At Home Colorado - Boulder County Edition

REAL ESTATE

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BOULDER COUNTY

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Open Homes and Virtual Tour Quick Guide Looking for a home? View comprehensive listings of local virtual tours and open houses taking place from all across the area.

November 12-13, 2021

Livability

Buying a Multi-Unit with Owner-Occupied FHA Financing With the right planning, buying a multi-unit and living in one of the units could be a great way to start your real estate investment portfolio.

Style at Home: Bring on the Green(ery) While the Christmas tree is known to steal the spotlight in a room, it wouldn’t be the star it is without a little help from added greenery.

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ASK ANGI COLORADO HOME AND REAL ESTATE

Planning for holiday lighting

ATHOMECOLORADO.COM CONTRIBUTING WRITERS Paul F. P. Pogue Michaela Phillips Josh Ostrowski Andrew Khouri Duane Duggan Wendy McMillan Katie Laughridge Cathy Hobbs ADVERTISING CONSULTANTS Thais Hafer Toni McNeill Mary Romano MARKETING FEATURES COORDINATOR Greg Stone

EDITORIAL

At Home Colorado is a weekly publication designed for the Colorado home and real estate community. The Boulder County edition publishes Friday in the Boulder Daily Camera and Saturday in the Longmont Times-Call.

The Northern Colorado edition publishes Saturday in the Greeley Tribune and Loveland Reporter-Herald. Submit news releases and articles to: gstone@prairiemountainmedia.com.

ADVERTISING

To advertise in At Home or to promote your virtual home tour visit AtHomeColorado.com/Advertise, call Thais Hafer at 303.473.1456, Toni McNeill at 303.684.5329 .

At Home is an advertising feature of the Boulder Daily Camera, Greeley Tribune, Longmont Times-Call and Loveland Reporter-Herald. ©2021 Prairie Mountain Media.

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AT HOME COLORADO

Outdoor holiday lights can make a spectacular view. Professional help can make this task much less stressful. (Photo: Dreamstime/TNS).

Paul F. P. Pogue Ask Angi (TNS) Once Thanksgiving is past, homeowners’ attention will turn to decorating for the winter holidays. You can save a lot of hassle by hiring a professional to hang your holiday lights, and the sooner you call to get on their schedule, the better. A pro will have the experience and training to get the best effect out of your lighting, protect it from snow and water exposure, and efficiently get the lights up and back down.

Some lighting companies offer holiday services, and a trusted handyman can also perform this job. This work usually costs about $400, but it can change

based on the size of your home. A multistory house will cost much more, and steep roofs will raise it even more. In most cases, installers will put up your own lights. If you don’t have lights to supply, you can often buy them from the installer, or rent a set for the season for an additional fee.

As always, make sure whoever you hire is bonded and insured.

Insurance is particularly crucial for any work that involves ladders. If your pro doesn’t carry insurance, you could be financially liable for any injuries if someone falls or an accident damages your property or your neighbor’s. A ladder that tips over can easily crash into someone else’s house, after all.

Holiday lighting safety If you do it yourself, take it seriously. Accidents while decorating are responsible for about 15,000 emergency room visits each year, and half of those take place due to falls.

Follow the same ladder safety procedures when hanging lights as you would for any other job.

It’s often very tempting to go a bit higher than is safe or reach a little more, just for long enough to hang one more thing. But that last bit of extra reach is often what causes accidents. It’s always worth it to take a moment to get a better ladder or safer perch to reach that difficult spot. The buddy system is important for grown-ups, too; you should always have someone stabilizing the ladder while you’re climbing it.

For added safety, consider magnetic holiday lights, which simply stick onto any metal surface. After the holidays, you can remove them easily simply by pulling the lights down.

While you’re at it, take care not to overload your electrical system. If you draw too much power, you can trip your circuit breaker or cause risk of fire. Any outdoor lights should be plugged into GFCI outlets. You can spot such an outlet by looking for the “test” and “reset” buttons. They’ll shut down the flow of electricity in event of overload, and add an additional layer of protection.

Tweet your home care questions with #AskAngi and we’ll try to answer them in a future column.

REAL ESTATE NEWS

WK Real Estate welcomes Barry Remington Team BOULDER – WK Real Estate has announced the addition of their newest team, the Barry Remington Team to its Boulder office.

The team includes Barry Remington and his daughter Cassie Remington.

Barry and Cassie have been working together for the past three years and are excited to make it official! They are both Colorado natives and University of Colorado

Barry and Cassie Remington

graduates that have a passion for the local community, especially

the CU Buffs. Barry played football for the Buffs from 1982 to 1986 and still holds the All-Time Leading Tackler record for CU! Growing up in the Superior/Rock Creek community, they bring a unique and highly knowledgeable approach to local real estate.

They are passionate about educating their clients and guiding them through the buying and selling

process. They enjoy giving back through their foundation, The Samantha Remington Angel Heart Foundation which assists patients battling difficult medical conditions.

The Barry Remington Team can be reached at 720.373.9297 or by email at barryremingtonteam@ wkre.com or go to barryremingtonteam.com.

