The Brian Petrelli Team Blog

The Colorado Division of Housing released their 2nd Quarter Foreclosure Report detailing the sales and filings of Colorado Foreclosures – and the data is great news for the state’s housing market! Foreclosure filings are at 10 year lows and completed sales are even lower.

The entire report is worth looking at here, but here are some of the highlights:

• Year-over-year foreclosure filings fell 49.9 percent
• Year-over-year completed foreclosures (sales) fell 29.8 percent
• Colorado Foreclosure Filings are at a 10 year low
• Foreclosure Sales are also at a 10 year low

This graph highlights the improvement we have been seeing in the market:

The numbers encompass the entire state. While numbers vary for Denver foreclosures, Colorado Springs foreclosures and other areas, the overall trend is incredibly positive. If you have a specific area of interest, give us a call and we can run a full analysis for you on a city or neighborhood.

This huge decrease in foreclosures helps to explain the low inventory of available homes we are seeing on the market and also points to why we are seeing fewer and fewer Denver short sales hit the market.

As always, feel free to contact us with any questions.

The market for homes in Highlands Ranch has been incredibly competitive over the past 6 months. Over this time period, most homes have been selling in under a week (as seen by the median days on market value of 6 below). This fast moving market has resulted in the sales prices of all home averaging over 99% of the list price. Great news if you are a seller.

However, buyers have been struggling. With the fast moving market, foreclosures have been selling fast. Currently, the entire Highlands Ranch market has only 2 single family Highlands Ranch foreclosures available for purchase, and the number of short sales available is almost as low. Buyers looking for a deal on a Highlands Ranch home have been out of luck.

As the market begins to level off, we will continue to watch how it affects prices and days on market. We have included a summary of the past 6 months of market activity below. This encompasses all of Highlands Ranch. If you would like us to run numbers for your neighborhood, give us a call at 303-726-1874.

Sold Homes in Highlands Ranch:

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

The market in Canyon Ranch Highlands Ranch sure has improved over the past 2 years! We’ve seen the inventory drop from over 20 condos available to just 4 that are on the market now. On top of that, we’re seeing condos in the neighborhood sell with a median days on market of only 5 – something that was unheard of even a year ago.

We have compiled the latest statistics for this popular complex below. These stats represent the last 6 months of sold data for the neighborhood and point to the dramatic turnaround Highlands Ranch condos have seen in the past year.

If you would like more details for your specific unit, give us a call at 303-817-0209 today. Or, if you are interested in buying in this great area, give us a call and we can tell you about the 3 different types of units this complex has and how parking works with each.

Our team has sold dozens of units In Canyon Ranch and we know the area better than anyone else!

Canyon Ranch Sold Data:

Over the weekend, HUD made two Thornton foreclosures available for bidding. Both of these Thornton homes have over 2,000 finished square feet and are both priced under $200,000.

The first home is is the Woodglen Thornton neighborhood and is a fantastic opportunity. This 3 bedroom home has four levels, a two car attached garage and a storage shed in the backyard. THe yard is large and fenced in and there is plenty of room to entertain in this home. Truly a unique layout. Bidding will be open for 6 more days, so call our team today if you are interested in learning more or scheduling a showing: 303-726-1874.

Woodglen Thornton Homes:

HUD Owned Home 11254 albion st thornton 80233 $180,000.00

Beds: 3 Fin Sq Ft: 2067 Baths: 2 Year: 1977 Acres:0.19 # of Photos Avail: 1 V-tour Available: No MLS #: 1231440 Status: Active Listing Office: mb denver colorado realty

Broker Remarks: simply stunning 3 bedroom 2 bath, 4 level home in a great, quiet neighborhood. huge fenced in backyard with storage shed… more…

The second Thornton home released by HUD is slightly larger and has an extra bedroom. This large home sits at the end of a cul-de-sac and has a huge backyard. The basement is finished and this home ofefrs ample space. Check out the additional photos on our website and then give us a call to see it today.

