Thornton or Broomfield (Northglenn, Brighton, Evergreen: days on market, for sale, real estate)

[jselle]

There seems to be some very good priced homes in Thornton right now and a lot of homes for sale. I know this area was hit hard by forclosures. Is it un safe to buy in Thornton and expect any kind of appreciation on a home?

I am also looking at Broomfield. Some of the homes that look comparable to the Thornton homes are $70,000 or so more expensive.

Which area whould be better raise a family and be in a safe location? Is it worth spending the extra money to be in Broomfield. How would you compare the two towns?

Thanks

[katielady]

I have been wondering the same thing. It seems one could buy much more for the money in Thornton, but is it worth it in the long run...investment speaking. Why is Thornton considered non-desirable? My fiancé and I want to buy a newer home that's less than 7 years on at least .25 acre. It seems like the land lots in Broomfield are much smaller then Thornton. And it seems most surrounding areas of Broomfield have older homes.
We're looking for a 4bed, 3bath home and under $500,000. My fiancé will be working in Broomfield and doesnt want a commute over 20 minutes. Does anyone have any suggestions as to where we should be looking?

[jselle]

That is exactly what I have been wondering. We are looking for a 3 bedroom, 3 Garage for under $420,000. The houses for this price are much nicer in Thornton but I am a little leary of living in that area and don't want to loose money in the house if I am only in it for a few years.

[BETHSKINNER]

I live in Broomfield right now and I would say in about 6 1/2 yrs. the value on my 1998 home probably went up roughly $40K. And we've actually seen home values in general in Broomfield do pretty well. However, I wouldn't mind a nicer bigger house in Thornton as long as the neighborhood was newer and well-maintained by covenants, etc.

I think one of the best ways to protect your value in any neighborhood is to be in a newer area that has covenants. While it doesn't prevent foreclosures and the like by any means, it certainly increases your chances of maintaining the home's value.

There are even homes right now in Todd Creek in Brighton, in a gated community, in the $800K+ range that are in foreclosure. So unfortunately it can happen anywhere, it's best to be well educated on the area.

Your Realtor can pull the data in a particular community for you to let you know how many foreclosures they've had recently or you can look in county records as well.

If one of your main goals is resale, look for homes with updated kitchens and baths. Also, don't go for homes that are overly "unique." You want something that will appeal to as wide an audience of buyers as possible.

I have a friend who LIKES traffic noise. He's the only one I have ever met who does though so stay away from houses too close to busy streets. Also, and this is the big one, do NOT get the biggest, nicest house in the neighborhood if you're particularly focused on resale. Get one that's a little smaller than the rest and the bigger houses will help keep it's value up.

I would say in Thornton you might want to look to these subdivisions:
Ash Grove Farm
Sage Creek
Quebec Riverdale (I was just in this neighborhood today and really liked it)
Fallbrook Farms
Villages North
Cherrywood
Haven At York Street
Marshall Lake

In Broomfield:
Anthem
Wildgrass
Redleaf
Aspen Creek

[jselle]

Thank you for the information. I will check out the areas you noted.

[katielady]

BETHSKINNER, Thank you so much for your reply and mentioning neighborhoods. This helps us a ton!

[BETHSKINNER]

Oh good, I'm glad it was helpful!! (Truly, I personally wouldn't mind a nice home in Thornton or Northglenn in the right area - of course that would mean I'd have to clean my basement and well, it's easier just to stay where I am right now, ha ha!!)

And just in case you're interested here is some very general real estate data from the MLS from June 2007 in the Northglenn/Thornton area:

There were 1,149 homes for sale in June, compared to 1,111 in May.

The average list price was $237,306, down a little from $241,151 the previous month.

206 homes sold, a decrease from 223 in May.

The average Days On Market was 101, down a skitch from 107 the month before.

The average sales price was $215,880, up from a May average of $215,011.

Last year in June 2006, there were 1,235 homes on the market, the average list price was $237,254, 208 sold, 101 was the average Days On Market and the average sales price was $216,633.

And Broomfield:

Active listings increased to 441 (from 418 in May).

Average list price decreased to $444,678 (from $449,196 in May).

Homes under contract decreased to 101 (from 125 in May).

But here's the kicker and ultimately the most important part - esp. if you're a seller - the number of homes SOLD leapt to 102, up from 70 in May, 53 in April, 57 in March, 51 in February, and 62 in January.

Average Days On Market increased to 131 from 102 in May.

Average sold price hopped to $340,735 from $322,374 in May.

In June 2006 the Broomfield area the average sold price was $328,328, average Days On Market was 100 and 92 homes were sold.

[jselle]

The difference between average list price and average sold price really suprises me. Are people really selling for over $100,000 less than the list price in Broomfield? If we are looking at a house that lists for $440,000, how much below that should we make the offer? Thanks for all of your help.

[Boxer]

You can always go up...we bought in Evergreen., The House was listed at 685 and we paid 605. Do your home work find low comprables to negotiate with....

[BETHSKINNER]

Keep in mind that the sold homes aren't exactly the same as listed homes, in a given month, so those 2 numbers aren't strictly comparable. (Does that make sense?) Even in this softer market homes (on average) are still selling for about 97% of their listed price.

It all depends on how long the home has been on the market, how desperate the sellers are, whether or not the sellers have to bring money to the closing table to complete the sale, what shape the house is in, what shape the neighborhood is in, how much other similar homes in the neighborhood have sold for, etc.

I happen to prefer people who are willing to take a chance and make an offer. I'm surprised by the fact a LOT of people don't seem to want to throw out an offer just to see what happens. Who knows, you may just hit someone on the right day and end up with a great deal!