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Denver Real Estate Law Blog

Landlords are making more money than ever in Colorado Springs

The economy in Colorado Springs has experienced remarkable growth this year -- especially in terms of residential real estate and the rental value of apartments. There has been a 7 percent increase in rental income from apartments, and a 4 percent market vacancy for apartments. The growth has attracted investments from Denver and the West Coast, who currently have their sights on Colorado Springs as a profitable real estate investment opportunity.

Real estate industry experts are saying that the boost to the Colorado Springs real estate economy is all about job growth and population growth. The managing director of Sperry Van Ness says that increasing job growth will result in high occupancy rates in Colorado Springs apartments. Rents in Colorado Springs remain affordable, the director says, and there is room for these rents to increase. Due to the affordability of Colorado Springs compared to Denver, more people are choosing to live in the area.

A walkthrough checklist before closing on your real estate deal

The best-laid plans of mice and men often lie in ruin because the men didn't have the right checklist. The story is no different when it comes to real estate closings. Many well-intentioned homebuyers have made mistakes that have cost them hundreds of thousands of dollars because there was an undotted "i" or an uncrossed "t" that they forgot to double check.

To help you get out your fine-toothed comb before your real estate closing, make sure you use the following checklist on the day of your walkthrough:

Can I cancel my real estate deal?

Just because you've signed a real estate deal does not mean that you will be forced to close on it. There are many circumstances in which your real estate deal might not feel good anymore, and -- in a tactful and respectful way -- you always have the right to say, "no."

The thing is, if you haven't drafted your real estate contract the right way, and with the right kind of contingencies, you might suffer significant financial harm by backing out of your deal. This is why Colorado real estate purchasers may want to enter into their real estate purchase contracts with the assistance of an attorney who can advise them on the appropriate way to draft their deal.

4 tips for your commercial real estate investment

If you've never made a commercial real estate investment before, you probably know that these investments can be lucrative -- and they can also bankrupt you. As such, you'll be eager to know some tips for successfully finding and buying the right property.

The following four tips below can help you find success in your next commercial real estate property investment:

Colorado real estate is a seller's market right now

If you're a homebuyer in Colorado, you might feel like your options are limited. That's because we're currently experiencing something of a "house-drought" in the state. This is excellent for people who want to sell their homes; as soon as they put their homes on the market prospective buyers come knocking. However, it presents real challenges for people who want to find the home of their dreams at an affordable price.

As it stands at the moment, Colorado is positioned with the fourth-lowest ranking for residential bankruptcies in the United States. Only .69 percent of the state's residential properties are currently vacant. This is well below the national average of 1.58 percent vacant. Only Vermont, North Dakota and New Hampshire have lower vacancies than our state right now.

Metro Denver residential properties are increasing in value

Home prices in the metro Denver area have been increasing in value. According to the Denver Metro Association of Realtors (DMAR), the month of October proved profitable for residential properties in Denver, both for condos and single-family detached homes. The average price for these was $380,000 in October.

Octobers's rise represents a $5,000 average increase in home value, representing a return to August numbers after a dip during September. By looking at the fluctuations back to August, then, you might consider home values to be fairly stable for the moment -- which is a good thing. Looking back to last year, however, we do see an 8.88 percent overall rise in residential property values.

Comemercial real estate opportunities are booming in Denver

There's a lot of new office space available in Denver, and much of it is already pre-leased. According to a recent report, investors and business owners are hungrier than ever for new office space in the city.

According to the Vice Chairman of the real estate firm CBRE Capital Markets, there is a high demand to lease new office space in Colorado. In fact, the Vice Chairman said that leasing rates are historically high for new buildings and investors are ready to put money into new projects.

3 common contractual violations in a new home

The builder of your new home must abide by his or her contractual obligations, which you and the builder agreed to before you decided to purchase the property. Failure to adhere to the terms of the contract could result in the builder being liable for financial damages.

The list of potential contractual violations made by the builder of a new home is virtually endless. Here are three common examples of the kind of contractual violations new home buyers commonly encounter:

Sellers must disclose home defects prior to the sale

Can you imagine buying a $1 million home, only to discover that it requires tens of thousands of dollars worth of termite control treatments? Home sellers are required by law to disclose defects related to the properties they sell. Failing to do so could leave the home seller liable for the cost of repairs later incurred by the purchases of the property.

State laws in Colorado require home sellers to reveal all material defects to prospective purchasers of their properties. For a home defect to be "material," it must be such that -- had the homebuyer known about the flaw before agreeing to purchase the property -- the homebuyer would have reconsidered whether to make the purchase.

Homeowners associations can create challenges when selling a home

When you own a condominium property, it's likely that you belong to a Homeowners Association (HOA). You may also belong to an HOA if you live in a neighborhood. While there are many benefits to belonging to an HOA -- such as rules that require neighbors to keep their houses beautiful so property values stay as high as possible -- there are some disadvantages, too. These disadvantages become particularly apparent when a homeowners association is in a bad state of financial health.

When you sell a home or condo, the buyer will usually need to get approval for a loan from a lender. The lending bank will be very interested to investigate the financial condition and financial health of the HOA associated with the property being purchased. If the HOA has any pending problems, it could result in delays associated with loan approvals. The sale of your home could even be canceled.

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