The Brian Petrelli Team Blog

New month, same story for Denver homes. The numbers from Metrolist in June continue to support what we have been documenting here for months. The market is moving very quickly and prices are rising.

As agents, our biggest problem is with the lack of inventory for our buyers. The current levels of available homes for Denver homes, Denver foreclosures and even Denver short sales are at historic lows (10,925 homes on the market in June). This incredibly low inventory is forcing buyers into bidding wars, and if they lose the bidding, there may not be any suitable alternative for their price range and area.

From the Denver Business Journal:

Inventory levels continue to remain at historically low levels, with 10,925 homes on the market in June — while up slightly from May’s 10,591, that’s 39 percent below the 18,026 homes available in June 2011.

“The bottom line is we need more available inventory for homebuyers to choose from,” Slunaker said in the release.

The average sales price rose to $297,597 in June, up 5 percent from May’s average and up 12 percent from June 2011’s average of $266,493.

Meanwhile, the average days on the market continued to drop, to 72 days in June, down from May’s 78 and down 31 percent from 104 days in June 2011.

New listings for Denver HUD homes and other Denver foreclosures typically generate multiple bids and the finally selling price can be significantly higher than the starting list price.

If you would like information on the market for a specific neighborhood give us a call. our team of experts can help you navigate the crazy market and educate you on the different bidding procedures for Denver HUD homes and other Denver foreclosures. Call us today at 303-726-1874.

As with the Case-Shiller number we reported on last week, the Core-Logic report for Denver homes shows a similar upwards trend for prices. However, these numbers indicate a greater improvement.

From The Denver Business Journal:

The Denver-Aurora-Broomfield area saw home prices increase by 6.5 percent in May compared with May 2011, according to the CoreLogic HPI report released Monday. That number included distressed sales, which are foreclosed or real-estate owned (REO) homes.

That’s at least the fourth month in a row metro Denver’s HPI has posted year-over-year positive gains, according to CoreLogic, a Santa Ana, Calif.-based business-data company.

This 6.5% increase in year-over-year prices is big. Last week’s number from Case-Shiller indicated a 2.8% increase in prices of Denver homes from April of 2011.

What’s more, this 6.5% increase includes Denver Distressed properties in it’s figure, which means this increase includes all Denver foreclosures, short sales, HUDs and other distressed homes.

This is just another in a long string of positive housing news for the Denver market. If you would like one of our agents to run detailed numbers for a specific area or neighborhood, give us a call at 303-726-1874 today.

More positive numbers are out today for the Denver homes market. For the past 9 months, we have been citing statistics and reports showing the declining inventory of Denver homes, the increasing demand and the decreasing inventory of Denver foreclosures. Today, a report by Case-Shiller shows that prices in the Denver housing market have risen for the fourth straight month.

From the Denver Business Journal:

For the fourth straight month, metro Denver posted a year-over-year increase in home prices in April, at a pace that eclipsed all but three of the nation’s 20 largest markets, according to the latest S&P/Case-Shiller Home Prices Index, released Tuesday.

Denver’s four consecutive months of year-over-year price gains followed 18 months of declines, according to the closely-followed monthly report on average home-resale prices from Standard & Poor’s Standard & Poor’sLatest from The Business JournalsEl Dorado Irrigation District gets upgraded credit ratingUp and down: Home prices rise; consumer confidence falls S&P: U.S. still faces risk of double dipFollow this company .

Denver prices were up 2.8 percent in April from the same month of 2011, the Case-Shiller report said. That followed year-over-year gains of 2.6 percent in March, 0.5 percent in February and 0.2 percent in January.

These rising prices are the logical outcome of decreasing suply and increased demand. The big question mark is just how many Denevr foreclosures banks have in their inventory waiting to be released and if the banks will choose to sell these as foreclosures or as Denver short sales.

As always, you can reach our team of expert agents anytime by calling 303-726-1874. We can supply you with the detailed statistics for your specific area or the entire market of Denver homes.

One of the best 4th of July events in the Denver area is the Highlands Ranch fireworks show put on by the Highlands Ranch Community Association. This annual event is a great way to spend your 4th of July evening and cap off all of the festivities put on by the association.

The Fireworks start at 9:30 on Town Center Drive behind the SuperTarget.

You can see the display great from Town Center, or from many of the hills in the Highlands Ranch area. Many home owners will have great views from their Highlands Ranch homes.

