Tracy Shaffer
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Before Your Head Hits the ZILLOW: why your online estimate may be wrong.

As an actor, the most common question is “How do you memorize all those lines?” As a Realtor© it goes something like this… “How come your comps say my house is worth X when Zillow says Y? “
I’ll tell you why. Real estate websites have transformed the consumer experience when buying or selling, bringing to the public the listing and sales info that used to be private and difficult to get to. Some of this consumer info sharing has been good for all. A buyer, for example, can reduce our power-shopping trips by searching for homes that suit their needs, send a list of what they want to see and off we go. Well… after I double check the listing information, as much of it is out of date; homes sold but still listed as active, short sales if my client has a move in time frame, homes that have been on the market for a year… these get scratched from the shopping list. But for sellers it can be a different story.
These sites appeal to the savvy seller, empowered by access to the information provided, They try hard to do a lot of the work for you, grabbing recent sales, public record and homes listed in your neighborhood, then running them through a computer program and, in some cases, going so far as to create an estimated value on your property. Here’s where it gets tricky. Computer programs have no discernment.
I recently got on Zillow to double check one of my listings to make sure the information was correct. What I found was a massive error stating that according to public record the home had sold in 1997 for $150,000, a “fact” I cannot find anywhere. With a price point over $600,000, this is a costly mistake and one my sellers were understandably unhappy about. I’ve contacted them numerous times to correct, but so far nothing. I checked back yesterday and the website’s value of the property had gone up $17k in one week for no apparent reason. In my own neighborhood, Zillow has deemed my home worth nearly 40k less than what I can sell it for, largely due to a few foreclosures nearby, and this is happening all over the city.

A computer takes the description of your home from the public records, or from a recent listing, determines the number of bedrooms, bathrooms and square footage, and pulls out the closest homes to yours that have sold recently that have similar data on record. The computer can’t necessarily distinguish nuances in a property’s condition or aesthetics, nor does it always correct for whether the house two blocks over was a short sale or a foreclosure. Depending on where you live, how similar homes are to each other in your area, the level of sales activity near your home and the level of accuracy found in the public records for your house and nearby homes, these sites can offer very comparable “comps” — or comparables that aren’t really comparable at all. If you live in a fairly cookie-cutter subdivision where several homes just like yours have sold very recently, you’re likely to get a good set of comparables, and a value estimate that’s at least in the ballpark. But in many areas, lots of fairly common scenarios can come between you and a good comp/bad comp:

Your home is older and has had a lot of improvements and even additions that are not in the county records.
Homes in your area are very different from each other.
You live in a neighborhood very nearby another neighborhood where homes have a much higher or lower value than your area , say, because they belong in a better school district or even on the other side of the city limits.
Your home is in an area where homes are dense, the algorithm might jump over many very nearby properties to get to a relatively dissimilar one even a half-mile away, and that can give you bad comps.

The listings provided by the sites can be very useful for homeowners trying to stay on top of what homes around theirs are selling for — not listed for, but actually selling for. They are less useful, in my opinion, at placing values on properties; the sites that do this usually have their accuracy rates listed somewhere on the site, and I haven’t yet seen one that’s impressive.
But when it’s time to actually list your home, or figure out what it is worth, no computer — no algorithm — is as accurate as a living, breathing local real estate professional who sees and sells all the different specimens of homes in your neighborhood and sees firsthand what ready, willing, qualified buyers actually pay for them, day in and day out.
I think it’s important for sellers interviewing listing agents to discuss the online comparables with prospective listing agents, but not as a counterargument to what the listing agents recommends you list your home for. Rather, it’s a smart way to see some of what the agents know, and what you can learn about the other properties in your area. If you’d like a detailed estimate of home values in your neighborhood or a comparative market analysis of your home, give me a ring, I’d be glad to help.

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Tracy Shaffer
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Sunday in the Park with…Everyone

Look for the Thriving Artist Alliance banner!


