The Brian Petrelli Team Blog

Our team is thrilled to list this investment property in The Meadows Castle Rock Homes. This great 3 bedroom, 2 bath home is fully rented with a long term tenant through the end of August. In addition, this tenant has indicated that they would like to remain well past that date. if you’ve been looking at Castle Rock homes for sale trying to find a great rental property, this is it.

The Meadows Castle Rock Home:

Many investors looks at Castle Rock distressed properties or Castle Rock foreclosures when they consider investment properties. This can lead to a number of uncertainties and unplanned expenses. This property is ready to go now and is truly a turn-key opportunity for an investor. If you’d like more informatin, give our team a call at 303-726-1874.

It looks like the shrinking inventory we’ve been detailing here is beginning to expand into Denver Luxury homes as well. As we’ve discussed on our blog, the inventory of available homes in the metro Denver area continues to shrink. We’ve seen it in almost all markets and price points, from Denver HUD homes to Denver luxury foreclosures. But now, it appears that the more standard resale luxury homes are experiencing the same problem.

From the Denver Business Journal:

The number of luxury homes available for sale in metro Denver continues to drop, according to a report analyzing multiple listing service data released Tuesday.

There was an inventory of 566 residential homes available for sale in December, down from 650 available in November, according to the report from independent Littleton broker Gary Bauer using Metrolist Inc. Metrolist Inc.Latest from The Business JournalsReal estate brokers predict healthier 2012 residential marketHome inventory continues to tighten in metro DenverDenver-area luxury home sales up in NovemberFollow this company data. That inventory level marked a steep 35 percent drop from the 875 available in December of 2010.

Those numbers, culled from the 11-county Denver area, did not include condos. A luxury home is defined as having a price tag of $1 million or more.

The reasons for the shrinking inventory is complex, but one of the main reasons is that those sellers who don’t have to sell, aren’t.

It will remain interesting to watch what this lack of inventory will do to prices, but in areas where we’ve seen diminished inventory for months (i.e. Denver HUD homes) our clients are being forced to bid above asking price to successfully win bidding wars.

if you’re interested in learning more about the markets for Denver luxury homes, Denver luxury foreclosures or just the market in general, give our team a call at 303-726-1874. We can run a market specific report for you so you have the knowledge to make te right decision.

With the low inventory, now may be the right time to sell!

More good news today on Colorado foreclosures and bank owned homes. Realty Track has a report, summed up nicely in The Denver Business Journal, detailing the 28.6% decline in foreclosure filings from 2010 to 2011.

While some of these numbers are a result of some banks facing legal issues and other process delays, it does square up with the lower foreclosure inventories we’ve been seeing on the market. When you add in some of the incentives that Fannie Mae and Denver HUD homes are offering, the inventory for these foreclosures is only going to diminish further.

From the Denver Business Journal:

Colorado saw a 28.6 percent decline in the number of properties with foreclosure filings in 2011 from the year before, but still had among the 10 highest foreclosure rates in the nation, according to a report Thursday from RealtyTrac Inc. RealtyTrac Inc.Latest from The Business JournalsOregon foreclosures down 40% in 2011Mecklenburg County foreclosure filings rose in December 2011 foreclosures down because of delayed filingsFollow this company

The state had 38,557 properties with filings in 2011, or one out of every 56 housing units statewide, according to RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

As with all real estate statistics, everything is local. The term “Colorado Foreclosures” is a broad term and different areas of the state have been affected in different ways. If you’d like specific stats on an area or neighborhood, give our team a call at 303-726-1874.

Also, these statistics do not include short sales or other Denver distressed properties.

Denver Area Foreclosure and HUD House Searches:
Aurora Foreclosures and HUD Homes, Arvada Foreclosures and HUD Homes, Brighton Foreclosures and HUD Homes, Broomfield Foreclosures and HUD Homes, Castle Rock Foreclosures and HUD Homes, Centennial Foreclosures and HUD Homes, Commerce City Foreclosures and HUD Homes, Denver Foreclosures and HUD Homes, Englewood Foreclosures and HUD Homes, Golden Foreclosures and HUD Homes, Highlands Ranch Foreclosures and HUD Homes, Lakewood Foreclosures and HUD Homes, Littleton Foreclosures and HUD Homes, Northglenn Foreclosures and HUD Homes, Parker Foreclosures and HUD Homes, Thornton Foreclosures and HUD Homes, Westminster Foreclosures and HUD Homes

Our newest team member, Jan Phillips, has a great new listing in north Littleton. If you’re in the market for Littleton homes for sale, make sure you visit our website and check out the specifics on this great 4 bedroom home. It’s located just south of Southwest Plaza and has easy access to downtown, C-470, the foothills and more.

