Press Releases

Big potential for ConocoPhillips site

02/23/08 by WK Real Estate
Experts think rezoned property could handle 10,000 people
By John Rebchook and Gargi Chakrabarty, Rocky Mountain News
Friday, February 22, 2008
The 432-acre campus in Louisville purchased by ConocoPhillips could be rezoned to easily handle 10,000 or more people, several experts said Thursday.
That would be 3,000 people more than Storage Technology employed at its peak at the site along U.S. 36, which ConocoPhillips, the giant energy company, purchased for $58.5 million in January from Sun Microsystems.

Gov. Bill Ritter on Wednesday revealed that ConocoPhillips purchased the site for a new Global Technology Center and Corporate Learning Center but said Conoco didn't know how many people will work there.
Since the company plans a training center, it's likely that most ConocoPhillips employees on site at any given time would be trainees rather than permanent new employees.
Tom Clark, executive vice president of the Metro Denver Economic Development Corp., said when he spoke to a Conoco person Wednesday, he was told it was premature to give a size to the work force.
"We're still scoping the project, but you can do the math" to get an estimate of how many people could work there, based on the size, Clark was told.
And the math easily supports well in excess of 10,000 on the site, Clark said.
"This would dwarf any economic development deal in the history of the state."
He said 10,000 jobs there would create another 18,000 jobs for an economic impact of $1.7 billion a year.
Even if a large number of the people on the campus were coming in solely for training, that would be a boon for everything from the hotels and restaurants in the area to increased flights at Denver International Airport.
"That would really help us with getting flights to Asia," Clark said. "It would especially help us with flights to China, with its seemingly insatiable thirst for oil and renewable and alternative sources of energy."
ConocoPhillips could easily rezone the property from industrial, allowing 5 million to 5.5 million square feet of a wide range of buildings, from offices to industrial to research and development facilities, and even retail and hotels, said Paul Wood, planning director for Louisville.
That is more than triple the 1.6 million square feet in the existing 10 buildings, he said.

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Ritter: ConocoPhillips is mystery StorageTek buyer

02/20/08 by WK Real Estate
For Further Information, Please Contact: Lew Kingdom at 303 541-1912 Relevant Info on the Web: http://www.dailycamera.com/news/2008/feb/20/ritter-make-announcement-about-stk-site/ ConocoPhillips is the mystery buyer of the 432-acre former Storage Technology campus in Louisville. The Houston-based oil and gas company plans to build a new world training center and world technology center on the site, not to move its headquarters there. Tom Clark, executive vice president of the Metro Denver Economic Development Corp., said the site will open by 2012. ConocoPhillips bought the property last month from Sun Microsystems for $58.5 million, but the buyer remained a mystery until today. Sun acquired the campus when it bought out StorageTek in 2005 for $4.1 billion. The campus is mostly vacant. Most of the workers at the former StorageTek site have been relocated and integrated into Sun's operations across U.S. 36 in Interlocken. ConocoPhillips is the third-biggest oil and gas company in the U.S. after ExxonMobil and Chevron. The company explores for oil and gas in more than 30 countries and has estimated proved reserves of 11.5 billion barrels of oil equivalent, excluding its Canadian oil sands investment. ConocoPhillips perhaps is best-known to consumers through its more than 10,000 Conoco, Phillips 66 and 76 gas stations. The company has six operating segments, which include fuels technology, gas gathering, chemicals and power generation. The company traces its beginnings to 1875, when Conoco founder Isaac Blake came to Ogden, Utah, and founded Continental Oil & Transportation. The company is a primary supplier of gas and diesel in the state, and the company works with Colorado State University to develop renewable energy resources. Gov. Bill Ritter made the announcement today. [Provided by Daily Camera] About Wright Kingdom: http://www.wkre.com

