Updates on Loan Limit Increase from Elevations & Melissa Cotton

The Federal Housing Finance Agency (FHFA) has raised the baseline conforming loan limit for 2021, and we’re here to help you understand what this means. Laws restrict Fannie Mae and Freddie Mac to purchasing single-family mortgages with origination balances that are below a certain amount — this amount is known as the “conforming loan limit.*”

The conforming loan limit was increased nationwide effective January 1, 2021.  Read on for the reason behind this limit change, what these limits are in the Colorado counties we serve, and what the increase means for homebuyers.

 

Why has the limit been raised?

The limit increase is a response to significant gains in home values that occurred during 2020. According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 7.42%, on average, between the third quarters of 2019 and 2020.** As home prices rise, the maximum loan limit needs to rise so homebuyers can borrow enough to cover the cost of their new home purchase. Raising the conforming loan limits for mortgages purchased by Fannie Mae and Freddie Mac reflects the continuing recovery of the U.S. housing market. In most counties across the country, the 2021 maximum conforming loan limit for a single-family home is $548,250. That’s an increase of $37,850 from the 2020 baseline limit of $510,400.

 

What does this mean in high-cost areas?

High-cost areas are counties in which 115% of the local median home value exceeds the baseline conforming loan limit. In Colorado, that includes Boulder, Denver, Broomfield, Jefferson, Arapahoe, Douglas and Adams counties. In these areas, the loan limit is established as a multiple of the area median home value, while a “ceiling” of that limit is set at 150% of the baseline loan limit.  Read on to see the limits in the Colorado counties we serve.

 

What does this mean for borrowers?

Higher conforming loan limits are an “added value” to the homebuyer. It allows you to purchase a higher-priced home but keep your loan amount in a conforming loan limit that provides greater flexibility with underwriting guidelines and programs.

Below you’ll find a snapshot for the high balance conforming limit for one-unit properties in select counties.

 

What the new limits are in the Colorado counties we serve:

Conforming New Limit One-Unit Property
All Counties (includes Larimer & Weld County) $548,250
Conforming – High Balance Limit One-Unit Property
Boulder County $654,350
Denver, Broomfield, Jefferson, Arapahoe, Douglas, & Adams County $596,850

The Boulder Symphony & Colorado Landmark Present True Love

Save the date! We are excited to present the upcoming concert TRUE LOVEThis performance highlights the music of love, regret, and heartbreak—something that all of us can relate to. Celebrate music from the last one hundred years to today that brings the greatest love stories to life.

 

Thursday, March 4th, 2021

Boulder Theater – Purchase tickets here!

Two Shows- 6:30 PM and 8:30 PM

 

Program:

Debussy- Danse sacrée et Danse profane; featuring Principal Harpist, Hillary Schefter

Mahler- Adagietto from Symphony No 5

Tchaikovsky- String Serenade


Boulder Symphony Conductor, Devin Patrick Hughes has curated a program featuring the Boulder Symphony String Orchestra and Principal Harpist, Hillary Schefter. Concerts will feature pieces of TRUE LOVE including Mahler’s Adagietto from his 5th Symphony, Debussy’s Danse sacrée et Danse profane, and Tchaikovsky’s String Serenade.


“We know music fans are missing concert experiences, and our musicians are literally aching to play live,” said Hughes. “We are thrilled to partner with the Boulder Theater and present a concert that will keep our audience, musicians, and staff safe.” 

 

Music fans yearning for live performances can join the Boulder Symphony for a live concert at the historic Boulder Theater on March 4th. This show will adhere to all CDC, Boulder County, and State of Colorado COVID-19 safety protocols, and seating will be limited to just 100 attendees. So don’t forget to get your tickets while you can!


To make your evening even better, Boulder Symphony has partnered with The Post Brewing Company, 2027 13th St. in Boulder, for a meal for your table. This add-on is only $48 for a group of 4. This meal includes 8 pieces of gluten-free fried chicken, 2 large sides, 4 buttermilk cheddar biscuits, and a round of Post beers, too!