Thornton Foreclosures:

HUD Owned Home 2768 e 118th ct thornton 80233 $195,000.00

Beds: 4 Fin Sq Ft: 2190 Baths: 3 Year: 1997 Acres: # of Photos Avail: 12 V-tour Available: No MLS #: 1231022 Status: Active Listing Office: aspen real estate

Broker Remarks: enjoy this spacious 4 bed, 3 bath family two story home that sits at the end of the cul-de-sac. huge back yard for the k… more…

These homes, like most other HUD homes in Denver, are available for a full 10 days before bidding ends. Both of these homes have been available for 3, so there are 7 days left to get your bids in. Call us today to learn the process and for a detailed explanation of how HUD homes differ from other bank owned homes.

We are always looking for great investment opportunities on Denver homes for our current investor clients. Today we are excited to announce two opportunities in the West Colfax / Grays neighborhood near Sanchez Park.

Both of these townhomes have 820 square feet, 2 bedrooms and 1 bath. The neighborhood consists of townhomes surrounding a large community greenbelt / lawn area and is a short walk from Sanchez Park.

We know what you investors are looking for, so here are the numbers:

Rents in the area have been in the $1,200 – $1,300 range for this complex.

1424 Julian St, Denver

Price: $149,900

Taxes: $374

HOA: $0

More photos and v-tours here

1400 Julian Denver

Price: $149,900

Taxes: $413

HOA: $0

More photos and v-tours here

This is a great opportunity and these homes are not yet in the MLS. So, if you would like to see them before they hit the market, call our team directly at 303-726-1874 today.

One more note to investors. In the past year, we’ve seen a definite switch away from Denver fix and flip homes as the foreclosures have dwindled. Now, many investors are focusing on buy and hold properties. The current market makes it very difficult to make fix and flips a successful option. If you would like to discuss buy and hold, please give our team a call.

Just East of Quincy Reservoir is the popular Fox Hill neighborhood in Centennial. Homes in this desirable area sell from the low $200’s to the low $300’s and offer owners an ideal location in the south east Denver area. Besides the reservoir, several parks (Spring Creek and Sunrise) are nearby and the easy commute to DTC and close proximity to C-470 make this location stand out.

HUD just listed a great 3 bedroom home with nearly 1,600 square feet in Fox Hill and it is very much worth highlighting here. The home needs a little TLC, but the upside potential on this home is big. Priced at just $200,000, this is the lowest priced Fox Hill home we have seen in a while and one of the best deals on a Centennial house on the market.At this low price, it will not last long.

Fox Hill Centennial:

HUD Owned Home 4372 s fundy st centennial 80015 $200,000.00 est $

Beds: 3 Fin Sq Ft: 1578 Baths: 2 Year: 1996 Acres:0.14 # of Photos Avail: 12 V-tour Available: No MLS #: 1229759 Status: Active Listing Office: elist realty llc

Broker Remarks: light and bright 3 bedroom 2 bath home on nice lot in fox hill. property has an open eat-in kitchen and formal living ro… more…

This home conforms to all of the bidding rules for Denver HUD homes and will be available for bidding for 9 more days. If you would like information on making a bid with one of our HUD experts, call us today at 303-726-1874.

There is a very interesting article relating to buyers of luxury homes in Denver and what they are looking for in a home purchase. It’s a lengthy article, but with the sales of high end Denver homes rising month over month for over a year, the article has some great insights into the minds of this niche buyer and how to best position your home for a fast sale at top dollar.

Besides the fact that most high end home buyers look at homes as a betetr investment than the stock market, there are survey results specifying exactly what these buyers are looking for.

Some Highlights from the article:

Multiple Properties and Lifestyles: As the real estate market comes roaring back, a new vote of confidence is apparent among luxury buyers. Investing in more than one home has become a trend in today’s luxury market. A majority of luxury homeowners surveyed (53%) prefer owning multiple “lifestyle” homes to support activities like skiing or theater going. In fact, more than half (58%) of luxury homebuyers already own multiple homes to support their lifestyle activities.

Fabulous Lifestyles Meet Fabulous Amenities: Bigger isn’t necessarily better – or more luxurious. In fact, 60 percent of luxury homebuyers surveyed would rather have as many upgrades as they can afford in their home, rather than more square footage. Similarly, nearly all (94%) luxury homebuyers surveyed would be willing to give up 1,000 square feet of living space from their next home in order to get a lifestyle amenity they desire

Wired for Luxury: When it comes to their dream home, a majority (66%) of luxury homebuyers surveyed said a “smart” home is more important to them than a “green” home. When house hunting, 87 percent of luxury homebuyers surveyed would not consider living in a home that isn’t tech-friendly.

