatable guitar and make fools of themselves. It’s all in good fun. And all you need is a boom box!

Have a photo opportunity where kids (and adults, of course) can stick their head in the slot and become part of the Old West, or be Uncle Sam or others. Have personalized cameras on hand, we really like this patriotic bbq camera.

South Westminster starting to see fruit of revitalization efforts

By Austin Briggs
YourHub Reporter

A park construction site sits adjacent to and behind the Rodeo Market building in Westminster. The city received $618,000 from the federal government, some

A park construction site sits adjacent to and behind the Rodeo Market building in Westminster. The city received $618,000 from the federal government, some of which is being used to renovate the park.(Photo by Anya Semenoff, YourHub)

WESTMINSTER —It’s been a slow process and is far from done, but results are emerging 18 years after city leaders embarked on a mission to revive South Westminster.

More than $275 million in private and public funding spent the past 15 years is drawing a new wave of developers and interest to the area.

The decline began decades ago. While other parts of Westminster saw robust population and economic growth, the city’s southside languished.

Money has been bleeding out of the area for years, and wide swaths of neighborhoods suffer from blight, poverty cycles and a dearth of quality restaurants and other cultural attractions.

That’s quickly changing, said Tony Chacon, the revitalization projects coordinator for south Westminster.

“What you’re seeing here today has taken 18 years to get to, and I’d say we’re not even 50 percent of the way there,” Chacon said. “I’d say in five or six years you’re going to see a huge burst of activity in this particular neighborhood.”

A burgeoning arts district has formed in Westminster’s historic downtown area, attracting a host of small businesses and energy in the neighborhood.

Annual funding of more than $600,000 from the federal government has helped build new streetscapes and has backed public improvement projects, including renovations of a small park behind the historic Rodeo Super Market in the arts district.

Another $61.9 million has been invested in private real estate, including the redevelopment of Westminster Plaza, Northgate and LaConte shopping centers.

Seeing that kind of investment is encouraging to Becky Silver, who took a chance and purchased two pieces of property five years ago in the historic district.

She opened Aar River Gallery and helped the area gain an official Art’s District designation from the city. She has seen an influx of small businesses and young families move into the neighborhood.

“I wouldn’t put everything I had into this unless I felt confident it was a good investment,” Silver said.

City leaders say a confluence of events have come together to make the area ripe for investment. Other parts of Westminster have started to reach buildout, making redevelopment and infill projects on the city’s southside attractive.

Chacon also said many young professionals are getting priced out of the Boulder and north Denver housing markets, and Westminster is also reworking some of its zoning codes to promote private investment.

A major impact to the area will be the 2016 opening of a commuter rail station that will be the first phase of the Northwest Rail Line.

The city and its public partners are investing around $36 million toward commuter rail station improvements on 70th Avenue and Hooker Street. That project will draw another round of investment and energy into the area, said city manager Brent McFall.

“We’re looking at the RTD parking structure wrapped with either small retail operations maybe mixed with residential units,” McFall said. “The idea is it won’t be sitting there alone but will be integrated into the neighborhood and be a catalyst for redevelopment.”

The revitalization goal is to have a healthy mix of housing stock, increased opportunities for current residents, new investment and the ability to draw young families to the area.

“We’re not interested in pushing people out. We’re interested in doing things to make the neighborhood more welcoming,” Chacon said. “What we’re really trying to achieve is a more diverse socioeconomic balance through this area.”

Water Safety Tips for Summer

water safety the strange team alan strangeWater Safety from redcross.org

Take Steps to Stay Safe Around Water

Swimming is the most popular summer activity. The best thing you can do to help your family stay safe is to enroll in age-appropriate swim lessons. Contact the Training Support Center at 1-800-RED-CROSS or support@redcrosstraining.org.

Follow these safety tips whenever you are in, on or around water.

Make Water Safety Your Priority

  • Swim in designated areas supervised by lifeguards.
  • Always swim with a buddy; do not allow anyone to swim alone. Even at a public pool or a lifeguarded beach, use the buddy system!
  • Ensure that everyone in the family learns to swim well. Enroll in age-appropriate Red Cross water orientation and Learn-to-Swim courses.
  • Never leave a young child unattended near water and do not trust a child’s life to another child; teach children to always ask permission to go near water.
  • Have young children or inexperienced swimmers wear U.S. Coast Guard-approved life jackets around water, but do not rely on life jackets alone.
  • Establish rules for your family and enforce them without fail. For example, set limits based on each person’s ability, do not let anyone play around drains and suction fittings, and do not allow swimmers to hyperventilate before swimming under water or have breath-holding contests.
  • Even if you do not plan on swimming, be cautious around natural bodies of waterincluding ocean shoreline, rivers and lakes. Cold temperatures, currents and underwater hazards can make a fall into these bodies of water dangerous.
  • If you go boating, wear a life jacket! Most boating fatalities occur from drowning.
  • Avoid alcohol use. Alcohol impairs judgment, balance and coordination; affects swimming and diving skills; and reduces the body’s ability to stay warm.

Prevent Unsupervised Access to the Water

  • Install and use barriers around your home pool or hot tub. Safety covers and pool alarms should be added as additional layers of protection.
  • Ensure that pool barriers enclose the entire pool area, are at least 4-feet high with gates that are self-closing, self-latching and open outward, and away from the pool. The latch should be high enough to be out of a small child’s reach.
  • If you have an above-ground or inflatable pool, remove access ladders and secure the safety cover whenever the pool is not in use.
  • Remove any structures that provide access to the pool, such as outdoor furniture, climbable trees, decorative walls and playground equipment.
  • Keep toys that are not in use away from the pool and out of sight. Toys can attract young children to the pool.

Maintain Constant Supervision

  • Actively supervise kids whenever around the water—even if lifeguards are present. Do not just drop your kids off at the public pool or leave them at the beach—designate a responsible adult to supervise.
  • Always stay within arm’s reach of young children and avoid distractions when supervising children around water.

Know What to Do in an Emergency

  • If a child is missing, check the water first. Seconds count in preventing death or disability.
  • Know how and when to call 9-1-1 or the local emergency number.
  • If you own a home pool or hot tub, have appropriate equipment, such as reaching or throwing equipment, a cell phone, life jackets and a first aid kit.
  • Enroll in Red Cross home pool safety, water safety, first aid and CPR/AED courses to learn how to prevent and respond to emergencies.