This real estate is depressing me (Denver, Parker: foreclosure, house, buying)

[Quietude]

Originally Posted by 1AngryTaxPayer

The median home price in S Cal is now pushing 700K. 400K would be a freakin bargain. Here it would be a freakin tear down wreck.

1) SoCal is a big, big place. Making sweeping statements about it is pretty useless.

2) Denver is a big place, and unless you're talking about the hottest metro areas and newest-new developments, $400k still buys quite a bit of house.

3) Vancouver has $3M tear down wrecks.

[Tall Traveler]

Originally Posted by drmoneytails

Spoiler alert: this is a debbie downer, complaining, venting type of post.

Denver is not as bad as other places such as California, but boy is it difficult to find a home here.

We've been looking for 5 months I'd say and we just lost our second house. The first one we put an offer in (30K above asking as we lost for a cash offer) hurt a lot, but after a couple of weeks I realized it was for the best.

Then we found the second house which was so much better than the first one. We offered 55k above asking price in addition to all other sort of concessions (2 month rent back to seller, etc). We did not and will not waive inspection/appraisal. We lost this one too.

You'd think I'd learn a thing or two and not feel so upset about it, but this house just had it all.

I know, I know.. this is for sure a first world problem. There are so many worse things in life and I realize I am so fortunate in so many ways and am so thankful for that.

But I am just tired and frustrated and keep thinking maybe I should just stop this and move to the burbs where there are so many more houses for sale.

Anybody had such a hard time trying to find a decent home in one of the city neighborhoods, with good schools, walkable, etc? How many more failed offers should I prepare myself to face? I keep reading online about people who put in more than 10 offers in different houses and couldn't find anything.

My son has been trying to buy a bigger house where he lives in Redmond, Wa area and he offered $850K for a house listing for $675K and didn't get it which made them 0 for 5 on offers...frustrating.

[N610DL]

Originally Posted by Quietude

"Denver's just a boring midwest city and shouldn't have RE prices higher than, say, Omaha."

Or so I read it. But I, too, think $800k condos are ridiculous.

That’s my point - people shouldn’t be paying nearly as much for being in the “Queen City of the Plains.” Acceptable in a coastal city, even Florida (recall they got greatly affected in the heat of the bubble 10 years ago) but this type of garbage is caused by transplant temporary migration and nothing else. Not as if Denver is well equipped to address pain points like traffic or crime spikes either.

[Count David]

Originally Posted by Gaylord_Focker

I want something similar to Reunion in Centennial. Is that possible? Something with a neighborhood pool and rec center.

Piney Creek, near Parker/Orchard. Much nicer than Reunion, and probably a lot more expensive.


We're seriously considering cashing out and buying a ghetto trasher for cash in another city, to live in for a year/two while we live mortgage free while we pile up cash to move up.

[Calix]

Denver is the hot flavor of the month right now. It is in a bubble, the question is how long will it be in a bubble and will it pop, hold steady or deflate a bit.

With the economy going strong, I suspect that the price will probably slow and modify a bit over time, especially with rising interest rates, which will likely spike up a bit more this year. High interest rates are a double price increase on buyers and have a very strong price moderation factor.

Denver will not likely be as cheap as it was 10 years ago, but I think the high prices will eventually impact the economy. High home prices always do and the downside is ugly. Hopefully Denver can navigate that successfully.

[Scott5280]

Originally Posted by N610DL

That’s my point - people shouldn’t be paying nearly as much for being in the “Queen City of the Plains.” Acceptable in a coastal city, even Florida (recall they got greatly affected in the heat of the bubble 10 years ago) but this type of garbage is caused by transplant temporary migration and nothing else. Not as if Denver is well equipped to address pain points like traffic or crime spikes either.

Why shouldn't Denver be as expensive as coastal cities?
Denver is within proximity to the World's greatest ski resorts, stunning natural beauty, and the most cosmopolitan city in the intermountain West. The fact that every square inch isn't developed yet is a good thing.
I'm an ocean lover, always have been so I prefer smaller coastal cities, I get the love for water.
I have lived all over California, Malibu, Newport Beach,West Hollywood, can't tell you how many of the natives from those places love and have moved to Denver. For years I have actually thought, though I am biased that some areas in Denver have been way undervalued for it's Qol.. I don't believe for a second prices are going to crash here either.

[N610DL]

Originally Posted by Scott5280

Why shouldn't Denver be as expensive as coastal cities?
Denver is within proximity to the World's greatest ski resorts, stunning natural beauty, and the most cosmopolitan city in the intermountain West. The fact that every square inch isn't developed yet is a good thing.
I'm an ocean lover, always have been so I prefer smaller coastal cities, I get the love for water.
I have lived all over California, Malibu, Newport Beach,West Hollywood, can't tell you how many of the natives from those places love and have moved to Denver. For years I have actually thought, though I am biased that some areas in Denver have been way undervalued for it's Qol.. I don't believe for a second prices are going to crash here either.

It's within 2 hours with traffic to many ski mountains but otherwise it's very isolated to most population centers except Colorado Springs. If that's the case, why isn't SLC spiking like DEN which is much closer to the mountains?

[Timmyy]

Originally Posted by Scott5280

Why shouldn't Denver be as expensive as coastal cities?
Denver is within proximity to the World's greatest ski resorts, stunning natural beauty, and the most cosmopolitan city in the intermountain West. The fact that every square inch isn't developed yet is a good thing.
I'm an ocean lover, always have been so I prefer smaller coastal cities, I get the love for water.
I have lived all over California, Malibu, Newport Beach,West Hollywood, can't tell you how many of the natives from those places love and have moved to Denver. For years I have actually thought, though I am biased that some areas in Denver have been way undervalued for it's Qol.. I don't believe for a second prices are going to crash here either.

Same here. I grew up in Southern California and I lived for the ocean. I surfed my entire life prior to moving to Colorado. I believe prices will stabilize and may dip a bit but I don't think that will happen for a few years. There is definitely not a bubble. I believe the only way it could burst here is if the entire country bursts. Right now there is just not enough inventory for the amount of people that want to buy.

[NoClueWho]

Originally Posted by bluescreen73

If Denver's in a bubble, so is Dallas. House prices in the desirable burbs of Dallas are almost 50% higher than they were a decade ago. Places like Plano and McKinney are pushing 400k, and Frisco is closer to 500k. Now, can you find houses below 300k in DFW? Sure, but it'll likely be a) really old/small and/or in need of serious repair, b) in the boonies an hour plus commute each way or c) in a less-than-desirable area.

This. Dallas is going through the same thing that Denver is right now. Actually, probably worse in the long run, because Dallas has a more diversified economy and Texas is more business friendly, so the DFW area is attracting way more businesses, huge corporations, and relocated employees.

Living in Dallas and seeing what is similarly happening in Denver has taught me that if you truly value things like reasonable commute times, reasonably priced homes where you don't get outbid every time you find one, spending time at home with your family versus stuck in rush hour traffic, and just a good quality of life in general, then as SOON as you notice a large influx of Californians moving into your city or area, get out while you can or just skip over it entirely if you are thinking about moving there.

Of course not everyone will have that option, but it will definitely save you plenty of money, time, and heartache if you can avoid California saturated cities and regions. They ruin every city and state that they flock to. Makes me want to move back east and stay there.

[NoClueWho]

Originally Posted by himain

no way in HELL would I pay 55k over asking price. That's desperation at it's finest

LOL, right!!! I do feel sorry for the OP, because living in a similar market like DFW, I've been there and know how frustrating the house hunt can be. But when people put in insane bids THAT far over asking price, they actually become part of the problem and help drive up the housing prices that they complain about!