Positive news for Realtors in '08

12/21/07 by WK Real Estate
Positive news for Realtors in '08 NAR economist underlines real estate's silver lining Friday, December 21, 2007 By Bernice Ross In all the years I've been writing this column, I have never received such an outpouring of response as I did from the two November articles on how media coverage of negative housing news is hurting our industry. In spite of gloom and doom of recent news reports on the state of the nation's housing, there is plenty of good news, the most recent of which comes from the National Association of Realtors. Laurence Yun, the chief economist for NAR, had plenty of positive news for Realtors at last month's conference. Yun attributed much of today's subprime mortgage problem to greed. Wall Street wanted the 10-12 percent return that subprime mortgages yielded as opposed to the smaller returns from more traditional mortgage products. His take on the Wall Street types: "They gambled. They lost." Yun's outlook for 2008 sees a shift from greedy speculators to serious homeowners. 2008 will be a year of opportunity where there will be serious, healthy business. Furthermore, Yun predicted that the market returns to normal by 2009. According to Yun, one of the biggest mistakes that reporters make is talking about national trends. Nationally, 2007 was the fifth best year ever on record. Home prices declined about 1.5 percent after a 50 percent run up in prices. The challenge is that national numbers are pretty much irrelevant. Yun argues that talking about national averages is about as effective as having a national weather forecast. Like the weather, all real estate markets are local. In fact, you may have a buyer's market and a seller's market operating within a single market area based exclusively upon price point. Here are the other key pieces of positive news from Yun's economic report: 1. New housing starts: Even though these are dropping, there was too much building in recent years. The market is simply adjusting to normal supply-anddemand pressures. The inventory is "being controlled which makes stabilization occur more quickly." 2. Foreclosures: According to Yun, the 41 percent increase in foreclosures has resulted primarily from investor-heavy real estate purchases in Arizona, California, Florida and Nevada. The majority of these individuals are flippers whose investments did not payoff. More importantly, the number of foreclosures in Utah, New Mexico, North Carolina and South Carolina is actually declining. 3. Under-priced markets and superstar cities: Although the coastal markets are still overpriced, Middle America is under priced. Nevertheless, Yun cites a new trend termed, "superstar" cities. These cities will command premium prices, regardless of what the market does. There is so much wealth concentrated in these areas, that measurements are simply not predictive. In addition to London, Paris, Tokyo and New York, Yun also identified San Francisco, Miami and Seattle as potential new superstar cities. 4. The recovery has started: Other than the three states hit heavily by job losses in the automotive industry (Indiana, Michigan and Ohio), the states that first experienced a downturn in the Northeast, are now in recovery. Specifically, Connecticut, Massachusetts, New York and Rhode Island were the first to feel the slump and are now well into a recovery. Furthermore, there appears to be a pent-up demand for first-time buyer properties due to a large number of Gen Ys (born 1977 to 1994) that are now buying their first homes. Falling interest rates will motivate many of these buyers to step into the market now. 5. New jobs and corporate profits are still strong: Corporate profits are still strong with companies as diverse as Microsoft and Jack Daniels reporting close to record profits. Furthermore, the economy has generated 4 million net new jobs and wages are rising. 6. A weak dollar may harbinger more foreign investment in U.S. real estate Although the decline of the U.S. dollar will end up costing us more when we go overseas or purchase imports, it has resulted in more manufacturing jobs returning to the U.S. It also may mean more foreign investment in U.S. properties as well. Just a few years ago, the Canadian dollar was only worth 70 cents in U.S. currency. Today, the Canadian dollar has been hovering at about $1.05 to $1.10 U.S. What this means is that we can expect more Canadians and Europeans to be purchasing U.S. property, because our prices are approximately 50 percent cheaper than they were just three years ago. 7. Real estate: Still the best shelter: For those agents who represent reluctant first-time buyers, Yun points to some interesting research from the Federal Reserve. Between 1995 and 2004, the average renter accumulated $4,000 in wealth. In contrast, the average homeowner accumulated $184,400. Furthermore, the typical homeowner holds their property for six years. Within this period of time, NAR's research shows that approximately 97 percent of the homeowners will have a positive equity position after that period of time. Bottom line: 2008 represents the best window that buyers will have to find excellent deals with excellent financing. Get the word out there. If they wait, prices and interest rates will be higher and the reluctant buyer may be forced out of the market. About Wright Kingdom: http://www.wkre.com

