PORTFOLIO LISTING FEATURED ON COVER OF UNIQUE HOMES MAGAZINE

VIEW UNIQUE HOMES
ELITE 2010 ONLINE

Chateau Eleve, a 35-acre estate in Castle Rock, Colorado, was chosen as a cover property in the recent Unique Homes Elite 2010 Magazine. The magazine has a distribution of over 43,000 and is read by luxury home buyers around the world. In addition, the online version, available from the magazine’s main website page www.UniqueHomes.com will be viewed by millions.

Also on the cover is The Razor House, a very well recognized California mansion listed for $25MM.

To view the property:
www.ChateauEleve.com

Marketed Exclusively by:
Faun G. Hauptman
PORTFOLIO FINE HOMES
Sotheby’s International Realty
303-917-8000
Faun@PortfolioFineHomes.com

PORTFOLIO LISTING FEATURED AS ONE OF AMERICA’S MOST IMPRESSIVE GOLF HOMES BY CNBC

Why Buyer Agency?

Here in Denver, we are seeing a tremendous influx of home buyers moving from out-of-state.  Out-of-state buyers are also typically selling, or have recently sold, a property in the state they’re moving from.  As a result, there is often a great deal of confusion surrounding local real estate practices.

For example, in many East Coast states, real estate agents do not typically draft the contract.  The negotiations and paperwork are always handled by the buyer’s and seller’s attorney.  Buyer Agency is not a common concept on the East Coast, largely because it is the buyer’s attorney who acts as the fiduciary for the buyer in the transaction. The Realtor® is more of a facilitator.

By contrast, here in Colorado real estate licensees typically draft all contracts and necessary paperwork to take a buyer from showing to closing.  Of course, there are instances where outside legal or financial advise is prudent, and a good agent is knowledgeable about when such expertise is adviseable.  But in the vast majority of transactions, here in Colorado we close without attorney involvement.

Most people are not aware that real estate laws and customs vary dramatically from one state to another.  Thus moving to a new state can be very confusing, particularly when a sale is closing in one state, and a subsequent purchase in the new state.  The transactions are not always likely to resemble each other in form or function.

This is why it is vitally important for people relocating to Colorado to obtain the services of a Buyer’s Agent.  A Buyer’s Agent will act on the buyer’s behalf and represent solely the buyer’s interests by being the buyer’s advocate and fiduciary.  Some states allow for Dual Agency, in which an agent can represent both Buyer and Seller.  Colorado has outlawed such transactions as being a conflict of interest, and for good reason.  How can an “agent” act as a fiduciary for opposing interests?  That boggles my mind yet in many states Dual Agency remains common.

A Buyer Agency Agreement requires that a buyer commit to working with one broker for their purchase, much like a Listing Agreement requires a Seller to list their home for sale with just one broker.  A Buyer’s Agent will work with you over a period of weeks or months, listen to your wants and needs, address your concerns, help you understand local real estate practices, negotiate your best deal on a property, and ensure that your interests are protected with respect to inspections, title, survey, and other matters.

Buyer Agency is a relatively new concept (past 15 years or so) and Colorado was one of the first states to introduce it, in 1994.  The Colorado legislature recognized that people’s expectations of their agents were not in keeping with how the law viewed their duties, thus they changed the law to conform with the public’s expectation of advocacy.  Consider that for a moment.  What a huge step forward in protecting the interests of the buying public.  During the years since its introduction, Buyer Agency has been endorsed by many major consumer advocacy groups and individuals.  It often forms the basis of achieving a true arm’s length transaction in modern real estate practice.

As a member of the Real Estate Buyer Agency Council, a subgroup of the National Association of Realtors®, I have taken advanced training as a Buyer’s Agent, and earned the Accredited Buyer Representative (ABR) designation.  In any state where Buyer Agency is allowed by law, I highly recommend seeking out a Realtor® with the ABR designation.  ABRs understand the true obligations of acting as a Buyer’s fiduciary by virtue of their commitment to their profession and the specialized training they have taken.  In Colorado, many service providers who are involved in a transaction, including home inspectors, are not licensed or regulated in any way.  Thus it is vitally important to work with a broker who can refer you to tried and true professionals to ensure a smooth and successful home purchase.  After all, it’s probably the biggest purchase of your life.

Sotheby’s sells compound for $7,395,000

River Ranch, Breckenridge, Colorado

This ranch compound is located in the pristine valley of the West Fork of the Dolores River. River Ranch has a 6,795 square foot main residence with a classic alpine ranch exterior. There is a five-stall barn, three-bedroom guest house and several historic outbuildings. With approximately one mile of frontage on the West Fork of the Dolores River and approximately half a mile of frontage on Fish Creek, the compound also has four stocked trout ponds. It is approximately 75 minutes from Telluride and the adjoining national forest.

