The Brian Petrelli Team Blog

Some very positive news came out today from the Colorado Division of Housing regarding Colorado Bank Owned homes. Foreclosure filings for May of 2013 were half of what they were in May of 2012. On top of that, auction sales of Colorado foreclosures fell by nearly 25% as well.

This marks the lowest level for foreclosure filings in Colorado since 2007 and mirrors what our team has been experiencing across the front range as we struggle to find homes for our buyers.

From The Denver Business Journal:

New foreclosure filings in Colorado’s urban counties dropped in May to less than half their level of May 2012, the Colorado Division of Housing reported today.

And foreclosure auction sales dropped by 25.4 percent last month from a year earlier in urban counties, officials said.

Both foreclosure filings and sales are now at their lowest levels in Colorado’s metro areas since the state began tracking those numbers in 2007, based on a six-month moving average.

For the first five months of the year, foreclosure filings were down 43.4 percent from the same period of 2012 and foreclosure sales were down 29.4 percent.

“The decline in foreclosure activity has clearly accelerated since the beginning of 2013,” said Division of Housing economist Ryan McMaken. “And a downward trend is likely to continue as long as employment is stable and we continue to see low mortgage rates.”

The market for Denver foreclosures and Colorado Springs foreclosures has been fierce. Bidding wars are virtually guaranteed for most homes and you need to make strong offers and have a knowledgeable agent working for you. We are still seeing bank owned homes from HUD, Fannie Mae, Freddie Mac and other lending institutions, so make sure you have an agent that is familiar with the ins and outs of each bid submission process.

Give our team a call at 303-726-1874 (719-641-4209 in Colorado Springs) for a thorough explanation of the differences of each.

One of the most popular neighborhood for luxury Highlands Ranch Townhomes is the Tresana Community. This prestigious neighborhood has condos and townhomes ranging from the high $200’s to over $650,000. Late yesterday, in an incredibly rare occurrence, a HUD foreclosure came up in this neighborhood for one of the 1,415 square foot models.

This gorgeous luxury condo is not your typically HUD home. With granite counters, cherry cabinets, tile floors and a 5 piece master bathroom, this is an incredible find and we expect multiple bids over asking price. The good news is that with all Denver HUD homes, this home is only available to owner occupants for the first 10 days of bidding (no investors), so if you are looking to make the Tresana Highlands Ranch townhomes community your next home, this could be the incredible deal you’ve been waiting for. Call one of our agents today to see it: 303-726-1874.

Tresana Highlands Ranch:

HUD Owned Home 9359 loggia st highlands ranch 80126 $240,000.00

Beds: 2 Fin Sq Ft: 1415 Baths: 2 Year: 2008 # of Photos Avail: 10 V-tour Available: No MLS #: 1199198 Status: Active Listing Office: envision it sold, inc

Broker Remarks: gorgeous luxury condo in great condition! from entry, take stairs to living space on one floor! upgrades galore! tile fl… more…

Highlands Ranch townhomes and condos are moving quickly – especially the HUD and foreclosure listings. Give one of our experts a call so we can help you understand the HUD bidding process and give you the best chance to win the bid on this amazing luxury home!

Our team is always watching the market for Littleton Townhomes and Condos. Today we ran an interesting report comparing the past 3 months 3/18/13-6/18/13) with the three months prior (12/18/13-3-17/12). While our entire team is aware of the drastic turn in the market, the suddenness of the improvement startled us.

We have posted the data from Metrolist below, but here are the highlights:

• For the past 3 months, there were an average of 72 Littleton condos and townhomes sold each month. FOr the 3 months prior to that, the average was only 47.
• For the past 3 months, the median price for each condo or townhome sold was $169,650. For the three months prior, it was $157,000. THat’s an olver 8% increase in just 3 months!
• The days on market have decreased from an average of 47 days on market to 15! That’s an improvement of over 300%!

The full data for the last 6 months of Littleton condos and townhomes is below. This data contains all neighborhoods as well as all Littleton short sales and Littleton foreclosures. If you would like a more specific result set, please give our team a call at 303-726-1874 and we can provide you with the exact data you would like.

Littleton Condos and Townhomes for the Past 6 Months:

Based on information from Metrolist®, Inc. for the period 12/18/13 through 6/18/13 Note: This representation is based in whole or in part on content supplied by Metrolist®, Inc. Metrolist®, Inc. does not guarantee nor is it in any way responsible for its accuracy. Content maintained by Metrolist®, Inc. may not reflect all real estate activity in the market.