Sunday picnics at City Park Jazz have long been one of my favorite summer rituals and judging by its growth the feeling is mutual. The atmosphere is fun and communal. far beyond a basket of egg salad sandwiches and a blanket, some people really work it: linen draped tables with champagne flutes, portable grills, netted tents and lawn games dot the landscape, festival style as Denver comes out to play.
So I thought… If I park it, will they come? What if you knew you could show up spontaneously, no blanket, no food, no hassle except the parking? What if you had one place where you could meet the friends who are already there scattered around, meet new friends and have an eclectic mix every week? That’s what I was thinkin’. I’ll get there early and set up space and provide something to eat. You show up, walk or roll north on the pathway from 17th Ave toward the band shelter. Look to your right, between the lake and the road and somewhere along the way you’ll see the THRIVING ARTIST ALLIANCE banner hanging from a tree or staked in the ground. Some weeks you may want to bring food and drink, others you can show up empty handed and share in the feast laid out before you. Bring your kids, your friends, your bikes, skateboards, a Frisbee or a ball… sometimes an umbrella. Where else can you eat, drink, dance and celebrate the season? And it’s free. We’ll be there around 5:00, music goes from 6-8. For more information, event updates and who’s playing each week, find me on Facebook or check out Sunday Dinner under events.

Beautiful friends and gorgeous sunsets rock City Park Jazz

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Tracy Shaffer
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Blow Out Your Birthday Candles, Paragon!

It’s been more than ten years since the evening I spent in heated conversation with a small group of theatrical dreamers. Actor/Director, Warren Sherrill, had just dragged me back onto the boards, directing me in a production of “Marvin’s Room” at the Denver Civic where I was blessed to share the stage with the lovely, talented and wittily acerbic Carolyn Valentine. That’s what put me in the room. The first meeting took place around a dining room table in southeast Denver; me, Warren, Lisa Rucker (Moon for the Misbegotten), and if I had more memory I’d recall who else was there (apologies, it’s been ten years;). Michael Stricker and Barbra Andrews were en route from Chicago after a bit of time working with Steppenwolf, but their praises were sung loud and clear. The result of this and subsequent meetings was what we now know at the Paragon Theatre Ensemble.
From a dining room table, to a dream, Paragon has built one of Denver’s premiere theater companies, growing their work season after season, maturing into perhaps the most consistent mid-sized company in Denver. When they began, our theater scene was quite different. Stalwarts of the day have closed, upstarts who planted seeds were blown away as many well intentioned theater groups found the artistic soil far too rocky to take firm root.
Paragon began with a clear vision, a modest business plan, and a high work ethic, then set out to produce quality theater which allowed them to carve out a niche for themselves in Denver theater. They saw a need and the over-filled it. The level of talent in the acting and producing company and the detailed professionalism in their planning and rehearsal process, the careful way they’ve cultivated their acting and directing pool have put the fun and the function into the dysfunctional family that is a theatre company.
Paragon is the only Denver company to present staged readings of works by Colorado/Wyoming playwrights in their Trench series, and they go a step further by considering these plays for full production. Two of my scripts, (w)hole, Saints & Hysterics, have been produced by Paragon through this process, as well as a play by Ellen K Graham. It takes guts to produce new works; it takes balls to produce new work by local playwrights.
Paragon has continued to build momentum by offering a blend of classic plays and edgy new pieces. Over the past few seasons, they’ve included a Equity guest artist contract in their season, bringing Denver Center fav, Sam Gregory, some of the most delicious roles. Hopefully the Equity idea will continue and expand.
On Saturday the 25th, Paragon will be holding their 10th Anniversary with a ‘gala’ (love that word) celebration at the Garner Galleria Theatre at the Denver Center for the Performing Arts. Part presentation, part profit, and all party, that’s my take on what the night will bring. Perhaps the hardest working, most fun to play with group of theater artists in the metro area, the Galleria may be the place to be come Saturday night.
Personally, I plan on moving from that dining room table straight up to the bar in celebration of a great decade of theatre. I’m a sucker for a success story. Hats off to you, Paragon Theatre Ensemble, congratulations on a decade of great work. Now put your lips together and blow~
tickets available at www.paragontheatre.org

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Tracy Shaffer
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Do You Know Prudence?

