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Wow, you think installing a rain barrel is difficult near you...check out the water laws in Colorado! Copied from the Adobe Gold website: http://www.adobegold.com/property-information/colorado-water-info/#.ToDCvylPN84.email which my sister sent me! Read on:
"Learn why Colorado has so many 35 acre parcels….
Water Laws in the West are certainly different than in most parts of the United States. This explanation is a very simple one, if more information is needed we will be happy to assist you in any way or refer you to someone who can.
From the 1850′s to 1870′s prospectors introduced a new beneficial use of water to secure rights to use the available water. “First in Time equaled First in Right!” Between 1870 and 1969 Cattle Ranching and Farming progressed to use this system also. This pertains to surface water and well water that might be drawn from a surface source. Example: If you have 35 miners, ranchers or farmers who own rights to draw water from a certain surface water source each will have a specified amount of water that they can take from the source . If in a dry year there is only enough water to allow numbers 1-20 to have water then numbers 21-35 won’t have water. This is First in Time, First in Right. Water rights are sold separate from surface rights and usually will cost more than the land itself. But this pertains to surface water in most cases.
As of 1972 property owners in Colorado were required to own at least 35 acres in order to get a Domestic Well permit. This was to limit the impact on the water supplies. Note: This is not a Water Right! This is just a permit from the State of Colorado to secure water for your household. A Domestic Well Permit allows you to supply water to your Residence and outbuildings, irrigate up to only 1 (one) acre of land, and to water your Livestock. Commercial uses are permitted differently.
Note: Domestic Well Permits and their uses are subject to change. Local Counties also may make changes as to the number of wells or uses of those wells. So be sure to inquire when you are making a purchase as to the current status of wells in the area you plan to purchase.
You will find current Water information on our State’s Web Site here Colorado Division of Water Resources
If you have less than 35 acres (34.99 or less) you are issued a “House Hold Use Only” permit which is for use inside your home only. If you need to wash your vehicles, water your livestock/horses, or water your garden you will have to haul water for that purpose. Outside faucets are also restricted. You are not allowed to use it for any purpose other than in the household.
This explains why most Mountain Properties are sized at least 35 acres or larger. The good side of this is that this has restricted developments with 1-5 acre parcels all over the mountain sides and preserves our open space and forests to share with the wildlife. We feel that this 35 acre requirement has been good for Colorado land owners.
In this area we are not tapping into underground aquifers but underground streams, cracks and fizzures to find water. This makes finding water a bit harder to find in some places. Well dowsers are commonly used to locate water. We can recommend an excellent dowser to you, just email or call for more information.
What about costs for drilling a well in the mountains?
If you figure about $18 to $20 per foot for a completed well with casing and pump you will be pretty close. Most wells in the surrounding mountain areas west of Trinidad are between 400 to 800 feet deep on average. Recently I have heard the cost to drill an 800 foot well is about $15,000 not including the cost of installing the pump and that pump for an 800 foot deep well could cost between $6,000 and $12,000 depending on pump size and other factors.
Some people elect not to drill a well and they instead install a cistern (water holding tank made of plastic or concrete) and haul water from town or have it delivered by a local company. A cistern will usually hold between 1000-3000 gallons of water depending on your household needs. You can purchase a 300-500 gallon water tank that will fit on your trailer or in the back of a pickup and when you go into town you fill it up at the City Water Department for about 3¢ per gallon.
If you are concerned about the risks of finding water be sure to take a look at Santa Fe Trail Ranch as it is one of only a few Mountain Ranches in this area that has a city supplied water water system. This is very rare indeed and this ranch will be desireable because of its guaranteed water source.
Please feel free to ask us any questions you may have about Colorado Water Laws. If we don’t feel we can answer your question we will point you in the right direction to find the answer you need.
