Friday, October 26, 2007

10300 West 59th Place/Avenue Pump and Dump!

Here in Arvada we have a complete community which investors made a bundle on. Well the developer/investor. The original sale were not sold in the MLS. These use to be apartments until the developer converted these into condos. There are a few investors who own 5-6 units of the 100+/-. The sales people must have been real convincing. There are neighbors in Aurora who convinced one another to buy in and they own more then one unit. They seemed like such a good investment, close to shopping, public trans, no maintenance, etc.
These are 800-1,000sf 2/2. Some have garages some don't.
Most of these originally sold for between $179,000 and $194,000.
Now we have 20+ listed from betweeen $55,000 and $135,000(good luck). most are listed under $100,000. Most of the listings are owned by lenders, Countrywide included.
Just a small sample;
10321 W. 59th Ave, originally purchased $194,000, 2005, currently listed $55,000
10236 W. 59th Place, originally purchased $179,000, 2006, currently listed $68,900
10356 w. 59th Place, originally purchased $179,000, 2005, just sold $100,000
10371 W. 59th Ave, originally purchased $194,000, 2005, just sold $70,000
10229 W. 59th Ave. originally purchased $194,000, 2005, just sold $103,000
10356 W. 59th Place, originally purchased $179,000, 2005, just sold $75,000
and the list goes on....

14 comments:

Anonymous said...

ha ha ha...
thats funny.

Nothing better than see dumb people get burned.

this is only the start of the pricking of the Denver RE bubble.

SAS

Anonymous said...

Why would people spend this kind of money for crapboxes in 2005. The market has SUCKED here for years. What was going on in these people's head. We missed the bubble market that California had. Didn't they know that?

watchingthebubble said...

Hi All,

My hubby and I are thinking of moving back to Denver. We left for California in '04 and haven't wanted to buy here in the runup of the real estate boom. Can anyone tell me which neighborhoods in and around Denver are holding their own and which are going down the toilet? We were thinking of Park Hill, Highlands, Highlands Ranch, Parker, Wash Park, and SE Aurora (especially Ptarmigan Park) because these were the areas we liked when we lived there. We've heard that Green Valley Ranch is toast and Highlands Ranch is on the way to becoming toast.

Cosmo San Diego said...

Im with watching the bubble. Live in San Diego, renting and watching the market tank and smiling ear to ear. Looking at colorado post 2008 for move - both career wise and family reasons. Looking for more of a unique community, one centered around a village, gated golf community or towncenter.

Interested in the ones watching mentioned as well as some in the castlrock area and blackstone golf community. Keep up the good work.

watchingthebubble said...

Cosmo,

When hubby and I lived in Denver, we didn't really think about gated communities, but they're definitely on the list for us now. Know of any? Also, I'm thinking Littleton, but hubby worked there during Columbine and it gives him the willies.

I'd love to hear from native Denverites on this . . I know, the last thing folks in Denver probably want is more Californians, but my husband lived there for 8 years before I arrived and went to graduate school there, so I hope we're kinda grandfathered in as Denver residents. . .

Anonymous said...

Hey Watching
I think your first post regarding hoods in Denver is pretty spot on. HR is strong and has actually gone up. Wash Park, Parkhill, Bonnie Brae, DU are all strong. There are a bunch of new decent homes in Littleton around Sante fe and Bowles, If I could I would move there. Littleton is fairly strong. The hoods getting hit the hardest are aurora/north and central, SW Denver, Adams County, Brighton, old sections of Broomfield. Overall west of I25 has remained stable, thankfully. Good time to buy in these parts but we may not be at the bottom yet..

watchingthebubble said...

Thanks anonymous!

I've always had this fantasy of being a full-time published author living in the Highlands neighborhood . . . So what caused Green Valley Ranch to go belly up? Also, we had been looking at Murphy Creek before we left -- any intel on that area?

Again, many thanks.

WTB

Cosmo San Diego said...

Watching,

Only one i know of that is gated is a golf community called black stone country club in southeast Aurora.

I know nothing about it or any other area so I will watch this thread for input from others.

watchingthebubble said...

Cosmo SD

Thanks. I'll check into it.

Anonymous said...

Hi guys, you might find some of the info you are looking for on this map of Denver housing data. http://www.denverpost.com/graphics/ci_6797508

Anonymous said...

Hey Colorado go here and vote for good jobs:
www.AmericansForJobsAndEnergy.org

Jolly Green Giant

das said...

With Denver's vibrant metropolitan area full of cultural wonder and entertainment, as well as great outdoor activities and recreation, not to mention the 300 plus days of sunshine we get each year, it's no surprise at all, Denver Real Estate is something that everybody wants to own.Well-Known across the world as the "Mile High City," Denver has been consistently rated as one of the top places to live and work in the country.

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Mobin

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The Marin Real Estate Report said...

Funny. I just read an article where it listed Colorado Springs as one of the housing markets to turn around.

kanishk said...

Looking for more of a unique community, one centered around a village, gated golf community or towncenter.
antalya homes