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Old 05-03-2014, 10:26 AM
 
5,444 posts, read 6,992,974 times
Reputation: 15147

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Here is my thought (no facts to support, just a thought). The 'good' houses on the market will retain their value, but the 'bad' houses will drop in value by a little bit. You are already seeing this. Search by days on the market. Those houses that have been on the market for a month or more, have lowered their asking price already a few times. Basically, the market has rejected these properties for any number of reasons. For good quality houses, I believe that if anything the price will level out and no longer rise, but I really don't see any price dropping. Also, I believe this is the case because more people are moving into the area than people leaving the area. If it were the opposite, there would be a lot more properties on the market.

Here is a quick example.

8322 Adams Way, Denver, CO 80221 is For Sale - Zillow

House went on sale in July of last year for over 200K. Now, their asking price is 179K. This was just a quick search. I don't know anything about the area, but when we were house hunting, we witnessed this all over. The really good houses were generally under contract within a week. The other houses that need work, etc, remained on the market for months.

The previous bubble, people were buying anything and everything no matter what it looked like or where it was. People now are being picky about what they want and they are willing to pay a premium to get what they want.
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Old 05-03-2014, 12:38 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,711 posts, read 29,817,888 times
Reputation: 33301
Default Well...

Quote:
Originally Posted by headingtoDenver View Post
Not Denver.
Unincorporated Adams County.
Westminster Adams County 50 School District. Really crappy. Report Card
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Old 05-03-2014, 05:30 PM
 
Location: Arvada, CO
13,827 posts, read 29,936,658 times
Reputation: 14429
Quote:
Originally Posted by davebarnes View Post
Not Denver.
Unincorporated Adams County.
Westminster Adams County 50 School District. Really crappy. Report Card
Looks like they based the original sale prices on what they owed on the property. Now they are in default, and the price hasn't budged much.

That house is still overpriced, because look at what you can get for a mere $20K more:
388 Douglas Dr, Denver, CO 80221 is For Sale - Zillow
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Old 05-03-2014, 06:43 PM
 
5,444 posts, read 6,992,974 times
Reputation: 15147
Quote:
Originally Posted by davebarnes View Post
Not Denver.
Unincorporated Adams County.
Westminster Adams County 50 School District. Really crappy. Report Card
Definitely not buying this home. It was just an example of a house rejected by sellers. During the bubble, this house still would have sold.
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Old 05-21-2014, 10:13 AM
 
8 posts, read 15,508 times
Reputation: 24
Holy moly, there's so much replies in this thread! So sorry to not chime in earlier everyone, I didn't get any email telling me that there was any activity on my thread, grr!

Thanks so much for the honesty! It's discouraging, but I'd rather be discouraged but get a straight and honest answer.

I'm actually not a big-city guy, neither is my wife. We'd be perfectly comfortable living 30-45 minutes out of the big city. Right now, we relocated away from Milwaukee to an area where there is 4 small-medium sized cities sandwiched together, which makes this area cheaper to live as well as safer, plus it has a small-town feel to most of the burbs. Jobs aren't as prevalent, but there are not too hard to find in my line of work (social work). Is there affordable housing in nice areas 30-45 minutes out of Denver, are all of those insanely expensive as well?

When my wife goes back to work after our kids are in school, $225K would not be impossible, it's just that we don't want to buy that expensive of a house. I'm asking because if there are cheaper nice little towns a bit outside of Denver, we would probably take a few road trips to explore.

Thanks again for all the input!
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Old 05-21-2014, 10:30 AM
 
2,289 posts, read 2,945,890 times
Reputation: 2286
Will you definitely be working in Denver? You might find what you are looking for in Colorado Springs, Pueblo, or the Western Slope.
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Old 05-21-2014, 10:37 AM
 
Location: Denver, Colorado U.S.A.
14,164 posts, read 27,225,839 times
Reputation: 10428
570 1st St, Bennett, CO 80102 is For Sale - Zillow

If you want cheap, then here you go! Beautiful Bennett, CO. It's just like living in Kansas, but you can always hop in the dually and head on into the big city for an evening at Bass Pro and Toby Keith's
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Old 05-21-2014, 11:02 AM
 
8 posts, read 15,508 times
Reputation: 24
Lol I'm not looking for that cheap, I'm not into trailers. It's not that I can't afford something bigger soon, it's just that I don't want something really expensive. As for work, I'm not limiting myself to Denver by any means, preferably I wouldn't have to work in the big city.
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Old 05-21-2014, 11:04 AM
 
Location: In The Thin Air
12,566 posts, read 10,616,175 times
Reputation: 9247
Quote:
Originally Posted by Ahunt01 View Post
Lol I'm not looking for that cheap, I'm not into trailers. It's not that I can't afford something bigger soon, it's just that I don't want something really expensive. As for work, I'm not limiting myself to Denver by any means, preferably I wouldn't have to work in the big city.
You also don't want to live in Bennett.
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Old 05-21-2014, 11:10 AM
 
Location: Denver, Colorado U.S.A.
14,164 posts, read 27,225,839 times
Reputation: 10428
Quote:
Originally Posted by Timmyy View Post
You also don't want to live in Bennett.
Bennett seems to be on the other side of the "tornado line" lol!
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