BOULDER DAILY CAMERA / LONGMONT TIMES CALL

MORTGAGE

The FHFA and Treasury ease restrictions for financing second homes and investment properties Earlier this year, the Federal Housing Finance Agency (FHFA) introduced new guidelines that, in effect, reduced opportunities for people to finance second homes MICHAELA or investment PHILLIPS properties through government entities Fannie Mae and Freddie Mac. However, the FHFA and Treasury have recently announced a reversal of these restrictions, opening up more possibilities for those hoping to snag a second home or investment property. Interested in learning more? Here’s what you need to know: About the changes If you’ve been on the search for housing, you’ve probably noticed that the market is incredibly competitive for both renters and buyers. As a result, the restrictions put in place earlier this year have been lifted in an effort to give a boost to the dwindling housing supply across the country.

The previous guidelines capped the entities’ lending for investment properties or second homes at just seven percent of their portfolio (more than a 50 percent reduction). Since Fannie Mae and Freddie Mac-backed mortgages often offer lower interest rates, many individuals and investors were unable or unwilling to pursue financing for more properties. However, as the demand for housing continues to grow, the FHFA reversed the

Photo by Ann Wallace on Unsplash

policies in an attempt to promote housing stability now and in the future.

What this means for investors or those seeking a second home With Fannie and Freddie now able to back more second home and investment loans, now is the time to move forward if you’ve been considering this possibility.

Securing a conventional mortgage is what many buyers are looking

for, as this type of loan is known and loved for its competitive interest rates and affordable down payments. However, it’s critical to keep in mind that this reversal may be temporary. The FHFA is still reviewing the impact of this decision, so if you’re ready to buy, time may be of the essence.

There are many perks to adding a second home or investment property to your portfolio.

With home prices still on the rise,

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purchasing another home while interest rates are still low may be a decision that will benefit your financial future for years to come.

Michaela is the Senior Lender for Synergy One Lending. She enjoys teaching her clients the pros and cons of being a Real Estate Investor. Contact Michaela at 303.579.5517, e-mail michaela@michaelaphillips.com or visit michaelaphillips.com.

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REAL ESTATE

Home prices keep shattering records: How can buyers cope?

Jeff Ostrowski Bankrate.com (TNS)

Home prices can’t keep going up forever. Can they?

During the COVID-19 contagion, Americans proved willing to pay a premium for homes – so much so that home prices shattered all records.

Spurred by historically low mortgage rates, lack of inventory and a pandemic-inspired nesting instinct, buyers keep bidding up home prices.

The median price of an existing home has topped $350,000 for the first time. The median price of new homes just eclipsed $400,000.

This boom is a boon for sellers and a challenge for buyers, who increasingly must stretch their housing budgets.

New home prices hit record For the first time, the median price of newly built homes sold in the U.S. topped $400,000 during a three-month period, according to the latest quarterly data from the U.S. Census Bureau and the Department of Housing and Urban Development.

A number of factors are driving rising prices of new homes. For starters, builders in the past decade have shifted away from starter homes, focusing instead on more expensive – and more profitable – houses.

Meanwhile, builders have coped with a shortage of available land, a shortage of workers and spikes in the prices of lumber and other materials by – what else? – raising prices.

Existing home prices remain near record highs Prices of existing homes topped

$360,000 in June and have pulled back a bit since then, according to the National Association of Realtors. Still, September’s median price remained above $350,000 – and 13 percent higher than its year-ago level.

Double-digit appreciation is great for sellers, but it’s not helpful for buyers. “First-time buyers are hit particularly hard by the historically high home prices as they largely do not have the savings required to buy a home or equity to offset such a purchase,” says Lawrence Yun, the National Association of Realtors’ chief economist.

When will prices cool?

Housing economists say this boom is about to run out of steam. The Mortgage Bankers Association expects annual appreciation to cool to 5 percent by the end of 2022. The National Association of Home Builders has a similar outlook.

“I don’t see an extended period of time where we’re talking about 15 to 20 percent year-over-year price growth,” says Robert Dietz, chief economist of the builders trade group.

A variety of factors – including rising mortgage rates and increased production from builders – could slow the appreciation of residential properties.

What homebuyers can do For buyers, fear of missing out on the housing boom has spurred all sorts of new and different home-buying habits. Bidding wars became common. Many buyers agreed to waive contingencies around inspections and financing.

In an intense seller’s market,

moving aggressively is crucial.

But with cooling in sight, there’s no harm in waiting a bit, says Eli Baracha, a housing economist at Florida International University.

“It feels like we are at an inflection point,” Beracha says.

“Exactly when we will reach the current peak in the housing market is hard to tell. It might be wise for many people to consider renting and reinvesting the money they would otherwise have spent on ownership in the nation’s most overpriced markets.

You don’t want to be among the last to buy at your local market’s peak because it may be a long time before you can resell your property for a substantial return.”

Greg McBride, Bankrate’s chief financial analyst, also urges caution.

“For prospective buyers, making the biggest financial decision of your life under duress is not a recipe for success,” McBride says.

“If you find yourself bidding at the very limit of what you can afford, putting in an offer sight unseen or after a five-minute walk-through, or being pressured to forgo a home inspection, you’re likely better off walking away. There are worse things than staying where you are or renting for another year or two until you can purchase in a more balanced and sane market where you can do the necessary due diligence.”

How to avoid overpaying If you’re shopping for a home, here’s how you can avoid overpaying: •

Take a deep breath. A market that’s this hot creates its own sense of urgency. Avoid paying more than you think a home is

worth – there will always be another house.