Truly special properties are different at every level, and they require real estate services that are as well. We take great pride in presenting to the world unique places and their stories, and in using our innovative marketing tools, our global network and our relationships with discerning buyers to perfectly match time-honored properties with those who will give them new life.

Over the years, our agents have developed innovative marketing tools and contacts with some of the most qualified buyers in the world. They have also developed an appreciation for the true value of beautiful things. Allow us to show you some of the special properties the Sotheby’s International Realty® network has recently represented.

Posted by:
Faun G. Hauptman
PORTFOLIO FINE HOMES GROUP
Fuller Sotheby’s International Realty
“Denver’s First Sotheby’s Real Estate Agent”

Denver Ranked #3 in Case-Shiller Home Price Report

Source: Inside Real Estate News  1/26/2010 
Edited by John Rebchook

The Denver-area housing market ranked No. 3 of the 20 cities tracked in the closely watched S&P/Case-Shiller Home Price Indices report released today.

The Denver metropolitan statistical area was one of four cities that in November showed a year-over-year improvement, “something we really haven’t seen in at least two years in most markets,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s.

The Denver housing market showed a 0.5 percent gain in the year ending in November, bested only by Dallas and San Francisco, which showed a 1.4 percent and a 1.0 percent gain, respectively. San Diego also was in positive territory, with a 0.4%  improvement.

Overall, the 20 markets in the index showed a loss of 5.3 percent.

In October, Denver was ranked No. 1 by Case-Shiller, with a 0.1 percent loss.  (Please visit this link for a blog on October’s results.)

Larry Hotz, a broker with the Kentwood Co., said that the Case-Shiller report reflects homes that went under contract in September and October, and closed in November.

“Back then, we did not know if the Congress and the Obama Administration were going to come out and extend the first-time home buyer tax credit,” Hotz said. “A lot of first-time home buyers were scrambling to get under what could have been the wire.”

Although the $8,000 tax-credit was extended, and a $6,500 tax credit for some current homeowners added, the increased demand put upward pressure on mostly lower-priced homes being sought by people who had been renting or living with their parents.

“It wasn’t uncommon for many homes under $250,000 being bid up,” Hotz said. “I know, because my daughter, who works with me, was taking advantage of the first-time home buyer credit and she had to pay full-price for her home. The lower-end of the market has strengthened, and that obviously is being reflected in the Case-Shiller report.”

But after the tax credit was extended in early November, a sense of urgency among buyers evaporated, and December sales fell sharply more than they do for seasonal reasons, he said.

“We’re still recovering from the holiday blues,” Hotz said.

As the new deadline of April 30 for the tax credits approaches, he said he thinks there will be another surge of people putting homes under contract.

“I think it will be a little less competitive to start looking to buy a home now, than the rush we’re likely going to see as we approach April,” he said.

Charles Roberts, a co-owner of Your Castle Real Estate and a real estate investor, said although it is always nice to have a high-ranking, in another way, he couldn’t care less.

“So we’re not No. 1 and we’re No. 3? So what? What I deal with, and what I care about, is what is going on in my backyard,” he said. “I don’t care that San Francisco appreciated more than us. They’ve been down 50 percent over the past three years, so they should be coming back.”

He said what he cares about is starting to see appreciation in his home and real estate investments, “and I believe that is how the normal person looks at it.”

Roberts, who also is a registered appraiser and a mortgage broker, noted that averages are also misleading, as no individual home is up exactly 0.5 percent.

“We don’t own options on the entire Denver market; we own individual homes,” he said.

And what has happened to individual homes are all across the map, he notes.

“We’re certainly past the downturn for properties under $300,000,” Roberts said. “There is no guarantee that will continue, of course. Maybe interest rates will rise, or the government will stop buying mortgage-backed bonds, or we will experience another wave of foreclosures.”

Still, last year, the Barnum neighborhood in Denver was up 29 percent, Arvada is up 1 percent or 2 percent, and the north Aurora area is up 12 to 15 percent, he said.

“But if you are sitting in a high-end home in Parker, you’re down and probably facing a couple of more years of devastation,” Roberts said. “If you have a $700,000 home in Parker, you would kill for a 0.5 percent improvement, just like I would have five years ago with my little (investment) houses in southwest Denver, when they were falling in value by 25 percent a year.”

Michael Clarkson, principal of Home Hunter Realty in Littleton, has some fundamental problems with Case-Shiller, but said its latest report seems on target.

“I’m happy to say that overall I agree with Shiller,” which ranks Denver as one of the top-performing markets in the country, he said.

“What we’re seeing in Denver right now is that a lot of people are buying down,” said Clarkson, who closely follows a variety of economic indicators that impact real estate, including obvious ones such as interest rates, as well as more arcane ones, such as the money supply.

