Adive re:home investment/ family neighborhood- west suburbs (Arvada, Evergreen: real estate, rent)

[LEDFuller]

Hello,
This board is full of such well informed folks, and I'm hoping some of you will please take time to advise us. We are thinking of trying to move into the west suburbs, possibly even Evergreen. I say trying because, as most folks in our Henderson neighborhood, we are seriously upside down on our home, but I think we could rent it for a bit more than our mortgage pymt. We love our house and, our neighborhood ( although practically tree- less) is OK. But we drive to Arvada for our kids school every day, I work downtown, and I'm wondering if it doesn't make financial sense to try to move to an area, closer to their school, that is more likely to someday have some equity in it. I figure it will be at least three years, maybe 5-10 before this NE area will recover home price wise. Plus I've recently been told to do whatever I can to get out of the NE suburbs ( granted by a west suburbs home seller).I We like Arvada. We like Evergreen. I like the idea of being really close to Olde Twon, the mountians, pub tran for downtown ( that is still coming to Arvada, is it not?). I imagine we could qualify ( assuming we have a renter) for about 400K, but I would rather stick to 300K. So... where do you think we could buy a house in the 300K range that might meet this criteria, and be a great investment? If not close to Olde Town, by a GREAT public school? Any thoughts?

Thanks!

[Count David]

Why do your kids go to school in Arvada if you live in Henderson? Is it private?

I would say that you should give Arvada a good look because if you were to move to Evergreen all you would be doing is giving yourself another bad commute, the only difference being that it would be from the opposite direction. I'm sure commuting from Evergreen would be terrible some days with weather. I for one, wouldn't want to do that commute with my kids each day.

I would say Arvada is a more stable community than Henderson. Arvada is established, and I would think people there would stay put for awhile, which would probably stabilize home values. Not only that, but it is reasonably close to downtown. Henderson is now a "drive to you qualify" kind of place, and we all know those are the places suffering most from the housing downturn.

[livecontent]

All the Jefferson County part of Arvada has great schools--it is Jefferson County Schools. You can live most anywhere for $300,000. You have driven and looked around and you like Arvada. So what is stopping you??? You want assurances of a house that will be a good investment. There are no guarantees in life, certainly not real estate. You are vacillating between Arvada and Evergreen--each offers different style of living with advantages and disadvantages--the big difference of course is that commuting from Evergreen to Downtown is much more difficult than from Arvada .

I know Arvada well, having lived in many parts of the city for a long time. I would suggest looking at West Arvada, past Indiana, for a newer home--it appears that is what you want. You can even find a very nice area and not spend 300K, if you look at some of the great established neighborhoods near good schools that are closer in--which I mean east of Indiana, Along Ward, Simms, West 80th, North on Carr, West 72nd, Oak, east and west of Wadsworth, Lake Arbor near 80th and Wadsworth, etc. There are even new housing in infilled developments.

Old Town area and neighborhood adjacent along West 58th, West 57th, West 56th, Homes north of the parks along Clear Creek, north of Brooks Drive are great areas with homes of all different values.

As far as the coming Rail line--the Gold Line--it will be built because of separate financing. You can information about that line and find the potential stations; buy a house nearby and have more of a chance of increased appreciation on the property but no guarantees.

You have mentioned that you like St. Anne School for your children. I am very aware of the Shrine of St. Anne Catholic Church and the great culture and support of that parish. I have been to many events there, especially the ones that have food. It has been there a very long time and maintains a stability for the area. It is one of the good things that make Arvada a good place for families. I say this as an Atheist and a Humanist--I see the values in some religious communities. So this is a very good reason to move to Arvada.

You are buying a home to live and provide a good safe neighborhood, schools for your children--that can be found in Arvada. You can find a good easy commute to downtown, even better with public transit because Arvada is very close to Downtown. You can find dense house or more open space; you can find great parks and recreation in Arvada. What you cannot be assured of is always a great monetary investment, but is that the sole reason for choosing a place to live???

Many people are starting to realize that a house in not always a great investment with continual appreciation that provides a bottomless, money, equity for our extravagant lifestyle. It may be that a house is only a shelter, that can provide a loving home for your family, which may be the greatest equity and value of all.

Livecontent

[LEDFuller]

Thanks, Livecontent, for your always helpful comments!

Everyone-- sorry about the typos-- I meant "Advice", of course. That's what I get for trying to type with my 4 year old on my lap!

[2bindenver]

Jeez, just thinking about that commute gives me heartburn.

[LEDFuller]

Reading posts on city-data has helped me make my decision-- we are moving to Arvada. Of course, there is still a lot that has to fall into place , but where there is a will, there is way. Unfortunately, we just found out that when we rent out our home, we must qualify for a new loan without counting rent as income-- so our house in Arvada will need to be a cheap one! But simplifying life ( by not driving so much) I think will be worth it.