Monday, June 4, 2007

9960 Croke Drive, Northglenn What Are You Nuts?

What are they thinking?
This weird house was on the market for $599,999 08/12/2005 lowered to $469,000
then sold 02/21/2006 $575,000. Perhaps a little money back for improvements? The house certainly needed it. There are no comps in this neighborhood to support anything over perhaps $250,000. County has this POS assessed at $287,220. You could have bought the house next door or across the street around this same time for $195,000 and $185,000, there was a listing for $260,000 across the street that had a 4 car garage and didnt need a complete new roof. I drove past this home in January and it looks like it does now, well actually worse. Some flipper has torn the entire roof off and the entire interior was exposed to the record snow fall last winter not to mention all the rain we recently had. Now as you can see the outside is fenced and there are asbestos signs dotted all around this house. The house is really a work or art it had a swimming pool and was a 'do it yourself' type home, fair quality at best. I was inside this home about 15 years ago and the homeowners at that time were in no condition to 'fix it' up. Well now it appears these flippers have owned this home for 1.5 years and now it is basically a site which needs a demo and a hazmat team before a home can be built on it.(wonder if it has been condemned yet, once a home has been condemned its hell to finance) Why pay $575,000 for a piece of ground in Northglenn?? What are you nuts? You could buy a piece of ground in Cherry Hills, Polo, Wash Park for the same or less and have neighbors who drive BMWs and live in million dollar digs?? This neighborhood has about a 1:4, 1:5 foreclosure rate right now. These flippers paid $575,000($106,000 over list price), they have a first and second with Gauranteed Rate Inc, no chance to refie the way it sits now and dont even live in it. This is before their $360,000 they owe on their primary residence. I guess money does grow on trees.


Anonymous said...

Were they making any payments on this dump? Or was the intent on this property clearly to commit mortgage fraud to pay-off the seller with an inflated appraisal?

Bubblewatcher said...

ifxchchIt seems that they are making payments. It is a weird deal. No bank would be working on it or repairing it. There has been no recent quit cliams. I think they got bad advise and are in over thier heads.

Craig said...

wow...a Denver bubble blog. Great stuff!! I've been curious as to how many other areas in the US have bubble blogs going...I recently moved from San Diego back to Santa Monica where I grew up and have been watching this bubble unfold for a few years now. I usually post over on the west side bubble blog.

Anyways, keep up the good work, as I am sure I will be checking back in here a bit to see what I can learn about where you guys are in the "busting" stage of the game.