Property taxes on Denver real estate seem to be a source of confusion for most homeowners and buyers.   Denver homes are individually assessed by the appropriate County Assessor.   This process ensures tax burdens are equally shared by all property owners. The County Assessor’s job is to establish accurate values for each individual property located within their respective county.   Revenues from property taxes are distributed to services provided by roads, schools, police, fire protection services, cities and towns, and other local entities.
 

What is Actual Value?

Real estate in Colorado is assessed every odd numbered year. On your tax statement you will see an item marked Actual Value.  The value of a property is based on market value and uses comparable sales for homes sold 2 years prior.  So for example, in the tax year 2011, the value would be based on homes sold in 2009.  Many buyers and sellers try to use the Actual Value of their homes as a measure for sale price.  This would not be an accurate assessment of current market value nor should it be an indication of your homes potential sold price.

This has had much significance over the past several years.  During the earlier part of the housing crisis, decreasing sales prices pushed property values down but tax assessments were still based on comparable sales from the two years prior.

 Assessed Value

Residential property is assessed differently than other types of property.  The assessment rate for property that is classified as residential is 7.96% or market value.  Assessed value is obtained by multiplying the Actual Value by the assessment rate which in this case would be 7.96%.

 Understanding Tax Rates

 
Counties and cities, school boards and special districts are all taxing entities.  These entities make determinations regarding the amount of revenue required for services and takes into consideration what the law allows.  Tax rates are calculated by looking at revenue from property taxes and total assessed values for properties located within the boundaries of a given entity.

 Total Tax Rates are determined by adding tax rates of each entity serving your specific area.  As responsible and informed tax payers, public budget hearings are scheduled and posted in the local newspaper.  Taxpayers are welcome and encouraged to attend these hearings.

 How Are Property Taxes Calculated

By multiplying the Actual Value by the Residential Assessment Rate currently set at 7.96% or .0796, you can obtain Assessed Value.  Assessed Value is then multiplied by the Tax Rate in your area in order to determine the amount of tax due on your property. 

Actual Value    x    Residential Assessment Rate    =    Assessed Value
Assessed Value    x    Tax Rate    =    Taxes Due

One of the biggest challenges I have recently encountered in the Denver real estate market is overcoming strict lender qualification requirements.  Buyers seeking to buy affordable Denver homes have become increasingly frustrated and discouraged with higher minimum FICO score requirements than what is normally allowed on FHA loans. 

Now finally a bit of good news for qualified buyers.  At a time when an estimated one third of Americans have FICO scores below 620, Wells Fargo and Quicken Loans have created programs to accommodate buyers struggling through a failing economy.  Although no big announcements were made, these two FHA-approved lenders loosened their “overlay” requirements on FICO scores making it a little easier for buyers to qualify for a home loan. Until now, if FHA requirements called for a 580 FICO score, both Wells Fargo and Quicken required nothing lower than a 620 score.  

These more stringent requirements have been a source of controversy for many years.  Overlays are not unique to Wells Fargo and Quicken Loans.  A number of other lenders embrace this methodology as a way of protecting themselves from defaults by borrowers with less than perfect credit.  Claims by the banking industry indicate that the Federal Housing Administration could request compensation for actual loss or damage caused by the defaults. 

Wells Fargo is the largest originator of FHA loans.  Quicken Loans follow close behind at number three.  The new standards embraced by both lenders are now more closely aligned to actual FHA minimums.  The program has the potential to become a working model for other banks and lending institutions. 

FHA loans are a more viable option for buyers who do not have a large sum of money available for down payment.  With a down payment requirement of only 3.5%, an FHA loan is a more attractive option for the majority of buyers, particularly today. 

The recession has caused many potential borrowers to buyers with 580 scores have solid incomes and generally good credit histories.

In an article posted on January 31, 2011, Ken Harney, correspondent for Inman News, stated that David Stevens, FHA commissioner, argues that a low credit scores are a result of the recession.  Even borrowers with solid incomes and good credit histories can be plagued with 580 credit scores as “they went through the recession and suffered some damage, such as short-term loss of income.”  A few late payments could have a major impact on even the most responsible borrower.  Stevens says lenders need to take a hard look at the issues and take more care in their underwriting practices.  Borrowers with a 580 score “do not present excessive risks of default”. 