The entire article is worth a read and highlights what sets buyers of Denver luxury homes apart from the more traditional market. Denver luxury foreclosures have been disappearing fast, and are almost non-existent in this market as high end buyers are picking up multiple properties.

If you would like to discuss this survey, or your specific housing needs, please feel free to call our team at 303-726-1874.

We’re excited to announce a new listing being presented by Diane Nazminia which will be coming on the market later this week. Located in the Winchester Townhomes neighborhood in Aurora, this well cared for home has 3 bedrooms, 2 baths and both a garage and a carport.

Here are the details:

14386 E. Florida Ave #C, Aurora, CO

Price: $130,000

Beds: 3

Baths: 2

Square Feet: 1,368

Parking: 1 Garage and 1 covered carport

Description: Wood floors, fenced backyard with patio, updated kitchen, custom paint, two stories, gorgeous!

V-tours and more information, click here

The Winchester neighborhood is located south of Mississippi and east of I-225. This area provides an ideal central location offer easy access to Downtown Denver, the Tech Center and DIA. Price at just $130,000, this is one of the best deal being offered on any of the available Aurora Townhomes.

Call our team today at 303-726-1874 to see it before it hits the MLS!

Lakewood foreclosures have been tough to find. In fact, as of this post, there are only 5 single family Lakewood homes which are bank owned or foreclosures. This is a huge drop off from just a year ago and while it’s good news for home sellers, potential home buyers and investors are struggling to find deals.

That’s why we were thrilled when HUD released a new listing in the Green Mountain homes neighborhood this weekend. We immediately sent it off to our clients on our daily email alerts. When we determined that it was not a good fit for our current clients, we wanted to highlight it on our blog to bring attention to this great deal.

This home has 5 bedrooms and 2 baths with over 2,000 finished square feet. It is located across from an elementary school and has many upgrades already completed. As with most HUD homes, this one needs a little work, but the potential upside is big!

If you would like to see this home or talk to our team about alternative financing options )203k financing may be a good fit for this home to help with carpet, etc), call us today at 303-726-1874.

Green Mountain Homes:

HUD Owned Home 12269 w kentucky dr lakewood 80228 $205,000.00

Beds: 5 Fin Sq Ft: 2035 Baths: 2 Year: 1961 Acres:0.20 # of Photos Avail: 15 V-tour Available: Yes MLS #: 1228678 Status: Active Listing Office: house2home llc

Broker Remarks: great location across from the elementary school. hardwood floors and most of the updating already done. finished baseme… more…

The demand for Lakewood homes is high and across the metro Denver area, we’re seeing only a month or two of supply. If you are interested in this home, make sure you contact us today. The bidding period is only open for 8 more days, so you need to move quickly.

The incredibly popular Deer Creek condos complex in Southwest Littleton is one of the most desirable neighborhoods for Littleton condos under $175,000. The amazing foothills view and location combined with the community amenities and atmosphere make this neighborhood one of Littleton’s finest!

Laurie Morrical on our team just listed a beautiful 2 bedroom, 2 bath unit in the complex and it is in pristine condition. With bamboo floors, tile entry, newer paint and carpet and a gas fireplace, this grea condo is not going to last long. Priced at just $162,500, this home boasts over 1,100 square feet and is ready for you to move in today!

If you’d like to see this home, or any of the other available Littleton condos, contact out team at 303-726-1874.

Deer Creek Condos:

8354 s holland way littleton, CO 80128 Deer creek $162,500.00

Beds: 2 Fin Sq Ft: 1134 Baths: 2 Year: 2001 # of Photos Avail: 25 V-tour Available: No MLS #: 1229284 Status: Active Listing Office: mb the brian petrelli team

Broker Remarks: perfect!! ready to move in*shows like new*tile entry*bamboo laminate floors*paint,carpet,appliances are less than 1year … more…