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Much of the information we get about today’s economy, stock market and real estate market is negative. If this information is based on national or international trends, it may be misleading for those of us living in Colorado. As with Chicken Little, there is a feeling that “the sky is falling.” Some people may become fearful when they hear such information, yet others who take the time to question and understand it may instead look for the opportunity it presents.

So is the time right to purchase real estate in Colorado? Is the Mile High City the place for business, job growth, tourism, real estate, healthy living and thriving opportunity?

RESEARCH FINDS:
Forbes Small Business magazine ranks Denver the seventh best town to live in and launch a business, citing a “nourishing business environment and alluring leisure offerings.”*

United Health Foundation’s rankings say Colorado is at the top for exercise (83.2%) and at the bottom for obesity (16%).*

The Denver metro area added 7,100 jobs between January and February 2008. Year-to-date (YTD) employment is 2 percent higher than the same time last year.

Education and health services lead category growth rates, with 4.1% increases.*

While the Dow Industrial Average fell 0.4 percent between February and March 2008, the Bloomberg Colorado Index gained 1 percent. Throughout 2007, Colorado-based stocks consistently out-performed Wall Street. (The Bloomberg Colorado Index is a price-weighted Index that includes 115 Colorado companies.) *

Is real estate turning the corner? Metro Denver home sales inched up 0.5 percent from January to February, while sales at the national level rose by 2.9 percent. Metro Denver sales are 9.7 percent below the YTD total one year ago.

Nationally, inventory declined to a 9.6-month supply, but sales are still 24 percent below one year ago. Our increased number of homes under contract might also suggest the Denver market could be regaining momentum.*

* Source: Mile High Market Watch Denver’s Monthly Economic Review, produced by the Denver Newspaper Agency Marketing Department, April 2008

According to the National Association of Realtors’ chief economist, Lawrence Yun, when it comes to real estate, concentrate and keep it local. It may help to filter out information gathered nationally and to focus on local trends. Think of it like this: When you get up in the morning to check the weather, you want to know the temperature in Denver, not California.

So what does the real estate climate look like in Denver from a Realtor’s point of view?
DENVER WOMAN magazine spoke with five outstanding, successful women in real estate to get their views on the current state of the market. What do they see happening, how is the current market and where do they anticipate the market will lead in the future?

Their insightful comments, based on their years of experi-ence in the industry, provide an informed perspective of what is happening now and why this may be one of the best times to purchase real estate in Denver.

LINDA BEHR
Owner/ Broker, Fuller Towne & Country Properties

With more than 30 years in real estate, Behr has experienced several market cycles. As a leader in Denver’s luxury housing market and a consistent top producer throughout her career, Behr shares some thoughts. When looking at this market, she cautions, ”Determine if you are in [it] for the shortterm or long-term. It is a timing piece, and if you are in the market short term, it may not be a good buy.” She believes it best to take a long-term approach, which she defines as more than three years.

“Clearly, we are in a buyer’s market, and that affords an opportunity to get good value for your dollars,” she says. She advises that when you are purchasing a home, ask yourself, “Is this where I want to lay my head?”

Behr comments that real estate historically follows an 8 -to–10-year cycle. She says that in 1987 real estate was down, but came back with growth to experience yet another cycle in 1997. The good news is that in the new cycle, the value achieved was not reversed.

So what do you want to do in this market? First, Behr says, “Ignore what you may hear in the media and work with a professional. Look at the market information to get a sense of today and extrapolate the information and project forward. Make an investigation and decide upon intelligent value.”

For Behr, Denver is a great place to live and work and affords a healthy and active lifestyle. With the Democratic Convention coming in August, it will bring both national and international positive awareness to Denver. For Behr, this is an exciting time, history is in the making, and this presents an opportunity to share the town she so loves.

When asked to what she attributes her strong success in the field of real estate, she lists working hard; having passion and enthusiasm for her work; a strong, loving, supportive family; and a wonderful staff. She further shares that success is about not giving up, being willing to do what others won’t and leading by example.

DEE CHIRAFISI
Broker/Owner, Kentwood City Properties

Dee Chirafisi is regarded by many as a real estate visionary. She had the unique foresight to see what was happening in downtown Denver and co-founded Kentwood City Properties in 1999 to help realize the city’s vision. With her extensive experience working with buyers, sellers, developers and investors, Chirafisi has established herself as the go-to broker.

She offers her thoughts on this market and what she sees in Denver’s future. Her voice is upbeat as she discusses the upcoming Democratic Convention, which she says will enable many people to be able to experience Denver’s wonderful climate, but will also bring appreciation from around the nation that this city is a thriving metropolitan center. During their stay, visitors will be able to enjoy Union Station, the Theater District, art museums, the opera house and many other attractions. Chirafisi says this will open the door for outsiders to appreciate Denver as a housing market that is still affordable when compared with other markets such as San Francisco, New York, Boston or Chicago.

