The Brian Petrelli Team Blog

One of our agents spent all weekend showing Parker Foreclosures to an investment client. While there are some fantastic opportunities in Parker for investors (there are a couple distressed properties in Parker right now that are perfect for fix and hold investors), HUD just released a new listing that can only be bid on by owner-occupants for the next week.

This new HUD listing is a 3 bedroom, 2 bath home with nearly 1,700 square feet located in Cottonwood Parker. Found just north of E-470 between Jordon and Parker rd, Cottonwood is increasingly popular due to its northern Parker location and its proximity to DTC.

Cottonwood Parker:

HUD Owned Home 8333 wild alfalfa pl parker 80134 $134,000.00

Beds: 3 Fin Sq Ft: 1668 Baths: 2 Year: 1983 Acres: # of Photos Avail: 5 V-tour Available: Yes MLS #: 1039782 Listing Office: re/max professionals

Broker Remarks: situated on a quiet cul-de-sac, this 3 bedroom 1.75 bathroom is a great opportunity. enjoy entertaining in theroomy kitc… more… Disclosures

If you’re interested in learning more about Parker foreclosures or any of the available Denver HUD homes, give our team a call at 303-726-1874. We can help you as an investor or if you’re looking for a home to live in. Our team is experienced in HUD, Bank owned, Parker Short sales and more. Start your search for Parker homes for sale with us!

While I’ve talked before about how many banks have improved approval times on short sales, things are far from perfect. Our team has sold many Denver short sales over the past few months, and on more than one occasion a buyer has walked away from the deal before the bank has approved a sale.

Reasons for buyers backing out of a short sale transaction are numerous, but they almost always involve “time” as a major component. Unfortunately, Denver short sales still don’t allow anything in the way of certainty. Even the most responsive banks are taking 60-90 days to make a decision on short sale contracts. However, the 60-90 days is just an estimate and home buyers are facing serious decisions and need a place to live.

Many times these buyers are running up against the end of a lease. If a short sale isn’t approved in time, these buyers will move on to a normal resale home, or even a bank owned home, where the closing date can be more certain.

Our most successful buyers have been investors who have time to wait for the sometimes lengthy Denver short sales and for whom time isn’t a major factor.

There is a great article on DSNews.com explaining this problem in detail:

Processing delays have taken their toll on first-time homebuyer interest in short sales, according to the latest HousingPulse Tracking Survey released by Campbell Surveys and Inside Mortgage Finance Monday

First-time homebuyers were a part of 39.7 percent of the short sale transactions completed in August, the HousingPulse survey found. That tally marks a three-month slide in the share of short sales that went to first-time buyers, and is the lowest percentage for this buyer segment ever recorded by the survey.

The first-time homebuyer share of short sales hit a peak of 54.1 percent of all short sale transactions in November 2009, just before the originally-scheduled expiration of the federal homebuyer tax credit, according to Campbell Surveys.

Short sale transactions have garnered a reputation for being problematic for buyers and sellers alike, with typical approval times of several months after a homebuyer first submits an offer.

If you would like to talk more about Denver short sales, Denver HUD homes or other Denver distressed properties, give our team a call at 303-726-1874.

Some mixed news came out today regarding Denver Luxury Homes. According to a report in the Denver Business Journal, only 53 homes priced over $1 million sold in August, compared with August 2010. However, during that same period, the median sales price of $1 million + homes is up by 5.4 percent.

Over the past several month, we’ve seen Denver Luxury homes trending up, both in volume and price, so it will be interesting to see if this is a minor blip or the start of a correction in the Luxury market. While the greater Denver market as a whole is trending upwards, we’ll keep our eye on the luxury market and report back with news as it comes out.

From the Denver Business Journal:

Although the number of homes that sold for more than $1 million in August is down to 53 from 71 a year ago, the median sales price is up by 5.4 percent. The sales price rose to $1.31 million.

Both sales indicators are off from July, when 69 homes sold for a median of $1.39 million.

While a low of attention has been paid to Luxury Denver homes for sale, few articles are mentioning Denver Luxury foreclosures. We’ve been finding some incredible deals for our clients. If you’d like more information or have additional questions, give our team a call at 303-817-0209.

Our team currently has several homes for sale in Parker under contract right now and we’ve been showing Parker Foreclosures to other clients all month. There are a number of good deals out there and a tremendous deal that just hit the market in Stonegate.

Stonegate Parker Homes 

Stonegate Parker Homes are found in the north west section of Parker. Just off of Chambers and Lincoln, these homes offer an easy commute to the DTC, Castle Rock and downtown Denver. In addition, Park Meadows mall and all the restaurants and shopping it has to offer is only 2 miles away.

