Best parts of town (Denver, Lakewood: bank owned, sale, 2013)

[RockChester]

I'm contemplating moving to the Denver area. I'm semi-retired and will be paying cash for a house or condo. What I need to know is which parts of the Denver area to concentrate on. It doesn't necessarily have to be in Denver itself. I see a lot of foreclosures in Denver and could go the auction route but I'm looking for a safe area that is somewhat bucolic or at least not urban per se. My price range isn't huge, say, $150,000 or so.

[Mach50]

I think you could do a 1-2br condo in Lakewood out by Bear Creek for that price. Nice suburban/country area IMO.

How do these look?
http://www.trulia.com/property/31537...ewood-CO-80227
or
http://www.trulia.com/property/31491...ewood-CO-80227

[livecontent]

Originally Posted by Mach50

I think you could do a 1-2br condo in Lakewood out by Bear Creek for that price. Nice suburban/country area IMO.

How do these look?
10432 West Dartmouth Avenue, Lakewood CO - Trulia
or
10559 West Dartmouth Avenue, Lakewood CO - Trulia

Yes it is indeed a very nice area. I remember when these properties were built. The only issue that I would have with them, and it is kinda nitpicking, if you want a more walkable area and perhaps a little better public transit, if that is a need. It is farther out to the west but has good parks and open space. Shopping is more to the South down Kipling and Wadsworth.

Livecontent

[Willy702]

Lots of foreclosures? Where? If they are actually taken over they likely are not in the best parts of town.

[livecontent]

Originally Posted by Willy702

Lots of foreclosures? Where? If they are actually taken over they likely are not in the best parts of town.

Good Point! Regardless of how good the area appears, one must thoroughly investigate the condo association and find out if there are reasons that some places are being sold or if there are problems that are not so apparent.

Livecontent

[Claire S.]

Heads up, if you decide to target foreclosures specifically, inventory has been dropping steadily since 2012: Colorado?s urban foreclosure filings hit record low - Denver Business Journal

The other thing to keep in mind when you purchase a foreclosure is that it's pretty common that you'll have to purchase appliances, which are usually included in the sale of a non-distressed property- so you may not be getting the such a sweet deal.

[RockChester]

Thank you for the responses, yes, that foreclosures portend a less desirable area is certainly on my mind which is why I want to know which area or areas to concentrate on. Knowing my current area as well as I do, I would be able to tell you which areas to avoid and which are a sure bet. I fell in love with Colorado decades ago and now that retirement is looming, I want to go back to it permanently, hopefully.

The foreclosures that I see are on zillow. A significant number of foreclosures can indicate a problem in the local economy so the research continues.

[2bindenver]

Foreclosures here are often cured before the sale 120 days later.

[Willy702]

Those pre foreclosures on Zillow are mostly not going anywhere. Many have equity in the home and are just trying to negotiate on a loan modification. Some might really be in a spot to sell. However the competition is fierce and you will find many have multiple cash offers they are considering, mostly not too far below market value.

[davebarnes]

Bank Owned Properties

You can argue about the accuracy of this website, but the trends are clear. From 600+ about a year to 137 today.

Many foreclosures on Zillow are not. That is, Zillow has not updated its data.