The Brian Petrelli Team Blog

One of the most common questions our team receives from buyers (and often other agents) is “How do you buy a HUD Home?”

The process is vastly different from other types of home purchases and is much different than buying any other type of foreclosure. Bidding is handled differently and only a real estate agent registered and approved with HUD may make a bid.

This point cannot be overstated: Both agents and their office must be registered with HUD and understand the entire process. We receive calls from agents all of the time explaining that their client wants to buy a Denver HUD home but they are not registered with HUD. We are more than happy to help these agents, but if you are a buyer and think that a HUD home might be a possibility, make sure you ask your agent upfront if they can help you.

We have created a 9 Step overview explaining the process. Check it out and feel free to call us with any questions at 303-726-1874.

How To Buy A HUD Home:

The supply of Thornton foreclosures has been much lower this year than in recent years. In fact, when you total all of the active condo, townhome and single family foreclosures in Thornton there are only 15 currently on the market.

One of these homes was just listed yesterday by HUD in Cottonwood Lakes Thornton. This is a large, 4 level home with nearly 2,400 finished square feet, 4 bedroom, 3 baths and a large lot. Price at just $235,000, this is one of the best deals available for buyers looking at Thornton homes.

This home was just placed on the market and will be available for bids for just 9 more days. If you have any interest in viewing this home, give our team a call now at 303-726-1874.

Cottonwood Lakes:

HUD Owned Home 13116 Fillmore Street Thornton 80241    $235,000.00

Beds: 4      Fin Sq Ft: 2377  Baths: 3     Year: 1979  Acres:0.2  # Of Photos Avail: 20 V-Tour Available:  No  MLS #: 2096576  Status: Active  Listing Office: Sellstate Ace Realty

Broker Remarks:  Hud Case #052-366658 All Offers To Be Submitted To Hudhomestore Hud Properties Are Sold “As-Is” Seller And Listing …More…

Another month, another positive report for Denver luxury homes.

The numbers for November are out and Denver experienced another year-over-year gain in total sales for homes priced over $1 million. This November saw 66 homes sold in the category while last year saw 58. This year-over-year increase is consistent with almost every other month this year.

November did see a drop off from October, but it was consistent with the percentage drop-off seen every year for the season.

More From The Denver Business Journal:

Sixty-six homes with a price tag of more than $1 million changed hands in November, down from the 93 transactions in October but up from the 58 sales in November 2012.

Upper-end luxury homes continued to move well, with 13 costing more than $2 million selling in November, compared to nine that sold the same month a year earlier.

Report numbers are culled from multiple listing service data.

Luxury pricing remained flat, both compared to a year ago and a month ago. November’s median sales price for luxury homes stood at $1.325 million. October’s median price was at $1.36 million and November 2012 logged in at $1.34 million.

 The market for luxury homes is a good barometer for Denver homes in general. Even if you’re not in the market personally, it’s always a good idea to watch the high end market for emerging trends.

The number of Parker condos and Townhomes sold this year have already shattered the total number of units sold over the previous 5 years. Through November, the total number of condos and townhomes sold in Parker stands at 295, over50 units higher than the previous record set for all of 2008!

With the sales for December still unreported, it is almost certain we’ll see total of well over 300 units sold for all of 2013. While these numbers are not completely surprising (total numbers for all Denver condos and townhomes are up), this sharp increase is outperforming other Denver area cities. 

The full data is below, however, it is not broken down for each neighborhood. If you would like full data for your complex, give us a call at 303-726-1874 and we can email you the full details today.

Parker Condos and Townhomes 2013:

It is probably no surprise to you that the number of Highlands Ranch condos sold in 2013 is on pace to be the highest number sold in the past 5 years. Last year had shown strong improvment over previous years, and we see that trend continuing in 2013.

There was a slight decrease this November as condo sales were down about 50% from last November. Over the past 5 years, we’ve seen the same pullback in 3 of 5 Novembers, so we’ll continue to watch to see how December shakes out.

We have listed the full data below. These numbers are for all condo and townhome complexes in Highlands ranch and do not distinguish between complexes. If you would like specific numbers for your neighborhood, give us a call at 303-726-1874.

Several established complexes have shown incredibly high demand / low inventory this year (Canyon Ranch comes to mind) while several new communities (Tresana, Clocktower Condos) have been selling very well.

Highlands Ranch Condos:

Condo Data (Past 5 Years):

Based on information from Metrolist®, Inc. for the period 2008 through 2013 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.

A quick blog post to announce a new listing just released today by HUD in the Lamar Heights neighborhood. Put on the market just a few hours ago, this Arvada foreclosure has 5 bedrooms, 3 baths and over 2,500 finished square feet! With wood floors, a large deck and RV parking in addition to the 2 car attached garage, this home has plenty of space!

As with most Denver HUD homes, this home will be available for bidding for 9 more days. If you would like to learn more about the HUD process and how it compares to buying other Arvada homes and foreclosures, give our team a call at 303-726-1874.

