Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My Buyers bid got accepted, Saturday at $100.00 over asking with 3 offers. My Buyer wrote a letter to the Seller, and was very well qualified.
Uh oh, love letters to the seller and flattery spell trouble.
A market where buyers are groveling to sellers, begging them to be the one chosen is not healthy in any respect.
False praise about the sellers "good taste" and other ego stroking and emotional pulls from buyers just mean the market is headed for trouble.
This is an indicator that bubble in Denver is approaching peak, who knows how long, but at this point, unless you are going to be there for a while you may end up in an underwater situation.
Oh realtors will say, "but it's different this time, lending standards are higher and such...." however the truth is, prices are so dependent on interest rates and with the Fed hinting they are raising them, that will mean downward pressure on prices.
Purchase power is rate dependent.
The ONLY people who win bidding wars are sellers and RE agents.
When you are in groveling territory to the seller, it's time to take a hard look at the market.
Uh oh, love letters to the seller and flattery spell trouble.
A market where buyers are groveling to sellers, begging them to be the one chosen is not healthy in any respect.
False praise about the sellers "good taste" and other ego stroking and emotional pulls from buyers just mean the market is headed for trouble.
This is an indicator that bubble in Denver is approaching peak, who knows how long, but at this point, unless you are going to be there for a while you may end up in an underwater situation.
Oh realtors will say, "but it's different this time, lending standards are higher and such...." however the truth is, prices are so dependent on interest rates and with the Fed hinting they are raising them, that will mean downward pressure on prices.
Purchase power is rate dependent.
The ONLY people who win bidding wars are sellers and RE agents.
When you are in groveling territory to the seller, it's time to take a hard look at the market.
You act like you're telling us something we don't already know.
What other advise do you have for us dumb Coloradans?
Plant your corn early?
Don't start a land war in Asia?
I can hardly wait
Last edited by Good Red Road; 04-13-2015 at 08:32 PM..
You act like you're telling us something we don't already know.
What other advise do you have for us dumb Coloradans?
Plant your corn early?
Don't start a land war in Asia?
I can hardly wait
I never called anyone dumb, you did. It's just the arrogance and smugness of Denver as of late that is really surprising.
It will end in tears for some, with agents singing the same refrain, "its never been a better time to buy"
or "Buy now or be priced out forever"
But unlike coastal California, there is an almost infinite amount of dry prairie North, South, and East.
It's silly to think you were running out of land in Denver. You could build 50 Manhattans and still have room for another 100.
It pretty much looks the same from Calgary to Denver on the downslope of the Rockies. There is nothing particularly noteworthy about Denver except its already there.
Don't get me wrong, its a fine city, but it has hundreds of square miles of open land all around it. It's not another San Francisco. There is nothing special about the climate like you have with Coastal California where only 1% of the Earth is like it. There is plenty of high prairie around Denver (semi arid steppe).
Prices get high and new communities will be built.
Last edited by GoldenZephyr; 04-13-2015 at 10:09 PM..
Haha been perusing Denver and it's culture bc this Louisvillian is heading its way, and maybe sooner than 9 months! I guess you didn't make it out there? We'll chip in and lock and load, make a profit and split! lol
I never called anyone dumb, you did. It's just the arrogance and smugness of Denver as of late that is really surprising.
It will end in tears for some, with agents singing the same refrain, "its never been a better time to buy"
or "Buy now or be priced out forever"
But unlike coastal California, there is an almost infinite amount of dry prairie North, South, and East.
It's silly to think you were running out of land in Denver. You could build 50 Manhattans and still have room for another 100.
It pretty much looks the same from Calgary to Denver on the downslope of the Rockies. There is nothing particularly noteworthy about Denver except its already there.
Don't get me wrong, its a fine city, but it has hundreds of square miles of open land all around it. It's not another San Francisco. There is nothing special about the climate like you have with Coastal California where only 1% of the Earth is like it. There is plenty of high prairie around Denver (semi arid steppe).
Prices get high and new communities will be built.
But that's the problem... Yes, new communities are being built... but in the last 7 years, compared to how development occurred in the 1990s and early 2000s, it's been happening at a snail's pace. I just don't get it, how with as much demand for housing as there is, why there is so little development. It could be because the new communities are a long ways away from major employment centers and often in very undesirable areas. There are a lot of current and future planned developments near DIA. I even looked at a few of them when I was house hunting last year. I looked at some neighborhoods in far east Aurora (east of E-470), near DIA, even Commerce City and Brighton. I could not stand being in the landing path of DIA with planes flying above constantly, hated the thought of being near a dump, which seem to all be located in the eastern part of town (some of these developments are right within sight of the Denver Area Disposal Site and the Adams County Dump), in Green Valley Ranch in particular, felt the area was downright ghetto, and just couldn't stomach the long commute I would have to the DTC. All that, plus these new developments on the eastern/northeastern edge of town, despite being relatively the cheapest new homes in the metro area, were still a rip off IMHO, especially considering the sky high property taxes.
The eastern fringe of the metro area just has way too many barriers to really fill in properly; between the dumps mentioned above, DIA, Buckley AFB, Rocky Mountain Arsenal, Lowry Bombing Range & Air Force Reservation, there really isn't that much accessible and desirable land out east.
The entire north metro area basically makes commuting to DTC, the #1 employment center in the state, impossible.