The home has new windows, a three car garage and is nearly 1,900 square feet. With a big yard and deck, it’s a great deal on a terrific home!

Littleton Homes for Sale:

9032 w lake dr littleton 80123 $272,000.00

Beds: 4 Fin Sq Ft: 1875 Baths: 3 Year: 1998 Acres: # of Photos Avail: 5 V-tour Available: No MLS #: 1053523 Listing Office: mb the brian petrelli team

Broker Remarks: great family home in quiet neighborhood,4 bedrooms up,master bath,laundry on 2nd fl,big yard with deck,family rm with fi… more… Disclosures

If you are interested in Littleton homes, make sure you talk to our team about Littleton foreclosures and Littleton short sales. HUD has great programs right now and is offer a $100 down payment program on all of the metro Denver HUD homes. You can reach us at 303-726-1874.

We’ve been working with several buyers searching for Parker Condos. There have been very few, HUD homes on the market, so we were excited when HUD listed this townhome in Stroh Ranch Townhomes.

If you are unfamiliar with the complex, it is located roughly 2 miles south of Main Street off of Parker rd. These townhomes were built in the late 90’s and are a great value for anyone looking in the area. With easy access to C-470 and I-25, these homes offer a great location at a terrific price.

If you’d like to tak a look at this home, or learn more about the HUD $100 down payment program (which this unit qualifies for), give our team a call at 303-726-1874

HUD Owned Home 19440 e mann creek dr parker 80134 $143,000.00	Beds: 2 Fin Sq Ft: 1052 Baths: 2 Year: 1998 # of Photos Avail: 5 V-tour Available: No MLS #: 1054809 Listing Office: mb cliff johnson realty	Broker Remarks: beautiful 2 bed 2 bath townhome with attached garage. like new condition. large master with private bath. hud owned sold… more… Disclosures

Our team can help you with all of the available Parker condos and townhomes. Give us a call today to talk about Parker foreclosures, short sales and standard resales. Remember, all of the active Denver HUD homes qualify for the HUD $100 down payment program and we can help you navigate through it. You can reach us at 303-726-1874.

Some more good news for Denver homes for sale. Data from November of 2011 and 2010 show that home prices rose year over year. Even more importantly, these statistics included Denver distressed properties as well as standard resale homes (Distressed properties included Denver foreclosures and short sales).

This is in stark contrast to the nationwide data which showed a 4.3 percent year over year decline. Just one more reason to tak all the of the news articles you read on a nation housing crisis with a grain of salt. Denver is performing much better than average.

From The Denver Business Journal:

Home prices in the Denver metro area rose in November 2011 from the same month a year earlier, according to the latest Home Price Index report, issued Monday by CoreLogic Inc. CoreLogic Inc.Latest from The Business JournalsMilwaukee-area home sale prices dropped in NovemberCoreLogic: Orlando home prices see small dropAtlanta home prices down 8.2% in NovemberFollow this company

The report said home prices, including distressed sales, in the Denver-Aurora-Broomfield area were up 1 percent year-over-year in November.

Excluding distressed sales, CoreLogic reported a 1.5 percent year-over-year rise in November.

This is just one more indication that the Denver market is slowly improving. We’re not seeing big spikes of improvement, but the market for Denver homes for sale has been gradually improving for many months now.

If you’d like to talk about The Denver market, Denver foreclosures or Denver distressed properties, give our team a call at 303-726-1874.

We’ve had some calls from buyers looking at Littleton Condos wondering if the HUD $100 Down Payment program is only available on Denver HUD homes, or if it is available on all listed HUD homes. The good news is that all listed HUD homes are eligible for this program – regardless of the city. However, if you you are interested in this program, please undrstand that this HUD $100 down payment program is only available to owner-occupants, not investors.

While this program is increasing competition for HUD homes, the are still some great deals on Littleton Foreclosures that qualify for this program. We’ve posted some of the best deals below, but if you’d like a complete list of Denver HUD homes or would like to speak with our team more about this program, give us a call at 303-726-1874.

Littleton Condos Eligible for the HUD $100 Down Payment Program:

Fantastic price on this large 1,300 Littleton townhome with open basement and 2 car attached garage.

HUD Owned Home 5990 s jellison st littleton 80123 $158,400.00

Beds: 2 Fin Sq Ft: 1337 Baths: 3 Year: 1997 # of Photos Avail: 5 V-tour Available: No MLS #: 1045903 Listing Office: envision it sold, inc

Broker Remarks: great potential. fixer upper, needs work. vaulted ceilings, skylight. plenty of sunlight. wood floors. open basement. ba… more… Disclosures

Great deal on this Condo located in The Crossings Chatfield Condos. 1,100 square feet. Bids due on te 9th of January.

