Would Green Valley to South East Aurora, be the new slums? (Denver: mortgage, foreclosure)

[socalover]

You should read the USA Today article to get an idea of the number of bank owned properties.

Mortgage defaults force Denver exodus - USATODAY.com

South East Aurora, off Gartrell and Smoky Hill Road is not much different. The flu is spreading.

The new construction outside of 470 seem to be in Phase 1 for over 2 years. So many empty lots, so much open space and construction still to occur.

Inside the 470 off Gartrell, there are so many bank owned properties and resales, it is scary. Homes that sold for 750K in 2006 are on the market for 450K today. Homes in SE Aurora are correcting 30% from their peak values, and the correction has just begun. So many resales and bank owned in SE Aurora, and with so much new construction, I wonder if it will turn into a slum as the inventory is having a very difficult time being reduced, especially with the unlimited new construction just outside the 470.

How could they turn into slums? Unlimited rentals, burglaries and break ins of the unoccupied homes to steal appliances, maybe even to sleep, then the drugs etc etc.

[David Aguilar]

Originally Posted by socalover

You should read the USA Today article to get an idea of the number of bank owned properties.

Mortgage defaults force Denver exodus - USATODAY.com

South East Aurora, off Gartrell and Smoky Hill Road is not much different. The flu is spreading.

The new construction outside of 470 seem to be in Phase 1 for over 2 years. So many empty lots, so much open space and construction still to occur.

Inside the 470 off Gartrell, there are so many bank owned properties and resales, it is scary. Homes that sold for 750K in 2006 are on the market for 450K today. Homes in SE Aurora are correcting 30% from their peak values, and the correction has just begun. So many resales and bank owned in SE Aurora, and with so much new construction, I wonder if it will turn into a slum as the inventory is having a very difficult time being reduced, especially with the unlimited new construction just outside the 470.

How could they turn into slums? Unlimited rentals, burglaries and break ins of the unoccupied homes to steal appliances, maybe even to sleep, then the drugs etc etc.

A neighborhood with homes on the market for $450K won't turn into a slum. It's an unfair comparison with GVR, because GVR is a neighborhood with homes mostly under $200K. Just because people are losing their homes doesn't mean the neighborhood is destined for slumville. The foreclosure wave is hitting hardest first in the furthest flung neighborhoods of the metro. Both GVR and Smoky/Gartrell are just about as far out as you can get and still be in the metro area. For me, it just doesn't make much sense to live that far out. GVR is good for people that like new houses and work at the airport. Not really a geographical advantage to Smoky/Gartrell, but a demographical "advantage" if you want to be in that upper-middle class new-home commuter demo.

I rent, and that doesn't mean I don't have a stake in my neighborhood and it's future. Renters does not = bad people. If the homes are vacant, what is there to steal? You don't think the remaining neighbors would notice a oven being wheeled out of a vacant house by strangers? Are there places like this that exist elsewhere? Drugs are dealt in upper-class suburban neighborhoods too, just in a different way.

[vegaspilgrim]

Good post, David Aguilar! GVR and SE Aurora are two totally different communities; it's hard to compare the two. Keep in mind, most of southeast Aurora is already built out and fully occupied, it's just some of the brand new developments on the outskirts of the area that having massive forclosure and vacancy problems.