Real Estate Showdown Week 2 Manning Vs Manning

Real Estate Showdown Week 2 Manning Vs Manning

Week 1 of the NFL season gave Denver fans a thrill and sense of anticipation not felt in the mile high city since the great John Elway came off of his first super bowl win on his quest to repeat. That was 14 years ago. Broncos fans are long overdue.

Last week, we at Carr Peck and Associates gave you the first installment of our season long series where we break down the Denver market to teams the Broncos will face each week. Last week’s Real Estate Showdown was a decisive victory for the citizens of Denver. Coincidentally, Bronco’s fans were treated to a decisive victory as well. Also consider this: We analyzed 7 key factors of each city. How many touchdowns did Peyton Manning throw last week? 7! Was it just a mere coincidence? Who knows…one thing is for sure however: we are not stopping now.


Week 2 on the Broncos’ schedule features a team lead by the Mile High Messiah’s younger brother Eli, the New York Giants. We thought about breaking down the Denver market versus New York City, but we all know the Giants don’t really play in New York. They play in East Rutherford, New Jersey. As we did last week, we will focus on 7 key factors to make our determination on which market is truly the winner (stats gathered via National Association of Realtors).


Denver, Colorado 
Median Home Price: $243,000 
Percent Change in Median Home Price (Previous Month): 4.29% Increase 
Percent Change in Median Home Price (Previous Year): 10.95% Increase 
Percent of Home Ownership: 52% 
Home Vacancy Rate: 4.34% 
Income Per Capita: $32,051 
Unemployment Rate:  7.7%  
 

East Rutherford, New Jersey 

Median Home Price: $406,000 
Percent Change in Median Home Price (Previous Month): 20.47% Increase 
Percent Change in Median Home Price (Previous Year): 18.65% Increase 
Percent of Home Ownership: 42% 
Home Vacancy Rate: 1.04% 
Income Per Capita: $33,358 
Unemployment Rate:  7.6% (Bergen County)
 

At first glance, it would appear East Rutherford, New Jersey has beaten Denver. However, with further analysis, just the opposite is true. The income per capita is $1,307 higher in East Rutherford than Denver. However, the median home price is $163,000 higher in East Rutherford. That means East Rutherford is nowhere near as affordable as Denver! Not to mention, the real estate taxes in New Jersey are considerably higher than Colorado. Given its close proximity to New York City, more than likely there is a high number of people who live in East Rutherford but work in NYC (though I do not have the numbers to support my hypothesis).      

The other interesting aspect is the dramatic difference between percent changes in median home price. Such numbers suggests the market in East Rutherford is substantially more volatile than the Denver market. This results in a higher risk of equity loss purchasing in such a volatile market. Sure East Rutherford has a lower vacancy rate but Denver has one distinct advantage: Denver is not in New Jersey!


Is this a scientific report? No. Am I looking at Denver through rose colored glasses? Probably. Do I care? Not at all! Stay tuned for our week 3 breakdown: Denver, CO versus Oakland, CA. In the meantime, give me a call if you are thinking of buying or selling a home and would like help squashing the competition!


Matthew Koller is part of the Carr Peck & Associates at Keller Williams. Carr Peck & Associates were 6th in Denver Metro home sales out of 5,000 agents and has been recognized by the Wall Street Journal and Real Trends as one of the top selling teams in the country. For more information feel free to  
contact him   or call 303-704-3286. 

Photo courtesy of www.huffingtonpost.com


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Dated: September 11th 2013
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