Buyers who want the small acreages for horses close to the amenities of the metropolitan area need only click here to view our Featured Listings for Denver Real Estate.

Prices are good.  Interest rates are great but edging upwards.  According to Paula Moore’s article in the Denver Business Journal on June 8, 2009, the highest average selling prices for real estate in Denver are $527,216 in the Boulder plains area and $663,311 for homes within the Boulder city limits.  The lowest average prices for single-family homes in the Denver metro area rang up in southern Aurora at $92,230, the mountain area of southern Jefferson County at $147,125, and near the Denver International Airport at $152,204.

With the excellent interest rates and the ability to refinance, some people are choosing to upgrade their homes by adding more rooms.  Some are remodeling.  Yet there are families who are choosing to add more acreage and a couple of horses for their children or for a mid-life diversion.

Horses enjoy an evolutionary niche as grazing animals that herd together for mutual protection.  They are quite social and love the horse circuit in the Mile High City as much as their owners do.  One larger property, suitable for several horses, would make them smile.  A smaller property under five acres would be fine for one horse—as long as someone in the family will fulfill the social need.

Horse properties are marvelous buffers from the hustle-bustle of life.  We can steer you towards a number of properties in great school districts located less than 20 minutes from business parks or the downtown metro area.  As the city expands, these choice properties with present covenants allowing horses could face redevelopment or rezoning if horse lovers resist them.

There are small ranchettes on less than five acres and larger ranches with hundreds of acres to roam.  No matter the size, the peaceful equestrian oasis promises to offer residents a world just a canter away from stress and a trot from equestrian heaven.  All while supplies last.

For more information about real estate in the greater metro area, including farms and horse properties, call Michael Paul of Realty Oasis at (303) 268-6052.

Beginning with the Refinancing Initiative, we will discuss two initiatives that may directly affect owners of Denver Colorado real estate.  The refinancing initiative is designed to assist responsible homeowners who:

1. Own and currently occupy a one-to-four-unit home in Denver or elsewhere
2. Have a mortgage that is owned or controlled by Fannie Mae or Freddie Mac
3. Are current on mortgage payments (See Modification Initiative below if payments are delinquent.)
4. Owe the same or slightly less than the current value of the real estate (The first mortgage must not exceed 105 percent of the current market value of the property.  Borrowers with more than one mortgage may also be eligible.) 
5. Have a stable income that will support the new mortgage payments

Refinancing may not lower payments.  However, all of the loans being refinanced under the plan will have a 30- or 15-year term with a fixed interest rate.  Consequently, homeowners may be able to avoid future mortgage payment increases and reduce the amount of interest paid over the life of the loan, thus saving quite a bit of money over time.  No extra costs, such as the cost of an appraisal, may be included in the refinanced amount. 

Now a few words about the Modification Initiative:  This program begins with a trial modification at a new interest rate and payment.  If everything works out, after 3 months a permanent modification will agreement lower the interest rate to a fixed rate for five years.  In year six, the rate increases gradually until it reaches a rate cap that is determined by the market interest rate on the date that the modification is finalized.

To apply for a Home Affordable Modification, homeowners must own and occupy a one- to four-unit home, have taken out the loan before January 1, 2009, and have unpaid principal that is equal to or less than $729,750 (for one unit properties).  The mortgage payment, including taxes, insurance and association dues, must be more than 31 percent of the gross monthly income.  Because of extenuating circumstances, these homeowners must no longer be able to afford the mortgage payments. 

We advise all interested homeowners to seek the advice of their lenders or talk to Lori Richardson of Cherry Creek Mortgage to ferret out the options available in the Stimulus Package.  As usual, homeowners must be prepared to provide recent pay stubs, income tax return, any information pertaining to a second mortgage, account balances and minimum monthly credit card payments, account balances and monthly payments on other debt.

For more information about real estate in the greater metro area, including farms and horse properties, call Michael Paul of Realty Oasis at (303) 268-6052.