We understand that they most likely are different than your states Water Laws. Also, for your information, in our area of Colorado we have very little surface water in the way of Ponds, Streams, Creeks or Rivers available on properties. Southern Colorado, being very arid, receives most of its moisture from yearly snow fall. And because it is arid any surface water tends to evaporate pretty fast. Gosh where I come from, what they call a river here is not even a good creek. But what we do have here is excellent year round climate with four seasons, very low humidity and awesome incredible views of the snow capped mountains and a quiet peaceful lifestyle that can’t be matched!
Come visit with us and see for yourself what makes Southern Colorado so special. Call us today! We look forward to hearing from you.
Colorado Water Well Permit Locator
Many times when you find a property that you are interested in you will want to check and see what kind of water well history the neighboring properties have. And you can do this by visiting this web page
http://www.dwr.state.co.us/WellViewWeb/
(Note: it is possible that this webpage link could change so if that happens go to the Colorado Division of Water Resources main website at http://www.water.state.co.us/ and look for the link for the Online Data Tools)
Download the Permit Locater User’s Guide here:
http://www.dwr.state.co.us/WellViewWeb/documentation/WellView_Help.pdf "
Aren't you glad now that you just have to fill out a request from your local Village or HOA Association?
Best wishes,
Linda
Monday, September 26, 2011
Thursday, September 15, 2011
Soggy Bottom
I learned a lot at the MAR conference. Gems to share: Property values are projected to come down another 5-6% in the next 12 months and then slowly begin to rise again according to Steve Harney. The "bottom" is an historical event which we can only clearly define when it has passed according to CRS President, Frank Serio. While we are in what I call the "Soggy Bottom" it is still a Buyer's Market, after we gain firm footing again, it will be a Seller's Market. Enjoy the lovely weather!
Sunday, March 6, 2011
Real Economy - Sell-A-Bration
Spring is just around the corner and Sellers are getting their homes ready for market. Buyers are hoping to take advantage of low interest rates and good weather to find a home to call their own. Smart Buyers and Sellers realize that it is advantagious to buy (yes, and sell) when prices are lower because some of the costs associated with transfering ownership are also lower which can save money overall. The resulting mortgage payments are also lower when rates are lower, increasing buying power and lowering the cost of the mortgage over the life of the loan. Rents continue to rise in this area and there has been increased demand for rentals this past year.
I attended Sell-A-Bration in February for the first time and I was very pleased and learned a lot. Anyone thinking of attending next year, I highly recommend it!
Best wishes and stay dry! Linda
I attended Sell-A-Bration in February for the first time and I was very pleased and learned a lot. Anyone thinking of attending next year, I highly recommend it!
Best wishes and stay dry! Linda
Monday, June 14, 2010
GROUND RENT: WHO'S RESPONSIBLE?
" Since 2007, the Maryland Department of Assessments and Taxation has maintained a ground rent registry to help homeowners determine who owns their ground rent. All ground rent owners are required to enter their ground rents by September 10, 2010; otherwise, their ground rent will no longer apply. For more information, familiarize yourself with Baltimore City’s ground rent guidelines."
Information provided by the Maryland Real Estate Commission in the most recent edition of The Commission Check.
Information provided by the Maryland Real Estate Commission in the most recent edition of The Commission Check.
Friday, June 4, 2010
The good News by NAR Chief Economist
The Good News – Tempered by Greece and Oil
by Lawrence Yun, NAR Chief Economist
It’s certainly been an interesting past month. We’ve seen up and down movement in the stock market, concerns about mine safety, a potential environmental catastrophe, primary elections in many states, and the (fortunately) unsuccessful bomb threat in Times Square. Of course, most of those developments have little direct impact on housing. That’s the good news. So let’s take a look first at what we know for sure from the latest housing statistics.