The Boulder Symphony and the Boulder Theater are committed to making this event safe for patrons and musicians. Here are the health protocols that will be taken at the concert. If you have any questions please email executivedirector@bouldersymphony.org

 

• Wear a mask at all times during the concert

• Please use hand sanitizing stations available after check-in and throughout the venue

• Practice 6 feet of social distancing from everyone outside of your ticket group

• You must provide a valid phone number when purchasing your tickets for contact tracing

• There will be one designated entry and one designated exit

 

 

5 Home Must-Haves According to Millennial Buyers

Millennials are becoming leading influencers in the luxury real estate market and, with that, comes along a new list of desired amenities and design elements such as minimalism, smart technology, wellness, entertainment, and more. The below list of homes, of which can all be seen on Luxury Portfolio International‘s website, showcases such trends and is worthy of Millennial swooning.


WELLNESS AMENITIES

Crete, Greece | Price Upon Request

Wellness is of vital importance to Millennials. Stay active within multiple calming spaces throughout this property – for instance, walking the private sandy beach or the garden with shady paths complete with Mediterranean flowers and centuries-old trees. A dip in the infinity pool is yet another activity, serving both as a place to get fit, as well as to unwind.

 

SMART HOUSE

Malibu, California, USA | US $6,885,000

The smart house is growing in popularity, allowing Millennials to customize and automate much of their living environment. This newly built, Malibu home is fully automated and 100% off-grid through solar energy. The Ring security system is another highly desired smart home benefit this abode has to offer. Along with the smart house amenities, this home is beautifully designed with 17-foot ceilings and walls of glass overlooking mountain and ocean views.

 

MINIMALISM

Chicago, Illinois, USA | US $6,750,000

Millennials always seek ways of simplifying their busy lifestyles, which has resulted in the rise in minimalism in design. But keeping it simple doesn’t have to be boring. This award-winning Chicago penthouse showcases remarkable, 12-foot ceilings with dramatic arched windows and doors. The open floorplan prioritizes sleek design, but in a truly mesmerizing fashion.

 

AMAZING KITCHENS

Bainbridge Island, Washington, USA | US $3,585,000

Millennials consider kitchens to be among one of the most important rooms within the home and enjoy experimenting with different cuisines. What better space to cook than this sleek and contemporary kitchen? Offering an oversized refrigerator, two large sinks, and abundant storage space, this kitchen opens to other stunning living areas. Cooking can also be taken outside on an expansive wood deck, complete with a built-in grill, plus a gas fireplace, saltwater pool, and views of Puget Sound, Mt. Rainier, and Seattle.

 

NATURAL ELEMENTS

Fort Collins, Colorado, USA | US $2,350,000

Nature-related design is expected to be huge among Millennials in the coming years. This Colorado home, built by the award-winning Brannen Homes, offers a stunning and intimate backyard with beautifully styled outdoor living and dining spaces. The surrounding, lush vegetation provide an additional nature connection, while nearby parks and walking paths allow residents to explore nature within their residence and beyond.


For more home inspiration, check out Luxury Portfolio International’s list of  favorite  work-from-home amenities.

 

Landmark Moment: Top Agent Magazine Features CLR Agent Deborah Read Fowler

Colorado Landmark, Realtors agent Deborah Read Fowler was recently featured in Top Agent Magazine.   


Based in the historic town of Niwot, Top Agent Deborah Read Fowler of DRF Real Estate, specializes in the Luxury Market in Boulder County, Colorado

Deborah Read Fowler became involved in real estate at a young age, buying and selling investment properties in London. She earned a degree in Business and Marketing, and for many years she enjoyed a successful career working for a large supply-chain company, managing multiple regions, business development, and operations. When Deborah moved to Colorado with her family, she decided to change things up and follow her first passion. “I decided it was the right time to make a change and dive into real estate, which I have always loved,” Deborah says. “I haven’t looked back. It’s been a wonderful experience.”

