The Brian Petrelli Team Blog

While our team, and most Realtors, hate the infamous Zillow “Zestimate” (a tool on their site which they admit can be off by +/` 10%), their market analysis is usually more reliable and at least worth a read. Yesterday, a report was released by Zillow detailing Denver Homes and the price rebound the market has experienced over the past year.

According to this report, Denver Homes’ are expected to see an increase in value of $21.4 billion and nationwide, the figure is $1.3 trillion.

The report is detailed in The Denver Post:

The report is worth a read and is just another in a long line of data pointing to not just a market recovery for Denver, but a significant growing market.

If yo ware considering buying in the Denver market, give our team a call. Their are still some good deals on Denver foreclosures and Denver short sales, but as the market heats up, these deals are selling faster and faster.

 We are currently working with a couple clients looking at Aurora foreclosures. This morning, as we were performing our daily search, we came across a new HUD listing in the Wheatlands Aurora homes neighborhood.

 This is a rare, ranch home, in one of the most popular neighborhoods for Aurora Homes. With two bedrooms, two baths and over 1300 square feet, this is an incredible value. In addition, as with all Denver HUD homes, this home is eligible for the HUD $100 payment program. This is an incredible program, that allows anyone purchasing a HUD home with an FHA mortgage, to put just $100 as a down payment.

Wheatlands Aurora Homes:

HUD Owned Home 24733 e hoover pl aurora 80016 $222,000.00

Beds: 2 Fin Sq Ft: 1314 Baths: 2 Year: 2006 Acres:0.12 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1149460 Status: Active Listing Office: re/max professionals

Broker Remarks: this 2 bed 2 bath newer ranch home in the wheatlands is … more…

 As with all Aurora foreclosures, we expect this one to sell quickly, and most likely with multiple bids. If you’re interested in seeing this home, or any other Aurora foreclosures, give our team a call soon at 303-726-1974.

 If the Wheatlands  area interests you, there are several homes available in varying price ranges. In addition, this is one of the few areas where new Aurora homes are being constructed. Give us a call and we can talk to you about the area in detail.

Some more great news came out for the Denver housing market last week. The sales of Denver luxury homes increased 37% in November from November of 2011. even more impressive, the total dollar volume increased an amazing 42% from November of last year.

 While we have seen a steady improvement in sales in the Denver market overall, the numbers for Denver luxury homes have been staggering over the last few months.

 From the Denver Business Journal:

While the seasonal slowdown finally hit the Denver area’s residential real estate market for homes with a cost of $1 million or more, resales still showed impressive year-over-year gains during November, according to a report from Gary Bauer based on MLS data.

The report shows 59 luxury homes and condos sold in November, a healthy 37 percent increase from the same month a year earlier but down 16 percent from October’s 69 resales. The dollar value of homes closed stood at $91.2 million in November, a huge 42 percent increase from the $52.7 million worth of luxury homes sold in November 2011.

 One of the other significant data points in the report, shows the overall inventory of Denver luxury homes was down 11% year-over-year.

 These numbers are obviously impressive, especially considering that they include sales of Denver luxury foreclosures as well.

 As with all real estate data, keep in mind that numbers vary from city to city and neighborhood to neighborhood. For a full report of the area you are interested in, give our team a call at 303-726-1874.

Denver Area Luxury Homes Searches:
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More positive news on Colorado foreclosures came out yesterday from the Colorado division of housing.  While the headlines say that filings are at the lowest level since 2007, the numbers are actually the lowest they have ever been since the state began collecting this type of data.

Keep in mind that this report details new filings for Colorado foreclosures, not sales of Colorado foreclosures. Sales of these home’s are reported by the MLS and we will detail those when they release their next report.

 This report details the data for filings in 12 Colorado urban counties for the month of November. So this data includes Denver foreclosures as well as foreclosures for the surrounding areas.

 From the Denver Business Journal:

In Denver County, foreclosure filings declined 35.9 percent in November from a year earlier, to 200. Boulder, Douglas and Weld counties all saw year-over-year declines over 50 percent.