The south metro area is pretty much built out at this point. There is still some construction going on in Parker and parts of Douglas County, but it also tends to be unaffordable to new home buyers. Some of the new construction is right near the Centennial Airport, with constant plane noise (not to mention crash hazards) all day and night long.
Also, geographically speaking, I get your point, but it's not entirely accurate. WINDExchange: Colorado Wind Resource Map and Wind Potential Capacity. The plains even just a little bit east of Denver have dramatically higher wind speeds and risk of tornadoes. The Denver to Ft Collins corridor, relative to the plains in eastern Colorado or to the north in Wyoming, is in somewhat of a sweet spot. And even if land is infinite, water is not.
But that's the problem... Yes, new communities are being built... but in the last 7 years, compared to how development occurred in the 1990s and early 2000s, it's been happening at a snail's pace. I just don't get it, how with as much demand for housing as there is, why there is so little development. It could be because the new communities are a long ways away from major employment centers and often in very undesirable areas. There are a lot of current and future planned developments near DIA. I even looked at a few of them when I was house hunting last year. I looked at some neighborhoods in far east Aurora (east of E-470), near DIA, even Commerce City and Brighton. I could not stand being in the landing path of DIA with planes flying above constantly, hated the thought of being near a dump, which seem to all be located in the eastern part of town (some of these developments are right within sight of the Denver Area Disposal Site and the Adams County Dump), in Green Valley Ranch in particular, felt the area was downright ghetto, and just couldn't stomach the long commute I would have to the DTC. All that, plus these new developments on the eastern/northeastern edge of town, despite being relatively the cheapest new homes in the metro area, were still a rip off IMHO, especially considering the sky high property taxes.
The eastern fringe of the metro area just has way too many barriers to really fill in properly; between the dumps mentioned above, DIA, Buckley AFB, Rocky Mountain Arsenal, Lowry Bombing Range & Air Force Reservation, there really isn't that much accessible and desirable land out east.
The entire north metro area basically makes commuting to DTC, the #1 employment center in the state, impossible.
The south metro area is pretty much built out at this point. There is still some construction going on in Parker and parts of Douglas County, but it also tends to be unaffordable to new home buyers. Some of the new construction is right near the Centennial Airport, with constant plane noise (not to mention crash hazards) all day and night long.
Also, geographically speaking, I get your point, but it's not entirely accurate. WINDExchange: Colorado Wind Resource Map and Wind Potential Capacity. The plains even just a little bit east of Denver have dramatically higher wind speeds and risk of tornadoes. The Denver to Ft Collins corridor, relative to the plains in eastern Colorado or to the north in Wyoming, is in somewhat of a sweet spot. And even if land is infinite, water is not.
The point is that eventually the price increases and bidding wars may come to a halt especially with the amount of building they are doing in the metro area. They are supposed to build something like 12,000 new apartments this year. It is hard to imagine they would be able to fill all of those units even with the great influx of people. I think the point here is that location is key and the homes on the far eastern parts of town would stay on the market longer depending on the price they have it at while the close in neighborhoods to downtown, for example, are going to have constant demand and price increases which is why they always say location, location, location. That is why it is key to buy in those locations compared to GVR and other areas.
With rent prices rising every few months I am worried that soon Denver area will become unaffordable for many. Does anyone think there will be any relief in sight once the supply goes up? I already can barely afford a studio apartment (when there available) on my salary. They have been talking about pushing out more affordable housing, but seems like nothing has happened. As much as I love Colorado I do not want to be stuck in a 450 sq ft apartment the rest of my life.
Unaffordable? I' d say yes, for the average working class blue collar Joe. If the rent don't leave him flat broke, the property taxes will.
I'm quickly learning these cities have a way of running out the low income residents and forcing them out to the suburbs by raising the property values so high, the average person can't afford to pay their property taxes..
I bet the city leaders think they are really getting rid of the riff-raff by doing that, too.
just out of curiosity, how long had it been listed for?
Listed Thursday around noon... we went the first day to see at around 6pm, and they already had 2 offers that night. They were gonna close it off Friday night, but decided to show it again on Saturday. They ended up with 12 offers total, and decided Sunday.
Unaffordable? I' d say yes, for the average working class blue collar Joe. If the rent don't leave him flat broke, the property taxes will.
I'm quickly learning these cities have a way of running out the low income residents and forcing them out to the suburbs by raising the property values so high, the average person can't afford to pay their property taxes..
I bet the city leaders think they are really getting rid of the riff-raff by doing that, too.
Where are you referring to, in regards to the property taxes? Taxes seem very reasonable for many of the houses we've been looking at... $300k houses with property taxes around $1300-1600 per year. I come from Michigan, where you can get more "house" for your money, but the taxes are at least double. They have summer and winter taxes, both of which are at least $1500 each for where I grew up. My friend sent me a link to some of the houses he's looking at buying in the suburbs to the south of Detroit (not directly outside of Detroit, about 10+ miles south) and the taxes on a $200-220k house were $3900+.
I have another friend that lives in the northern suburbs of Chicago, and granted they have great schools and what not... but the taxes in the houses around him average $12-13k per year!
Listed Thursday around noon... we went the first day to see at around 6pm, and they already had 2 offers that night. They were gonna close it off Friday night, but decided to show it again on Saturday. They ended up with 12 offers total, and decided Sunday.
About what I was thinking but thanks for the confirmation!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
