Washington Park Real Estate Video
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Welcome To Washington Park Real Estate
Washington Park Real Estate Results 1st Q 2009
The first quarter of 2009 saw sales in Washington Park Real Estate slow slightly when compare to the same period in 2008 from 27 units to 25 units. This is not the entire story, however. While overall sales were relatively steady, the mix of sales among the 5-segments we track changed considerably. In addition, the average of the sold prices within the segments dropped while days-on-market increased. Clearly, Washington Park Real Estate is not immune to the economic slowdown.
The origin of our current real estate crisis is composed of several factors:
- Loose monetary policy of the Federal Reserve over the last 8 years,
- Excess capital availability,
- Relaxation of risk management standards by lenders,
- Political pressure to expand home ownership, and
- Poor debt management by the home purchasers.
Although Washington Park Real Estate is not a “sub-prime” zip code, where many of the problem loans were issued, it is seeing the spillover effect. There clearly has been a chilling of buyers’ enthusiasm, even when houses are priced at historically aggressive levels. The largest homes dropped from 6 units sold in 2008 to only 2 units in 2009. The homes of greater than 3000 square feet share of the market dropped from 22% to only 6%.
Washington Park Homes Analysis
Washington Park Homes Units Sold
Within each Washington Park Homes segment the average sold price has also dropped significantly. The larger bungalows saw their prices drop by 16% while the pop-top segment had the greatest decrease, falling by 24%. We moved some less attractive pop-top Washington Park Homes inventory at aggressive discounts.
Washington Park Homes Sales Prices
Not only are we selling less and for lower prices, but the time it takes to market a property is lengthening. It is now taking 129 days, on average, to sell Washington Park Homes, a 59% increase over 2008. The largest houses are really suffering in spite of significant price decreases.
Washington Park Homes Days-on-Market
The spread between jumbo loans and conventional loans is not helping our neighborhood real estate market. If one were to assume that a purchaser would use a loan with an 80/20 Loan-to-Value ratio, then the maximum amount of house that qualifies for a conventional loan is $520,000. For values above this, the purchase would have to use a jumbo loan. What this means is that the loan would not conform to the Fannie Mae-Freddie Mac guidelines and, as a result, the borrower will pay 2.5 to 3.0 percentage points more for a loan. For a purchase of a home with a sales price of $650,000 that means $1,000 more for each monthly payment.
Washington Park Real Estate Contact Us
If you need any support or have a question, feedback or suggestion, you can use the form below to contact us.
Mailing Address: Your Castle Real Estate LLC
190 East 9th Avenue, Suite 400, Denver, CO 80203
Phone: 303-399-4949 or 303-552-6584
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Washinton Park Real Estate About Us
Meet the Canons
The Canon Colorado team is composed of 3 individuals from the same family. Michael, Suzy & Rodolfo…
Michael
Michael Canon is a results-driven, action-oriented professional with proven success in land development in addition to extensive international executive experience. As founder and president of a New Hampshire land development company, Mr. Canon grew his business to be the state’s largest in just three years. Formerly CEO of a multinational subsidiary company, Mr. Canon has managed upwards of 1,000 employees and $100 million in sales in 20 years of experience working abroad in six countries.
He is a director of the Washington Park East Neighborhood Association and the Friends and Neighbors of Washington Park. He is an advisor to the Board of the Council of Supply Chain Management Professionals. He is a member of the Government Affairs Committee and the International Committee at DBR. He is a former Director of the American Chamber of Commerce, the National Confederation of e-business, the Alliance for Customs Reform (Procomex) and The Institute for Quality in Education in Sao Paulo, Brazil.
Mr. Canon has a Bachelor of Arts and a Doctor of Jurisprudence from the University of Tennessee. He has a Masters in International Management from the Thunderbird Graduate School of International Management. Mr. Canon speaks Spanish and Portuguese.
Suzy
Holds degrees in English Translation and Interpretation, and an Executive MBA. Has over 20 years experience in international and domestic transportation logistics. Held management positions in companies such as DHL and Kimberly-Clark Brazil where she held operations management responsibilities for import-export. Hobbies: Cooking and learning languages. Speaks English, Portuguese, Spanish and Italian (and just enough French).
Rodolfo 
24 years old. Born in Sao Paulo, Brazil. Raised in Brazil and USA. Attended boarding school from age 15 until graduation in Chattanooga, Tennessee. Fluent in Spanish, Portuguese, and English. Studied Real Estate and Construction Management at the University of Denver. Work experience includes the management of landscape construction crews at one of the nation’s premier landscaping companies in Detroit, Michigan. Managed over 30 employees in projects with values exceeding $12 million for clients such as Ford and Chrysler. Rodolfo loves golf, working out, and all types of outdoor activity: biking, skiing, hiking in the mountains.
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