Besides the fireworks, there is a full day of festivities planned by HRCA. You can see the details at their website here. Here is a brief overview:

4th of July Parade
Family Bike/Pet Parade
4th of July 5K
Celebration in Town Center
Hot Dog Eating Contest
Fireman Challenge
Pet Adoption Fair
4th of July Concert
Fireworks

Our family has attended these festivities for many, many years and they always offer a great day (and night) of fun. Hope to see you there!

Located just east of Chambers rd off of Alameda, Tollgate Village Aurora homes have been in high demand over the last few months. Several of the Aurora foreclosures in this neighborhood have gone very quickly, many with multiple offers received.

That’s why our agents working with clients in the Aurora area were so happy to see HUD releases a new listing over the weekend in this area. This large home (1,940 square feet) has 3 beds, 3 baths and sits on a large corner lot. The home needs some work (a $3,575 repair escrow is available through HUD), but this home is priced very well and will most likely receive several offers.

If you are interested in seeing this, or any other Aurora foreclosures, call our team at 303-726-1874 soon and we can educate you one the bidding process and the available $100 HUD down payment alternatives available on all Denver HUD homes.

Tollgate Village Aurora Homes

529 s laredo cir aurora 80017 $145,000.00

Beds: 3 Fin Sq Ft: 1940 Baths: 3 Year: 1981 Acres:0.19 # of Photos Avail: 5 V-tour Available: No MLS #: 1105560 Listing Office: snowden & associates inc.

Broker Remarks: hud acquired home. nice starter home sits on a large corner lot with fenced yard. open floor plan with county kitchen,… more… Disclosures

If you are interested in learning more about Aurora homes for sale, or would like a daily email with all of the available aurora foreclosures, give our team of experts a call at 303-726-1874. We can help yo understand the difference between standard foreclosures and Denver HUD homes.

As many of our clients know, it has been a while since HUD has had any Littleton condos come available in the Deer Creek condos complex. It’s easy access to c-470 as well as all of the shopping and restaurants within walking distance make ite of the most sought after areas for buyers looking for condos in Littleton

The unit that HUD has just released is a large, 1,134 square foot home on the ground floor. This is one of the most spacious floor plans available in the Deer Creek condos complex, and the fact that this is a ground floor unit ensures that there will be substantial interest.

As with all Denver HUD homes, this unit qualifies for the HUD $100 down payment program. Give ne of our agents a call to learn more about how you can get this home for just $100 down at 303-726-1874.

Deer Creek Condos:

HUD Owned Home 8354 s holland way littleton 80128 $125,000.00

Beds: 2 Fin Sq Ft: 1134 Baths: 2 Year: 2001 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1104558 Listing Office: peregrine property group

Broker Remarks: hud owned. sold as-is. convenient ground floor unit. nice open floorplan, cozy fireplace in living room, and dining sp… more… Disclosures

If you are interested in learning more about Littleton foreclosures, Littleton short sales or any of the available Littleton condos for sale, give our team a call at 303-726-1874.

Denver luxury homes (homes priced over $1,000,000) posted their strongest month in almost 4 years in May of this year. This is great news, as luxury homes has been one of the few under-performing sub markets for Denver homes.

InMay, buyers purchased 76 homes in the Denver market costing $1,000,000 or more. This was a 61% percent increase over May of 2011 and the best month for Denver luxury homes since August of 2008.

From the Denver Business Journal:

That wasn’t the only good news. The median sales price in May for metro Denver luxury homes rose to $1.272 million — up 1.8 percent from April. The average days on the market dropped to 155.8, down from 215.2 days in May 2011 and from 172.6 in April.

Sellers also got more of their asking price in May: 93.6 percent, which is up from April’s 92.6 percent and May 2011’s 91.3 percent.

Some other highlights from the report:

• The highest price for a home sale in May was $3.6 million for a 5,532-square-foot, six-bedroom, seven-bath Denver home.

• There were 25 luxury homes sold in Denver, 17 in Boulder, seven in Greenwood Village and five in Castle Rock.

• Seven multimillion-dollar homes sold in May, down 10 from April and flat year over year

These numbers show an increase of 44% from April of this year and we hope this is a trend that continues. We will continue to keep you updated on the statistics for Denver luxury homes on this blog.

In the meantime, if you have questions or would like to talk with one of our experts, give us a call at 303-726-1874.

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Denver Area Luxury Homes Searches:
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Those of you paying attention will remember the $25 billion robo-signing lawsuit that was settled a couple of months ago. Many in the real state industry have been saying for many months that the uncertainty surrounding that lawsuit was causing banks to hold back on filing the paperwork on new Colorado bank owned homes.