Home sales continued to recover in March. Existing-home sales – which reflect closings (not contract signings) – rose 6.8 percent from the previous month. At the same time, pending home sales rose 5.3 percent. Distressed sales, those that are short sales or foreclosed sales, accounted for roughly one-third of all transactions and will likely continue to represent a sizable portion for the rest of the year. Why? Because mortgage delinquencies are still very high. Meanwhile, new home sales, which unlike existing-home sales actually reflect contracts and not closings, rose 27 percent. Remember though that we are already in May and the home buyer tax credit has expired (as of April 30); data collection for April is still taking place and so the figures are likely to be even higher. A nice uptick in mortgage purchase applications in April points in that direction.
That home buyer tax credit did exactly what it was intended to do – spurred home sales, especially among first-time buyers. In fact, first-time buyers accounted for 44 percent of home sales in March, up slightly from 40 percent in January and 42 percent in February. Despite all the anecdotal chatter about their heavy presence in the housing market, investors made up only 19 percent of all buyers (according to our REALTOR® survey of recent clients). That 19 percent share is about the historical norm. What is out of the norm is the proportion of all-cash purchases. As has been the case for several recent months, one-fourth of all buyers in March made their home purchase sans financing (i.e., without taking out a mortgage). In normal times, all-cash purchases would make up about 10 percent of transactions.
Home prices are recovering as well. The median transacted existing-home price squeaked out a 0.4 percent gain in March compared to one year ago. New home prices advanced 4.3 percent. Other price measurements from Case-Shiller and Core Logic, both of which have a longer data lag time, also showed a modest price increase in February. Only the Federal Housing Finance Board’s price data, which is based only on Fannie Mae and Freddie Mac backed loans, posted a price decline from 12 months ago.
Surprisingly, housing inventory – despite higher sales activity – has been rising. That is because fresh listings have been rising faster than the existing inventory has been absorbed. A combination of foreclosures, short sales, and homeowners who have not wanted to sell during the depths of the downturn last year are evidently contributing to the supply. There were 3.6 million existing homes for sale at the end of March. In addition, there are still too many vacant homes; the best estimate is at about 700,000 above normal levels. But the new home inventory of 228,000 units is the lowest level in 50 years. The very depressed housing starts have quickly helped to chip away at the inventory of newly constructed homes. Aside from home builders who are concerned about competing with deeply discounted distressed existing homes, builders are also encountering a problem of being unable to obtain construction loans. Even so, broadly speaking the inventory overhang will be with us and hold annual home price growth in the low single-digits for at least five years. Some local markets (there’s that “all real estate is local” mantra again), however, will easily surpass national growth rates, and could see double-digit price growth this and next year. One region poised for better price gains is the low local inventory markets in Southern California.
Now that the housing market is truly on its own, what can we expect? In the immediate months following the tax credit expiration date, home sales will slide measurably lower. By autumn of 2010, it will be up to job creation and consumer confidence to do the trick in supporting the housing market. Another potentially big demand source is that from improving funding for jumbo and second-home mortgages. These segments of the housing market were essentially shut down last year because these mortgages did not have government backing and the banks were scrambling to boost their capital to be well beyond the ‘stress-test’ levels. As a result we saw much bigger swings in the second-home market. Second home sales in 2009, for example, were down 55 percent from their peak level in 2005. Primary home sales, meanwhile, declined by “only” 23 percent over the same period. The good news is that in the recent past months steadily improving signs of increased lending for jumbo and second-home mortgages have been appearing. That is not surprising given the huge profits and much improved capital situation in the banking sector. Banks are steadily moving towards more normal lending activity even to the sectors that do not have government backing. Therefore, there could be a nice swing back of high-end jumbo home sales and vacation home sales this year. (For more about vacation home sales activity, see the Using NAR Research column in this issue of Real Estate INSIGHTS.)
But a new menace could derail this optimistic scenario: Greece! That country, in short, is bankrupt. It is unable to raise revenue to pay for government spending, including pension benefits for many who have retired at the age of 55. The Greek government has been borrowing heavily to plug the budget gap, but investors are asking if they will ever get their loaned funds back from the Greek treasury. Germany, in particular, is irate that its citizens, who typically retire at a much older age than do Greeks, are being asked to provide pension money for Greek citizens. In the meantime, Greece is ready to ratchet up the argument by blaming the crisis on foreigners and greedy lenders.