She set up DRF Real Estate LLC and operates under employing broker Colorado Landmark, Realtors – the leading in the Luxury Market in Boulder County, Deborah and her team are based in the charming historic town of Niwot, Colorado, Deborah has grown her business and her reputation, and has become one of the top agents in the region. With seven years of experience and an unflagging passion for what she does, Deborah averages forty transactions per year, averaging at 1.1 million dollars. Committed to constant improvement, Deborah has earned the prestigious CRS certification, which puts her in the top 2% of realtors nationwide. She also has her GRI, GREEN, LHMS (Luxury Home Marketing) and HSE (Home Staging Expert designations) But it is not accolades that drive Deborah to new heights; for her, it is her clients who fuel her passion and her love for what she does.

“People refer me because of my proven record. I have a passion for doing the right thing, and getting the job done. I love this job, and I think clients can feel that energy.”

Read the entire article here!

Service Line Coverage from State Farm

 

 

 

 

Do you know that municipalities and utility companies are typically not responsible for the water, sewer, electric, gas and other service lines on your premises? Any repairs are most likely at your expense.

State Farm® Service Line Coverage may be added to your Homeowners Policy for a low annual cost with a $500 deductible and a $10,000 limit per occurrence to provide coverage for loss or damage to service lines. In some states, coverage includes a limitation of $2,500 on service lines 50 years old or older at the time of loss. Ask your agent about what’s covered in your state.

 

What does this coverage include?

This is not warranty coverage. Under the Service Line Coverage, a covered service line refers to “exterior underground piping and wiring,” including permanent connections, valves or attached devices providing the following services to your home:

1. Communications
2. Compressed air
3. Drainage
4. Electrical power
5. Heating, including geothermal, natural gas, propane and steam
6. Waste disposal
7. Water

A service line failure is defined as a leak, break, tear, rupture, collapse, or electrical arcing of a covered service line not otherwise excluded. A service line failure may be caused by, but is not limited to, the following:

  • Wear and tear, marring, deterioration or hidden decay
  • Rust or other corrosion
  • Mechanical breakdown, latent defect inherent vice
  • Weight of vehicles, equipment, animals or people
  • Vermin, insects, rodents or other animals
  • Artificially generated electrical current
  • Freezing or frost heave
  • External force from a shovel, backhoe or other forms of excavation
  • Tree or other root invasions

Blockage or low pressure of a covered service line when there is no physical damage is not a covered service line failure.

 

Here’s a coverage example:

Say, for instance, your sewer line cracks as a result of tree root invasion and the covered repair costs total $10,000. With Service Line Coverage, your responsibility for the loss is your $500 deductible. Payment for the loss would be the remaining $9,500. Payment for the loss would be $2,500 if your state has a sublimit and the damaged sewer line was 50 years old or older.

 

Covered service lines also include:

• Excavation costs – We may pay the necessary and reasonable excavation costs that are required to repair or replace your covered service line.
• Expediting costs – We may pay reasonable extra costs to make temporary repairs and expedite permanent repairs or permanent replacement.
• Loss of use – We may cover additional living expenses and fair rental value due to a covered loss.
• Outdoor property – We may pay for your outdoor property, such as trees, shrubs, plants, lawns, walkways or driveways that are damaged as a result of a service line failure or are damaged during the excavation of the covered service line.

 

Choosing the right supplemental coverage is important. Your State Farm agent is here to help guide your decision.

 

Call us 24 hours a day!

Jeannie Hulse Ins Fncl Svc Inc
Jeannie Hulse, Agent

303-828-4002

525 Briggs Street, PO Box 1005
Erie, CO 80516-1005

 

Landmark Moment: BusinessDen’s January Top Home Sales Features CLR Agent Marybeth Emerson

Colorado Landmark, Realtors agent Marybeth Emerson’s sale of the historical 809 Pine Street in Boulder was included in BusinessDen’s feature of January’s Top Home Sales.  

 

January Top Home Sales: 3 Cherry Hills Village Mansions Sell for Over $7M

by LilyO’Neill  

809 Pine Street, Boulder

Built in 1877, this Boulder home sold for $4.95 million.

