The awards keep stacking up for our great downtown, but hear is a little local secret. We do not say we are going "downtown", we are heading to "Old Town". The locals will know what you mean and whether you are local or brand new to town, you will always be welcomed.
Here is the link to the Livability article:
http://livability.com/top-10/top-10-downtowns-2012/fort-collins/co
New Belgium is a bit of walk from the center of Old Town and not the prettiest stroll down a busy street. If I were looking for a drink, as the article mentions, I would try Equinox Brewing, Funkworks, Crankenstein, or maybe th.e local favorite "The Mayor" which has over 100 beers on tap.
Whatever you do, just get here and check out Fort Collins. You will not be disappointed (but do not tell too many people)...
Thursday, November 1, 2012
Monday, October 22, 2012
How's the Market?
Friends, family, new acquaintances, my wife, my mom, everyone always asks this question...and rightly so. Real estate represents a major investment and with all of the different news stories floating around out there how is one to know but to ask a professional.
Here is the tidbit that many of the large media outlets gloss over when discussing this topic. There is a very large scale national affect to the real estate market, and we all saw that affect during the recession and the housing bubble as a result of the CDO issues that occurred. However, real estate has a major local component.
An analogy may provide the best clarity, so here it goes: Talking about real estate on the national level is like talking about the weather on the national level. The nation on the whole may be a few degrees higher or lower, on average across the nation, and sure that means something, but if you are only concerned about the weather in Fort Collins, CO then you aren't really concerned that the whole nation is a degree warmer on average for the year. You want to know the daily high's and low's for Fort Collins. Further, if you are planning to camp at Horsetooth Mountain Park (they have a few backcountry sites but they may be closed due to the recent fire) then you would really like to know the specific forecast for the weather station there, not the high's and low's for the whole city, on average or the high's and low's for the weather station at I-25 and Mulberry. The weather can be very different in different parts of town, much less different parts of the country.
So, back to the How's the Market question. According to the Federal Housing Finance Authority, Fort Collins is ranked in the top 20 markets nationally for price appreciation. The quarterly results (which combine Fort Collins with Loveland into one statistical area) have us up 1.44% for the 2nd quarter and we were up 2.21% for the first quarter. These numbers would probably be higher if we only considered Fort Collins as Fort Collins tends to have a little higher appreciation than Loveland, but none the less, 3.61% for the first two quarters of the year (that is all the data currently available even though it is October) is pretty darn good. I bet third quarter will continue the trend, and specific segments of our market are experiencing appreciation at an even higher rate.
With all that good news there has to be a little something else right, some gloom and doom. The news folks would not lie to us would they? One segment of the market is lagging a bit, as one would expect in a recovery such as this. The high end price ranges (over say $500,000 or more) are still a bit soft. Homes are selling, but there is not huge demand and there are still some bargains, read buyers market, to be had.
English teachers have always taught me that you have to wrap things up with a good conclusion, so here it is: CAVEAT: These are generalities and each case in real estate is unique!! If your home is under $400,000 and in Fort Collins proper, chances are good that you have had a good year in terms of appreciation and demand. If your home is $400,000-600,000, depending on your location, finishes and other amenities, you are holding steady. If your home is over $600,000, chances are things are still a little soft and you may need to sell at a discount, but maybe not.
This combination of variables means that if you have a home under $400k and you are thinking of moving up to a larger home, now is the time as you may be able to sell in a high demand market (under $400k) and buy in a lower demand (over $500k) market. If you thrown in the low interest rates, there is a chance you could do all of this without increasing your monthly mortgage payment.
Sorry to any of my past English teachers if the quality of this composition is not up to your standards.
Here is the tidbit that many of the large media outlets gloss over when discussing this topic. There is a very large scale national affect to the real estate market, and we all saw that affect during the recession and the housing bubble as a result of the CDO issues that occurred. However, real estate has a major local component.
An analogy may provide the best clarity, so here it goes: Talking about real estate on the national level is like talking about the weather on the national level. The nation on the whole may be a few degrees higher or lower, on average across the nation, and sure that means something, but if you are only concerned about the weather in Fort Collins, CO then you aren't really concerned that the whole nation is a degree warmer on average for the year. You want to know the daily high's and low's for Fort Collins. Further, if you are planning to camp at Horsetooth Mountain Park (they have a few backcountry sites but they may be closed due to the recent fire) then you would really like to know the specific forecast for the weather station there, not the high's and low's for the whole city, on average or the high's and low's for the weather station at I-25 and Mulberry. The weather can be very different in different parts of town, much less different parts of the country.
So, back to the How's the Market question. According to the Federal Housing Finance Authority, Fort Collins is ranked in the top 20 markets nationally for price appreciation. The quarterly results (which combine Fort Collins with Loveland into one statistical area) have us up 1.44% for the 2nd quarter and we were up 2.21% for the first quarter. These numbers would probably be higher if we only considered Fort Collins as Fort Collins tends to have a little higher appreciation than Loveland, but none the less, 3.61% for the first two quarters of the year (that is all the data currently available even though it is October) is pretty darn good. I bet third quarter will continue the trend, and specific segments of our market are experiencing appreciation at an even higher rate.