So, how do such events in a far-off land impact the U.S. housing market? If Greece defaults then German and many other banks will see their capital evaporate. That in turn will make it difficult to lend to other countries like Portugal and Spain to finance their budget deficits. If Portugal or Spain also defaults via contagion, then another major credit crisis is on hand. (Ireland would have been included in the list of potentially troubling countries with unsustainable government debt, but the Irish decided to drastically cut salaries, furloughed many government employees and convinced its investors it will repay the loans.) Global financial linkages assure that U.S. banks will also take some hit in their capital buffer. Jumbo and second-home mortgages – good bye! At the moment, the potential for the spread of this contagion all the way to the U.S. is a small probability, though it will be highly significant if it were to occur.
Finally, there is the oil spill in the Gulf of Mexico. As of the writing of this article (early May), it is still too soon to accurately assess all the wreck that will eventually materialize. It may be years before some of the affected local economies get fully back on their feet. For the broader U.S. economy, the oil spill will mean two things. First, the price of oil will rise measurably – or more imported oil will have to be brought to the U.S. In both scenarios, economic growth will be held back. If oil prices were to rise to $100 per barrel and stay there, then GDP growth will likely be reduced by one percentage point (GDP growth of 1.9 percent rather than the current forecast of 2.9 percent). If more oil is imported then the net export equation deteriorates. Slower economic growth will mean slower job expansion and a higher U.S. budget deficit. Neither of those results are positive for our economy, or real estate. It’s a waiting game.
For the latest economic forecast insights and analysis, visit
www.realtor.org/research/research_commentary
Maryland drops interest rate for mortgage assistance program
Maryland’s housing department lowered the interest rate for its state-backed mortgage program for the second time this year in a push to stimulate first-time homeownership.
The Department of Housing and Community Development said Thursday the interest rate for its zero-point Maryland Mortgage Program mortgages has been reduced to 4.75 percent. That is down from February, when the housing department lowered the rate to 5.25 percent.
“Lowering the Maryland Mortgage Program rates will enable DHCD to continue to offer a strong loan product in a competitive marketplace,” Housing Secretary Raymond A. Skinner said in a statement.
The drop in interest rates could help sustain an increase in home sales leading up to the expiration of the federal homebuyer tax credits, attributed to a significant spike in home sales in April. That was the last month for hunters to commit to buying a new home. Those buyers must close on their new homes by June 30 to qualify for the credit, which was $8,000 for a first-timer buyer and $6,500 for existing homeowners.
The Maryland Mortgage Program seeks to provide aid to mostly first-time homebuyers and includes a range of fixed-rate mortgage options. It is funded by private capital raised through the state’s issuance of mortgage revenue bonds.
The program also offers assistance to homebuyers with closing costs and down payments, which it says can be one of the greatest barriers to homeownership.
by Lawrence Yun, NAR Chief Economist
It’s certainly been an interesting past month. We’ve seen up and down movement in the stock market, concerns about mine safety, a potential environmental catastrophe, primary elections in many states, and the (fortunately) unsuccessful bomb threat in Times Square. Of course, most of those developments have little direct impact on housing. That’s the good news. So let’s take a look first at what we know for sure from the latest housing statistics.
Home sales continued to recover in March. Existing-home sales – which reflect closings (not contract signings) – rose 6.8 percent from the previous month. At the same time, pending home sales rose 5.3 percent. Distressed sales, those that are short sales or foreclosed sales, accounted for roughly one-third of all transactions and will likely continue to represent a sizable portion for the rest of the year. Why? Because mortgage delinquencies are still very high. Meanwhile, new home sales, which unlike existing-home sales actually reflect contracts and not closings, rose 27 percent. Remember though that we are already in May and the home buyer tax credit has expired (as of April 30); data collection for April is still taking place and so the figures are likely to be even higher. A nice uptick in mortgage purchase applications in April points in that direction.