It remains to be seen how many Colorado foreclosures are really in the pipeline. And to be honest, the inventory of available homes for buyers is 30%-40% lower now than even a year ago, so the market in general could use a modest influx of new inventory. Currently, we’re seeing multiple bidder on almost all available Denver HUD homes in decent shape priced well.

The Denver Post has a decent article summing up the situation:

It’s worth reading the entire article as it will give you a range of opinions and scenarios for the Colorado bank owned homes market. Again, an increase of inventory would help many buyers out right now, but it remains to be seen how many actual foreclosures will be listed.

One other thing to consider is that many more banks are working with delinquent homeowners to work out a short sale rather than have the home go through the expensive foreclosure process. These banks have been working with many of our clients pursuing Denver short sales and the entire short sale process has been rapidly increased with many of the major banks.

If you would like to talk more about this complex situation with one of our experts, give us a call at 303-726-1874. Our Colorado foreclosure and Denver short sale experts can guide you through the complex real estate market.

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Denver Area Foreclosure and HUD House Searches:
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HUD released 2 new Highlands Ranch foreclosures over the past few days. As many of you know, HUD Highlands Ranch homes do not come up very often, and when they do, the combination of the low list prices and available $100 HUD down payment program often result in multiple offers and very short listing periods.

These Highlands Ranch homes are price very aggressively and each offer a large amount of square footage for the money. Again, if you are interested in either of these homes (or any other Highlands Ranch foreclosures), make sure you call us soon at 303-726-1874. We can explain the HUD bidding process to you and help you make informed, educated bids.

Highlands Ranch HUD Homes:

9036 edgewood ln highlands ranch 80130 $313,000.00 est $

Beds: 5 Fin Sq Ft: 3587 Baths: 4 Year: 1993 Acres:0.18 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1081514 Listing Office: era herman group

Broker Remarks: hud owned property. sold as is. hud case # 052-606070. cul-de-sac and backs to open space. lrg spacious floor plan. vaul… more… Click Here For Full Details & Pics Disclosures

(The home below on Moss Rose was listed in the MLS as a bank Owned, but not a HUD home. This is however a HUD listing and may not come up on certain searches for only Denver HUD Homes.)

9644 s moss rose cir highlands ranch 80129 $210,000.00 est $

Beds: 4 Fin Sq Ft: 1805 Baths: 3 Year: 1998 Acres:0.09 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1103289 Listing Office: re/max professionals

Broker Remarks: : property may be eligible for fha $100 dollar down payment program! hud home sold `as is`-electronic bid only fha case … more… Click Here For Full Details & Pics Disclosures

Our team is full of experts on both Denver HUD homes and Highlands Ranch homes in general. We can help you understand the $100 down program, HUD regulations and the entire bidding process.

Remember, bidding on Denver HUD homes is not the same as bidding on other bank owned homes. Your agent has to be registered and approved with HUD and the process and paperwork is much different. Give us a call to get started: 303-726-1874.

There are some amazing Lone Tree homes for sale right now, but our team just listed a home In Heritage Hills Lone Tree that can give all of them a run for their money – even many of the more expensive homes.

This home has over 4,500 square feet, 3 levels of patios / decks (main, walk-out basement, and upper deck off of the master bedroom), and so many upgrades we can’t hope to mention them all here. The main floor has a spacious kitchen with granite, stainless steel, an office, formal dining, large family room and a sitting room. Upstairs you’ll find an amazing master suite with an upgraded bathroom complete with double entry, extra large closets. The basement has a wet bar, media room and a separate master bedroom / bath area.

We expect this home to move quickly, so if you are interested in this, or any other Lone Tree homes for sale, give our team a call at 303-726-1874 to see it today.

Hertiage Hills Lone Tree Homes:

9693 sunset hill dr lone tree, CO 80124 Heritage hills $689,900.00

Beds: 5 Fin Sq Ft: 4500 Baths: 5 Year: 2005 # of Photos Avail: 5 V-tour Available:  Yes MLS #: 1102460 Listing Office: mb the brian petrelli team

Broker Remarks: truly gorgeous! breathtaking home with all of the upgrades you’d expect – plus more! granite and tile throughout. upper,… more… Disclosures

Heritage Hills Lone Tree is located just north of Lincoln, west of I-25. This ideal location puts it in DTC and also provides easy access to Downtown Denver and Castle Rock. There aren’t many Lone Tree homes for sale in this price range, so contact us today if you’d like to see it.

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