•

Consider local population trends. The populations of Texas, Florida, Utah and North Carolina are growing. But in some Rust Belt markets, populations are declining, a reality that drags down demand for homes. Buying in a hot market gives you more of a cushion than buying in a place where the population is shrinking.

•

Shop hard for a mortgage.

Buyers might not have much bargaining power when it comes to bidding for homes, but you can shop hard for a home loan.

Getting multiple loan offers can save you thousands of dollars over the life of the loan.

•

Be cautious about bidding wars. It’s not easy to avoid multiple bidding situations in today’s market, where buyers are paying tens of thousands of dollars over list price just to get a home.

•

Go into the bidding with a plan. In the heat of battle, it’s easy to boost your price by a lot just for the sake of trying to win. Before you get into a bidding war, set a clear ceiling on the amount you’re willing to offer for the property and stick to it.

Visit Bankrate online at bankrate.com.

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NATION

Hi or bye to ibuyers? Algorithmic home sales, growing in popularity, hit early hurdles Andrew Khouri Los Angeles Times (TNS) Last spring, Duarte residents Marsha and Todd Johnson decided they were ready to exit the California dream.

They wanted to cash in on the meteoric rise in the value of their home and start retirement as they long planned, in Washington state, to be near family and the beach. But the couple, in their 50s and 60s, didn’t want prospective buyers traipsing through their house in the middle of a pandemic, and dreaded the hassle of making repairs and managing offers, even with the assistance of a real estate agent.

So instead, they tapped the internet for help: On the website of a San Francisco company named Opendoor they filled out some “basic paperwork” and then completed a 15-minute video inspection through a smartphone.

A few days later, a firm offer came through and they sold their home to Opendoor.

“The process was pretty pain free,” said Marsha Johnson, who worked for L.A. County social services before moving out of state. “We got the money pretty quick.”

A new way of selling homes is taking root on laptops and smartphones across the country.

Companies including Opendoor, Offerpad and Redfin are using algorithms backed by reams of data to value houses and buy them fast, in cash, and with much of the transaction online. The firms then do minor repairs and resell the homes, earning money on price appreciation and fees they charge.

Operating somewhat as industrial-scale flippers, the socalled ibuyers – instant buyers – have expanded rapidly in recent years, primed for growth by a worldwide flood of capital chasing yield in the U.S. housing market.

People can also buy homes directly from the companies, touring houses at leisure by downloading a smartphone app to unlock the front door.

For those who have already endured the more traditional, time-consuming way, a quick and easy home transaction may seem too good to be true. Already, cracks are showing in the ibuying 6

AT HOME COLORADO

Portrait of Ruben Aguayo, Hazel Aguayo, Ariel Aguayo, 4, and Noah Aguayo, 5, in their yard Oct. 24, 2021 in Duarte, CA. Hazel and Ruben Aguayo recently purchased their house from Opendoor and their children particularly enjoy playing in both the front and back yard. Companies like Opendoor and Zillow are buying houses fast, with cash and mostly online and then reselling them after minor repairs. (Photo: Francine Orr/Los Angeles Times/TNS).

business model – still in its infancy – and industry experts aren’t sure how these new players are affecting the housing market more broadly.

Zillow, the second-largest ibuyer, took a fast U-turn this month after ramping up its homeflipping – buying and reselling – first saying it was pausing purchases because it had run into labor and supply chain issues.

On Tuesday, the company said it would exit the ibuying business altogether, raising questions about whether the tech powering these companies is up to the challenge in such an overheated, fastchanging housing market.

“Fundamentally, we have been unable to predict the future pricing of homes to a level of accuracy that makes this a safe business to be in,” Zillow Chief Executive Rich Barton said in a conference call with analysts.

Zillow had been listing large numbers of homes at lower prices than it bought them at, and it announced a $381-million loss on the service, called Zillow Offers,

in the third quarter.

Zillow’s exit shows ibuying is tough, but other ibuyers are still growing and their services are likely to grow even more popular, said Rick Palacios, research director at John Burns Real Estate Consulting.

That’s because ibuyers say they simplify home sales, streamlining and speeding up the usual steps: repairs, viewings, negotiations.

The firms promise an offer within days, even minutes, and purchase homes “as is” with cash, meaning sellers don’t need to conduct repairs or wonder if their buyer’s financing will come through.

Sellers can also choose their own closing date, which makes moving easier. For those buying, Opendoor will even purchase a new house for consumers in cash, then later work to lock in mortgage financing.

In Southern California, the largest ibuyers, Opendoor, Zillow, Offerpad and Redfin, accounted for 1.2% of total home sales in Los Angeles and Orange counties during the second quarter, and 2%

in the Inland Empire – an increase from the same period in 2018, when it was 0.1% in the two metro areas, according to a recent report from Zillow.

In some markets, such as Phoenix, ibuyer market share is above 5%.

“I would be shocked if this isn’t an option for people to sell or buy a home,” Palacios said. “It is going to be a part of housing going forward.”

A major question is how the companies affect home prices, and whether they can deliver, at large scale, the seamless experience they advertise.

“That’s what I find really interesting. What happens when you have a corporate middleman involved in the real estate transaction process?” said Mike DelPrete, an independent real estate analyst and scholar in residence at the University of Colorado Boulder. “What happens when Wall Street and billions of dollars come in?”