Lamar Heights Arvada Homes:

Arvada HUD  Home 6789 Benton Street Arvada, CO 80003    $198,000.00

Beds: 5      Fin Sq Ft: 2551  Baths: 3     Year: 1972  # Of Photos Avail: 15 V-Tour Available:  Yes MLS #: 4793149  Status: Active  Listing Office: House2home Llc

Broker Remarks: Great Property On Large Lot! Finished Basement W/ Bedroom, Bath & Kitchen. 5 Bedrooms & 3 Baths! Large Deck Off Back. Rv Parking Next To 2 Car Garage. Hud Homes Sold As-Is. Case# 052-376264. Ie: Insured W/Esv…More…

Our team has been busy listing and selling The Villages at Parker homes. Yesterday, Shelbi Harris on our team was able to negotiate a lower approved price on a gorgeous Parker short sale in the neighborhood. 

This great home has over 3,000 finished square feet plus an unfinished walk-out basement, 4 beds, 4 baths, main floor study, vaults, wood floors and many other upgrades  – all approved at just $416,000! This price was just approved late yesterday so do not wait to take a look at this home and submit your offer!

11658 Bent Oaks Street Parker, CO 80138  Villages Of Parker  $416,000.00

Beds: 4      Fin Sq Ft: 3023  Baths: 5     Year: 2001  # Of Photos Avail: 25 V-Tour Available:  No  MLS #: 1247586  Status: Active  Listing Office: Mb The Brian Petrelli Team

Broker Remarks:  Back On The Market With A New Price!!!!! Approved Price!!!Excellent Location Large Home In Golf Community 4 Bed 3.5 Ba I… More…

In addition to the short sale, Mike Beisboer on our team also has a great 3 bedroom, 3 bath listing in the Villages at Parker Neighborhood. This home has a walkout basement as well and is priced at just $292,500. Make sure you check out the photos of the yard!

22159 Wintergreen Way Parker, CO 80134  Villages Of Parker  $292,500.00

Beds: 3      Fin Sq Ft: 1620  Baths: 3     Year: 2000  # Of Photos Avail: 12  V-Tour Available:  No  MLS #: 1246787  Status: Active  Listing Office: Mb The Brian Petrelli Team

Broker Remarks: Stunning Home With Large Deck & Views In Great Condition! Larger Walkout Basement To Large Beautiful Yard! Oversize Gara…More…

If you would like to learn more about these, or any of the other Parker homes on the market, give our team a call at 303-726-1874.

Midway between Franktown and I-25 on the south end of Castle Rock is the neighborhood of The Villages at Castle Rock. Homes in the area typically sell from the low $200’s to the $400’s. However, HUD has just released a foreclosure in the neighborhood priced at just $178,000!

This is an amazing opportunity for a rare Castle Rock foreclosure and offers the opportunity to buy a home with instant equity. the home features an open floor plan, updated kitchen and a 5 piece master bath. With 3 bedrooms, 3 baths and over 1,400 square feet, this is one of the best deals for Castle Rock homes available!

With the low inventory of Castle Rock homes under $200,000, we expect to see high interest in this home. If you have any interest, contact us immediately to schedule a showing. All HUD homes in Denver allow a 10 day bidding period, so don’t wait.

The Villages at Castle Rock:

HUD Owned Home 617 North Brentwood Court Castle Rock 80104    $178,000.00

Beds: 3      Fin Sq Ft: 1452  Baths: 3     Year: 1985  Acres:0.17  # Of Photos Avail: 20  V-Tour Available:  No  MLS #: 7890476  Status: Active  Listing Office: Era Herman Group

Broker Remarks:  Amazing Opportunity, This Property Sold For 205,000 In 2006. Hud Owned Property, Hud # 052-401876, Sold As-Is, 3% Buyer Agent Commission. Located On A Cul-De-Sac, Nice Open Floor Plan, Updated Kitchen With Eat-In Area, Tile Floors. Large Master Bedroom With 5 Piece Master Bath. Perfect Starter Home. Huge Back Yard With Patio And Utility Shed… More…

In October, Colorado foreclosures reached the lowest level ever recorded since the Colorado Division of Housing began tracking monthly numbers. The report shows that foreclosure filings were down 55.2% and foreclosure auction sales were down 68.7% compared to the same time last year.

These numbers correspond to what we’ve been seeing all year, but the steep drop was more than many expected to see. It will be worth watching to see what happens with the numbers in January as many banks are hesitant to start proceedings during the holiday season.

As always, we’ll keep you posted here on all the news for Denver foreclosures.

From the Denver Post:

Foreclosure filings were down 55.2 percent in Colorado metro counties during October, falling to the lowest level since the Colorado Division of Housing began collecting monthly totals in 2007, the agency reported Monday.

In addition, foreclosure auction sales in Colorado’s metro counties were down 68.7 percent in October compared with a year earlier, dropping from 1,399 to 438.

During the same period, foreclosure filings dropped from 1,880 to 843.

Foreclosure filings are the initial filings that begin the foreclosure process, and foreclosure auction sales totals are the total number of foreclosures that have been sold at auction at the end of the foreclosure process.

Read more: Colorado foreclosures dive in October – The Denver Post http://www.denverpost.com/business/ci_24598331/colorado-foreclosures-dive-october#ixzz2mXXA5DZK 
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