“One thing I am seeing is that a lot of people are buying toward the median price point of the $200,000 range, which is causing a big feeding frenzy in getting homes in that price range,” Clarkson said. He said that is good for the market because it is taking a lot of houses in the under $300,000 range off the market.

But he said there is not “sufficient lending capacity” for the move-up market. “There is a paucity of financing for the self-employed.” He said that needs to be addressed, as it currently is curtailing a huge segment of the market.

Meanwhile, the latest Case-Shiller numbers, overall, show a mixed-bag.

“While we continue to see broad improvement in home prices as measured by the annual rate, the latest data show a far more mixed picture when you look at other details,” Blitzer said.  “Only five of the markets saw price increases in November versus October. What is more interesting is that four of the markets – Charlotte, Las Vegas, Seattle and Tampa – posted new low index levels as measured by the past four years.  In other words, any gains they might have seen in recent months have been erased and November is now considered their current trough value.  On the flip side, there are still some markets that continue to improve month-over-month. Los Angeles, Phoenix, San Diego and San Francisco have seen prices increase for at least six consecutive months. Looking at the annual figures, four markets – Dallas, Denver, San Diego and San Francisco – have finally entered positive territory.

“To add more mixed signals, we are in a seasonally weak period for home prices, so the seasonally-adjusted data are generally more positive, with 14 of the markets and both composites showing improved prices in November.  On balance, while these data do show that home prices are far more stable than they were a year ago, there is no clear sign of a sustained, broad-based recovery.”

Denver among top U.S. cities for 2009 home-value gain

Denver Business Journal
by Paula Moore
December 2009

Metro Denver had the third-largest gain in home values among cities nationwide in 2009 through November, with a $10.7 billion increase, according to Zillow Real Estate Market Reports.

Only Boston ($23.3 billion) and Providence, R.I. ($12.4 billion) had greater gains in home value.

U.S. home values as a whole dropped $489 billion in this year’s first 11 months, which was significantly less than the $3.6 trillion drop in home value sustained in 2008, the Zillow report said.

Forty-eight of the 154 markets Zillow tracks showed gains in home values through last month.

The report was produced by Seattle-based Zillow Inc., a provider of housing information related to sales, values, foreclosures and mortgages.

Zillow uses its own proprietary formula to calculate home values.

“Home values stabilized significantly during the second half of 2009, with total dollar value of U.S. homes increasing since June,” Stan Humphries, Zillow’s chief economist, said in a statement. “Most housing markets across the country had a good summer, spurred largely by the government’s tax credits for [first-time] homebuyers combined with very low mortgage rates.”

Future home values will be affected by mortgage rates that are expected to “creep back up” in the first quarter of 2010, as well as a foreclosure rate that continues to be high. “Both these factors will challenge the recent stabilization of home prices,” Humphries said.

Denver-area home values increased $10.7 billion to a total of $215.7 billion this year through November, according to Zillow. Values dropped $20.2 billion in 2008.

Los Angeles had the biggest decrease in home value through November, with a $60.8 billion drop to $1.7 trillion in total home value.

Other markets seeing major losses in home value included:

• Chicago — Down $49.6 billion to $688.8 billion total.

• New York City — Down $49 billion to $2.7 trillion.

• Miami-Fort Lauderdale — Down $45.9 billion to $403.5 billion.

• Phoenix — Down $45.1 billion to $241.1 billion.

Home value dropped so much in those markets partly because of the high number of homes in those metro areas, the report said.

Realtor reaches for a higher use for a Jefferson County Landmark

By Mark Samuelson
The Denver Post
Sunday, January 17, 2010

As historic landmarks go, you can’t find one with a better pedigree than the Manor House in South Jefferson County’s Ken-Caryl Valley.  It was the vision of John C. Shaffer, Chicago agricultural baron, and then-owner of the Rocky Mountain News. Just short of a century ago, he had it erected on a promontory that looked out on his 3,000-acre ranch that Shaffer named for his two sons, Kent and Carroll … a family homestead, guest quarters for presidents Teddy Roosevelt and William Howard Taft … and later a well-known restaurant.

Unquestionably a landmark … but, as Fuller Sotheby’s Realtor Faun Hauptmann notes, not technically a landmark at all.  The famous mansion, which spent years in the ownership of Johns Manville Company before the Ken-Caryl Valley went residential, was never actually registered for a historic designation.

Hauptmann, who has the place listed now at $3.9 million, speculated on whether it would go residential … or stay a commercial property, as it is now. “It could be an event center, or a restaurant, or a daycare center, or a mortuary,” she said, as we looked at its magnificent facade, set against the foothills on one side, the Dakota Hogback on the other.

In addition to the 8,000-foot main house (it originally had 20 rooms and six baths, but has now been made over into more of an event center), the property has an additional 3,500 “Kent house” adjacent, as well as an event tent and an FAA-approved helicopter pad, all on a 5.67 acre site that spans the valley between the geological formations east and west.