Listed by  Marybeth Emerson with Colorado Landmark – Boulder

Built around 144 years ago, this historic Queen Anne Victorian home “exudes charm,” according to the listing. It sits on more than half an acre, the second largest lot in Mapleton Hill.

Inside, the 4,825-square-foot layout includes six bedrooms, four bathrooms, a formal living room, family room, parlor, kitchen, dining room and two wood-burning fireplaces.

There’s also a carriage house with a private office on the property.


If you are a subscriber to BusinessDen’s exclusive reporting, view the entire article here.

 

State’s Shop-Local Campaign Being Extended as Pandemic Relief Project

By BizWest Staff

The Colorado Office of Economic Development and International Trade is retrofitting its #ShopLocal-Colorado holiday campaign into an ongoing campaign to spotlight and support the state’s small businesses.

The original campaign was established to encourage holiday shopping at local small businesses, especially in light of the effects of COVID-19. Local communities retain 70% of revenue when shopping occurs locally, compared with 40% when shopping non-locally, the state Office of Economic Development and International Trade said in a press release.

The on-going #ShopLocalColorado campaign will equip small-business owners and economic-development leaders with social-media content and tools to encourage the shop local messaging across the state. Each month, the campaign will refresh content and work in collaboration with holidays and national opportunities to spotlight small businesses. February’s campaign will focus on small, black-owned businesses in observation of Black History Month.

“The pandemic’s economic interruption has really highlighted the importance of supporting and shopping our local small businesses,” OEDIT executive director Betsy Markey said in a written statement. “As a former small business owner, I know how important local participation is to business success and sustainability.”

The ongoing campaign serves as a toolkit resource on  oedit.colorado.gov. The toolkit will offer social media copy, graphics and links to information for audiences across the state.

With more than 611,000 small businesses representing more than 99% of Colorado businesses, small business is a driving force in the state’s economy. Encouraging Coloradans to shop their local small businesses is a way to invest money back into local economies and in the communities throughout Colorado.

Access the toolkit at  oedit.colorado.gov/shop-local-colorado-toolkit.

© 2021 BizWest Media LLC

 

The 2020 CLR Lookbooks are Here

2020 was a year full of surprises effecting people all over the world. We at Colorado Landmark are grateful to have had a positive and prosperous outcome overall, and continue to help our local communities and their residents thrive.

 

The yearly publication of the Colorado Landmark Lookbook is always exciting to checkout once the new year rolls around! It’s a “Year Book” of sorts, featuring some really incredible properties we had the privilege of working with and selling, despite the ups and downs the year dealt us.

 

Check out the digital version here!

 

Super Bowl Sunday, To-Go!

It’s already February and Super Bowl Sunday is about to touch down! This weekend, support some of your local favorites, save yourself some trouble and checkout these great options for family fiesta packs, meal kits and more.


Oak at Fourteenth is offering Super Bowl Take & Bake options,  presenting OAK style game day dishes complete with instructions for heating and serving. And don’t miss their North Shore Roast Beef Sandwich Special, sure to score big with the family! All orders set to pickup between noon and 3pm on Sunday, Feb. 7th.

 

Get more details on Oak’s Super Bowl Take & Bake here!

 


More Great Local Options Below!

Love Niwot Walk – All February Long!

❤️ Niwot is Spreading the Love ❤️

 

Pick up your Love Niwot Pass and SWAG bag from the DRF Real Estate Office (136 2nd Ave Suite E Niwot, CO 80503) and then get walking! Limited passes available so be sure you don’t miss them!

 

The businesses on your Niwot Pass have some great giveaways – you won’t want to miss these FREE goodies.

 

You’ve probably heard talk about the flower wall built by the lovely  Belle Terre Floral – after you pick up your pass be sure you grab your #flowerwallphoto  outside of the DRF Office 🌸

 

BONUS: If you do some shopping while you’re in town save those receipts and turn in your pass + receipts to be entered into the prize drawing!