Up and Coming Neighborhoods Under 200k?

[twowolves]

Originally Posted by Nav

Also, dont forget that Urban Denver areas are now in a sellers market, not a buyers market for the <250k price point. Inventory is down to only several months instead of the typical 6. This is why Denver made the top on Forbes Magazine's latest list of recovering cities. The days of rock bottom prices have all but fizzled out since the real estate market is on the upswing.

That is Urban Denver...The Suburbs have not had such a swing as of yet. Deals are still to be had if you are willing to go outside of downtown 10-15 miles. Check with a realtor to find out how a particular area is doing at the time.

Nav

I watch the housing prices in the suburban areas of Denver very closely and the inventory goes back into early 2008. I see a plethora of homes lowering their prices over and over and also re-listing under a different MLS # which is also a signal that the inventory is still 'up'.

[2bindenver]

Actually, inventory is down. I track stats and have for years. Every month since last April (2008) inventory (number of houses available for sale) is lower each month.

If a house is refreshed, the old listing is withdrawn, the new one is available; still only one house on the market.

What is skewing inventory now, is short sale listings. Have contract(s) accepted by seller, but not under contract until lender(s) approve sale, so they are listed as available.

At the current rate of absorption:

> than $100,000 less than a month of inventory.
> than $250,000 less than 3 months
< $575,000 37.4 months of inventory

[chilicheesefries]

Originally Posted by 2bindenver

Actually, inventory is down. I track stats and have for years. Every month since last April (2008) inventory (number of houses available for sale) is lower each month.

If a house is refreshed, the old listing is withdrawn, the new one is available; still only one house on the market.

But the new house will start up with 0 days on market, won't it? I think the poster was saying that that is skewing how long the house lasts, since it is not reflecting the true time on market.

[livesimplecolorado]

We bought a house a few years ago in old englewood. I like the area and i think it has tons of potential but what i am noticing is some great opportunites in Rosedale Denver.

Rosedale is the subdivision that borders our englewood address. Kind of an unknown at this point which makes it very appealing to buy into it. It is right by Harvard Gulch park and borders Platt Park and West Wash/Wash Park. Both Platt Park and Wash Park have gone out of control with housing over the last few years. Rosedale seems like it is benefiting from the "creep" that has gone on in Platt Park, but has not quite gotten there yet. You see fixer bungalos in Rosedale in about the 200's but also alot of scrapes with very nice homes going up left and right.

About the area: tons of parks, close to Porter and Swedish Medical, a few blocks from Broadway (one of the main strips through Denver), close to light rail and public transportation, tons of shops and places to eat off of Broadway and as you head closer down to denver. Also it seems like an area that is attracting alot of younger couples with kids. Cute older, smaller homes.

Just my 2 cents.

[steveindenver]

Rosedale is cheap and right now a flippers paradise.

[2bindenver]

Days on Market is only set to 0 if the property is not on the market for 30+ days.

We also have listing history - so a good buyers agent would pull this report and use it before making an offer.

[yodi]

Originally Posted by livesimplecolorado

We bought a house a few years ago in old englewood. I like the area and i think it has tons of potential but what i am noticing is some great opportunites in Rosedale Denver.

Rosedale is the subdivision that borders our englewood address. Kind of an unknown at this point which makes it very appealing to buy into it. It is right by Harvard Gulch park and borders Platt Park and West Wash/Wash Park. Both Platt Park and Wash Park have gone out of control with housing over the last few years. Rosedale seems like it is benefiting from the "creep" that has gone on in Platt Park, but has not quite gotten there yet. You see fixer bungalos in Rosedale in about the 200's but also alot of scrapes with very nice homes going up left and right.

About the area: tons of parks, close to Porter and Swedish Medical, a few blocks from Broadway (one of the main strips through Denver), close to light rail and public transportation, tons of shops and places to eat off of Broadway and as you head closer down to denver. Also it seems like an area that is attracting alot of younger couples with kids. Cute older, smaller homes.

Just my 2 cents.

This is a great area. Lots to offer.

[chilicheesefries]

Originally Posted by 2bindenver

Days on Market is only set to 0 if the property is not on the market for 30+ days.

We also have listing history - so a good buyers agent would pull this report and use it before making an offer.

Thanks for the clarification! Looks like that is not an issue then.

[XAFLOC]

Originally Posted by o2bnmudxj

we would like to find an area with homes for small families or starter communities with families similar to ours.

We hope to take advantage of the low housing cost and plan to buy this fall. We have seen homes we like in our price range South of E. Colfax and North of the Cherry Creek area. Is this a rehab area like it appears? Any other areas we should look into?

Most areas south of East Colfax tend to be priced above 200K. If you go east of Quebec you'll find many good homes in the 100 -- 200K price range. This is an up and coming area between two newer housing developments (Stapleton and Lowry). Good schools are probably a priority for you and I've heard nothing but good things about Montclair Elementary (the school this neighborhood feeds into). This is an up and coming school with a motivated principal who is implementing a lot of innovative ideas. If you just look at the test scores, they're still lagging but they're on their way up. But if you actually talk to parents of kids who go there, they'll tell you the test scores don't do the school justice.

If you buy north of Colfax in this same neighborhood, it feeds into a different elementary school (Ashley). I haven't heard many good things about Ashley, but I can say that I love the architecture (I believe it's a historic building). Regardless, DPS is a school choice district, so you can choice into any school you want provided there are openings.