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Old 06-06-2018, 02:57 PM
 
5,444 posts, read 4,811,646 times
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I also think this number and the houses they selected in their slideshow are very extreme. For the Castle Rock example, you can easily find larger homes for close to 150K less than the average.


This sold in January of this year.
https://www.zillow.com/homes/recentl...195_rect/9_zm/?


This one matches square footage and such and just sold 397K.
https://www.zillow.com/homes/recentl...195_rect/9_zm/?


Heck, this one sold for 200K under the average.
https://www.zillow.com/homes/recentl...195_rect/9_zm/?
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Old 06-06-2018, 04:19 PM
 
Location: Denver CO
20,975 posts, read 11,615,689 times
Reputation: 31807
Quote:
Originally Posted by headingtoDenver View Post
I also think this number and the houses they selected in their slideshow are very extreme. For the Castle Rock example, you can easily find larger homes for close to 150K less than the average.


This sold in January of this year.
https://www.zillow.com/homes/recentl...195_rect/9_zm/?


This one matches square footage and such and just sold 397K.
https://www.zillow.com/homes/recentl...195_rect/9_zm/?


Heck, this one sold for 200K under the average.
https://www.zillow.com/homes/recentl...195_rect/9_zm/?
thanks for sharing those, I was surprised to see that house in CR was as expensive as it was. It's a nice house but I didn't think prices there was that high.

Although I'm not sure that last one on your list is a great comp since it's a quite a bit older than the others and even with some of the updates, cosmetically it needs a lot of work to make it more current. To the extent someone cares about that, of course.
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Old 06-06-2018, 07:42 PM
 
Location: Colorado
894 posts, read 481,982 times
Reputation: 973
Quote:
Originally Posted by Norrov View Post
I used to argue with my wife because I want to stay in Denver. I currently own a home here worth probably 450K seeing what my neighbors are selling for. I’ll probably keep it and rent it out because I love the location. (Bel Mar area in Lakewood)

She wants to move to California and I’m starting to come around to it. I’ll miss winter sports but I just can’t see how people pay 700-800K to live in Stapleton or near City Park. We have the ability to spend that much, but might as well go elsewhere at that point. It’s nuts, Denver is my type of city but it’s no paradise. Ha
Good luck getting an outhouse in California for $500k.

https://www.cnn.com/2015/11/06/us/mi...ack/index.html
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Old 06-06-2018, 08:27 PM
 
Location: In The Thin Air
12,245 posts, read 8,033,606 times
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Quote:
Originally Posted by Teckeeee View Post
Wow I have heard about this from my friend, a realtor in Littleton. This is not too far off from prices in my neighborhood in OC, when you factor in jobs pay better here it seems that Denver has hit a real bubble.
Why is it a real bubble? Supply being low and demand being high makes it a bubble? Are you insinuating it will burst soon? The Denver housing bubble topic comes up a lot on here and I love to hear the theories on why people outside of the state think it is a bubble. What does your realtor friend believe?
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Old 06-06-2018, 08:51 PM
 
Location: Corona
10,058 posts, read 13,948,595 times
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Originally Posted by Timmyy View Post
Why is it a real bubble? Supply being low and demand being high makes it a bubble? Are you insinuating it will burst soon? The Denver housing bubble topic comes up a lot on here and I love to hear the theories on why people outside of the state think it is a bubble. What does your realtor friend believe?
My buddy bought his house for $260,000 in Littleton fives years back and now it's worth about $560,000 with no improvements.

I should probably have said balloon nut bubble. The market will deflate not implode. Lending is stricter.

I understand supply and demand, but how many can afford $540,000 on Denver salaries? We have similar issues in OC right now.

A recession is already being forecasted in the next 2 years by smart money.

https://www.cnbc.com/2018/04/19/75-p...vey-finds.html

https://www.investopedia.com/news/re...-high-chances/
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Old 06-06-2018, 08:57 PM
 
Location: Denver CO
20,975 posts, read 11,615,689 times
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Quote:
Originally Posted by Teckeeee View Post
My buddy bought his house for $260,000 in Littleton fives years back and now it's worth about $560,000 with no improvements.

I should probably have said balloon nut bubble. The market will deflate not implode. Lending is stricter.

I understand supply and demand, but how many can afford $540,000 on Denver salaries? We have similar issues in OC right now.

A recession is already being forecasted in the next 2 years by smart money.

https://www.cnbc.com/2018/04/19/75-p...vey-finds.html

https://www.investopedia.com/news/re...-high-chances/
I'm skeptical about the claim of an increase in value from 260K to 560K in 5 years with no improvements. Yes, I know houses here appreciate a lot. But not 23% per year with no upgrades.
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Old 06-06-2018, 09:01 PM
 
Location: Corona
10,058 posts, read 13,948,595 times
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Quote:
Originally Posted by emm74 View Post
I'm skeptical about the claim of an increase in value from 260K to 560K in 5 years with no improvements. Yes, I know houses here appreciate a lot. But not 43% per year with no upgrades.
Sorry my bad I forgot 1 important point. He bought it distressed. He said it should have gone for closer to 300k when it sold but he got for 260k.
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Old 06-06-2018, 09:32 PM
 
1,561 posts, read 2,817,479 times
Reputation: 1994
Quote:
Originally Posted by emm74 View Post
I'm skeptical about the claim of an increase in value from 260K to 560K in 5 years with no improvements. Yes, I know houses here appreciate a lot. But not 23% per year with no upgrades.
I bought my place (condo) in 2009. An almost identical unit was just listed for twice what I paid. Two other similar units sold within the last year for about 80% more than I paid.
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Old 06-06-2018, 09:56 PM
 
Location: Nashville TN, Cincinnati, OH
1,798 posts, read 1,147,373 times
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Well it is a hot area for wealthy educated transplants not too shocking. Hopefully Nashville gets to this figure soon so we don't get overcrowded.
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Old 06-06-2018, 10:00 PM
 
Location: Denver CO
20,975 posts, read 11,615,689 times
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Originally Posted by BarryK123 View Post
I bought my place (condo) in 2009. An almost identical unit was just listed for twice what I paid. Two other similar units sold within the last year for about 80% more than I paid.
Those number sound reasonable to me - somewhere around 8 to 10% per year, particularly in desirable locations, would be right around what i'd expect because yes, our market is a bit crazy.

But 23% per year (my original post had a typo, so it's not actually 43% per year!) seems a bit excessive, unless there had been some fairly significant updating, increase in size, etc.

Even with the revised numbers, about 17% per year still seems pretty high to me for an unrenovated property.
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