HUD just released an unbelievable deal on a 3,500 square foot home in Stonegate. Priced at just $275,000, this home has a walk out basement, mountain views and is in good condition. This home will not last long. Owner occupant bids are due by October 4th, so if you’re interested in seeing this one before it’s gone, call us today at 303-726-1874.

HUD Owned Home 15447 greenstone cir parker 80134 $275,000.00

Beds: 4 Fin Sq Ft: 3500 Baths: 4 Year: 1998 Acres:0.15 # of Photos Avail: 5 V-tour Available: No MLS #: 1038036 Listing Office: mb cliff johnson realty

Broker Remarks: nice home close to schools, shopping and restaurants. mtn views,finished walk-out bsmnt. window coverings…. more… Disclosures

Willow Park Parker Homes

We also wanted to point out this HUD home in Willow Park. HUD just opened this home up to accept bidding from investors, so if you’d like to see it, give us a call at 303-726-1874.

HUD Owned Home 21010 glacier park cv parker 80138 $215,000.00

Beds: 3 Fin Sq Ft: 1889 Baths: 3 Year: 1999 Acres:0.26 # of Photos Avail: 5 V-tour Available: No MLS #: 1035439 Listing Office: the colorado real estate co.

Broker Remarks: hud owned, sold as is by electronic bid. bids due by 9/24/11@10:59pm mst or daily thereafter. fha insurable. *wow! beau… more… Disclosures

Our team can help you with and Denver HUD homes available. Give us a call and let us know what you’re looking for. You’ll be amazed at the deals we can find for you!

August stats are out and we’re seeing some more good news:

August Denver Housing Stats

Some more great news for Metro Denver homes for sale. While the statistic that stands out is the dramatic uptick in sold homes this August compared with last August (29%), pay attention to the drastic reduction in Active homes for sale. This year, we’ve seen a year over year reduction in homes on the market.

While this is a result of many factors, including some sellers “waiting out” the perceived bad market, this is helping those homeowners who do decide to sell their home. There is a distinct lack of inventory in the metro areas often resulting in several buyers bidding on the same home. Our team was involved in almost a dozen multiple bid offers this month. Some of those we represented the buyer (many on Denver HUD homes and Denver foreclosures), but several of those were on listings we had on the market.

If you are considering selling your home, give us a call to see what the market is like in your particular neighborhood. You might be surprised! 303-817-0209.

We haven’t seen too many Centennial foreclosures come on the market over the last few weeks. That’s one reason we were so encouraged to see this new HUD listing pop up in Fox Hill Centennial Homes yesterday.

Fox Hill is located in the eastern section of Centennial, just east of Quincy Reservoir. Homes typically sell from the mid $100’s to the high $200’s. This new listing is priced aggressively for the neighborhood at just $167,000.

if you’re interested in seeing this, or any other Centennial homes for sale, give our team a call at 303-726-1874.

Centennial Foreclosures

HUD Owned Home 19978 e union dr centennial 80015 $167,000.00

Beds: 3 Fin Sq Ft: 1853 Baths: 3 Year: 1994 Acres:0.16 # of Photos Avail: 5 V-tour Available: Yes MLS #: 1037147 Listing Office: sellstate allpro realty

Broker Remarks: nice size home located in a covenant community, master bed with 5-peice bath, additional lower level bedrooms, vaulted c… more… Disclosures

Our team can help you with any of the available Denver HUD homes on the market. If you’re considering buying a foreclosure or short sale, use our expertise to make the right choice. Give us a call at 303-726-1874.

We’ve had a lot of interest in Roxborough Homes for Sale over the past week. There are two HUD homes in the area that are on the market and our agents have been fielding calls about them.

First of all, if you’re unfamiliar with the Roxborough Homes area, it is located south of Chatfield State Park between Sante Fe an Wadsworth. This is a gorgeous area with panoramic views of the foothills and trully unmatched beauty in an area just minutes from the metro Denver area.

the HUD homes available in the Roxborough area are both 3 bedroom homes. One of them is over 3,600 square feet and priced under $167,000!

If you’re interested in seeing any of these Roxborough Homes, or would like more information about Littleton Homes for sale in the surrounding areas, give our team a call at 303-817-0209.