CONTINUED - See Page 18

BOULDER DAILY CAMERA / LONGMONT TIMES CALL

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12 UNIT APARTMENT BUILDING 1945 Canyon Blvd BOULDER $6,000,000

WHERE LOCATION MEETS MAGIC 655 Arapahoe Ave BOULDER $2,639,000, 2 Units, 6 Beds & 3 Baths Total

AMAZING OPPORTUNITY 2550 University Heights Ave BOULDER $1,550,000, 4 Beds, 3 Baths, 3322 SqFt Jim Dixon 303-653-1953

6 CUSTOM ESTATE LOTS 0 CR 16 1/2, Lots 1,4,8,9,12,16 FREDERICK $1,450,000, 5.25 Acres

OFFICE SPACE FOR 5 190 Arapahoe Ave BOULDER $1,200,000, 1985 SqFt

2-STORY IN SADDLE RIDGE CUL-DE-SAC 624 W Hickory Ct LOUISVILLE $1,100,000, 5 Beds, 4 Baths, 4140 SqFt

TRI-LEVEL W/ VIEWS 6365 Baseline Rd BOULDER $1,050,000, 4 Beds, 3 Baths, 1816 SqFt

CHARMING HORSE PROPERTY 8029 Firethorn Dr LOVELAND $825,000, 5 Beds, 3 Baths, 2464 SqFt

BEAUTIFUL 2-STORY 2164 Madison Wy ERIE $825,000, 5 Beds, 4 Baths, 3737 SqFt Tom Precourt 303-921-9080

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SETS ITSELF APART 1468 Amherst St SUPERIOR $799,000, 5 Beds, 3 Baths, 3097 SqFt

AMAZING MOUNTAIN VIEWS 263 N Cherrywood Dr LAFAYETTE $780,000, 5 Beds, 4 Baths, 3270 SqFt

IT JUST FEELS LIKE HOME 7215 Lookout Rd LONGMONT $775,000, 5 Beds, 3 Baths, 2750 SqFt

BEAUTIFUL RED BRICK RANCH 713 Gilpin Cir ERIE $774,900, 2 Beds, 3 Baths, 3407 SqFt

TURN-KEY IN THE WOODS 201 Genevas Wy BLACK HAWK $719,000, 4 Beds, 3 Baths, 3206 SqFt

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AT HOME COLORADO

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REAL ESTATE

Buying a multi-unit with owner-occupied FHA Financing

When most people think of buying a home, condos, townhouses, or singlefamily houses usually come to mind. It is very rare that DUANE you might think DUGGAN of buying a duplex, triplex, or a fourplex to live in as the owner. However, it could turn out to be an incredible opportunity for the right person or couple. Here’s why.

Low down payment available with FHA financing Typically, when someone buys a 2- to 4- unit as a non-owneroccupied investment, there is a large down payment required, usually in the 25- to 30- percent range. This down payment amount usually makes the thought of this insurmountable for most.

Welcome to FHA owneroccupied financing for 2- to 4- units. If you live in one of the units, you can purchase it with a down payment of 3 ½ % down, plus closing costs.

Living in a multi-unit may not be everyone’s idea of a long-term, dream, forever home, but it is a great way to start a real estate investment portfolio. Due to FHA loan limits, it doesn’t work in all markets.

The FHA loan limits (not purchase price) in Boulder County are as follows: • • •

Duplex $837,700 Triplex $1,012,550 Fourplex $1,258,400

Loan limits are different from county to county across the country so be sure to check for the county you are thinking of investing in.

Appreciation As with any investment, there is no guarantee of gains. In most cases over time, real estate has gone up in value. Let’s say real estate might go up 3% per year in value. If a first-time homebuyer buys a single-family home for $300,000 and it goes up 3% per year for five years, it has increased in value to $347,782.

The increased value amounts to $47,782.

November 12-13, 2021

With the right planning, buying a multi-unit and living in one of the units could be a great way to start your real estate investment portfolio. (Photo: Pexels).

Instead, let’s say the first-time homebuyer purchases a 4-unit for $800,000 and the value goes up 3% for five years, then the value has increased to $927,419.

The increased value amounts to $127,419. That amounts to $79,637 more than buying a single-family home. Is there more risk? Sure, the tenants could all move out and suddenly there is no income from the other units.

Having a professional property manager with the other three units can help reduce that risk.

Debt reduction Anytime you purchase real estate with a mortgage loan, each month you make a monthly payment, the amount owed on the loan goes down a little bit. Over time, equity continues to build. To make a comparison using the example above over a five-year period, here is how it looks: A $300,000 purchase of a single-family home or townhome/ condo with an FHA loan of $289,500 (without financing mortgage insurance) at 4% will reduce the principal by $27,654. A loan on an $800,000 4-unit would start out at $772,000 (without financing mortgage insurance), and the principal would be reduced by $73,745,45. The

principal reduction over five years would amount to $46,091 or $18,437 more equity built up than the single-family home example.

The actual interest rate at the time of purchase affects these numbers.

Cash flow The ultimate goal of owning real estate is to provide cash flow to live on. In the early years for the example above, this can be difficult. If you are considering a purchase like this, you need to look at exact numbers with your Realtor®, mortgage, and tax professionals. You will need to compare your monthly outflow of cash buying a single-family home compared to what cash flow would look like if you bought a 4 unit for living in one unit and renting out the other three units.