Complaints against more than twenty lender were filed by The National Community Reinvestment Coalition.  The Coalition charged that overlays are stricter requirements than those set by FHA and discriminate against minorities violating federal fair lending and equal opportunity statutes. Criticism of standard lender requirements also came from other consumer groups, builders, and Realtors.

Wells Fargo’s new requirements allow borrowers with scores as low as 500 to 579 to qualify with a minimum of 10% down.  Borrowers with 580 to 599 FICO scores will need 5% down.  A FICO of 600 or more will only require a 3.5 percent down payment. Gifts from assistance programs, friends, or relatives will not be allowed in any of these circumstances. 

In order to encourage a more qualified buyer, lenders will require tighter debt-to-income ratios with lower FICO scores.  Monthly housing expenses can’t be higher than 31 percent while total household debt service cannot exceed 43 percent.  The household debt service ratio or DSR is the ratio of debt to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt including credit and installment loans, car payments, etc.  The down payment requirements will help to keep unqualified applicants from obtaining a mortgage loan. 

Seller paid closing costs are costs associated with obtaining clean title, loan origination, underwriting, document recording fees, etc.  Closing costs are usually a little less than 3% of the purchase price which can add up to several thousands of dollars. 

Wells Fargo will offer these new programs directly to the borrower and will not be available through mortgage brokers, other wholesalers, or correspondent lenders.

In an interview with Tom Goyda, a Wells vice president and spokesman, Goyda told Harney that “these requirements are designed to ensure that we lend to customers who we believe will be able to manage their finances, given the anticipated ongoing challenges in the economy.”

Bob Walters is vice president for capital markets and chief economist at Quicken.  According to Harney, Mr. Walters confirmed that Quicken’s minimum FICO score requirements are down as low as 580 but not lower.  Funds for down payment must come from personal income and gift money will not be considered as part of the minimum required.  Walters also indicated that the debt-to-income ratios were similar to those required by Wells Fargo but he would not disclose any other specifics about their program. 

High unemployment figures and falling home prices have made it difficult for borrowers to purhchase a home in today’s marekt.  The program is designed to help provide homeownership opportunities to qualified buyers who have had temporary setbacks causing lower FICO scores.  Real estate professionals will greatly benefit from the program as well as tens of thousands of potential buyers.  These programs are not necessarily readily made available to buyers without prompting.  Make sure you know what to ask your lender or seek assistance from your real estate professional to help you ask the right questions.

A number of shopping options are available to residents of all Denver real estate and surrounding areas.  Many of these retail locations have been expanded and improved upon in the last several years making Denver shopping an experience to remember.  There is a shopping center or mall close to just about any number of Metro Denver homes, making shopping easy for everyone.  We will continue to update this list with new locations and additions.  Contact us if you know of any shopping centers that might be missing from this list.

16th STREET MALL

ANTIQUE ROW

ARISTA BROOMFIELD

ASPEN GROVE LIFESTYLE CENTER

AURORA MALL

BELMAR

COLORADO MILLS

CORNERSTAR

DENVER PAVILION

CHERRY CREEK NORTH

CHERRY CREEK SHOPPING CENTER

DOWNTOWN BOULDER

FLATIRON CROSSING

LARIMER SQUARE

ORCHARD TOWN CENTER

OUTLETS AT CASTLE ROCK

PARK MEADOWS MALL

SOUTHLANDS SHOPPING CENTER

SOUTHWEST PLAZA

TABOR CENTER

THE SHOPS AT NORTHFIELD STAPLETON

THE STREETS AT SOUTHGLENN

TOWN CENTER AT AURORA

TWENTY NINTH STREET

WESTMINSTER MALL

8300 Arista Place
Broomfield, CO  80021
303 635 2000

http://www.aristabroomfield.com/

Residents of the Denver real estate area can now enjoy one of the newest shopping venues, Arista Broomfield.  Residents in nearby Denver homes were happy to hear that Broomfield CO was voted number 19 out of 100 of America’s Best Places to Live by Money Magazine in 2010.  What better place for a master planned development with an urban flavor designed for living, working, playing, shopping, dining and staying.  