Roxborough Homes for Sale:

HUD Owned Home 9840 garwood st littleton 80125 $135,000.00

Beds: 3 Fin Sq Ft: 1377 Baths: 2 Year: 1986 Acres: # of Photos Avail: 5 V-tour Available: No MLS #: 1031130 Listing Office: aspen real estate

Broker Remarks: what a fantastic opportunity to own this ranch style home with a 3 bedroom, 2 bath, 2 car garage in a quiet neighborhood… more… Disclosures

HUD Owned Home 9957 fairwood st littleton 80125 $165,337.00

Beds: 3 Fin Sq Ft: 3612 Baths: 2 Year: 1998 Acres:0.25 # of Photos Avail: 1 V-tour Available: No MLS #: 962616 Listing Office: mb denver colorado realty

Broker Remarks: price reduced*littleton single family 2 story beautiful, tons of natural light, awesome panoramic views, huge spacious 3… more… Disclosures

our team helps buyers every week looking for Littleton foreclosures and Denver HUD homes. Give us a call today to learn how we can help you: 303-817-0209

Some more good news on Colorado Foreclosures came out yesterday in the Denver Business journal.

Citing a report from the Colorado Division of Housing, August was the 9th straight month that both filings and sales of Foreclosures were down compared to the same month last year.

The article does go on to site a jump from July to August. It will be interesting to see if this bump was a one time anomaly, or a sign that banks are starting to become more aggressive in the pursuit of delinquent homeowners.

From the Denver Business Journal:

August was the ninth consecutive month in which both filings and sales were down compared to the same month a year ago, state officials said.

Foreclosure filings for the year through August fell 31.4 percent, to 16,481 filings, compared with 24,032 filings during the same period last year.

Foreclosure sales at auction were down 18.5 percent, to 11,502, from January through August, compared with 14,114 during the same period last year.

But foreclosure filings in August jumped 32.4 percent from July, hitting a six-month high and signaling that the state may see an upward trend in foreclosures.

If you’d like to learn more about Colorado foreclosures, HUD homes or the real estate market in general, give our team a call at 303-726-1874.

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Some good news and some bad news on Denver short sales.

First the good news. Over the past year, we’ve seen most major banks drastically improve their response time and communication with regards to improving short sales. What used to take 6-9 months can now be done in 2-4. We have several metro Denver short sales under contract which should close in under 3 months.

Now the bad news. According to a new report out from CoreLogice and reported in the Denver Business Journal, metro Denver homes that are underwater (the homeowners owe more than the home is worth) have increased over the last fiscal quarter:

From The Denver Business Journal:

The second-quarter report, released Tuesday, shows 145,242 residential properties with a mortgage in the Denver-Aurora-Broomfield metro area were in negative equity. That’s 22.9 percent of all homeowners with a mortgage in the area.

Negative equity and “underwater” mean a homeowner owes more than the property is worth.

Nationally, 22.5 percent — 10.9 million — of residential property owners with a mortgage were underwater in the second quarter. That number dropped just slightly from the 22.7 percent figure from the first quarter.

If you are in this situation yourself, don’t panic. It doesnn’t mean you can’t sell your home. Give us a call and we can walk you through the Short Sale process and educate you on all of your options. You can reach us at 303-726-1874.

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We’ve had a lot of interest in Lakewood foreclosures from our clients over the past month. Unfortunately, HUD hasn’t had many available homes for sale in Lakewood come on the market, and those that have been listed have gone quickly.

There are only a handful of Lakewood HUD homes available right now, so we wanted to highlight a couple of the best picks:

Lakewood Foreclosures

Briarwood Hills Lakewood

Briarwood Hills in Lakewood is located just south of Alemeda and east of Union in the heart of Lakewood. homes in the area range from the mid to high $100’s. HUD has this large 3 bedroom listed in the $170’s.

HUD Owned Home 11436 w kentucky dr lakewood 80226 $176,000.00

Beds: 3 Fin Sq Ft: 1715 Baths: 2 Year: 1962 Acres: # of Photos Avail: 5 V-tour Available: Yes MLS #: 990041 Listing Office: elist realty, llc

Broker Remarks: light and bright 3 bedroom 1.75 bath home on nice lot with room for entertaining in backyard. property has some updates… more… Disclosures

Lochwood Lakewood Homes

Lochwood homes can reach into the high $300’s, which is why this 2,800 sqft home priced at $165,600 is such an outstanding deal. With 4 beds, 3 baths and a large lot, this is a great buy for someone willing to put in a little TLC.

HUD Owned Home 1832 s pierson ct lakewood 80232 $165,600.00

Beds: 4 Fin Sq Ft: 2826 Baths: 3 Year: 1971 Acres:0.17 # of Photos Avail: 5 V-tour Available: Yes MLS #: 953361 Listing Office: re/max professionals

Broker Remarks: large 4 bedroom, 3 bath ranch home in quiet lakewood neighborhood! situated on a large lot, this home features a large … more… Disclosures

 Give our team a call for any questions on homes for sale in Lakewood or Lakewood foreclosures. You can reach us at 303-726-1874 anytime. We are tyour go to experts on Denver HUD homes!