Let’s look at these examples below. $800,000 4-unit purchase (Longmont would be the most likely in Boulder County): • • •

Down payment of $28,000 plus closing costs Loan of $772,000 at 4%, 30-year amortization schedule Live in one unit, rent the

• •

other three units at $1,200 per month or $3,600 a month coming in Principal and interest monthly payment (3,685) Expense estimate (1,440)

Expenses on a 4-unit might run about 30% of gross rent. In our example above, there is $3,600 coming in from three units. The owner-occupied unit value is assumed at $1,200 also. Therefore, a total rental value of $4,800 x.30 is $1,440. Actual expenses to review and total up should include a minimum of mortgage insurance, hazard insurance, taxes, utilities, property management. and maintenance.

If numbers in this example proved to be true, the net outgo of buying a 4 unit, living in one, and renting the other three would be about $1,525.

Buying a single-family home or condo at $300,000: • Down payment of $10,500 plus closing costs • Loan amount of $289,500 at 4%, 30-year amortization schedule CONTINUED - See Page 12 ATHOMECOLORADO.COM

9

COVERPROFILE

Livability

The visionary Baseline community is a residential and business haven passionately dedicated to sustainability and livability. (Photo: Baseline).

The Ultimate Gift of Baseline prepares to release a unique variety of new homes

By Wendy McMillan At Home Colorado

I

t’s that time of year again. With the holiday season comes that delicate balance of busyness and reflection. With a renewed focus on the priorities that matter most, we also look hopefully to the future, setting goals not just for ourselves, but for a healthy tomorrow for all. This year, as you look inward and ahead, consider wrapping your head around this truth: as one of our greatest, most impactful investments, where we live significantly impacts how we live. A golden, progressive opportunity is here to embrace a uniquely healthy, ecominded, community-rooted and successful lifestyle all at once, at Baseline.

Located at the junction of I-25, Northwest Parkway (E-470) and Baseline Road (Highway 7), the visionary Baseline community is a residential and business haven passionately dedicated to sustainability and livability.

Loveland and Denver-based developer McWhinney, created Baseline on three pillars of design: environmental stewardship, healthy living and innovation, and is unwaveringly committed to incorporating these in all aspects of development. “These guiding principles 10

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are like the North Star,” explains Kyle Harris, Senior Vice President Community Development, Baseline General Manager. “They framed the vision for our master plan, and they drive all our development decisions as we move forward.”

What do those guiding principles look like in practice? There’s a harmonious blend of dynamic urban amenities with a celebration of nature and warm, budding community, for starters. Baseline features eco-friendly landscaping design and outdoor agriculture is coming soon. There are gridded street networks allowing for more efficient traffic flow, better walkability, and bikeability. The 1,100-acre community is planned for 9,205 residences, creating a synergistic nature-meets-city haven inclusive of a stunning network of pocket parks, a comprehensive trail system, more than 170 acres of open land, stellar educational opportunities, and will offer a vibrant – and growing – dining, business and retail district.

The Bees Knees of Eco and Friendly

“Infrastructure is about more than roads and bridges; it’s about supporting how people live,” Harris says. At Baseline, thoughtful design is a healthy mix of places to live, learn, work, walk, ride, shop, create and cultivate. A multitude of park areas, not least a plethora of more intimate neighborhood pocket parks, are woven together by gardenways, flora-rich, pedestrian-only corridors enhancing each and every journey.

Another feature really worth buzzing about-Baseline is planned to become the new home of the Butterfly Pavilion, which will be relocating from Westminster. In partnership with the Butterfly Pavilion, Baseline is designated as the state’s first “Pollinator DistrictTM”, meaning elements of the community are specifically designed using specialized irrigation techniques and mixes of plant types to maximize the overall number of pollinators as well as the diversity of pollinator species. “This is about more than bringing the Butterfly Pavilion over to Baseline,” Harris says. “This is incorporating science and research from the pavilion to a rapidly urbanizing area, and a key step to addressing the drop in numbers of our smallest species, fundamental to our food supply.”

Everyone’s ‘No Place Like Home’

“We want to be all-inclusive,” Harris says.

“We envision homes for everybody – empty nesters, young families, single folks and more.”

With that in mind, Baseline intentionally and seamlessly interweaves a broad diversity of product types, offering for sale single-family homes, townhomes, rowhomes and paired homes, as well as for lease apartments. Soon Baseline will be offering new for lease singlefamily homes and attached homes. Baseline further anticipates integrating affordable housing options into the community and has BOULDER DAILY CAMERA / LONGMONT TIMES CALL

identified two locations within the Parkside East and future Southlands neighborhoods.

Throughout the spectrum of housing options at Baseline, residents can count on the best in sustainability and efficiency. Baseline homes adhere to above-code sustainability guidelines, and drip irrigation and differentiated planting will dramatically conserve water. A program is being developed for all vertical development including alternative energy, LED lighting, and a whole palate of options to reduce water consumption and improve air quality.