A neo-traditional main street, Arista Place, serves as town center of the area.  Inspiring views of mountain peak are just one of the perks offered by the area.  This eclectic pedestrian mall offers residences, eateries, retail, entertainment, and a modern hotel.  It’s a perfect gathering place for residents and visitors alike and offering true urban flavor to the Denver/Boulder northwest corridor.  Further development in the northern part of the area will include large box retailers.

The Brands

Estelle Bicycles is a new concept bike shop that offers a boutique like shopping experience for the avid cyclist.  It is a very clean and different modern space with minimalist displays that truly focus on the products.  Special orders and repair services are available. The store will open a new location in Wash Park and will feature a Retul fit studio.  For the serious cyclist this is a must experience 3-D fit.

Salon Cosabella is one of the very few salons in the country to be both a Bumble and bumble Network and Kérastase Exclusif salons.  Quality products and professional services are delivered in an elegant and upscale environment.  Specialties include men’s and women’s hair styles, highlights, color, waxing and hair extensions.    

Events and Entertainment

Arista Place is the heart of the area offering a gathering place for residents and visitors alike.  Easy access to public transportation is possible via a bus rapid transit station.

Arista Broomfield boasts to be one of the only town center developments in the country that is anchored by a major entertainment venue, 1st Bank Center, formerly the Broomfield Event Center.  The 6,000 seat mid-sized concert hall hosts 50 to 100 acts per year including family shows, sporting events, and concerts. 

Parking for both Arista Place and the event Center is available in the 1500 stall garage.

The Residences

The southeastern portion of the area will feature a new multi-family residential community offering about 1500 units available for sale and for rent.  Neighborhoods, parks, and amenities will be connected through a system of trails and greenbelts so common to the entire Metro area.   Residents at Arista include live/work lofts, condominiums for purchase, and apartment homes for lease.  Easy commute is provided through RTD park-n-ride located right on site.  Denver and Boulder are a quick drive from Arista. 

Places to Stay

The aloft Broomfield Denver hotel recently opened its doors as the first aloft hotel in Colorado and the 25th to open in the world.  The hotel has 139 rooms 7,555 square feet of meeting space and sits above 11,000 square feet of retail space. 

Eateries and Restaurants

A signature restaurant, Kevin Taylor Steak, will occupy over 5300 square feet of the aloft Hotel.  The restaurant features catering, a full service bar and lounge, and private event spaces.    

Kevin Taylor operates a number of successful venues in the Denver area and a seasonal location in Central City. His establishments are known for their upscale atmosphere, high quality offerings and an extensive wine list.  Whether you just came in from a formal business meeting or you spent the day shopping in more casual attire, everyone is welcome at Kevin Taylor Steak.

Regular Hours

Individual store and restaurant hours may vary.  Check website for hours of operations and upcoming events.

Voted #8 10Best Editors’ Pick

1100-1800 S Broadway
Denver, CO 80210
Phone: 303-765-1372

www.antique-row.com

The long stretch of cool antique shops, specialty shops and some great restaurants on Broadway is one of my favorite Denver real estate locations.  The area is an eclectic mix of shops offering local and nearby Denver homes residents a uniquely different shopping experience.  Historic old buildings in the area are a perfect spot for antiques and things from the past that sit harmoniously with newer and modern items.   This section of South Denver, home to Antique Row, has recently undergone a bit of a transformation.   Although recent road construction caused some disruption, it was worth the inconvenience.  Newly added tree-lined medians and updated street lighting have really enhanced the area and made it that much more desirable to spend a lazy Saturday or Sunday afternoon.

The Brands

The merchants of Antique Row include many businesses that have been in service for a great number of years.  Quality products, new items, and unique finds can be found in many of these fine establishments.  Azari Rug Gallery offers the largest selection of antique rugs, Native American rugs, and European tapestries in the Rocky Mountain region. 

For the most discerning antiques collector, Cambridge House Antiques  specializes in fine American and European items, lighting, accessories, and fine art selections.  In the flavor of the region, Heidelberg Antiques offers European designs for the quintessential mountain home.  Other items include antler furniture selections, Black Forest carvings, and beautiful antique linens. 

