Ghostly Drama – Renovating a Murder House Offends Paranormal Purists
Lance Zaal, the owner of the Lizzie Borden Bed & Breakfast, faces amusing opposition from fans opposed to changes at the historic property. The infamous Lizzie Borden House gained notoriety in 1892 when Andrew Borden and his wife were brutally murdered, with their daughter Lizzie Borden as the main suspect.
Zaal, the owner of the Lizzie Borden Bed & Breakfast, has faced opposition from fans as he invested over $250,000 in renovations to the historic property. Despite criticism, Zaal defends his restoration efforts and has increased visitors and popularity by offering ghost tours, paranormal activities, and enhanced amenities. While some argue for preservation, Zaal emphasizes the educational and experiential value for visitors.
Are you planning to stay at the Lizzie Borden Bed & Breakfast? Remember to book ahead, especially on the anniversary of the murders, as rooms fill up fast. Also, don’t miss the quirky souvenir of a teddy bear holding a dull hatchet at the barn’s gift shop.
(Story/Info/Photo Source: The Wall Street Journal, https://www.wsj.com/articles/lizzie-borden-house-27809e5d?mod=djemRealEstate_h)
LOCAL MARKET UPDATE
Housing Inventory Increased, and Sales Declined
In April, the metro Denver real estate market saw a 44% increase in active listings compared to the previous year, but the 4,600 listings remained well below the historical average. Without more inventory, competition for available listings may intensify. Contract listings decreased by 18%, and overall sales were down 30% compared to April 2022. Until there is a significant increase in mortgage applications from buyers, the market is unlikely to improve
The average home price in Denver dropped by 6% compared to the previous year, but it remained more stable than in other western U.S. cities. In April, the average price was $682,000, with moderate homes at $772,000 and condos at $472,000. Properties sold on average for 0.4% above the asking price, indicating increased competition in the market compared to earlier this year.
(Info Source: The Denver Metro Association of Realtors (DMAR))
INFO FOR SELLERS
Skyrocketing Property Valuations Spark Concerns
Homeowners in metro Denver face double-digit increases in property valuations, resulting in higher property taxes. Assessors have reported median residential increases ranging from 33% in Denver to 47% in Douglas County. Therefore, insert owners must review their assessments and file an appeal if required. However, the significant increase in property taxes can pose challenges for buyers who qualify for monthly payments. Lawmakers are discussing measures to reduce the tax increase, but the timeline for relief remains uncertain.
(Info Source: The Denver Business Journal)
INFO FOR BUYERS
Affordability Remains an Issue – Consider Breaking Tradition
While Colorado presents challenges for first-time homebuyers, there are enticing options. First, consider new construction homes, as builders often offer mortgage buy-downs, making them financially attractive. In December 2022, newly built homes accounted for 35% of all U.S. home sales. Additionally, condos and townhomes are now more affordable than detached single-family homes, allowing you to build equity over time and potentially upgrade or refinance for lower monthly payments. Embrace these unconventional opportunities to achieve homeownership, build equity, and secure a brighter future.
(Info Source: The Denver Metro Association of Realtors (DMAR), The Wall Street Journal)
*We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors or omissions in the content.