A SALES SURGE FOR DIGS OVER $1M

07/19/07 by WK Real Estate
A sales surge for digs over $1M In most price categories, sales fell, but for the wealthy with a big "W," the housing market's their oyster - pearls included. By Margaret Jackson Denver Post Staff Writer 303-954-1473 mjackson@denverpost.com Article Last Updated: 07/19/2007 05:45:08 AM MDT Lindsay Filsinger, for four years a resident of Denver's Hilltop neighborhood with her husband, Todd, and their two children, is trading up to a $2.5 million home just two blocks from their current one. The couple wanted the new home's three-car garage, outdoor kitchen and customization. (Post | Hyoung Chang) Four years after moving into their million-dollar home in Denver's Hilltop neighborhood, Lindsay and Todd Filsinger are trading up. The couple is paying $2.5 million for a home just blocks from where they now live with their two children. The Filsingers are among the buyers contributing to a dramatic increase in sales of homes priced at $1 million and up. That segment of the Denver-area housing market is thriving even as the lower price ranges languish. A record 409 homes priced at $1 million and higher sold during the second quarter this year, up 25 percent from the same period in 2006, according to an analysis by DataQuick Information Systems. The analysis included Adams, Arapahoe, Boulder, Denver, Douglas, Jefferson and Weld counties. Sales of homes priced at over $1 million increased 22 percent between January and June compared with the same period last year. But sales declined - in some cases dramatically - in nearly every other price range, according to the analysis. Overall, sales this year are down 10.4 percent compared with 2006. "The very wealthy in this country are doing very well," said John Karevoll, real estate analyst with DataQuick. "The rich are getting richer and the rest of us aren't." Sales of high-end homes have skewed the average sales price for the metro area higher, propelling it to near-record levels even though the overall market is down. The average price for a single-family home in the metro area during the second quarter was $298,959, compared with $296,652 during the same period last year. The median price was $235,900, down from $240,000 a year ago. The number of sales in the $200,000 to $300,000 price range plunged nearly 17 percent from a year ago. Brisk sales in the million-dollar-plus market are not an indication of a housing recovery. "Sometimes that market behaves in tandem with the rest of the market, but very often it doesn't," Karevoll said. "Those who are in that market don't respond the same way to market trends the way the rest of us do. You're not talking about paycheck money here. You're talking about wealth with a capital W." When high-end sales priced under $1 million start popping, it can be a sign of good things to come because the impacts will slowly begin to trickle through the rest of the market, Karevoll said. But sales in nearly all price ranges below the $1 million mark are down significantly. Dow's surge fuels sales The strength of the high-end market in Denver isn't unique. Cities from Boston to Seattle are experiencing a similar surge. In Boston, sales of homes over $1 million are up 14.9 percent, while those less than that are down 2.8 percent. In Seattle, high-end home sales are up 21.3 percent, while those under a million are down 13.8 percent. "The very wealthy, high-income households are doing well," said Mark Zandi, chief economist for Moody'sEconomy.com. "Their finances are very strong. They're benefiting from the run-up in stock prices. They're getting big pay increases, and they have no debt." But some real estate agents don't even consider $1 million to be high end any longer. Rollie Jordan, a broker with The Kentwood Co. in Cherry Creek who specializes in high-end homes, recalls the days when a listing for more than $4 million was considered pricey. "Now, there's $10 million to $12 million houses on the market," Jordan said. "The new things coming out of the ground in Cherry Creek are from $700 to $800 a square foot." She's selling a house for more than $1 million that the buyer plans to demolish. "The average price for a single-family home in Denver is so high that $1 million is not high end any more," Jordan said. "The high end is getting much higher." Moving for a wine cellar In the downtown market, the definition of high end has changed as well, but not as dramatically as in the surrounding areas. Dee Chirafisi of Kentwood City Properties said $500,000 used to be considered high end, but now it's $1 million and over. "Ten years ago, we wouldn't have had one $1 million sale downtown," she said. "In June, we had more sales over $1 million than we've ever had in one month." The collapse of the subprime mortgage market has adversely affected the lower price ranges but hasn't touched the high-end market, which is largely driven by cash or fixed-rate mortgages, Zandi said. For the Filsingers, buying a high-end home was a matter of getting exactly what they wanted. "It was originally a spec house," Lindsay Filsinger said. "We got in soon enough that we could get in and customize some things. That was appealing to us, rather than starting from scratch." They were looking for features like a three-car garage, bigger basement, multiple dishwashers, outdoor kitchen and fireplace, and a wine cellar - things their current Hilltop home, on the market for $1.5 million, is lacking. About Wright Kingdom: http://www.wkre.com

Best Places to Live - Louisville Top on the List

07/17/07 by WK Real Estate
Relevant Info on the Web: http://finance.yahoo.com/real-estate/article/103233/Best-Places-to-Live About Wright Kingdom: http://www.wkre.com

Community partners present star-studded Independence Day fireworks celebration

06/07/07 by WK Real Estate
NEWS Friday, June 8, 2007 Contact: Mary Huron Hunter, City Media Relations, (303) 441-4959 David Plati, CU Athletics, (303) 303-492-5626 Jen Ibanez, Wright Kingdom Real Estate (303) 541-1928 Community partners present star-studded Independence Day fireworks celebration The annual Fourth of July tradition of watching fireworks sparkle over the skies of Boulder has just gotten brighter for residents and visitors alike. At 8 p.m. on Wednesday, July 4, Folsom Field will be the site of not only the usual spectacular fireworks display, but an entire family-oriented, sure-to-be-a-blast Independence Day celebration featuring sing-alongs, performances, special guests, balloon artists, and other memorable surprises. The city of Boulder and the University of Colorado (CU), along with sponsors the associates of Wright Kingdom Real Estate, have partnered to produce Ralphie’s Independence Day Blast. Also supported by media sponsors KBCO Radio and the Daily Camera, this year’s fireworks celebration represents a new tradition for a beloved family event. “When KBCO approached me indicating their need to shift out of the business of funding Boulder’s annual fireworks, my staff, along with those from Wright Kingdom, the Boulder Chamber of Commerce, the Boulder Convention and Visitors Bureau, CU and other groups enthusiastically stepped up to the plate to brainstorm about how, together, we could continue offering this favorite event to the community,” said City Manager Frank Bruno. “The result was a new partnership that we hope will last well into the future and serve many generations to come.” Vendors will be on hand selling beverages, ice cream and other summer refreshments. GO Boulder, the city’s alternative transportation department, will celebrate the holiday by providing free HOP service from 10 a.m.-11 p.m. Event goers can avoid parking hassles by boarding the HOP anywhere along its route for a free ride to and from Folsom Field. In addition, free parking will be available along the HOP route at Boulder’s Twenty Ninth Street retail center, downtown in city parking garages and at all city metered parking spaces. For more information, go to www.dailycamera.com. For HOP routes, go to www.goboulder.net, and for parking information, go to www.bouldercolorado.gov and navigate to “parking services” using the “City A-Z” link. --30-- About Wright Kingdom: http://www.wkre.com