Frontier Gallery reminds us of our Wild West heritage with its display of Civil War carbines, Springfield muskets, Winchesters, Colts, Kentucky’s, and more.  It’s truly an interesting walk through the past with Indian artifacts, Western Art, chaps, saddles, and other Western memorabilia.  There are so many other wonderful shops to explore. 

Birdsall & Co., offering products for the fine home and garden shop, is the exclusive authorized Barlow Tyrie dealer in Colorado.  Beautiful selections of fountains both modern and traditional are on display during the summer months.  If you cannot find what you are looking for ask to see their catalog featuring other suppliers.  If you are looking for something really different or a one of a kind find, check out the available art from England, Haiti, South America, North America, Asia, Zimbabwe, and Germany.  Sculptures from local artists are also proudly offered.  Birdsall also has the largest number of unique pots and containers I have ever seen.  There are a number of materials available, colors, shapes, and sizes.  Just beautiful stuff.

Voted Denver’s Best Furniture Store by 5280 Magazine, Watson & Co is a retail interior design studio featuring modern and traditional items, upholstery, accessories, lighting, and beautiful art work.

Restaurants, Eateries, and Cafés

You’ll see time passing quickly as you wander through the shops of Antique Row.  If you find yourself looking for a place to rest or a bite to eat, there are a number of great options along this stretch of Broadway.  Once introduced to me by a friend, Blue Bonnet Restaurant is a Mexican family owned establishment that has been around for 45 years. Fresh food is served in a very casual atmosphere.  The only problem you will find here is trying to decide which of the many items to choose from.  If you like Margaritas, you will definitely want to try at least one.  In summer months, enjoy eating al fresco in their new patio.  For a lighter fare, Capital Tea, LLC offers handmade sandwiches and whole-leaf teas in a very relaxing environment.  If you are a tea lover like my British husband, you will want to check out their teapots and accessories like infusers, strainers and canisters.  As you stroll through the blocks and blocks of shops, look out for other great eateries and cafés.

Events and Entertainment

Throughout the year there are a variety of events, displays, live entertainment and music, book signings and more.  The annual Antique Row Summer Festival provides visitors with three days of entertainment, sidewalk sales and even free appraisals.  This is a great time to bring along your personal antique items you always wondered about.   

Parking

Free Street Parking available but come early! 

Regular Hours

Individual shop and restaurant hours may vary.  Check out the website for individual store hours and event dates and times.

1601 Blake St, Suite 600
Denver CO 80204
Phone: 303-595-9919

www.shoplarkridge.com

Thornton CO boasts one of the largest retail centers in the north Denver real estate area.  Larkridge is an 800,000 square foot outdoor north Denver shopping center featuring local as well as national retailers, restaurants, and a pedestrian village.  The shopping center is divided into two sections, Larkridge and Larkridge South.  Convenient and easily accessible to residents of nearby north Denver homes and other Colorado real estate, the shopping center is well located to take advantage of future growth in the area. Anthem Highlands at Broomfield, Vista Ridge Golf Course and Homes, and North Creek Farms are some new communities in the area.  

The north Denver area is one of the fastest growing regions in the metro area. Significant growth is expected over the next ten years.  Over 100,000 new residents are anticipated to move into nearby Denver homes within 10 miles of Larkridge in the next few years.  A total of an additional 40,000 residents are expected to move into Loveland, Longmont, Greeley and Fort Collins homes during the same time period.

Larkridge has a prime location at the intersection of I-25 and CO 7.  With the addition of the newly completed portion of E-470, tens of thousands of commuters pass the shopping center daily and more are expected over the next decade.

The Brands

Larkridge and Larkridge South anchors include national brands and big box retailers like Home Depot and Costco.  Other major retailers at Larkridge include Bed Bath & Beyond, Sears Grand, Dick’s Sporting Goods, DAVECO Liquors, PetsMart, Office Max, Fodor Billiards, Beadstringers, and Pier 1 Imports.  Check the Larkridge website for new tenant additions.