West Village

West Village

Baseline is being developed in phases, the first being the development of West Village, the inaugural residential enclave. Oriented around two pocket parks, the neighborhood offers a mix of single-family, paired homes, rowhomes and townhomes for sale, as well as PARK40 apartment homes for lease. The neighborhood is a perfect fit for those who value design and thrive in Colorado’s active lifestyle – and buyers recognized its appeal from day one. “Sales were so brisk, our builders couldn’t get the homes built quickly enough,” Harris says.

Buyers, don’t let the “Sold” labels throughout the Baseline website discourage you. New lots in West Village are set to be released before the end of the year. David Weekley Homes, featuring beautiful detached, higher density single-family homes ranging from 1,779 to 3,152 square feet and starting in the mid $500s, will also be releasing new homes this season. Further, rowhomes and townhomes from esteemed builders Thrive Home Builders and Meritage Homes are underway, with first offerings expected to be available before the end of the year.

Rowhomes from Thrive Home Builders number three stories, 1,225 to 1,619 square feet and two to three bedrooms. Starting in the high $400s, they include a one-to-two car garage with a separate first floor flex space, ideal for urban dwellers desiring bike storage or a small home office. Three-story townhomes from Meritage Homes offer three to four bedrooms, three-and-a half baths, a two-car garage, and an optional rooftop deck. Coming in at 1,800

Oriented around two pocket parks, West Village offers a mix of single-family, paired homes, rowhomes and townhomes for sale, as well as PARK40 apartment homes for lease. (Photos: Baseline).

to 2,100 square feet, Meritage townhomes will start in the high $400s. In addition, new Baseline builder Dream Finders Homes, committed to integrity, flexibility, and a buyer-first ethos, have joined the development for phase two, offering stunning West Village Townhomes that will be introduced in the first quarter of 2022.

For those interested in rentals, PARK40 apartments is releasing a new building. The gorgeous, high-amenity one, two and threebedroom apartments are “very dog-friendly”, and enjoy options for garages, as well as access to a clubhouse with yoga and fitness studios, a pool, spa, bark park, playground, and more.

“As soon as these apartments are released, they’re fully leased up,” Harris says, advising interested parties in any of Baseline’s housing options to get on the interest list for up-to-date announcements and information. “We’re so excited to finally have homes to offer again.”

Parkside West

Opening in 2022, Baseline’s second residential enclave, Parkside West, will border the Parklands’ west side and will feature two cozy pocket parks of its own. Accessed through a network of pollinator-friendly gardenways,

Parkside West Stylish single-family and townhomes demonstrate a modern aesthetic and prominent outdoor spaces that take full advantage of pure Colorado splendor at Parkside West. (Photos: Baseline).

November 12-13, 2021

this neighborhood will epitomize harmony between nature and commerce, convenient to the Center Street District’s future restaurants and retail.

Development of this next big neighborhood means a huge, exciting variety of opportunity for all buyers. Stylish single-family and townhomes demonstrating a modern aesthetic more city than suburb, and prominent indooroutdoor spaces that take full advantage of pure Colorado splendor.

The Parkside West neighborhood will showcase a different, equally exceptional, team of builders. New to the team Dream Finders Homes will be offering townhomes in Parkside West, a completely different product from that in West Village, Harris shares. Boulder Creek, committed to efficient homes that protect the environment and save you money, will be offering a beautiful selection of single-family detached homes. Berkeley Homes, will also be offering an impressive range of single-family homes. For renters, Davis Development will be putting in 238 luxurious apartment units with a pool and vast amenity complex and set to hit the market in 2023. McWhinney has further partnered with AHV Communities, a pioneer and one of the first-to-market developers of luxury single-family rental communities to offer incredible for-lease townhomes in the first phase of the Parkside West neighborhood.

Everything about Baseline’s intentional design encourages residents to enjoy Colorado’s 300 days of sunshine, from the walkable streets in the block network to the multitude of trails and parks. Of course, given the pure Colorado location with views of the Rockies and the connectivity of the neighborhoods and future Center Street District amenities beckon an invitation as well. “We love that residents can wake up and see the mountains,” Harris says.

“Baseline captures what we love about living in Colorado.”

Learn More

Ready to learn more? Find out what’s available, join the interest list, and take virtual tours at baselinecolorado.com.

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11

HOME

Style at Home: Bring on the green(ery) Katie Laughridge Tribune News Service (TNS) I will be the first to admit, I grew up as a bit of a stem snob. I thought the only way to bring a festive forest into my home was with real pine and arrangements.

However, thanks to Mary Carol Garrity many years ago, I have discovered that faux can be just as beautiful and much less messy.

Seeing her stunning garland along with wonderful faux trees and stems had me saying no to needles and so long to sap drippings for good. Each year I get so excited to bring the holidays into my home without fearing the mess it makes on my wooden floors and favorite floor coverings.

When it comes to decorating for the holiday season, I like to start off with stems. A great display is built up in layers and levels, each as important as the next.

Beginning with greenery allows a strong base canvas to display all of your holiday splendor. You can’t very well add ornaments until you get the tree up first!

While the Christmas tree is known to steal the spotlight in a room, it wouldn’t be the star it is without a little help from added greenery. Garlands and picks are just as important as the tree when it comes to your holiday displays.

