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Old 12-11-2016, 01:31 PM
 
10 posts, read 8,933 times
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We have observed decreasing prices for observatory park condo next to denver university despite denver real estate values going up. The condo is a lovely building at 2200 south university drive denver colorado.Does any one have a reason why this property would be dropping in value?
Any advice from a real estate person would be highly appreciated.
jcofino
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Old 12-11-2016, 02:16 PM
 
Location: Just south of Denver since 1989
11,826 posts, read 34,433,423 times
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Address?
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Old 12-11-2016, 02:51 PM
 
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2200 south university blvd #306 denver colorado. observatory park townhomes. Thinking of making offer, but troubled by decreasing asking prices. Thaks
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Old 12-11-2016, 02:56 PM
 
Location: 0.83 Atmospheres
11,477 posts, read 11,557,632 times
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Was the asking price too high versus actual selling prices in the building?
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Old 12-11-2016, 03:09 PM
 
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yes exactly
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Old 12-11-2016, 03:52 PM
 
Location: Just south of Denver since 1989
11,826 posts, read 34,433,423 times
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If you know recent selling prices, why ask here versus making an offer?

What does your agent say?
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Old 12-11-2016, 04:08 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,711 posts, read 29,817,888 times
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Default Data are your friends

2200 south university blvd
#306 – sold in 2007 for $426K, now asking $399K (bought at peak of market back then)
#307 – sold 2007 for $497K, now asking $460K

#303 – 2007: $368K, DEC2014: $337K
#304 – 2008: $420K, JUN2014: $425K
#310 – 2007: $462K, SEP2012: $327K, MAR2014: $383K
#311 – 2007:198K, JUN2013: $222K
#312 – 2007: $501K, DEC2012: $501K, tried to sell in JUN2015 for $477K
#314 – 2007: $691K, APR2014: $550K
#315 – 2009: $400K, AUG2014: $43K
#212 – 2007: $467K, JUN2013: $388K


Pattern is clear to me. Everyone overpaid in 2007. Market crashed and a new equilibrium has been reached.


Zillow is our friend
Real Estate - 2 Homes For Sale | Zillow
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Old 12-11-2016, 05:23 PM
 
Location: Denver CO
24,202 posts, read 19,202,259 times
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Even in a hot market like Denver, houses that are overpriced don't sell.

It may also be things specific to that unit that make it less desirable, such as not having a nice mountain and/or park view, or having a less upgraded/higher end kitchen and bathrooms.
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Old 12-12-2016, 11:17 AM
 
10 posts, read 8,933 times
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Default explanation of overpriced units

Thanks for the price history at the property we were looking at. The units are beautiful and in move in condition. Any reservations about living next to or across street from Denver University?we are both retirees in our 60s and are moving from florida to be close to our son and daughter in law who just had a baby.We are both active , not ready for the old folks home yet.
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Old 12-12-2016, 11:34 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,711 posts, read 29,817,888 times
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Default Welcome to Denver

Quote:
Originally Posted by juliocofino View Post
Any reservations about living next to or across street from Denver University?
No. We lived 1 mile north for 24 years. (We actually looked at and considered a unit in 2308 S University Blvd, but it was too expensive for us.)

University of Denver, not Denver University.
Though it is referred to as DU.
The same is confusingly true with the University of Colorado.
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