The Brian Petrelli Team Blog

At the risk of sounding repetitive, the market for Denver Luxury Homes is HOT! We’ve been posting each positive report on the high end segment of the market for the past year and it seems that each month is better than the next.

This July, year-over-year sales of the luxury home market in Denver (homes priced over $1 million) jumped an astonishing 63.5%! Here are the raw numbers: 85 total homes above $1 million sold in July 2013 compared to 52 homes in July 2012. In addition, the sales prices seem to be holding steady with a modest drop of 1.1% year over year.

More details in the Denver Business Journal:

Like the rest of metro Denver’s home sector, the luxury market of homes priced above $1 million continues to soar, with a 63.5 percent year-over-year spike in sales in July, according to Kentwood Real Estate.

There were 85 homes with a cost of more than $1 million sold last month, up from 52 in July 2012. Those homes had a sales volume of $134.46 million, up 61.6 percent from July 2012.

And:

Year to date, there have been 417 luxury homes sold, a 43 percent increase from 2012. The 2013 transactions were worth $634.262 million, up 42.5 percent in the year-ago period. The year-to-date days on market average stood at 180 days, 14 percent less than the 209-days average one year ago.

The market for Denver homes in general has been red hot, but less attention has been paid to this luxury market in the news. The fact that these high end homes are selling so strongly is a testament to the overall strong Denver market.

As we are fond of saying, each neighborhood is different, so if yu would like a detailed report for your area, call one of our experts at 303-726-1874.

The entire market for available Arvada Foreclosures consists of 9 homes (out of 268 active single family houses). Of those homes, only one of them is a HUD listing. That’s why we wanted to bring it to you attention here.

This ranch home has nearly 1,200 finished square feet, 3 bedrooms, 2 baths and is walking distance t several parks as well as Ralston Recreation Area. This home has plenty of opportunity as it qualifies for a 203k FHA mortgage to allow you to put in new appliances, carpet and fixtures of your choosing. The bidding on this home closes in a week, so contact one of our HUD experts today at 303-726-1874.

If you have been looking at Arvada homes, this is truly one of a kind on the market right now!

Arvada Foreclosures:

HUD Owned Home 6423 owens st arvada 80004 $180,000.00

Beds: 3 Fin Sq Ft: 1198 Baths: 2 Year: 1962 Acres: # of Photos Avail: 10 V-tour Available: No MLS #: 1218001 Status: Active Listing Office: aspen real estate

Broker Remarks: this spacious 3 bed, 2 bath, 1 car garage ranch home is situated on a very nice lot with lots of opportunity. walking di… more…

HUD allows buyers to view the home and make bids for the first 10 days on the market. After that period, the best bid is chosen. The bidding process is handled online and can only be done by a HUD certified agent so call one of ourexperts on Denver HUD homes today to learn more!

Homes in Lone Tree are always highly sought after, but in today’s market the demand is even stronger. The Fairways at Lone Tree neighborhood is a perfect example of this high demand. Located along Lone Tree golf course off of Yosemite and Lincoln, his area offers a great central location in a quiet, established area.

We are preparing to list a home in this neighborhood and will update you as the listing approaches. In the meantime we wanted to share the latest market report here with you.

If you have any questions about this area, Lone Tree Golf Course or the Lone Tree homes in the area, call our team at 303-726-1874.

The Fairways At Lone Tree Homes:

 Based on information from Metrolist®, Inc. for the period January 2013 through July 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 for Centennial Townhomes is very competitive. Homes are hitting the market and experiencing bidding wars – rarely lasting more than a day or two. In the midst of this, Centennial Foreclosures are even harder to find and often generate even more interest and many times experience double digit bids.

This weekend, HUD released a new listing in the Highland View townhomes neighborhood off of University just north of County Line Rd. This is a great neighborhood with a unique style. Townhomes in this complex either have a one car attached garage or a basement. This unit has a finished, walk-out basement with an extra bathroom. In addition, this home has a small, fenced backyard off the walk-out basement.

With hardwood floors, a deck off the main floor and a fireplace, this home has everything you need to call it home. Bidding is open on this unit for the next 7 days, so call us today to schedule a showing at 303-726-1874.

Highland View Centennial Townhomes:

HUD Owned Home 2533 e nichols cir centennial 80122 $140,000.00

Beds: 2 Fin Sq Ft: 1718 Baths: 2 Year: 1984 # of Photos Avail: 11 V-tour Available: No MLS #: 1216632 Status: Active Listing Office: elist realty llc

Broker Remarks: hud home sold as-is by electronic bid only fha case #052-514104. bids for eligible bidders due on or before 08/11/13 @ 1… more…

A quick reminder that not all real estate agents can help you place a bid on Denver HUD homes. Each agent muct be registered and approved. Contact one of our expert agents today to learn the details of placing bids on HUD homes.

The Metro Mortgage Assistance Program recently gave buyers looking at Westminster homes something to cheer about. Now, Westminster has been added to the list of eligible cities for the Metro Mortgage Assistance Program. This is the closest thing we have seen to Zero Down Mortgage Programs in Denver for a while.

This program has been around for several months in other states and has helped many buyers buy a home that would otherwise been beyond their reach due to a lack of down payment funds. This program can be used on all Westminster homes, including Westminster foreclosures, so give us a call today if you’d like to apply or want more details.

Here are the basics:

• Buyers must have a minimum 640 Credit Score
• Household income limits of $91,100 for 2 or fewer and $103,000 for 3 or more
• 4% Grant towards down payment and closing costs
• 30 year, fixed rate mortgage
• Purchased home must be the buyer’s primary residence
• Buyers DO NOT have to be 1st time home buyers
• May be used on any home in the following cities: Denver, Arvada, Brighton, Dacono, Edgewater, Lakewood, Littleton, Sheridan, Westminster or Wheat Ridge

This is a tremendous opportunity to get into a home using a government grant. These programs do not come along often – especially with a 4% grant – so don’t miss out!

