Denver Real Estate Discussion / Opinion Thread (NO Data Charts) (Littleton: sales, real estate market)

[denverian]

Originally Posted by Prodigal Native

As someone who is looking to move to Denver, I assure you, this is NOT good news.

When we moved to Denver (from CA) in 2005, the market was crazy. We had to be in a release lottery to buy a new house in Stapleton. We were bumped from the house we actually wanted, and just took what we could get. We like the house we bought, but after living here for years, there are other floorplans we'd prefer.

[Prodigal Native]

Originally Posted by denverian

When we moved to Denver (from CA) in 2005, the market was crazy. We had to be in a release lottery to buy a new house in Stapleton. We were bumped from the house we actually wanted, and just took what we could get. We like the house we bought, but after living here for years, there are other floorplans we'd prefer.

Ideally we will build after being out there for about a year, but even that sounds like it could be tricky.

I wish things would cool off a little up there and heat up down here, depending on how you look at comps I will either be looking at breaking even or losing 25% on my current house (I bought in 2003, just before the market went insane). Can you say, "Progidal Native will be a landlord for a few years?"

*sigh*

[denverian]

Originally Posted by Prodigal Native

Ideally we will build after being out there for about a year, but even that sounds like it could be tricky.

I wish things would cool off a little up there and heat up down here, depending on how you look at comps I will either be looking at breaking even or losing 25% on my current house (I bought in 2003, just before the market went insane). Can you say, "Progidal Native will be a landlord for a few years?"

*sigh*

I work with someone who moved here from Phoenix last Fall and he's had to rent out his old house. Right now, the rental market in Denver is crazy as well. I could rent my house for at least $1K more than the mortgage.

[headingtoDenver]

I need an honest opinion from people who have bought lately here in Denver. Do you think that Denver itself is experiencing another bubble? It seems that housing costs are skyrocketing upwards again versus the rest of the country. It makes me wonder if in a few months to a year, there will be an extreme surplus of overpriced homes on the market due to everyone trying to capitalize on this frenzie.

What sucks is that my wife and I have been out here for about 6 months now and would be looking to buy a house in about a year. I unfortunately got burned in the last bubble and I particularly do not want to get burned again.

[SkyDog77]

Originally Posted by headingtoDenver

I need an honest opinion from people who have bought lately here in Denver. Do you think that Denver itself is experiencing another bubble? It seems that housing costs are skyrocketing upwards again versus the rest of the country. It makes me wonder if in a few months to a year, there will be an extreme surplus of overpriced homes on the market due to everyone trying to capitalize on this frenzie.

What sucks is that my wife and I have been out here for about 6 months now and would be looking to buy a house in about a year. I unfortunately got burned in the last bubble and I particularly do not want to get burned again.

This is the (multi) billion dollar question. I would advise you not to trust opinions on an Internet forum on such a complicated issue.

I will say that the established neighborhoods in the city did not see the crash that overbuilt suburban neighborhoods did last time around. My personal assumption is that this trend is likely to be repeated.

[headingtoDenver]

Originally Posted by SkyDog77

This is the (multi) billion dollar question. I would advise you not to trust opinions on an Internet forum on such a complicated issue.

I will say that the established neighborhoods in the city did not see the crash that overbuilt suburban neighborhoods did last time around. My personal assumption is that this trend is likely to be repeated.

I'm definitely not going to take whatever I read on the internet as gospel, I just wanted to hear other people's thoughts on the subject.

[2bindenver]

I think there was no bubble, no double digit price run ups in the last decade.

Let your past experience help you choose the best possible property - not keep you out of the market.

Rents are up 10-15% a year, prices are up year over year - and this may continue for some time.

[Maroon197]

Originally Posted by headingtoDenver

I need an honest opinion from people who have bought lately here in Denver. Do you think that Denver itself is experiencing another bubble? It seems that housing costs are skyrocketing upwards again versus the rest of the country. It makes me wonder if in a few months to a year, there will be an extreme surplus of overpriced homes on the market due to everyone trying to capitalize on this frenzie.

What sucks is that my wife and I have been out here for about 6 months now and would be looking to buy a house in about a year. I unfortunately got burned in the last bubble and I particularly do not want to get burned again.

I've read numerous articles suggesting that we are most definitely in the midst of yet another artificially created housing bubble. And if you look at what is happening around the country (not just Denver) it certainly does seem that way.

[SkyDog77]

Originally Posted by Maroon197

I've read numerous articles suggesting that we are most definitely in the midst of yet another artificially created housing bubble. And if you look at what is happening around the country (not just Denver) it certainly does seem that way.

Denver did not experience a bubble last time around. Some of the burbs did, but the city did not.

[new_to_town]

The problem is not so much with many new people moving to Denver. I mean have THAT many people moved to Denver in just one year? Increased economic activity (jobs) and low interest rates (with the knowledge rates may soon increase) have encouraged many more people to buy that have been holding out. The problem is with low inventory, and from what I've been reading that's still caused by too many people being underwater with their mortgages, so prices haven't risen high enough for them to put their houses on the market to sell. So it's supply and demand. Like the previous poster in Tuscon, who's going to put their house on the market when they are going to lose money or just break even?