With all that good news there has to be a little something else right, some gloom and doom. The news folks would not lie to us would they? One segment of the market is lagging a bit, as one would expect in a recovery such as this. The high end price ranges (over say $500,000 or more) are still a bit soft. Homes are selling, but there is not huge demand and there are still some bargains, read buyers market, to be had.
English teachers have always taught me that you have to wrap things up with a good conclusion, so here it is: CAVEAT: These are generalities and each case in real estate is unique!! If your home is under $400,000 and in Fort Collins proper, chances are good that you have had a good year in terms of appreciation and demand. If your home is $400,000-600,000, depending on your location, finishes and other amenities, you are holding steady. If your home is over $600,000, chances are things are still a little soft and you may need to sell at a discount, but maybe not.
This combination of variables means that if you have a home under $400k and you are thinking of moving up to a larger home, now is the time as you may be able to sell in a high demand market (under $400k) and buy in a lower demand (over $500k) market. If you thrown in the low interest rates, there is a chance you could do all of this without increasing your monthly mortgage payment.
Sorry to any of my past English teachers if the quality of this composition is not up to your standards.
Thursday, October 4, 2012
Welcome to Fall
I have posted on the weather in Fort Collins before and boy can it be a wild ride. It was a beautiful fall day in the Fort yesterday. The leaves have started changing over the past two weeks and we have lots of golds, yellows and a few reds around. The fall veggies have been showing up at the farmers market and every trip seems like it could be the last chance at red, ripe tomatoes. There is a crispness in the air.
Yesterday was no exception to the beautiful weather ...until about 5pm and then the wind started blowing and the temperature dropped 20 degrees in about that many minutes. We all new it was coming but it still does not make it easier. The college students seem to be the ones to take the brunt of rapid weather changes. You seem them biking or walking to campus on a warm fall day in shorts, skirts, tank tops, t-shirts, sun glasses just soaking up the rays. Twenty minutes later those same folks have arms wrapped tightly around themselves, shivering, running, or biking home in a cold wind. See, when I was an undergraduate, I never checked the weather, and even though today's undergrads have iphones, they don't seem to check the weather either.
Bottom Line: This time of year it is always good to be prepared for the quick weather change here in Fort Collins, or at least check the weather to see what may be coming.
Wednesday, May 2, 2012
The Appeal of City Park
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| Out for a ride at the intersection of Jackson and Oak next to City Park.... |
One thing that makes Old Town fun is the mix of eclectic sites and sounds you are bound to encounter. For example, I was coming home a few days ago and saw 3 horses plus riders at the northeast intersection of the park. A couple times a year we usually see a horse and wagon go by, but I can't remember the last time I saw just horses. This really is pretty normal for Old Town and that is what makes it such a great place.
Thursday, March 1, 2012
Best Food Time of The Year In Fort Collins
Being a consumer of good eats, one of my favorite times of the year is upon us. The annual Fort Collins Great Plates event kicks of March 1st and goes for two weeks. This is a great time of year to try out some new restaurants or just enjoy some old favorites.
New to the list this year (or at least I think this is their first year) is Jax Fish House and Oyster Bar. I can't say enough good about this place....happy hour is fantastic, food is great, and the service has always been top notch.
My old favorites include many but I think the deal at Coopersmith's is one of the best values of all. Their NY strip is usually priced at the nearly $25, well at least close, and you get TWO for this price. The poolside pizza deal is great as well.
Tasty Harmony has seem great things to offer and let's not forget Canyon Street Chophouse. I haven't had their Great Plates special but their bone in ribeye and all of their other steaks are not to be missed. If you go, be sure to get an order of the truffle fries and I like the wedge salad with blue cheese and bacon bits.
Gotta run.....I am getting hungry!
Wait, in my haste for food I nearly forgot the link:
http://downtownfortcollins.com/dba.php/greatplates/
New to the list this year (or at least I think this is their first year) is Jax Fish House and Oyster Bar. I can't say enough good about this place....happy hour is fantastic, food is great, and the service has always been top notch.
My old favorites include many but I think the deal at Coopersmith's is one of the best values of all. Their NY strip is usually priced at the nearly $25, well at least close, and you get TWO for this price. The poolside pizza deal is great as well.
Tasty Harmony has seem great things to offer and let's not forget Canyon Street Chophouse. I haven't had their Great Plates special but their bone in ribeye and all of their other steaks are not to be missed. If you go, be sure to get an order of the truffle fries and I like the wedge salad with blue cheese and bacon bits.
Gotta run.....I am getting hungry!