Commenting on the current state of the market, Chirafisi stresses this is a good time to consider real estate because prices are fair, the interest rate for mortgages is good, and there is time to make a smart purchase. She further points out that with the additional industry guidelines and current appraisals that more accurately reflect value, it is a safer time to make a smart decision. Chirafisi embodies a unique and rare combination of ultra-successful businesswoman, community leader and market trend visionary.

CHRISTY OWEN
Broker Associate, Coldwell Banker Devonshire

Recognized as the 2007 No. 1 top-producing real estate broker for Coldwell Banker Residential Brokerage in Colorado, Christy Owen is a seasoned real estate professional with more than 25 years of experience as an advocate for buyers and sellers.

Owen recalls being new in the industry when the interest rate for a home mortgage was 18 percent, and homes were still selling. Grateful for a slower market that gave her an opportunity to learn the business, she
realized the great responsibility involved in assisting clients making their home purchase. “For most people,
purchasing a home represents their most important asset,” she says. “Real estate is a relationship business, and our clients rely on our expertise in finding the right home and negotiating the transaction for them.”

She emphasizes that once again we are in a buyer’s market and there is a larger inventory of homes. What this may mean for sellers, Owen says, “is that while they may not be presented with offers for as much as they had hoped, they should focus on the opportunity of being able to put those dollars toward a home not previously affordable. By taking this approach, you have an opportunity to buy a better home or perhaps your dream home.”

Acknowledging that the media has sensationalized nationally what is happening in the real estate market, Owen believes it is important to look at what is happening on a local level. With the advent of the Internet, Owen says buyers have access to a lot of information online. While there may be more information available, Owen sees her role as providing the necessary education. With her background in architecture, design, home renovations and new construction, Owen provides valuable knowledge and insight to both buyers and sellers.

BARB PERRY
Broker Associate, Perry and Company

For Barb Perry, real estate was in her family. She says her father, who worked in real estate, discouraged her from entering the field because of the long hours. In 1970, Perry’s father, Ken Perry, founded Perry & Company, which now operates in three locations. After a run at retail, Perry decided to join her father in the business, where her training was, as she put it, “learn by doing.” She never forgot the lessons she learned, and she talks about her personal mission statement that has no doubt led her to achieve numerous successes and accomplishments.

She says her focus is on “providing service and integrity and being true to our clients at the highest level.” This level of service and integrity no doubt accounts for the fact that 95 percent of her business is from repeat clients.

When assessing this market, Perry sees the bright side. Today, buyers have an advantage because they have an incredible inventory to choose from, homes in great condition and an interest rate environment that is more favorable than other times in real estate history, she explains. Listening to Perry, it is clear she loves her work. She says she is seeing more momentum in the market — more phone calls, showings and contracts beginning to come in. It also is a great market for investors because of the large selection of foreclosures. She too believes that the increase in tourism that will result from the upcoming convention will highlight people’s perception of Denver as a great city.

JOAN ROGLIANO
Broker/Owner, Rogliano Real Estate Group

Joan Rogliano is truly a woman of accomplishment. A professional in the field of real estate for more than 25 years, and the nation’s first person to become both a certified real estate divorce specialist and a certified luxury home marketing specialist, Rogliano constantly strives for excellence. Adding to her accomplishments was her nomination in 2007 for Denver Business Journal’s “Outstanding Women in Business” award.

When discussing what lies behind her success, Rogliano candidly answers, “I listen. To be in real estate is like being a detective. I listen for the clues, and I find them the prize.” Her passion for her profession, the values she holds high and caring about people so deeply is what has made her so successful.

Not merely content with success in real estate alone, Rogliano has reached out to women as they go through the difficult transition of divorce and created an educational outreach program called Wildflower Group. This group seeks to educate and provide resources during this difficult time in a woman’s life.

Returning from a seminar in which current real estate trends were presented, Rogliano says she is excited about the future. Like the other women interviewed, she believes that by 2010, Denver will be a great market.

Both her experience and the evidence born of statistics show that more and more women are purchasing real estate. She says many single women today are taking on home ownership rather than renting. It makes more sense to take the $1,200 rent money and convert that into a mortgage payment and build equity for the future, she explains.

For Rogliano, this current market is part of an ever-changing cycle, and much like the weather, it will not remain constant. The professionals have weighed in with their opinions. They have shared their many years of experience working in various markets. The research here is presented for your consideration. To revisit a quote from Shakespeare, “There is nothing either good or bad, but thinking makes it so.” So the real question is, having been presented with the information, what do you think and what will you do?