HUD Owned Home 8314 s everett way littleton 80128 $137,000.00

Beds: 1 Fin Sq Ft: 1108 Baths: 2 Year: 1984 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1054570 Listing Office: keller williams dtc

Broker Remarks: hud home, sold as is w/no warranties. hud case # 052-493003 bid deadline daily @ 11:59 pm. investor offers after 1/9/2… more… Disclosures

As always, if you have questions on Littleton foreclosures or Littleton Condos, give our team a call at 303-726-1874. We’re here to help.

If you’ve spoken to any of our team’s agents over the past few months, you know that the biggest problem we’re facing isn’t Denver foreclosures, short sales or HUD homes. rather, the biggest issue we’re dealing with is the lack of inventory; There just aren’t enough homes to meet all of our buyer’s needs.

If you’ve been reading the news for the past 3 years, this may come as a shock, but the fact is that many people are holding off selling their homes if they don’t have to. This is causing inventory to plummet. And it seems that our anecdotal evidence is finally being reported.

Here’s a story from today’s Denver business Journal:

The inventory level of metro Denver single-family homes and condominiums continued to fall in December, holding a trend that has grown pronounced in the last couple of months, according to a report Tuesday drawing on Metrolist Inc. data.

The 12,531 homes on the market in December represented a 12 percent drop from November, and a 34 percent drop from December 2010, the report states. That number marked a 24 percent drop from December 2009’s 16,456 homes on the market.

“Prospective home sellers are still sitting on the fence,” said Gary Bauer, an independent, Littleton-based real estate broker and Metrolist analyst.

The continuing decline in inventory started in July and led Bauer to predict last month the level could hit 10,000 soon.

Read the whole article. Here’s what I’ve been saying for months, echoed in the article:

“I do believe that 2012 is going to be better than 2011, but I don’t believe it’s going to be a dramatic rebound,” Bauer said. “There’s going to be steady progress on transactions and prices, but not big increases. Everyone’s going to keep focused on the economy and that’s going to cause several prospective home-buyers to sit on the fence.”

It will be interesting to see how this inventory begins to affect prices. i still maintain our market is rebounding – very slowly.

If you would like to talk about Denver homes for sale, Denver foreclosures or Denver HUD homes, give our team a call at 303-726-1874.

It looks like the trend we’re seeing in Denver Homes for Sale is taking place at a national level as well. As we’ve been reporting here, the number of buyers has been increasing for months. And while prices are only trending upward slightly, it is a very positive sign that the number of Under Contract and Pending homes for sale are increasing.

This article from AOL, gives a good summary of the national picture – cautious optimism:

The number of Americans who signed contracts to buy homes in November rose to the highest level in a year and a half.

The best reading on pending homes sales since a federal home-buying tax credit expired appeared to encourage traders on Wall Street.

Still, the National Association of Realtors cautioned that a growing number of buyers are canceling their contracts at the last minute, making the gauge less reliable.

The Realtors group said Thursday that its index of sales agreements jumped 7.3 percent last month to a reading of 100.1.

Always remember, that trends – no matter how positive or negative – should never be substituted for local data. Over the past couple of years, prices for Highlands Ranch homes for sale have remained fairly stable while nearby areas like Aurora and Arvada have been hit much harder. If you’re considering a specific area, give us a call and we can run neighborhood specific date for you. You can reach our team at 303-726-1874.

Also, factors like foreclosures and short sales impact numbers dramatically. You can see all of the available Denver HUD homes on our website or for a list of recently sold HUD homes, give us a call.

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This has been a slow week for Littleton foreclosures. With the Christmas and New Year’s holidays, few new listings have hit the market. That’s why we were surprised when this large 3 bedroom HUD home came up in Kipling Villas.

Located in west Littleton, Kipling Villas is just south of Bowls between Kipling and Wadsworth. The neighborhood is close to C-470, the Southwest Plaza shopping area and Lily Gulch Park. Home typically sell in the high $100’s to mid $200’s, but this 2,000+ square foot HUD is listed at just $164,000.

In addition, this home qualifies fr the $100 HUD down payment program currently being offered. If you’d like more information on this home or the program, give our team a call at 303-726-1874.

Kipling Villas

HUD Owned Home 9529 w maplewood pl littleton 80123 $164,000.00

Beds: 3 Fin Sq Ft: 2070 Baths: 3 Year: 1976 Acres:0.14 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1056506 Listing Office: keller williams dtc

Broker Remarks: hud home, sold as is w/no warranties. hud case # 052-265640 bid deadline 12/28/11 @ 11:59 pm-daily thereafter. investo… more… Disclosures

Our team can help you with any of the available Littleton home for sale. Give us a call to discuss Littleton foreclosures, Denver HUD homes and all of you buying options. You can reach us at 303-726-1874.