Meanwhile, foreclosure auction sales declined 31.8 percent in November from a year earlier, to 880, in the 12 urban counties, the Division of Housing report said.

For the year to date through November, urban-county foreclosure filings were down 6.5 percent from the same months of 2011, and foreclosure sales were down 19.9 percent.

 While the number of foreclosure has seen a steep decline over the last year, there are still many great deals for Denver foreclosures and Denver short sales available for buyers looking for a great deal. If you would like more information on available homes, call one of our agents now at 303-726-1874.

Several of our agents live in the Parker area and are always keeping their eyes open for the best deals on Parker foreclosures. This week, HUD released an amazing deal in The Pinery and Parker.

The Pinery is one of the most sought after neighborhoods for buyers looking at Parker homes. Standard resale homes in the area move quickly, but well priced foreclosures like this one typically sell very fast and with multiple bidders. In addition, like all Denver HUD homes, this home qualifies for the $100 down payment program being offered for any buyer using FHA mortgage to buy a HUD home in Denver.

 This home has over 2500 square feet and a huge lot. With three bedrooms and three bathrooms at just $240,000, this home is going to move fast.

 Parker foreclosures:

HUD Owned Home 8277 e carriage ln parker 80134 $240,000.00

Beds: 3 Fin Sq Ft: 2562 Baths: 3 Year: 1979 Acres:0.23 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1147765 Status: Active Listing Office: keller williams dtc

Broker Remarks: hud home, sold as is w/no warranties. hud case # 052-601218. bid deadline 12/16/12 @ 11:59 pm-daily thereafter. inve… more…

 If you are interested in seeing this, or any of the other available Parker homes, give our team a call at 303-726-1874. There are still many good deals available on foreclosures and if you can be a little more flexible with your timeline, we can educate you on Parker short sales and see if they would be a good fit for you.

 We have not been told for how long the $100 HUD down payment program is going to be available. HUD has been offering the program for over a year now and it may end just as suddenly, and without notice, as it started.  If this is a program you think may benefit you, give us a call today to learn more about it and see just how easy it is to qualify

Some more good news that we want to highlight today. The Colorado Division of Housing report came out detailing Denver Foreclosures over the last several years. The entire report is worth a read (linked here) as there are some very interested numbers and details of how they impact the housing market.

Specifically, we wanted to draw attention to the section in the report that details the number of filing for Denver foreclosures in October of 2012 fell 20.0% when compared to October of 2011! That is a huge decrease and highlights in stunning detail one of the main reasons the housing inventory has been so low.

We keep repeating that our biggest challenge with buyers is finding available Denver homes for them. If you have considered selling your home, now is the best time in years, and you have very little competition! Give our team a call today to learn more about the market in your neighborhood: 303-726-1874.

More from the report, including a historical chart of Denver Foreclosures:

It should be noted that foreclosures for different areas are selling at different rates. For example, Littleton foreclosures are incredibly hard to find and winning bids can be 10% higher than list price, while some Aurora foreclosures can take much longer to sell. Give us a call and we can help you understand the area you are interested in: 303-726-1874

 We had a client approach us August looking for help on a short sale that was near foreclosure.  The owners had less than a month before the sale date and they felt hopeless. They had talked with other agents claiming to be Parker short sale experts, who let them know that there was just no time to work out a short sale. Our team actually talked with an external short sale negotiator, who told us there was no way they could help either.

Enter our teams resident short sale expert, Mike Biesboer.  Mike immediately went to work contacting the first and second mortgage holders. He was able to extend the sale date and get the ball rolling on a short sale approval. In the meantime,  are team was also able to generate three offers on the property.

 After several months of negotiating with two banks, extending the sale date multiple times, and working with different attorneys, Mike was able to close this property yesterday. These owners would’ve had a foreclosure on their record had it not been for Mike’s hard work and determination.

 Mike has been working on Denver short sales since before they were so prevalent in the market. He knows all the rules, laws and ins and outs of each bank.  if you fear you might be facing short sale situation, give us a call today and we can help you. Don’t be fool by the “experts” who simply hire a third party to negotiate for you.  our team does it all, and our agents take pride in helping you.

 You can reach us at 303726-1874.