Perhaps you’ve heard of Prudence Mabhena, read about her in the Sunday paper, heard the story on NPR, caught the film about her at the Telluride Film Festival, or saw her beaming at the Oscars when Music by Prudence won Best Documentary.
There is a lot to know about Prudence Mabhena, a lot to learn from her as well. Born with a disfiguring congenital disorder called arthrogryposis, her twisted limbs meant she’d never walk, and so they were amputated below the knees. Her journey from Zimbabwe to the global stage has been told in many forms, a tragedy-to-triumph in a tale that lifts our spirits to the realm of possibility and teaches us to just get over ourselves. But where we really have an opportunity to learn from Prudence is by hearing her sing. That is possible for Denver this Sunday as Prudence joins jazz concept band Zuri at the Mercury Cafe for a 2:00 benefit concert. Wednesday night’s higher priced film screening and meet ‘n greet with Prudence at the Denver Film Center promises to be a moving and inspiring event. The $30 ticket for the Mercury gig promises to be a blow-the-roof-off-the- house experience! Both raise money for King of Kindness, Noel Cunningham’s foundation. Should be amazing, Grace.
Prudence Sings Amazing Grace at Kennedy Center

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Tracy Shaffer
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“American in Hiding” comes to Telluride

American in Hiding, a bracing new play by Tracy Shaffer, will be presented as part of the 2011 Telluride Playwrights Festival “American in Hiding”, says Shaffer “is the story of an America family, taking refuge with friends in Amsterdam after Thom slips on the soapbox of his professorial profession. Unable to contain his ego, he sets himself up in Dam Square, ranting the hypocrisies of his homeland and how far she’s come from the Utopian dreams of her Founding Fathers, without realizing that his actions dictate a risky future.”
This year marks a departure for the Festival. Rather than soliciting submissions from a national pool of writers, Festival Director, Jennie Franks shifts her focus to ‘growing local’, nurturing the talents of Rocky Mountain writers and dipping into the Denver talent pool for her lead actors. TPF will mix it up a bit this year: Ms Shaffer’s script receives a week of rehearsals & revisions with a public staged reading at week’s end with audience feedback. Acclaimed playwrights, Judy GeBauer, Ellen K Graham and Gary Leon Hill (who joins after a week at the Seven Devils Playwrights Conference) work their scripts in open workshop (public welcome), salon readings and read excerpts in the evening Play Slam at the Steaming Bean. The Telluride Playwrights Festival will become a producing/presenting entity this season as it brings a fully staged production of William Missouri Downs’ “Forgiving John Lennon” into town from the University of Wyoming where Downs is a professor. Telluride Playwrights Festival takes place July 12-18.
Telluride Inside writer, Susan Viebrock, described it this way.

The Telluride Playwright Festival operates like grow dome for fruits and veggies: brand new plays are watered and tended in a safe environment. After they grow and flourish, they are sent out into the world to be enjoyed. Larimore’s “Out of Askja” is one of a number of fine plays that were transplanted from Telluride to fertile soil around the country. Tracy Shaffer’s (W)Hole, also a Playwright Festival alum from 2008, received raves from The Denver Post critic and other rags when it was produced this past fall at Denver’s Paragon Theatre. Next spring, James Still’s play “Love Me Some Amnesia,” one of Playwright Festival’s picks for a 2010 staged reading is scheduled to be produced in Chicago at the American Blues Theatre. And so on.

