Denver Real Estate Discussion / Opinion Thread (NO Data Charts) (Highlands Ranch: apartment, rent)

[SkyDog77]

Originally Posted by woob

Asking price was $600,00 and seemed underpriced. Apparently there were 7 bids the first weekend on the market. I don't know anything about the accepted offer, but we were not prepared to go any higher.

My neighbors across the street in West Wash Park listed their 3br 2,000 sq/ft at $605,000 and were under contract in a day at $650,000. It's nuts out there.

[woob]

Lost out on another one. We saw a great listing in the cheesman park area, but less than 8 hours after it had gone live on MLS they accepted an all cash offer. Who has $700,000 laying around in the bank?

We are prepared to spend good money on a house, but i'm not sure how we can compete with buyers like this.

[davebarnes]

Originally Posted by woob

Who has $700,000 laying around in the bank?

Boomers who sold their house for $800K last week. After owning it for 20+ years.
That was us, only it was only $480K.

[brown_dog_us]

I have been in real estate (developing and building) for the last 20 years in Atlanta, and I close on my house in Colorado next week. Here is what I saw while looking:

I think the interest rates going up has slowed things down a bit. Don't get me wrong, it's still a healthy market. Most of this year houses in Congress Park and South Boulder sold within a couple days unless they had big issues. Now I see the few houses that are on the market sitting a bit. In a strong market people always reach up and try to grab a higher price, and it looks like that part has finally cooled. We were out over the 4th of July weekend and there was a ton of activity right after that, but it has slowed back down. Interestingly, there haven't been a lot of new houses added to the inventory, so available houses is still low.

Anyway, I think you will see some sluggish numbers for July when they finally release them, but I think the market is still good.

[FreeStone]

It blows me away that there is a large enough population of people in Denver who can support a market where houses are as high priced as they are right now.
Same goes for the growing cost of rentals. I honestly do not see how so many people can afford it; and yes I do understand that a lot of people have made a lot of money selling houses that have somehow amassed an inflated value.
At this rate, I don't see how my wife and I will afford our first home making under $150K/yr. Maybe it's time to push her out of the teaching profession.

[2bindenver]

$150,000 a year? People buy houses every day making a third of that.

[brown_dog_us]

Most people buy a small starter home the first time they purchase. No need to go straight to the McMansion.

[dnvrsoul]

Originally Posted by brown_dog_us

Most people buy a small starter home the first time they purchase. No need to go straight to the McMansion.

Agreed...I bought my first house and didn't quite make 150k...decent neighborhood and I still have it..my starter home has turned into my starter and middle home.

[zenkonami]

I'm a little more concerned about making less than $60k / year ;-) If we made $150k I'm pretty sure we could find a $300k+ to $400k house and be just fine.

[davebarnes]

Fuller highlights hot 'hoods | Inside Real Estate News

Fuller highlights hot 'hoods

"InsideRealEstateNews.com looked at the neighborhoods analyzed by FSIR that had at least 50 sales in the first half of the year, to get an idea of neighborhoods that are hot, but percentages would not be easily skewed by low numbers. Most of those neighborhoods were in or near downtown, according to IREN’s analysis. Using that yardstick, Sloan’s Lake, Cheesman Park and West Highland showed the biggest percentage gains in year-over-year median prices, rising by 23.7 percent, 21.5 percent and 19.8 percent, respectively."