Costco was the first retailer to open at Larkridge South.  The popular wholesale warehouse offers quality, brand name merchandise at discounted prices.  Another tenant of the Larkridge South location is the newly opened G-3 Car Wash. 

Up and Coming Attractions

Some of the newer attractions to the Larkridge center include Buffalo Wild Wings, Westwoods Center of Performing Arts, Toys “R” Us and Babies “R” Us, both slated to open in Spring 2011. 

An expansion project is already taking place at the Exempla Family and Occupational Medicine where they will be adding space to accommodate a physical therapy unit to its practice.

Restaurants and Eateries

As a fairly new shopping center, there are still only a few dining options available at Larkridge.  Some of these include Buffalo Wild Wings, Chick-Fil-A, Famous Dave’s BBG, Good Times, La Fogata Mexican Restaurant, Subway, Village Inn, and Gunther Toody’s Diner.  Starbucks Coffee sits just off State Highway 7 next to the Verizon Wireless store.

5050 Factory Shops Blvd.
Castle Rock, Colorado 80108
303.688.4495

www.outletsatcastlerock.com

About the Mall

Castle Rock CO is home to the Outlets at Castle Rock, an outdoor Denver shopping experience offering over 100 retailers and one of the largest outlet center in the Colorado real estate market.  The outlet attracts over 4.2 million visitors a year.  Local residents in nearby Castle Rock homes are lucky to have the outlets so close to home.  But its location just off of I-25 and the outlets proximity to Santa Fe provides easy access for everyone in the Denver real estate area.

The Brands

The outlets include some premium brands like Banana Republic Factory Store, Columbia, Tommy Hilfiger, Coach Factory Store, Saks Fifth Avenue Off 5th, Nike Factory Store, Lucky Brand Jeans, Calvin Klein, Polo Ralph Lauren, Timberland, and many more.  On January 10, 2011, Crewcuts, J.Crew’s children’s division, opened its doors at the Outlets.  The store offers styles for children sizes 2 to 14.

Special Values and Discounts

Make sure to get your 2011 savings card the next time you visit the Outlets.  You can pick one up at Customer Service located in the food court area.  The cards will provide additional savings and incentives for shoppers at participating vendors.  Make sure to present your card at time of purchase to take advantage of the special offers.  Some restrictions apply.

The Best Western Inn & Suites of Castle Rock offer special values for shoppers.  Shop America and Visa Signature Shop America Savings packages are offered throughout the Denver area at various shopping centers.  Best Western has a number of packages available including the Shop and Stay, Shop and Play, Shop and Sport, and Shop and Sedan packages.  Each of the packages feature a variety of special values and discounts.  Check the outlet website or Best Western website for additional information.

Restaurants and Eateries

The Outlets have a variety of quick serve dining options including favorites like Subway.  If you are looking for something a little more relaxing, Chili’s, and Black Eyed Pea are just South of the outlets.  Applebee’s and The Rockyard Brewing Co are other nearby options.

Specialty Stores

Fuzziwig’s Candy Factory is a fun, brightly decorated specialty store offering nostalgic and trendy candy.  It is an irresistible concoction of some of the hardest to find and seasonal candies.  Harry & David, Le Gourmet Chef and the Rocky Mountain Chocolate Factory are other food specialty stores that deserve a visit.

For other unique specialty items you can find Calendar Club, Global Gifts, Lids, and Wedding Treasures to name a few.  Looking for a bridal dress?  Wedding Treasures for everything bridal not only offers beautiful gowns and accessories but they are also friendly and helpful for those with even the most unique situation.  Check them out!  Everything $1 to $5 is a fun store for die-hard bargain hunters and one even your kids will enjoy.

Regular Mall Hours

Monday to Saturday
10:00am – 8:00pm

Sunday
11:00am – 6:00pm

6155 S. Main Street
Aurora, CO 80016

303-627-5000

www.shopsouthlands.com

Aurora CO is home to Southlands Mall.  The 1.7 million-square-foot lifestyle center serves South Aurora homes.  This amazing piece of Denver real estate includes Main Street, spanning four blocks, and a welcoming community plaza offering access to retail stores, eateries, and entertainment venues. Development of the Southlands includes 250,000 square feet of office space and The Southlands, another Denver homes community adding to the already robust Southeast Aurora real estate area.