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Tracy Shaffer
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Keep Calm, Carry On

The most important thing one can do in negotiations is to keep the conversation going. Simple in theory, but when emotions get involved it gets much more complicated. Take yesterday for example; buyer comes to seller with an incredibly low offer. Seller is already well priced, below average price per square foot for the area, is insulted, and rightly so. Sellers don’t even want to talk about a counter they are so mad, and so the door is closed, communication stops, conversation ends. Does anybody get what they want? No.
It is my firm belief and experiential understanding that all real estate transactions are essentially human transactions. But they are also business transactions. Balancing these two, sometimes contradictory, principles is what leads us successfully to the goal. Obviously buyers and sellers are emotionally invested, which is why hiring a good Realtor is your best investment. You need an advocate, and one who will objectively keep the dialogue running until there is 1.) A deal that works for both sides, or 2.) Nothing further that can be done to make it happen.
I know this seems like I’m stating the obvious, and when you’re only talking business it’s true. Once you factor in the human element, and the business is about a very personal product… like a home, that’s where things get sticky. Negotiations can be exhausting. For everyone. My best advise?
Keep Calm. Carry On.

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Tracy Shaffer
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Buyer’s Market? May be, but you still have to play fair.

Today an unusual thing happened, I received two offers on two different listings. That in itself would not be unusual in the Denver real estate market, but it’s what came with the offer I found odd and amusing. This morning, two emails hit my inbox. One was the offer, $110k below the list price, and the other was a letter from the potential buyer to the seller. This afternoon, the same thing happened: 20k under a list price that had a generous price reduction on Wednesday, and a lovely card to the seller. Now I am the queen of the hand-written note and I know it’s value, but in both of these instances it was as if the “I really love your house, we are the perfect buyers” missive was going to somehow cover the insulting offer. If you really love the house, you should pay what the house is worth. A letter that says in essence, “I found the house I love, now can you please give it to me?” does little to sway the seller away from his or her profits.
Buyers buy homes with their emotion first and practicality second, sellers are just the opposite. I know this is a sweeping generalization, but most of the time it holds true. A home is an emotional commodity and yes, most sellers would love to see their home go to that sweet young couple of lovebirds with the 20% down, the golden retriever and th 850 credit score. Chances are very good that the seller has had his own emotional roller coaster ride long before you set your showing. Ready to make that move, they’ve called their Realtor, had the listing appointment and swallowed hard when their agent told them what they could expect to sell their beautiful home for in today’s market. When they’ve lowered their price twice in 60 days, is it realistic to expect them to take another 20 or 100k off the top because you love their home? I’d love a new Mercedes for the price of my used Saab, too.
In short, be reasonable. Be fair. Don’t believe everything you read about the “Buyer’s Market”, assuming every home is on the clearance rack. And save your letters. We know you love the home and felt all warm and fuzzy when you walked into it, that’s what writing an offer means. Now write the offer that will match that value, and don’t expect the seller to pay for your dreams out of their retirement.

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Tracy Shaffer
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Dancing on ‘The Edge of Greatness’

This spring, Denver placed a respectful #3 on the first annual PR Newswire “Cities on the Edge” study. Factors like our love of extreme sports, a thriving music, arts & cultural scene, the respectful way we’re building green, contributed to our raise rank as well as the perception that we are ‘poised for greatness.’ Of course, we who live in Denver could have told them this. Over the past fifteen years, we’ve watched our Mile High City grow and flourish right before our eyes. We’ve built and rebuilt, created and recreated, and come into our own through the hard work and dedication of our citizens, our leaders and our innovators. We’ve hosted the World Series and the Democratic National Convention, won two Stanley Cups, two Superbowls, built or expanded four museums, created four or five arts districts and some sassy neighborhoods, grown our theatres to the nation’s center stage and thrown some bands into the spotlight. Colorado is on fire!
(…didn’t Governor Owens land in hot water for saying that?)

One thing about living here that makes us great beyond the flash is our strong sense of community. On an early, drizzly morning last week, I roused my grousing sons out of bed and joined more than 500 volunteers for Concert for Kids’ Community Day, a masterfully planned day of giving back. Over 40 of the metro area’s non-profit organizations welcomed busloads of volunteers to their sites for fix-up projects. We were transported to the Bridge Project to complete a to-do list that included painting, landscaping, and cleaning, prior to the Monday morning carpet installation. With goods, services, labor and lunch donated by denizens and sponsors, a slam-dunk day of facility improvement allows these organizations to use their operating funds for the primary programming needs.

