Going, Going, Gone (Denver, Arvada, Sheridan: short sales, foreclosure, condos)

[livecontent]

My neighborhood around the proposed Sheridan Station on the Gold Line has had some foreclosed homes--not many as in other areas--just a few. However, in the past month, most of these homes, within walkable distance, have sold. It has really surprised me how fast it has happened.

Interest Rates are the lowest in 40 years. Rail Stations will be built. Homes are available near these stations. It is a good bet that these homes, near the stations will appreciate in value when the commuter lines are complete.

They are selling for a real good price. The ones I have seen are in good shape--I would not say that for all the homes, in all the neighborhoods. However, obviously some investors perceive some return.

If you have funds, now is the time to buy.
So, Going, Going, Gone...

Livecontent

[Jester76]

what is the area like?

[livecontent]

That depends on the proposed station. The station location varies in neighborhoods that have older smaller homes, to newer larger homes and to very expensive locales. Some have condos, some are mixed, some are dense urban, some are suburban etc. All these types of neighborhoods will see appreciate in value as previous appreciations have shown in Denver and other cities, where stations have been located. Also, some stations will be in locations that there is much open land to development.

My area is mostly older 1960s-1970 single ranches, to newer 1980s-2000 single family homes, with some condos; in addition some open parcels of land. The station will be located near established grocery shopping and assorted stores. The station platform will be about .36 miles from my house and King Soopers is about .34 miles away--so hopefully I can walk to these spots.

Of course, any station will have feeder bus routes that will turn the area into a good transit area, even if the rail line serves no purpose for transit, for some residents.

It also must be said that any rail station location will give you access to any and all other neighborhoods near stations. So, in essence if you live in a walkable neighborhood of a station, you are in a walkable neighborhood of any station.

In many areas that have room for development or can be redeveloped--their will be new businesses and housing that will serve the area--a Transit Oriented Development (TOD). You can see that happening now near the established commuter rail stations.

I have lived in Europe and New York City and good urban transit is something to be desired by many people.

Livecontent

[yodi]

I really like the Old Town section of Arvada. I do believe that it's an area that will hold or increase in value once the light rail makes it's way over there. The downtown is quiet and walkable with a nice library and some good business' such as D-Note. It has one of the best recreation centers (Apex). I think that Arvada is an area that is overlooked by many but has so much going for it. It's a small town with it's own identity but just minutes to downtown Denver.

[Sheridan1962]

We closed on a house in Centennial about a month ago, and we looked high and low before we found this one (128 houses, according to our Realtor). Coming from TX, where the market is saturated (it took us 4 months to sell our well-priced, excellent condition home), we found the market in Denver MUCH different. It certainly didn't seem like a buyers market to us. We didn't pursue any short sales, but we were interested in putting an offer in on one foreclosure when we found out that it already had 10 offers pending, and they were all well above asking price. Crazy! Hopefully these are all good signs for the Denver RE market.

[livecontent]

Originally Posted by yodi

I really like the Old Town section of Arvada. I do believe that it's an area that will hold or increase in value once the light rail makes it's way over there. The downtown is quiet and walkable with a nice library and some good business' such as D-Note. It has one of the best recreation centers (Apex). I think that Arvada is an area that is overlooked by many but has so much going for it. It's a small town with it's own identity but just minutes to downtown Denver.

I do hope that commuter rail into old town Arvada has a good impact. Just to make it clear the rail will be "heavy rail" EMU, Electrical Multiple Units. Old Town Arvada needs a Grocery Store to make it more of a complete neighborhood; not more overpriced fluff stores that sell non-essentials.

Apex Center is indeed very nice. It is far out in the west side of Arvada, off of 72nd., past Ward. The big problem with this center is that there is no public transit available to it. If you do not drive, cannot drive then it has difficult access. It is ridiculous to have this type of recreation not available by bus. I use to live in that area, well before the center was built. It is certainly a nice area of Arvada but you have to have a car to get to any shopping or recreation. However, the Apex Center sits on a trail system which is nice for bicyclist.

I am seriously considering to start a campaign to require all governments entities in building any public facility, that the public regularly uses for business or recreation, to be on a transit route. We got to stop our lives revolving around automobiles.

Livecontent

[2bindenver]

I am seeing similar things in Denver. Lots of house buying in lower income areas close to the new rail line.

[Mike from back east]

These are excellent buying opps for those who plan to hand around for several years. Seen it happen in the DC area, as soon as the subway routes were announced, people bought up the homes, either as investments or as ways to beat the traffic in the DC area. Those who got in early made a huge profit, eventually, but it will happen here just that way.

[adapterdesign]

Sheridan1962: wow, you beat us! (looked at 106 houses)

We finally found a place just a half of a mile west of Olde Town Arvada. Really hoping that the commuter rail adds value and funds some noise mitigation for the existing railroad.