Wait, in my haste for food I nearly forgot the link:
http://downtownfortcollins.com/dba.php/greatplates/
Wednesday, February 29, 2012
Fort Collins Weather
My better half and I both grew up on the East Coast. I am originally from the Shenandoah Valley in Virginia, a beautiful part of the country. I spent my childhood in a very small town of around 200 inhabitants, of which I knew 199 of them. I hedge my bets a little bit because every town has that reclusive citizen that you see once a year...maybe, but never really get a chance to exchange words. They like their privacy and so be it. We had a blinking caution light, a post office and a country store. It was so country in fact, that you could buy items on credit which meant that the elderly owners would pull out their spiral note book and write your name down with the amount you owed. Maybe once a week or once a month you would pay off your tab, but I digress.
I bring this up because every time I speak with family or friends or anyone about living in Colorado they always say, "The winters must be so cold and snowy. I don't know if I could handle it." They are always surprised when I respond by saying the winters are actually easier in Fort Collins then where I grew up in Virginia and then I proceed to tell them why. My admittedly unscientific logic (although I do have a background in science) to why Fort Collins winters are more hospitable than winters in Virginia revolves around four variables: temperature, humidity, sunshine, and precipitation:
Temperature: On average, January is the coldest month in Fort Collins according to Wikipedia with the average daily temp at 29F. In comparison, here is the info for a town near where I grew up. The average for January here is 31F....pretty darn close.
Humidity: This one is a bit tougher to get the numbers, but let's use personal experience. Humidity in VA, high. Humidity in Colorado, low. I always refer to winter's in VA as having a damp, penetrating cold. The kind that cuts right to the bone. Not necessarily snowy or icy, but just wet and cold. Colorado has very low humidity in both summer and winter. The result is that 30 degrees in VA feels way colder than 30 degrees in CO in general because of humidity.
Sunshine: Bottom line, we get a lot more of it! It is also more intense since we are at around 5000 ft here. This means, it feels very nice and warm in the sun, even when the outside temp is cold.
Precipitation: If it falls in the winter, it is usually snow. None of that freezing rain or rain at 36 degrees that makes it even colder than snow, and our storms generally don't last longer than a day. We are rarely socked in for gray days on end like can happen on the east coast. There is nothing like a nice, fresh blanket of snow and a great sunny day to take advantage of it.
So, winters here are really very nice....but don't tell everybody.
I bring this up because every time I speak with family or friends or anyone about living in Colorado they always say, "The winters must be so cold and snowy. I don't know if I could handle it." They are always surprised when I respond by saying the winters are actually easier in Fort Collins then where I grew up in Virginia and then I proceed to tell them why. My admittedly unscientific logic (although I do have a background in science) to why Fort Collins winters are more hospitable than winters in Virginia revolves around four variables: temperature, humidity, sunshine, and precipitation:
Temperature: On average, January is the coldest month in Fort Collins according to Wikipedia with the average daily temp at 29F. In comparison, here is the info for a town near where I grew up. The average for January here is 31F....pretty darn close.
Humidity: This one is a bit tougher to get the numbers, but let's use personal experience. Humidity in VA, high. Humidity in Colorado, low. I always refer to winter's in VA as having a damp, penetrating cold. The kind that cuts right to the bone. Not necessarily snowy or icy, but just wet and cold. Colorado has very low humidity in both summer and winter. The result is that 30 degrees in VA feels way colder than 30 degrees in CO in general because of humidity.
Sunshine: Bottom line, we get a lot more of it! It is also more intense since we are at around 5000 ft here. This means, it feels very nice and warm in the sun, even when the outside temp is cold.
Precipitation: If it falls in the winter, it is usually snow. None of that freezing rain or rain at 36 degrees that makes it even colder than snow, and our storms generally don't last longer than a day. We are rarely socked in for gray days on end like can happen on the east coast. There is nothing like a nice, fresh blanket of snow and a great sunny day to take advantage of it.
So, winters here are really very nice....but don't tell everybody.
FHA fee increases start April 1st
Just a tidbit for those folks anywhere in the country that are thinking of buying a property using an FHA loan. As of April 1st those loans are going to be more expensive, so it may be worth acting now if you are making a purchase in the next 6 months or so.
The below is excerpted from Jill Hartman at Premier Mortgage Group Fort Collins-
I wanted you to be aware that FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent (from 1.15% to 1.25%) for loans under $625,500. Upfront premiums (UFMIP) will also increase by 0.75 percent. The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This is quite a significant increase and is effective April 1, 2012 which means your lender must assign a case number before April 1st in order to use the current, lower amount.
Here is a link to the press release from the FHA:
http://portal.hud.gov/
The below is excerpted from Jill Hartman at Premier Mortgage Group Fort Collins-
I wanted you to be aware that FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent (from 1.15% to 1.25%) for loans under $625,500. Upfront premiums (UFMIP) will also increase by 0.75 percent. The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This is quite a significant increase and is effective April 1, 2012 which means your lender must assign a case number before April 1st in order to use the current, lower amount.
Here is a link to the press release from the FHA:
http://portal.hud.gov/
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