I had no idea what to expect from putting a roller and paint brush into the hands of my twelve and seventeen year old sons on a sleep-in-Saturday morning. Could this present a problem? Possibly, but not this day. This was a day of cheerful teamwork, service to others and the kind of hard work they’re rarely asked to do at home. I was uplifted by seeing them in this light; the strong and giving young men they’d grown to be. They were gratified having done something for someone else, and satisfied by the joy they left behind. It’s this kind of dig in and get it done spirit that tips Denver over the edge of greatness and Concert for Kids makes it doable. In gratitude, this weekend CFK presents the Denver Day of Rock in venues throughout the downtown area. Listen to the Gin Blossoms, the music of Styx, the Railbenders and more. Get on your feet and dance some Zydeco with your friends, your family and the strangers you’ll call friends by day’s end. There’s nothing like dancing in the streets to get the summer into full swing!

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Tracy Shaffer
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A Creative Space for Creative People

Home buyers are looking for that perfect space they can make their own. To many sellers, often on the advise of their Realtor, this means painting the whole house in shades of beige and removing anything that makes their home too “personal”. There have been times I’ve said the same to my clients, though I can count them on one hand. As a founder of the Thriving Artist Alliance, I focus my business on helping creative people build wealth through real estate. For some it means moving them from renters to homeowners, for others investing in real estate through purchasing fix-and-flip or rental property is a great strategy, and then there are those who long for a living space that allows for or inspires their creative pursuits. Because the Creative Class relates to the world and their place in it differently, I am rarely looking for or listing a “Beige Box”, it’s more likely I’m on the hunt for something special and unique. When the Smiths called me about listing their City Park bungalow at 3105 Elizabeth Street I arrived at our appointment with no idea what to expect. I took to this house (and to the Smiths) immediately and was blown away! The color pallet, artwork, furnishings and decor made me feel happy and instantly at home and I knew I was in the presence of two highly-gifted artists. Though art is not either of their professions, the artist touch has graced every corner of this home. Mrs. Smith is a part-time painter and Mr. Smith used his considerable craftsmanship on a basement finish that is warm and natural and very comfortable.
This home won’t appeal to everyone, and I’m sure we’ll get some “Why don’t they paint the whole thing neutral” feedback, but that’s okay. I’m not looking for that buyer. I’m looking for that special person, couple or family who understand that self-expression is high art and that individuality is paramount. Oh, and it’d be nice if they love the City Park Jazz concert series, because they’re close enough to walk or roll there every Sunday!

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Tracy Shaffer
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Wealth-building for Real Estate Investors (or wannabes)

How do you get into the real estate investing game? One house at a time. Real estate investing, like the stock market, can be daunting for some, but the payoff is worth the learning curve. My client, Kevin, became a landlord in 2007 with the purchase of his first rental property, half of a duplex in the City Park neighborhood of Denver. With a $150,000 purchase price and some minor upgrades to suit his specifications, Kevin was able to create positive cash flow within a few months. Two years later, we looked for another property, scouring for a neighborhood where you could still find a bargain, yet prices were pitched to rise. We found a larger single family, bank-owned home between Park Hill and Stapleton and were able to close on it for $136,000. The rehab was more inclusive, but with Kevin’s skill and good taste he created a very desirable rental which drew a very happy tenant. More cash flow. Today, we closed on his third rental property, in the heart of Park Hill. The $107,000 purchase price gives you an idea of what the market has done over the past few years and why Kevin is a happily building wealth through real estate. With a low down-payment, a well-planned fix-up budget and great interest rate, Kevin will be putting a total of $1,000 a month in his pocket this summer from his three investment properties. When you add in the tax benefits and property appreciation that comes with buying now and holding a long-term investment, Kevin is coming out way ahead.
Buying rental property is a great way for creative people to build long-term, sustainable wealth. For Kevin, this is the perfect blend of creativity and commerce and we’ll be following his journey through the fix-up process. Do you think this might be a good path for you? Call, text or email me, I’d be glad to show you successful strategies for building wealth through real estate. Till then, THRIVE BABY!

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