Picks in particular are the unsung hero of home decorating and come in a wide variety of sizes, colors and styles. You can use them to create any holiday look you want, from traditional to whimsical,

A great display is built up in layers and levels, each as important as the next. Beginning with greenery allows a strong base canvas to display all of your holiday splendor. (Provided photo/TNS)

glam to rustic. The secret to making them look fabulous and not flat is to work with them before you start decorating. Bend and shape the branches so they look perfectly imperfect, like you just pulled them from the woods (and not a box).

I use picks everywhere from the mantel to the table. Adding a sprig to your napkin holder or a few stems to your centerpiece can bring color and volume to your displays. The most important place we use picks at the shop is in our trees and garlands. We use artificial trees, and picks are our

go-to tool to make the trees full and lush. We tuck them in here and there (and everywhere), filling in bare places, and giving the overall tree more dimension and interest.

You can use garland all over your home, whether you want to snake some down the center of your dining table, loop it up a banister or drape it over your mantel. It is A-OK to improvise, too. Try cutting a 6-foot garland in half and use it to decorate your buffet, or thread it through the arms of your dining room chandelier – there are no hard

and fast rules when it comes to decorating for the season! To create an interesting swag on each corner of your fireplace mantel, you can even cut a piece of garland in half to use on each side. Dress it up with ribbon, picks and ornaments, and you have a beautiful holiday treatment ready for family and friends to admire.

Adapted from nellhills.com.

Katie Laughridge is the owner of Kansas City interior design destination Nell Hill’s. For more information, contact Katie at info@nellhills.com.

Owner-occupied FHA financing (continued) • •

Principal and interest monthly payment: $1,379 Taxes, mortgage insurance, hazard Insurance, maintenance, and maybe HOA might total $450.

In this example total cash outgo could be estimated at about $1,829 a month.

Tax benefit possibilities When you invest in real estate, it is important to review tax benefits with a tax professional who can not only show you the tax benefits of being a homeowner, but also show you the possible 12

AT HOME COLORADO

tax benefits of being a rental property owner. One of the most important concepts to review is the concept of depreciation. It’s a tax deduction you get, but don’t have to spend money to get it.

Depreciation can result in tax savings which ultimately improves the cash flow of the investment.

Again, your tax professional can run an analysis for you.

Steps to move forward with this idea: 1.

Visit with your licensed mortgage loan officer and see if you qualify.

2.

Visit with your tax professional to review any tax benefits.

3.

Meet with your Realtor to determine the most appropriate properties to view and make offers on

Real estate has proven to be one of the best wealth building investment opportunities. Most people just don’t make the first step to get started. With the right planning, buying a multi-unit and living in one of the units could be a great way to start your real estate investment portfolio.

Duane Duggan has been a Realtor for RE/MAX of Boulder in Colorado since 1982 and has facilitated over 2,500 transactions over his career, the vast majority from repeat and referred clients.

He has been awarded two of the highest honors bestowed by RE/MAX International: The Lifetime Achievement Award and the Circle of Legends Award.

Living the life of a Realtor and being immersed in real estate led to the inception of his book, Realtor for Life. For questions, email DuaneDuggan@boulderco.com, call 303.441.5611 or visit boulderco.com.

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DESIGN RECIPES

How to infuse a mid-century modern chic vibe into your home a hallmark of mid-century design and is also durable and timeless.

4.

Purchase select mid-century modern inspiration or foundation pieces to help anchor a space such as sideboards and consoles.

5.

Create a mid-centuryinspired focal point in a room. This can be anything from a selection of art, wall hanging or piece of furniture such as a sofa or chair.

LEFT: The pairing of walnut and black creates an instant mid-century vibe in this living room. RIGHT: Leather chairs with walnut legs serve as timeless mid-century modern furniture pieces in this entry nook. (Photo: Scott Gabriel Morris/Handout/TNS).

Cathy Hobbs Tribune News Service (TNS) Mid-century modern design remains both hip and classic.

From walnut wood finishes, rich leather and brass accents, this timeless style is more popular than ever. From internet and flea market finds to classics that have

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been passed down through the generations, here are some tips on how to infuse a mid-century vibe into your home decor.

1.

Group similarly styled midcentury modern-inspired pieces in the same room.

Creating furniture vignettes will help instantly infuse a

space with a mid-century modern vibe.

2.

Look for walnut and other warm wood pieces. This finish is a signature of midcentury modern furniture.

3.

Consider leather for primary pieces. Leather is

Cathy Hobbs, based in New York City, is an Emmy Awardwinning television host and a nationally known interior design and home staging expert with offices in New York City, Boston and Washington, D.C. Contact her at info@cathyhobbs.com or visit her website at cathyhobbs.com.

SKYCASTLE CONSTRUCTION

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Ibuyers (continued) In a viral TikTok in September, a Las Vegas real estate agent posed one “hypothetical” scenario. In it, a “company everyone knows” and uses to search for homes purposely pays $40,000 more for a house than what it’s been buying homes for, with the goal of setting a higher comparable sale so it could sell the other houses at a higher price.

As the theory of market manipulation ping-ponged around the internet, Zillow and Redfin both came forward to deny it was happening or would even make financial sense.

Some analysts said they believe ibuyers have put upward pressure on prices in a different way, however. Part of that is simple supply and demand, since the companies represent additional buyers in a crowded marketplace with too few homes for sale.

DelPrete, the real estate analyst, said there’s also evidence ibuyers grew more aggressive as the market kicked into overdrive earlier this year.