Colorado preservation experts are holding a meeting in the home next month, Hauptmann says. Meanwhile, she is hoping that its immediate fate lies back as a residence. “I think there’s a good chance that someone could turn it back into a house,” Hauptmann noted, adding that her two most recent showings were to buyers looking at that possibility — one of them from out of state.

“My job is to sell it to whomever, whatever,” she told me, but added that she’s hoping for residential. If it could, she added, residents in the valley would be ecstatic. Adding a little fuel to that particular fire is the possibility of a tax credit that could be applied on behalf of the buyer, which Hauptmann says could total around $400,000.

When you tour today, you can see the great view, including one through a notch in the hogback to downtown Denver. A light on the top of the prominent flagpole, Hauptmann says, was illuminated by Shaffer on special occasions, visible as guests rode out toward the ridge from town. You’ll also see a terrific bar on the east veranda that’s been maintained well for special events, that a residential buyer would doubtless want to keep as part of the package.

The Manor House, on view 2-4 p.m., is west of C-470 on Ken-Caryl Avenue. Head through the hogback to an immediate right fork that remains Ken-Caryl Avenue, and continue north into the valley, watching for the Manor House turn-signs at Valley Parkway, Mountain Laurel, and then Manor House Road.

Every house has a story; truly special properties have history

The Historic Manor House
1 Manor House Road, Littleton, Colorado
Visit the property website: www.1ManorHouse.com

Imagine sitting under the portico above the expanse of what was once one of the largest cattle ranches in Colorado. Or picture yourself strolling the halls of this historic Georgian-style mansion that has for the last century played host to artists, politicians and where Presidents Theodore Roosevelt and William Taft escaped their fast-paced lives for holidays. A spectacular example of turn-of-the-century architecture and environmental planning in the expansive Ken-Caryl valley.  A respite where the grounds were the site of grand picnics and where conversations of art and politics may have changed the world we know today.

Buying an historic property is more than purchasing a unique piece of the past. It is an investment in a living legend. Residing in such a place of craftmanship, lore and genuine old-fashioned beauty takes you far beyond simpy following in the footsteps of presidents, scandalous newspaper entrepeneurs, family relatives or celebrated personalities of earlier eras. Owning a truly historic home opens a window to hundreds of years of insight into who we were and are as a nation, people, culture and society.

While many properties have a story, only a select few have authentic history. The definition of an historic home depends upon a combination of criteria, of which only one is age. In some cases, location alone is enough to secure historic status. Other times, designation by a governing body signifies a special historical interest. Or it could be as simple as who was born there, who visited, who designed it, or its cultural, political, religious or archaeological significance.

The Manor House is truly one of Denver’s most storied addresses. A place where Presidents sat in front of the fireplace of the grand house, smoking a cigar discussing the politics of the day with friends. A place where the great artists of the 20th century came to escape from their fame — and relax. A place that, along with all those famous guests, Denver’s high society has gathered for holidays and events. They would keep a watchful eye on the opening in the Dakota hogback. When the light that sits on top of the flagpole was lit, it would signify that the Denver aristocrats were invited to come out to the Manor House for a gathering.

Over the years that tradition has remained as the property has transformed into a restaurant and event center. The light that has invited so many over the years, continues to shine as a friendly beacon and reminder of our shared local and national history.

William Hauptman, Portfolio Fine Homes
Fuller Sotheby’s International Realty
William@PortfolioFineHomes.com 303-917-8000
“The leader in Denver real estate.”

Recent Clients who purchased in Highlands

“After years of saving, months of looking, and days of debating, we finally bought a house. And we love it.

We had the best real estate agents in Colorado, Faun & William Hauptman of Portfolio Fine Homes who went above and beyond the call of duty in aiding us in selecting our home and negotiating the best price we could afford. We recommend them 110%. We visited 50+ homes in the Denver metro area over an 8 month-period (via hundreds of listings), and Faun & William made searching for our new home not just a fun-filled-jacked-up-on-espresso-totally-gonna-love-it-experience, but a buying experience with 100% no remorse. And if there is a single purchase when buyer’s remorse isn’t your cuppa joe, it when you buy a home.

Our home-buying experience could have been filled with stress, anxiety, confusion, and uncertainty. However, Faun & William made certain they wouldn’t let us buy a home unless they knew it was best for us, considering both the short-term lifestyle advantages (R. J. wanted to walk to a coffee shop and Nicole wanted a cute Tudor-style) and long-term financial benefits (we want to sell in perhaps 10 years and be happy with the profit). We closed and moved in about 2 months ago and have enjoyed the entire experience.”

R.J., Nicole & Dash, August 2009

Click here to read R.J’s Blog:10 things we love about our new home