If you have been looking at Thornton homes, than you are probably familiar with the popular King Ranch Thornton neighborhood. This newer area still has brand new homes under construction and is moving very quickly. Yesterday, HUD released a rare, higher end foreclosure in this great neighborhood.

Priced at $375,000, this home has 4 bedrooms, 3 and a half baths, a loft, main floor study hot tub, formal dining room and much more! One look at the pictures of this home will show you that this is not your typical HUD home. Stainless steel kitchen appliances, cherry cabinets, wood floors, high end counters and more make this a unique find and one of the nicest Denver HUD homes we’ve seen in a long time.

Bids on this home close August 8th at midnight, so if you are interested in seeing this home, call our team today at 303-726-1874. Our entire team is registered and able to help you with HUD homes (not all agents are). We can explain the bidding process and help you make a winning bid!

King Ranch Thornton:

HUD Owned Home 7585 e 121st pl thornton 80602 $375,000.00

Beds: 4 Fin Sq Ft: 3590 Baths: 4 Year: 2007 Acres: # of Photos Avail: 25 V-tour Available: No MLS #: 1215178 Status: Active Listing Office: re/max momentum

Broker Remarks: this home in king ranch has it all. 4 bed, 3.5 bath, main floor study, loft, full walkout basement, formal dining, hot t… more…

The number of Thornton foreclosures has dropped drastically over the past several months and finding a foreclosure in this condition is remarkable. We expect to see multiple bids so call us today so we can help you make a strong, winning bid.

Our team is getting ready to market a new listing in Cherry Knolls Homes this week. In preparing our marketing plan, we ran the latest numbers for the area and wanted to post them here for anyone thinking of selling their Cherry Knolls home in the near future.

As with most Centennial homes, the market in Cherry Knolls is moving quickly. We’re seeing the median days on market at just 6 days, and homes are selling at 99.66% of their list price! This is a dramatic improvement over last year during the same time period. Last summer at this time, the median days on market was 52 days and the average days on market was a whopping 131!

If you have been waiting for the market to improve to sell your home, now is the time. Give us a call today at 303-817-0209 and we can run a market report for your specific home and show you what we can sell it for.

Sold Cherry Knolls Homes – Past 6 Months

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

It’s official. We’ve been reporting the upward price trend for the past year and as of the latest Case-Shiller report, Denver homes have reached their all time high. If you have been paying attention o the market, than you are already aware of the severe shortage of available homes. This lack of inventory has caused major pain for buyers in the Denver market and has resulted in bidding wars and rapid price increases.

If you have been considering selling your home, you may be very surprised to learn what our team can sell it for. Give us a call at 303-817-0209 today and let us run a detailed report for your home and your neighborhood.

Full Details from The Denver Business Journal:

Denver-area home sales prices reached an all-time high level in May, finally topping previous highs attained seven years ago before the real estate bubble burst, according to the latest S&P/Case-Shiller Home Prices Index, released Tuesday.

The widely followed gauge of home resale prices in 20 U.S. cities showed Denver-area prices were up 9.7 percent in May from a year earlier, the 17th consecutive year-over-year gain.

Denver’s Case-Shiller price index for May was 140.98, meaning that local home resale prices averaged 40.98 percent higher than they were in the benchmark month of January 2000.

The previous peak index reading for Denver was 140.28 in August 2006.

The market for Denver homes is highly competitive. If you are a buyer looking at homes, make sure you are working with a team of REALTORS who can help you with all of the available Denver foreclosures and resales on the market. Not all agents can show you all homes (Denver HUD homes have restrictions, etc), so give our highly trained team a call today!

Of all of the neighborhoods for Littleton condos, we receive more calls for Dakota Station condos than any other. This neighborhood is a great complex of both condos and townhomes between Kipling and Wadsworth just north of Chatfield Rd. Its proximity to C-470, Chatfield State park, shopping and everything south west Littleton has to offer make it one of the best bets for Littleton townhomes in the low $100’s.

Often overlooked in this neighborhood are the few 1 bedroom condos that sell in the $80,000 range. They are smaller units, but offer one of the most affordable options in the entire city of Littleton. There is currently one of these unit available, so if you are interested, give our team a call at 303-726-1874.

We have several clients considering Dakota Station condos right now, and we had prepared this market report for them. We wanted to share it here for you to see the recent activity in the area.

Dakota Station Littleton Condos – Sold:

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Donna Jarock on our team is listing another great home in the Founders Village Castle Rock area this week. With the heavy competition for Castle Rock homes, we wanted to make you aware of it here before it went into the MLS.

One of the most popular areas in Castle Rock, Founders Village is located on the East side of Castle Rock just north of Founder’s Park. It provides easy access to I-25 and is a fantastic neighborhood.

Here are the details on this upcoming listing:

1460 N Monument Dr

$240,000

• – Near Schools
• – Vaulted Living Room
• – New Roof
• – 3 Bedrooms
• – 3 Baths
• – 2nd level Laundry
• – French Doors to Yard
• – Heated Garage

This 2 story home will not disappoint. Beautiful, comforting wall colors and Vaulted living area greet you upon entering. Walk through to the bright and inviting kitchen. White kitchen Cabinetry and appliances. Eating space with French Doors leading to outside space. Adjoining family room will accommodate your family for years to come. The main floor includes a powder bath and access to heated garage as well. The second floor laundry is located near the Bedrooms. A secondary full bath as well. The large master has a bathroom suite including double sinks and large soaking tub with glass doors. Call today for your private viewing.