This from the Denver Post.
I tend to wonder if we are in a mini-bubble with the $8,000 tax credit deadline looming. I was speaking with my brother-in-law about property prices in Aurora and how a 3 car garage home in Southeast Aurora can sell (or at least be listed) for more than a home in Stonegate in Parker. We were at a loss. Bidding on homes in Aurora is a nightmare. We recently offered $5,000 over listed price on my sister's dream home in Aurora. The agent called us back and said that we were up against a bidder that put into his contract a provision that they will beat any offer by $500.
Comparing the home to recent sales in the area, I had difficulty believing it would even appraise at the listed price.
When we got our highest and best notification, the listing agent asked that we strike the appraisal contingencies. He stated that the seller was worried that the property may not appraise and he was willing to give contract to the offer that would withdraw the contingency. In other words to the bidder who would pay above appraised value. We could not do that.
We lost the home. All of this on a re-sale. Foreclosure bidding is even bloodier.
I tend to wonder if we are in a mini-bubble with the $8,000 tax credit deadline looming. I was speaking with my brother-in-law about property prices in Aurora and how a 3 car garage home in Southeast Aurora can sell (or at least be listed) for more than a home in Stonegate in Parker. We were at a loss. Bidding on homes in Aurora is a nightmare. We recently offered $5,000 over listed price on my sister's dream home in Aurora. The agent called us back and said that we were up against a bidder that put into his contract a provision that they will beat any offer by $500.
Comparing the home to recent sales in the area, I had difficulty believing it would even appraise at the listed price.
When we got our highest and best notification, the listing agent asked that we strike the appraisal contingencies. He stated that the seller was worried that the property may not appraise and he was willing to give contract to the offer that would withdraw the contingency. In other words to the bidder who would pay above appraised value. We could not do that.
We lost the home. All of this on a re-sale. Foreclosure bidding is even bloodier.
Metro Denver home prices up 5 months in row
Posted: 09/30/2009 01:00:00 AM MDT
Metro Denver home prices rose for the fifth consecutive month in July, offering another signal that the depressed real-estate market has turned around.
Area housing prices increased 1.5 percent from June but were down 2.9 percent compared with July 2008, according to the Standard & Poor's/ Case-Shiller home-price index.
Each of the index's 20 U.S. metro markets fell from a year ago, although Denver fared third-best by having the lowest annual drop after Cleveland and Dallas.
"The rate of decline in home-price values continues to decelerate, and we now seem to be witnessing some sustained monthly increases across many of the markets," said David Blitzer, chairman of the index committee at Standard & Poor's.
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