Buying a house in Denver area (Lakewood, Craig: for sale, real estate, foreclosure)

[buka]

Hello, everyone

we are thinking of buying a second home/vacation home in Denver area, Colorado. Any advice or recommendations are very much appreciated. I have successfully convinced my husband that we should use the opportunity and invest in real estate now, when so many houses are available for sale. But now I have to choose a real estate agency to deal with I have been referred to check this agency- relogic.com - but if you have any other suggestions, I would be happy to hear.

[Scott5280]

Cherry Creek North is an excellent location for a Denver vacation home--walk everywhere--best shops,restaurants, galleries...Many people are buying Pied a Terre properties in this hood. ...I personally have invested in quite a few various properties in CCN...while other markets have really suffered...prices have stayed over all consistant in CCN. and in some cases gone up as much as 17% in the last year..The area is conveniently located ten min. from downtown... Renting out your property is also not a problem here like other areas of the metro if need be--I personally have never gone beyond one month in Craigslist..finding a decent qualified tenant..It's actually ridiculous how heavy the response has been to my Cherry Creek rentals.. The investment side for this area is a no brainer... Welcome to Cherry Creek North ..

[steveindenver]

Scott, I agree except, well then you would have to live in Cherry Creek North. I know you like the area and all and it has some merits ... but most of the inventory in that area is clapped together **** .. and let's face it there *is* a stigma associated with Cherry Creek.

Walkable? Hell yes. Central? Certainly. Affordable? No.

Anyhow before I mouth of any more, perhaps the original poster could give us more of an idea as to what the requirements are? Access? Features? Price? Size? Yard? Schools?

I mean personally, at the outset of this post I was thinking why not buy something with easy access to the resorts in the mountains. You can pay a managment company money to turn it into income positive quickly with little effort. I prefer to buy rentals in areas that are more blue collar .. but that is a very long discussion.

-Steve (who recently rented a place listed for 599/night ski in and out at Breck for less than half of that -- but I figure they still made a profit).

[Scott5280]

[quote=steveindenver;7202990]Scott, I agree except, well then you would have to live in Cherry Creek North. I know you like the area and all and it has some merits ... but most of the inventory in that area is clapped together **** .. and let's face it there *is* a stigma associated with Cherry Creek.----------------------------------------- I will take the so called snobby label of Creek any day---the ammenity rich neighborhood is the only hood in Denver that offers vacation like ammenitities in such abundance--restaurants and shopping,spas's bike paths as well as daily proffesional services...In my line of work--I routinely work with vacation home buyers in Denver---The vast majority of buyers pick the Cherry Creek area...Very few people prefer to call some ordinary generic hood they can find in any city as a vacation destination...Quite a few people start out looking in the downtown area and opt for CCN. in the end..
because of it's quieter and more relaxed surroundings...As for newer construction--the prices may be high, but I have found the quality to be generally consistant to some of the highest in the state-of course with a few exceptions..There are about ten top notch Cherry Creek and Lodo vacation management companies..Two major ones that manage Denver and Mt. resorts...The affluent nature of Creek allows for great transferablitiy as well..the surrounding infrastucture is not interchangeable
with the rest of the city..People may view Creek as snobby, but it also has a reputation as one of the premier draws for those on vacation in Denver..and is the largest second home district by far in Denver proper..

[DenverAztec]

Scott you are a big CCN snob with goober on your nose! I know because we have been to Happy Hour together! And, Steve, you have a point with price. However, I would live in CCN in a heartbeat if I could afford the places I desire. I am thinking that someone who is looking for a second or vacation home probably is not hurting financially but is also looking for a good investment. CCN has tons to do and very walkable, but it is a playground for the rich, it is our Rodeo Dr.

To the OP, also check out condo units that you can rent out down the road if need be. Governor's Park, Ball Park and LoDo are all easily walkable to downtown and you can easily rent out your units.

[2bindenver]

I second DA's LoDo recommendation. If you are looking just outside of Denver consider Morrison or Genessee.

[Jerry Bckr]

Cherry Creek is pricey and right now there are many in the business that are holding their breath over what the high end is going to do. What are your plans? Are you an absentee landlord or do you live in Denver, so you can manage it yourself. If it's a vacation home, are you planning on using it on your visits? Are you planning on buying a home that you can fix up? There are so many variables that go into what your general statement indicated. If it's something that you want to rent out sometimes and have it available sometimes for your use, than you would be wise to buy something in Summit County (ski area that's loaded with condo's). LODOs a good idea although many people are scratching their heads about what's holding those prices up. Some think they could be in for a correction as they seem out of wack with other properties in the central Denver core. There are some good properties around the southeast light rail line, that many people have bought for vacation homes. They're easy to rent as they are close to light rail.

[livecontent]

All you professionals, I am so impressed because I know nothing. I live about 1/3 of a mile near a proposed commuter rail station on the Gold Line. This rail looks like it will be one of the next under construction and has more of a chance to be built because of the specific federal funds for a public/private partnership.

I am now seeing many parcels of land up on the market, within 1/3 mile of the station, as there is much open land that has not been developed. There are not many condo developments nearby, mostly single family homes. There are some less expensive homes available because of foreclosure and the normal sales on the market.

Yes, you could invest in property near already established rail stations but I would assume that the investments in future rail stations would be a better opportunity because the property has not yet fully appreciated. The Lakewood West Rail Line is now under construction and is ahead of schedule. Would not good or distressed properties near these stations worth a look??? It is not everyday that we are building a rail system, so maybe now is good time for investments. I would also not rule out property near the Bus Rapid Transit (BRT) station on the northwest corridor because they essentially have some of the same amenities as a rail station and the BRT has already started construction.

Just a thought from one who is not as sophisticated as yourselves.

Livecontent

[srtella2000]

Originally Posted by livecontent

All you professionals, I am so impressed because I know nothing. I live about 1/3 of a mile near a proposed commuter rail station on the Gold Line. This rail looks like it will be one of the next under construction and has more of a chance to be built because of the specific federal funds for a public/private partnership.

I am now seeing many parcels of land up on the market, within 1/3 mile of the station, as there is much open land that has not been developed. There are not many condo developments nearby, mostly single family homes. There are some less expensive homes available because of foreclosure and the normal sales on the market.

Yes, you could invest in property near already established rail stations but I would assume that the investments in future rail stations would be a better opportunity because the property has not yet fully appreciated. The Lakewood West Rail Line is now under construction and is ahead of schedule. Would not good or distressed properties near these stations worth a look??? It is not everyday that we are building a rail system, so maybe now is good time for investments. I would also not rule out property near the Bus Rapid Transit (BRT) station on the northwest corridor because they essentially have some of the same amenities as a rail station and the BRT has already started construction.

Just a thought from one who is not as sophisticated as yourselves.

Livecontent

Hows the parcel going in the market? Any resonal parcel for ~50k?

[livecontent]

Originally Posted by srtella2000

Hows the parcel going in the market? Any resonal parcel for ~50k?

No, these parcels are about 300K-500K, within 1/3 mile of station. That does not mean that there are not individual lots for sale, for much less, near any proposed station. You just have to do research and see.

Livecontent