An analysis he conducted of home sales from April through June 2021 showed Opendoor, Zillow and Offerpad paid a few percent more than the valuations provided by an algorithm from ATTOM Data Solutions. That’s a shift from 2019 and 2020, when the companies paid less than the ATTOM valuation.

In a hot market in the second quarter, DelPrete said, buyers overall paid about 103% to 104% of the ATTOM valuation. That’s about what Zillow and Offerpad paid; Opendoor clocked in higher, at 107.7% of the ATTOM valuation.

Ibuyers may have boosted offers during the second quarter because investors want to see them grow market share, DelPrete said,

and to do that in a hot market the companies need to pay “top dollar.”

“You have publicly listed companies that need to show growth and they have billions of dollars of Wall Street capital,” he said. “They are going to go out there and pay whatever they need to pay to acquire homes.”

Tomasz Piskorski, a real estate finance professor at Columbia Business School, said he doubts the companies currently put much upward pressure on prices given their still small overall market share. Rather, the main drivers of today’s double-digit price appreciation are still low interest rates, low inventory, people seeking more space while working from home, and a large cohort of millennials entering peak homebuying years.

Zillow has also noted that ibuyers resell the homes they purchase and argued that the easyto-use process brings more supply to the market than otherwise would exist.

Piskorski also doubted that ibuyers would purposely overpay.

But he did say investor pressure and a belief that prices will keep rising might cause ibuyers to take more risks in what they buy, including, for example, inadvertently buying homes with problems that should really be valued lower.

“You could make the legit case that as long as house prices on average are growing, even if we are willing to make more mistakes, the mistakes on average will be compensated by the growth in house prices,” he said.

Such a strategy still requires an accurate prediction of future home prices.

After a red-hot market in the first half of the year, both

Opendoor and Offerpad adjusted faster than Zillow to a housing market where price appreciation had slowed, DelPrete said.

According to his analysis of the Phoenix market, both Opendoor and Offerpad reduced the prices they paid for homes in September, as well as the number of homes they bought. Zillow kept buying more homes and paying more for them.

By October, Zillow was listing homes in Phoenix for 6.2% less than what it paid, while Opendoor listings were priced 1% above what it paid, DelPrete said.

If ibuying continues to grow market share, there’s still a question of what happens in a sustained downturn.

Palacios said home prices could fall faster if ibuyers all of a sudden stopped buying, or if they kept buying but did so at discounts as consumers rushed to the exits.

Ibuyers could also sell to families at a discount, or choose to unload homes en masse to singlefamily rental firms. The companies already sell some homes to big landlords; according to a report from Bloomberg, Zillow is now shopping roughly 7,000 homes to institutional investors.

For now the focus of individual home sellers isn’t the future but their pocketbooks.

In interviews with The Times, more than half a dozen people who sold their house to Opendoor said they did so because they liked the speed of the transaction and the certainty of an offer they found fair. All said they had a positive experience with the largest of the ibuyers, including Marsha Johnson, the Duarte home seller.

On the flip side, those who bought homes from Opendoor didn’t always have stellar reviews — including Hazel Aguayo, who

bought the Johnsons’ former home from Opendoor in July.

Aguayo, a 36-year-old part-time real estate agent, said she and her husband, Ruben, sought to move from a rented apartment because they wanted a yard for their two children, 5-year-old Noah and 4-year-old Ariel.

But if Aguayo hadn’t represented herself in the transaction, she said, she thinks another agent would have urged her to look elsewhere. Aguayo said the point person Opendoor assigned to her transaction often didn’t respond to questions, forcing her to call a general phone number and constantly update different employees where she was in the buying process.

The escrow company Opendoor used was also hard to get in touch with and at one point told her to wire an incorrect amount, Aguayo said. “Doing [a sale] with Opendoor is like doing it with customer service.”

Three other Opendoor buyers or their representatives recounted similar experiences to The Times.

Aguayo identified a very specific aspect of buying through the company that played to her advantage: Opendoor employees she came into contact with weren’t based in Southern California.

That enabled her to successfully negotiate her family’s purchase to about $37,000 below the list price by pointing to other houses listed for sale in a less attractive part of Duarte.

“Had the agent been local, they would know not to compare this house from those, because this house is in the best neighborhood,” Aguayo said.

Visit at latimes.com.

FEATURED AGENT MARY ROMANO Blue SkyAlliance Colorado Real Estate Re/Max Coldwell Banker Residential

303-588-8433 homes@maryromano.com Read Mary’s At Home profile at:

http://athomecolorado.com/mary-romano

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Elliott Apartments are located in a historic residential neighborhood in Longmont, Colorado. Just two blocks from beautiful main street Longmont, Elliott Apartments has easy access to shopping, restaurants, and entertainment.

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Real Estate

FAIR HOUSING NOTICE All real estate advertising in this newspaper is subject to the Federal Fair Housing Law which makes it illegal to advertise a preference limitation or discrimination based on race, color, religion , sex, handicap, familial status, or national origin, or an intention to make any such preferences, limitation or discrimination.

This newspaper will not knowingly accept any advertising for real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertised in this newspaper are available on an equal opportunity basis. To complain of discrimination, call The Colorado Civil Rights Office at 1-800-262-4845/ HUD at 1-800-669-9777.

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