Littleton Foreclosures are getting harder and harder to find. We have several clients looking daily for new HUD and foreclosures to hit the market, so we were happy to see this latest offering from HUD come on the market in the Pleasant Park Littleton neighborhood yesterday.

This home has more than 1,730 square feet, 3 bedrooms, 2 baths and over 11 acres!Yes, you read that correctly, with 11.5 acres, and priced just over $300,000, this is an amazing find in the southwest foothills / Deer Creek Canyon homes area. The home has a large deck, wood stove, fireplace and a walkout basement with a sauna. A little bit of work can make this your dream home!

A home with this much land, this close to Denver will not last long, so make sure you call one of our experts today at 303-726-1874 to see this before the 10 day Denver HUD home bid period expires!

Littleton Homes with Acreage:

12001 antler trl littleton, CO 80127 Pleasant park $306,000.00

Beds: 3 Fin Sq Ft: 1730 Baths: 2 Year: 1984 # of Photos Avail: 21 V-tour Available: No MLS #: 1198592 Status: Active Listing Office: re/max professionals

Broker Remarks: raised ranch located on over 11.5 acres! attached 2 car garage, large deck, wood stove, cozy fireplace and more! the wal… more…

Finding Littleton homes with acreage is difficult – especially at this price. The Deer Creek Canyon area is a popular area for buyers looking to live in the foothills but have easy access to everything the city has to offer. If you are interested in this type of home, this could be your best opportunity for a while!

Some more great news was recently reported for Colorado Springs homes. The most recent CoreLogic analysis shows that prices for the market increased 8.2% year-over-year in April. While much of these gains came from increases in Colorado Springs foreclosures, removing those distressed homes still showed an increase in 7.2% for the year.

From The Colorado Springs Business Journal:

Colorado Springs home prices climbed 8.2 percent year-over-year in April, according to analysis firm CoreLogic .

They rose 2.1 percent from March to April. Excluding the distressed sales, short sales and bank-owned properties, sales prices climbed 7.1 percent year-over-year.

The sales price increases are good news for the rebounding real estate industry. While the figures in Colorado Springs are strong, they trail the national average, where home sales prices increased 12.1 percent year-over-year.

Nationally, April saw the biggest year-over-year home price increase since February 2006, according to the report. However, the national home price index is still 22.4 percent below its 2006 peak.

These numbers are tending along the same path as the market for Metro Denver homes and it will be interesting to see if the trend continues through the year. As we have been discussing, the huge lack of inventory has been hurting buyers and has turned the market into a true Sellers’ market in a matter of months.

If you would like to talk to one of our experts about you Colorado Springs home, give our team a call at 719-641-4209.

Littleton Patio Homes are always in high demand – especially with a main floor master bedroom! This new listing from Diane Nazminia on our team offers the maintenance free lifestyle buyers are looking for in patio homes, with that hard to find main floor master bedroom.

Located in the Dancing Willows neighborhood, this newer home offers over 2,800 square feet, 3 bedrooms, 3 baths, granite counters, oak flooring and cabinets, stainless steel appliances and so much more. This gorgeous home will not last long so if you think this might be the home you’ve been looking for, give one of our Littleton agents at 303-726-1874.

Dancing Willows Littleton Homes:

5723 s union ct littleton 80127 $441,000.00

Beds: 3 Fin Sq Ft: 2801 Baths: 3 Year: 2011 Acres:0.09 # of Photos Avail: 20 V-tour Available: Yes MLS #: 1195032 Status: Active Listing Office: mb the brian petrelli team

Broker Remarks: its a warm country feel in this large luxury home with main flr master + loft, three bedroom, upgraded dark oak cabinetr… more…

Dancing Willows is located just north west of Bowles Ave and Simms. This is a great area and the newer patio homes offer one of your best choices for patio homes in the Littleton area. If you would like more information on this neighborhood, email us or give us a call today.

Another positive report came out for the metro Denver Homes market today. The latest report from Metrolist shows that home sales have risen 20% from last month and 22% year over year. In addition, the number of Denver luxury home sales increased from May of 2012 as well.

Perhaps even more encouraging, especially for buyers in this hot market, is that the inventory of homes for sale has risen by 18% in May as compared to April, Showing some signs of a more balanced market emerging. However, the current inventory levels are still down 22% from May of 2012. That 22% lower inventory combined with the increase in sales means that buyers still need to move quickly in this fast paced market.

From the Denver Business Journal:

The report, covering May sales of single family homes and condominiums, shows 5,665 homes sold last month, a 20 percent increase from April and a 22 percent increase from the 4,625 sold in May 2012.

