Is Anyone Noticing The Denver Housing Market Turning Up Again In The Past Month? (rental, how much)

[2bindenver]

Originally Posted by randomparent

There's finally a house up for sale in our neighborhood, and I bet it's under contract by next weekend. I cannot believe how little inventory there is around here.

Dm me that address and I will check for you. There are 3276 active properties in the Denver metro area. 3111 that are not a short sale.

[randomparent]

Originally Posted by 2bindenver

Dm me that address and I will check for you. There are 3276 active properties in the Denver metro area. 3111 that are not a short sale.

I just saw the sign on the way home indicating that a property was for sale. I haven't driven by yet to see where it is. As far as I know, the last house that sold in the neighborhood changed hands last fall. It was a total renovation and over-priced, but once they dropped the price (to only $100k more than the flipper's purchase price), it didn't last long. This market just blows my mind. I haven't seen anything like it since California circa 2000 when agents were cold-calling our house to see if we had any interest in selling.

Edit: Looks like there are four, including two pre-foreclosures, but I think the information I'm seeing is a bit out of date. I'm pretty sure one of the properties is currently under contract.

[davebarnes]

Originally Posted by randomparent

There's finally a house up for sale in our neighborhood, and I bet it's under contract by next weekend. I cannot believe how little inventory there is around here.

This dump https://www.redfin.com/CO/Wheat-Ridg.../home/34412204 is near me.
Under contract in 1 week. No contingencies. There were 3 offers. I was in the house when the agent told said to one of the people who had made an offer: "Did your offer have contingencies?".

This "charmer" 3901 Stuart St, Denver, CO 80212 is For Sale - Zillow will sell for $15K over asking according the agent. Open house was Saturday and offers will be examine at 140 on Tuesday. This is a tiny 1903 house on a small 3000 sqft lot. But, the neighborhood is very trendy right now.

[randomparent]

That house on Stuart is pretty sweet. It reminds me of the neighborhood back east where my father grew up. The master bedroom is tiny, though. Owners were clever hanging shelves on the wall to function as night stands. The price does seem a bit steep, but a buyer couldn't touch a house like that in Wash Park for only $350k. If the property history I'm seeing is accurate, the sellers will walk away with a nice chunk of equity.

[ShampooBanana]

Originally Posted by davebarnes

1. There is no inventory. The number of houses for sale is at an all time record low since 1985. Yes, the lowest in 30 years while the population of greater Denver has gone from 1.6 to 2.6M (up by 63%).


2. While oil & gas people are highly paid, they are not a huge amount of the labor force.
Total civilian labor force in Colorado (DEC2014) = 2.8M
"The study, commissioned by the American Petroleum Institute, calculated that 31,900 people work in the industry"
1% of employees.

3. The issue in greater Denver is NOT one of demand, but of supply.

4. Will 2015 be a record year. Maybe.
a. Prices will go up.
b. Volume may or may not.

5. Have fun out there people [buyers].

This.

The impact of lower oil prices on the Denver area economy is greatly overstated. A far greater number of people are moving here in industries other than that than jobs will be lost in oil & gas (and most of those are seasonal/temporary jobs, anyway).

Supply/demand fundamentals are far more important indicators of what's happening. Days on market are historically low, as is supply as shown in DaveBarnes' chart. New home builders can find land cheap enough and quickly enough and can't find enough contractors to keep up with buyer demand, meaning homes/lots are being as sold as fast as they can be released. Fast rising rents are starting to push people into trying to buy, especially as interest rates also remain historically low. I think the greater Denver metro is in for a big spring in new home sales.

[SkyDog77]

Originally Posted by randomparent

That house on Stuart is pretty sweet. It reminds me of the neighborhood back east where my father grew up. The master bedroom is tiny, though. Owners were clever hanging shelves on the wall to function as night stands. The price does seem a bit steep, but a buyer couldn't touch a house like that in Wash Park for only $350k. If the property history I'm seeing is accurate, the sellers will walk away with a nice chunk of equity.

Yep. In Wash Park that house starts at $500K. Really small lot or it would be $550K. The apartment in back adds some value so I might be low.

[AmFest]

Originally Posted by randomparent

That house on Stuart is pretty sweet. It reminds me of the neighborhood back east where my father grew up. The master bedroom is tiny, though. Owners were clever hanging shelves on the wall to function as night stands. The price does seem a bit steep, but a buyer couldn't touch a house like that in Wash Park for only $350k. If the property history I'm seeing is accurate, the sellers will walk away with a nice chunk of equity.

There's no good reason the bedrooms should be that small. If I were to purchase the house, I'd spend 10k-20k redoing the layout and sell it for 450k+ right away easily.

[randomparent]

Originally Posted by AmFest

There's no good reason the bedrooms should be that small. If I were to purchase the house, I'd spend 10k-20k redoing the layout and sell it for 450k+ right away easily.

I like historic homes, and were I to buy one, I'd stick with the original floor plan. I appreciate what the seller has done with the home. It wouldn't suit my family's needs, but that's why I live in the 'burbs.

[himain]

We are looking to rent a house for June 1st and I think it's going to be really hard. You've either got 1000 sq ft houses for $1500+ or 3000 sq ft houses for $2500+

[DenverBound41]

So would people sell in this crazy market or keep a current residence as a rental that will cash flow approximately $800-$1000 month as of now? House was purchased for $199K in 2010 and would more than likely list for ~ $315K (or perhaps more if this spring/summer gets even more crazy).