That home buyer tax credit did exactly what it was intended to do – spurred home sales, especially among first-time buyers. In fact, first-time buyers accounted for 44 percent of home sales in March, up slightly from 40 percent in January and 42 percent in February. Despite all the anecdotal chatter about their heavy presence in the housing market, investors made up only 19 percent of all buyers (according to our REALTOR® survey of recent clients). That 19 percent share is about the historical norm. What is out of the norm is the proportion of all-cash purchases. As has been the case for several recent months, one-fourth of all buyers in March made their home purchase sans financing (i.e., without taking out a mortgage). In normal times, all-cash purchases would make up about 10 percent of transactions.
Home prices are recovering as well. The median transacted existing-home price squeaked out a 0.4 percent gain in March compared to one year ago. New home prices advanced 4.3 percent. Other price measurements from Case-Shiller and Core Logic, both of which have a longer data lag time, also showed a modest price increase in February. Only the Federal Housing Finance Board’s price data, which is based only on Fannie Mae and Freddie Mac backed loans, posted a price decline from 12 months ago.
Surprisingly, housing inventory – despite higher sales activity – has been rising. That is because fresh listings have been rising faster than the existing inventory has been absorbed. A combination of foreclosures, short sales, and homeowners who have not wanted to sell during the depths of the downturn last year are evidently contributing to the supply. There were 3.6 million existing homes for sale at the end of March. In addition, there are still too many vacant homes; the best estimate is at about 700,000 above normal levels. But the new home inventory of 228,000 units is the lowest level in 50 years. The very depressed housing starts have quickly helped to chip away at the inventory of newly constructed homes. Aside from home builders who are concerned about competing with deeply discounted distressed existing homes, builders are also encountering a problem of being unable to obtain construction loans. Even so, broadly speaking the inventory overhang will be with us and hold annual home price growth in the low single-digits for at least five years. Some local markets (there’s that “all real estate is local” mantra again), however, will easily surpass national growth rates, and could see double-digit price growth this and next year. One region poised for better price gains is the low local inventory markets in Southern California.
Now that the housing market is truly on its own, what can we expect? In the immediate months following the tax credit expiration date, home sales will slide measurably lower. By autumn of 2010, it will be up to job creation and consumer confidence to do the trick in supporting the housing market. Another potentially big demand source is that from improving funding for jumbo and second-home mortgages. These segments of the housing market were essentially shut down last year because these mortgages did not have government backing and the banks were scrambling to boost their capital to be well beyond the ‘stress-test’ levels. As a result we saw much bigger swings in the second-home market. Second home sales in 2009, for example, were down 55 percent from their peak level in 2005. Primary home sales, meanwhile, declined by “only” 23 percent over the same period. The good news is that in the recent past months steadily improving signs of increased lending for jumbo and second-home mortgages have been appearing. That is not surprising given the huge profits and much improved capital situation in the banking sector. Banks are steadily moving towards more normal lending activity even to the sectors that do not have government backing. Therefore, there could be a nice swing back of high-end jumbo home sales and vacation home sales this year. (For more about vacation home sales activity, see the Using NAR Research column in this issue of Real Estate INSIGHTS.)
But a new menace could derail this optimistic scenario: Greece! That country, in short, is bankrupt. It is unable to raise revenue to pay for government spending, including pension benefits for many who have retired at the age of 55. The Greek government has been borrowing heavily to plug the budget gap, but investors are asking if they will ever get their loaned funds back from the Greek treasury. Germany, in particular, is irate that its citizens, who typically retire at a much older age than do Greeks, are being asked to provide pension money for Greek citizens. In the meantime, Greece is ready to ratchet up the argument by blaming the crisis on foreigners and greedy lenders.