And while the inventory of for sale homes has been at historic lows for months, 18 percent more listings hit the market in May — 8,214 — compared to April. That level is still down 22 percent from May 2012, the report shows, but it’s the second month in a row listings have increased.

“We continue to see improvements on already promising figures,” said Kirby Slunaker, president and CEO. “We’re thrilled to see some inventory relief and matching strong sales numbers in the Denver market, we’re taking those figures as signs of both homebuyer and seller confidence.”

It’s worth mentioning that the increase of sales in Denver luxury homes is beginning to level off. June will be a telling month for that market and we will continue to update you here.

Also, as always, each neighborhood and area has their own sub-markets. If yo would like us to run a detailed analysis of your area, call us at 303-726-1874.

Debbie Ells on our team just listed a fantastic remodeled ranch in the Green Gables Manor Lakewood neighborhood. This amazing remodel has 5 beds, 3 baths and over 2,800 finished square feet. Too many upgrades to mention! Including but not limited to: all new windows, interior/exterior paint. newer furnace/water heater, new hardwoods through out main, all brand new carpet, stainless steel appliances, slab granite counter tops, cabinetry, tile flooring, light fixtures, new roof, and more!

This is truly a gorgeous home and will not last, so if you are looking at Lakewood homes, make sure this home makes your list.

Green Gables Manor Lakewood Homes:

1069 s teller st lakewood 80226 $325,000.00

Beds: 5 Fin Sq Ft: 2846 Baths: 3 Year: 1965 Acres:0.21 # of Photos Avail: 21 V-tour Available: No MLS #: 1192824 Status: Active Listing Office: mb the brian petrelli team

Broker Remarks: amazing remodeled ranch from roof to basement! don’t miss out! a few blocks south of belmar! location location! too … more…

Green Bales Manor is located just south of the Belmar Homes neighborhood north of Mississippi and east of Wadsworth. This is a prime location and homes in this area are in high demand. Give us a call today to schedule a time to see this home: 303-726-1874

Debbie Ells on our team just listed this fantastic, remodeled 3 bedroom home in the Jackson Broadway Heights neighborhood. THis home has been completely renovated with a new: roof, furnace, interior and exterior paint, carpet, appliances, and a whole bunch more!

Englewood homes are moving quickly, and with the upgrades of this home, this one will move FAST> Call our team today to set a personal tour before someone else snaps it up: 303-726-1874.

Jackson Broadway Heights Homes:

4111 s elati st englewood, CO 80110 Jacksons broadway heights $246,800.00

Beds: 3 Fin Sq Ft: 1552 Baths: 2 Year: 1939 # of Photos Avail: 22 V-tour Available: No MLS #: 1192827 Status: Active Listing Office: mb the brian petrelli team

Broker Remarks:  amazing fully remodeled bungalow from roof to basement! move-in ready! new furnace, new roof, new exterior/interior paint, carpet, appliances and much more..huge remodeled kitchen with breakfast nook, granite tile, brand new cabinets, beautiful back splash, stainless steel appliances, updated bathrooms, refinished hrdwds. large basement bedroom with huge walk-in closet, full bath, plus bonus room in bsmt for study, … more…

With the inventory of Englewood homes so low, most homes are going under contract in a matter of days. If you are in the market, make sure you have one of our area experts set you up on a daily email alert so you see every listing the day it becomes available.

Jacy Bowers on our team just listed a great 3 bedroom home in the Southcreek Englewood Homes neighborhood. This great area, located between Parker and Jordan roads, is just west of the 17 Mile House Farm Park and minutes to c-470 and I-25.

This newest listing has 3 beds, 3 baths and over 1,450 square feet. The home faces Cherry Creek Trail, has great lighted landscaping with a very large concrete patio and is laid out with a warm, open feel.

Siouthcreek is a very popular and affordable area close to DTC and we expect this home to move quickly. If you are interested in seeing this home, call our team today at 303-726-1874 to set a personal showing before it’s gone.

Southcreek Englewood Homes:

8137 s norfolk st englewood, CO 80112 Southcreek $249,900.00

Beds: 3 Fin Sq Ft: 1456 Baths: 3 Year: 2001 # of Photos Avail: 19 V-tour Available: No MLS #: 1192974 Status: Active Listing Office: mb the brian petrelli team

Broker Remarks: pride of ownership in this home, with beautifully done lighted landscaping, large cement patio and dog run.prime locatio… more…

If you are interested in seeing other Englewood homes, give our team a call. Homes under $300,000 in Englewood are moving quickly, so make sure we get you set up on a daily email alert so you don’t miss anything the day it becomes available.