The Brands

Some well-known retailers at Southlands include Bath & Body Works, Christopher & Banks, Chico’s, Banana Republic, Coldwater Creek and Gap just to name a few.  Sam’s Club and Wal-Mart are major anchors among several others.

Restaurants and Eateries

A number of popular restaurants at Southlands includes Red Lobster, Olive Garden, PF Chiangs, Ted’s Montana Grill, Chili’s, and On The Border.  Wetzel’s Pretzels, everyones favorite soft pretzel place is conveniently located just off the community plaza.  McCabe’s Irish Bistro & Pub offers a relaxed pub atmosphere with some traditional favorites.

Specialty Stores

Fuzziwig’s Candy Factory deserves a “must visit” offering hard-to-find, nostalgic, seasonal and trendy candy.  This unique specialty store invites you in with its brightly colored displays and novelty feel. 

Events and Entertainment

Southlands offers a number of seasonal events.  Some of these include care package drives for our beloved soldiers and photos with Santa during the holidays. Barnes & Noble Booksellers not only provides avid readers with a myriad of book options, but also holds fun events throughout the year to be enjoyed by all.  AMC Southlands 16 Theatre offers stadium seating with high backs for your comfort and crystal-clear digital sound technology. 

The Ponds at Southlands

The Ponds at Southlands is an ice skating rink, sponsored by Parker Adventist Hospital, is open to the public and also available for private parties.  Admissions offer inexpensive options whether you own skates or not.  There are some awesome package deals perfect for gift giving and skating lessons for kids and adults alike.  Hours at the Pond may vary so make sure to check the mall website for more information.

Special events at the Pond include Wild Wednesdays offering a free child admission to Wildlife Experience with the purchase of a child’s skating lesson, and special featured skate parties like the Radio Disney Skate Party which offered entry to win a family pack to Disney on Ice.

Regular Hours

Monday through Friday
10:00am – 9:00 pm

Saturday
10:00am -  9:00 pm

Sunday
11:00am – 6:00pm

Westminster Mall – voted #6 by 10Best Editors’ Pick
5433 West 88th Avenue
Westminster, CO 80031
(303) 428-5634

www.shopwestminstermall.com

About The Mall

Located northwest of Denver in Westminster CO, the Westminster Mall is one of the oldest malls in Metro Denver.  Originally opened in 1977, the mall has become the second largest shopping center in the Denver real estate area.  Park Meadows Mall in Lone Tree CO is 1.64 million square feet in size with Westminster Mall and FlatIron Crossing both following behind at 1.5 million square feet each.

The Brands

At one time six major anchors included Macy’s, Mervyn’s, J.C. Penney, Sears, Dillard’s and Montgomery Ward.  All still remain except Montgomery Ward which was added sometime in the 90’s but was later closed.
 

Renovations

In 2000 a major overhaul of the mall began to make the space more contemporary and to better serve the public. The extensive renovations included refreshed facades, new entrances and doors and illuminated entry signs.  The center court features new lighting, glass railing, carpeting and new windows.  A water feature still prominently displays the beloved hot air balloons so many families have been accustomed to seeing for many years.  Interior landscaping, new seating areas and skylights throughout the mall provide enhanced natural lighting for an inviting atmosphere.

The Grand Opening

In January of 2001 a grand five day reopening was the official unveiling and ribbon cutting ceremony hosted by MIX 100 radio personality Dom Testa.  Nancy Heil, the mayor of Westminster and other important dignitaries were present at the event. 

Surviving The Ill-Fated 20 Year Mark

Most Denver area malls have only made it to the 20 year mark like the Villa Italia Mall, Lakeside Mall, Northglenn Mall, Crossroads Mall, and Cinderella City Mall. Somehow, Westminster seems to have escaped the dreaded fate of the other five despite the opening of the newer FlatIrons Crossing in nearby Broomfield Colorado.

Regular Mall Hours

Monday through Saturday
10:00am – 9:00pm

Sunday
11:ooam – 6:00pm