So, how do such events in a far-off land impact the U.S. housing market? If Greece defaults then German and many other banks will see their capital evaporate. That in turn will make it difficult to lend to other countries like Portugal and Spain to finance their budget deficits. If Portugal or Spain also defaults via contagion, then another major credit crisis is on hand. (Ireland would have been included in the list of potentially troubling countries with unsustainable government debt, but the Irish decided to drastically cut salaries, furloughed many government employees and convinced its investors it will repay the loans.) Global financial linkages assure that U.S. banks will also take some hit in their capital buffer. Jumbo and second-home mortgages – good bye! At the moment, the potential for the spread of this contagion all the way to the U.S. is a small probability, though it will be highly significant if it were to occur.
Finally, there is the oil spill in the Gulf of Mexico. As of the writing of this article (early May), it is still too soon to accurately assess all the wreck that will eventually materialize. It may be years before some of the affected local economies get fully back on their feet. For the broader U.S. economy, the oil spill will mean two things. First, the price of oil will rise measurably – or more imported oil will have to be brought to the U.S. In both scenarios, economic growth will be held back. If oil prices were to rise to $100 per barrel and stay there, then GDP growth will likely be reduced by one percentage point (GDP growth of 1.9 percent rather than the current forecast of 2.9 percent). If more oil is imported then the net export equation deteriorates. Slower economic growth will mean slower job expansion and a higher U.S. budget deficit. Neither of those results are positive for our economy, or real estate. It’s a waiting game.
For the latest economic forecast insights and analysis, visit
www.realtor.org/research/research_commentary
Maryland drops interest rate for mortgage assistance program
Maryland’s housing department lowered the interest rate for its state-backed mortgage program for the second time this year in a push to stimulate first-time homeownership.
The Department of Housing and Community Development said Thursday the interest rate for its zero-point Maryland Mortgage Program mortgages has been reduced to 4.75 percent. That is down from February, when the housing department lowered the rate to 5.25 percent.
“Lowering the Maryland Mortgage Program rates will enable DHCD to continue to offer a strong loan product in a competitive marketplace,” Housing Secretary Raymond A. Skinner said in a statement.
The drop in interest rates could help sustain an increase in home sales leading up to the expiration of the federal homebuyer tax credits, attributed to a significant spike in home sales in April. That was the last month for hunters to commit to buying a new home. Those buyers must close on their new homes by June 30 to qualify for the credit, which was $8,000 for a first-timer buyer and $6,500 for existing homeowners.
The Maryland Mortgage Program seeks to provide aid to mostly first-time homebuyers and includes a range of fixed-rate mortgage options. It is funded by private capital raised through the state’s issuance of mortgage revenue bonds.
The program also offers assistance to homebuyers with closing costs and down payments, which it says can be one of the greatest barriers to homeownership.
Thursday, June 3, 2010
Busy Market
June 4, 2010: The Real Estate Market here in Mid-Maryland is showing signs of following a traditional trajectory this year. It has been a very robust Spring Market for Howard and surrounding counties. Prices are down and so are interest rates. Homes are affordable to first time and downsizing buyers in a real way this year and sellers are more realistic about prices. Foreclosures and short sales are here to stay for a while so prices will remain low for some time to come, but already statistics are bearing out what I have been experiencing, a slight decrease in the volume of homes on the market and a slight increase overall in the value of homes in the most coveted areas.
Friday, January 8, 2010
Linda's Real Estate Blog
Hello Everyone!
This is my Real Estate blog, where I will be posting updates and information that is important to anyone looking to buy, sell, or rent a home in Central Maryland. I hope you enjoy this site, and it is a useful resource for you in your real estate journey.
Thanks for Coming,
Sincerely
Linda Kangrga
This is my Real Estate blog, where I will be posting updates and information that is important to anyone looking to buy, sell, or rent a home in Central Maryland. I hope you enjoy this site, and it is a useful resource for you in your real estate journey.
Thanks for Coming,
Sincerely
Linda Kangrga
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