Affordable Houses Go Up

02/04/07 by WK Real Estate
Four north Boulder homes marketed for $200,000 or less By Jeremy Ryan, For the Camera As Rocio Perez surveyed a north Boulder construction zone Saturday, her thoughts went beyond the dirt lot and skeletal frames to the neighborhood she'll join this summer. "We get to be part of this community," she said. "There are no words to express how I feel." Perez will move with her mother and son into a duplex in the Southern Lights project near 16th Street and Yarmouth Avenue. They are buying one of four homes developed by Affordable Housing Alliance, a Boulder nonprofit group. The homes — one of which is still available — were marketed to families with limited incomes for $170,000 to $200,000. Median house prices in Boulder are more than $500,000. The two duplex townhouses, which were started in December and should be completed in July, are part of the third development headed by the housing alliance since 1990. Its previous project, Northern Lights, is across the street. "This idea was not only to develop four homes, but to develop a sense of community," said Mark Jellison, executive director of the nonprofit. "There's a clear need in the community for family housing." Neighbors from Northern Lights welcomed the new families at a Raise the Roof celebration Saturday. They were joined by members of several groups who helped make the project happen, by providing money, workers or both. Those included the Boulder Area Realtor Association, Wells Fargo, the city of Boulder, Wolff-Lyon Architects and Cottonwood Custom Builders Inc. Dan Kingdom, chairman of the Realtor association's Project Home Committee, said this is the first time his group has participated in such a project but it won't be the last. "The wonderful thing is the group effort of businesses coming together to provide housing for people in Boulder," Kingdom said. "I am confident that the feeling of community will carry on with the new homeowners." About Wright Kingdom: http://www.wkre.com

Career Opportunities

01/16/07 by WK Real Estate
Founded in 1976, Wright-Kingdom Real Estate is a local, independently-owned company; our focus is on our clients in and around Boulder County and their changing needs and interests. We are focused on building the best real estate experience by providing excellent client services, and by utilizing the most advanced technology and marketing tools in helping our clients and customers with the largest financial decision of their lives. Put simply, we want to hire the smartest and most passionate people we can find. Our working style can be summarized as; results matter, have fun every day, and integrity above all else. This is a great opportunity to join a team of smart, ambitious and fun people, working with the most advanced technology with a vision to help our clients and customers. About Wright Kingdom: http://www.wkre.com

Tom Hill Receives Community Recognition

11/10/06 by WK Real Estate
Tom Hill has been a commercial real estate broker for over 30 years. He was recently honored by Thistle Community Housing for his extensive work with affordable housing. Thistle Community Housing is a private non-profit organization dedicated to the acquisition, development and management of rental and homeownership opportunities for those who have difficulty affording housing in Boulder County and the surrounding areas. Thistle Community Housing considers Tom “a true friend” and states that “Tom Hill has made the impossible possible in Boulder County”. He was instrumental in Thistle's acquisition of several properties, including The Fairways and Laguna apartments, their office on Folsom Street and a new property under contract in Longmont. Personable, hardworking, and effective, he demonstrates how brokers can make a difference in their community. Our congratulations to you, Tom, for your valuable contributions. About Wright Kingdom: http://www.wkre.com

Craig Peterson, Broker Associate, elected director

09/18/06 by WK Real Estate
Craig Peterson, Broker Associate, was elected to the board of directors for the Boulder Area Realtor Association [BARA], and assumed his position at the annual meeting of the group on September 17th. He has been active in the Boulder/Broomfield county real estate market since 1998. Craig his wife Susan and 2 children live in south Boulder. He may be reached at 303 443-2240 or www.PetersonHomes.com About Wright Kingdom: http://www.wkre.com