15722  Greenstone Circle:

SOLD  short sale

Denver Area Short Sales House Searches:
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The number of Littleton foreclosures continues to  decline,  especially in the market for Littleton townhomes.  late yesterday, HUD released an amazing deal in the Terrace at Columbine townhomes. This is a three bedroom, three bath  townhome with over 1800 sqft. and a two-car, attached garage –  for less than $173,000!

  The Terrace at Columbine is one of the most sought after townhome complexes in Littleton. Located just south of Coal Mine Road between Wadsworth and Pierce, the ideal location and high quality construction make these one of the best deals for the Littleton townhomes.

  The incredible price on this home along with the addition of the $100 dollar HUD down payment program eligibility (available on all Denver HUD homes),  make this a property that will sell incredibly quickly. If you’re interested in seeing this home, call our team today: 303-726-1874.

Terrace at Columbine Townhomes:

HUD Owned Home 6825 s webster st littleton 80128 $173,000.00

Beds: 3 Fin Sq Ft: 1806 Baths: 3 Year: 2000 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1147452 Status: Active Listing Office: re/max professionals

Broker Remarks: please refer to hudhomestore.com for current bidding period details and information on the property. 203k fha financing … more…

Our team is constantly watching the market for new deals on Littleton foreclosures. If you would like an up-to-date list of availability for Littleton condos are Littleton town homes call us today.

There are also many great deals on Littleton short sales, as banks have sped up the approval process significantly. You can reach us anytime at: 303-726-1874.

For the ninth month in a rowm prices on Denver homes rose compared to the same month of 2011. In addition, month over month prices rose as well. 

 Buried in the data is the impressive statistic that home sales rose an incredible 9.2% in a October from October of last year. These numbers include all home sales (Denver foreclosures, Denver short sales and Denver HUD homes).

 From the CoreLogic report as outlined in the Denver Business Journal:

“The housing recovery that started earlier in 2012 continues to gain momentum,” Mark Fleming, chief economist for CoreLogic, said in a release. “The recovery is geographically broad-based with almost all markets experiencing some appreciation. [Coastal] and energy states continue to experience the most robust appreciation and some judicial foreclosure states are even recording increasing prices.”

and:

“We are seeing an ongoing strengthening of the residential housing market,” Anand Nallathambi, president and CEO of CoreLogic, said in a release. “Reduced inventories and improving buyer demand are contributing to stability and growth in home prices, which is essential to the long term health of the housing market and the broader economy.”

 These numbers match what we’ve been reporting for Denver homes for over a year now. Prices are  continuing to increase, albeit slowly, and we expect the trend to continue for the near future.

 If you’d like to talk about specific numbers for your area or neighborhood, give our team a call at:303-817-0209.The number of available  Denver homes, especially Denver foreclosures and Denver HUD homes,  continues to decline. However we are still finding some great deals for our clients on the market.

At the end of last week, HUD released one of the best deals on a Castle Rock Foreclosures we have seen in a while. The new listing is a single family home located in Crystal Valley Ranch Homes. This newer neighborhood is located in the south east pasrt of Castle Rock and is one of the more popular neighborhoods for Castle Rock homes.

Priced at just $265,000, this 2,055 square foot home has 3 bedrooms 3 baths, wood floors and a 3 car garage. With a 5 peiece master bath, walk in closets and vaulted ceilings, this is not your typical HUD home!

HUD Owned Home 5226 fawn ridge way castle rock 80104 $265,000.00

Beds: 3 Fin Sq Ft: 2055 Baths: 3 Year: 2007 Acres:0.23 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1146145 Status: Active Listing Office: re/max professionals

Broker Remarks: don’t miss this opportunity to own in carriage hills! situated on a large corner lot, surrounded by space and views!the … more…

As with all Denver HUD homes, this home is eligible for the $100 HUD down payment program for buyers using an FHA mortgage to purchase. If you would like more information on this program, or would like to learn more about Castle Rock foreclosures, call our team at 3037261874 today.

The best deals are moving quickly, so if youa re interested in this, or any otehr Castle Rock homes, don’t wait. Contact us today.