Denver Real Estate Bubble

Angelo Mozilos forgotten cereal ad.

2007-11-07T06:28:00.000-08:00

http://link.brightcove.com/services/link/bcpid1155328549/bclid1137812485/bctid1295348201

10300 West 59th Place/Avenue Pump and Dump!

2007-10-26T06:17:00.001-07:00

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....

4735 Josephine another Countrywide POS

2007-10-24T12:49:00.000-07:00

Here is a real nice duplex in the heart of Denver. This is within walking distance to the Stock Yards and if your lucky you grab a train as it lumbers by your rear window....what a great way to save on that ever increasing gas bill.

This POS has gone through the complete wash cycle.

This POS originally sold 08/29/2006 for an outstanding $290,000, after being listed for $269,000.

Next it sold 0n 01/15/2005 without the help of MLS for an outstanding $325,000.

Now you can buy this POS from Countrywide for only $188,900.

2,186sf 10/6/3.5, 2 units.

Cali Fires not good news..

2007-10-22T18:27:00.000-07:00

$17,000,000 up in smoke..

2007-10-22T04:29:00.001-07:00

Malibu castle burns to ground as wildfires destroy landmark Hodge castle seen ablaze and then in ruins in pictures below.
You can see in the picture that the landmark Malibu castle was engulfed and totally ablaze despite firefighters efforts and the castle’s fire-resistant tile roof.

338 Bellvue Road, Golden, CO super flip!

2007-10-18T03:17:00.000-07:00

This odd looking house first sold 06/29/2006 after being on the market for 3 months $609,900, list price $642,000. This was after several failed attempts to sell in 2003 and 2004.

This home then sold again 06/30/2006 for $835,000. Thats right $226,000 in just 2 days. Christopher Dilapo made a bundle when he sold this POS to Joel Duran. Poor old Joel never made a payment or moved in to this POS. Very interesting....

6/1/1.5 3,000sf(yup just 1 bedroom above grade)

1,500sf basement

under size 2 car garage...

Sunnyside Condos Aurora, Price rollback 1987 prices

2007-10-12T05:55:00.000-07:00

Sunnyside Condos in Aurora Colorado are selling for rock bottom prices these days. You can pay $40-$50,000 for a 2/2, 900sf unit today. In 2001 these same units sold for $100-$110,000. This project hasn't sold this low since the mid 80's or when they were first sold.

Beauvallon Condos if only I had waited 925 Linclon

2007-10-10T08:41:00.000-07:00

Unit 7B-S
this swanky upscale condo project was the talk of the town when it was being built......
guess what
currently 30 units on the market(there are only 100 units total)
this flopper paid $804,900 01/15/2006
it just sold 02/16/2007 $620,000.
I wonder if that $900/month HOA fee made it more difficult to afford...
2,200sf 2/2

A youtube video about mortgage meltdown

2007-09-28T10:46:00.000-07:00

http://www.youtube.com/watch?v=SkhiXeNYoqU

went to Vegas last weekend

2007-09-24T06:27:00.000-07:00

what a fun place!

Exploding Arm's...they suck Goodbye Housing Bubble

2007-09-18T17:30:00.000-07:00

http://www.youtube.com/watch?v=cEs1waa6HT4

Preditctions from 1 year ago...

2007-09-18T17:28:00.000-07:00

http://www.youtube.com/watch?v=yoZV5jt9puc

Appraiser Blames elderly w/dementia for over valuing property

2007-09-13T13:18:00.000-07:00

http://a1135.g.akamai.net/f/1135/18227/1h/cchannel.download.akamai.com/18227/podcast/DENVER-CO/KHOW-AM/9-12%20Tom%2011am.mp3?CPROG=PCAST&MARKET=DENVER-CO&NG_FORMAT=talk&SITE_ID=636&STATION_ID=KHOW-AM&PCAST_AUTHOR=Tom_Martino&PCAST_CAT=Spoken_Word&PCAST_TITLE=Troubleshooter_Unleashed

Appraiser helps homeowners to foreclosure.
Thanks!

Goodbye Countrywide and Fullspectrum

2007-09-13T04:47:00.000-07:00

http://denver.bizjournals.com/denver/othercities/dallas/stories/2007/09/03/daily27.html?b=1188792000%5E1517133

Countrywide cutting more jobs
Dallas Business Journal - September 6, 2007

Countrywide Financial says it has cut an additional 900 positions in its mortgage production divisions.
The cuts, announced Wednesday, are in addition to the 500 jobs the company announced it would cut last month in its Full Spectrum Lending unit.

Countrywide has more than 11,500 employees in Texas, with the vast majority of its corporate facilities located in the Dallas-Fort Worth area, a company spokesman said. The cuts Wednesday impacted about 150 jobs in Texas, mostly in the Dallas-Fort Worth area.
More than 4,500 of Countrywide's jobs in Texas were created as part of the Texas Enterprise Fund agreement.
Calabasas, Calif.-based Countrywide (NYSE: CFC), in 2004, agreed to bring 7,500 jobs to Texas by 2010, as part of a $20 million grant from the Texas Enterprise Fund.
Krista Moody, a spokeswoman for Gov. Rick Perry's office, said the state's contract with Countrywide stipulates that jobs need to be held until 2011.
"The state's contract with Countrywide is based solely on the creation of jobs, and at this time we have no reason to believe they are out of compliance with our contractual agreement," Moody said.

In a letter to employees distributed Friday, Countrywide Chief Executive Angelo Mozilo called the current market cycle "the most severe in the contemporary history of our industry."
"During the past two years the growth in home price appreciation has stopped dead in its tracks and in many areas of the country it has turned in the wrong direction," Mozilo said in the letter, according to the Associated Press.

Mtg Broker turns to running a Brothel

2007-09-10T06:35:00.001-07:00

http://wcbstv.com/topstories/local_story_252232548.html

is this the sign of things to come?

The Magic TE Duggan Touch part I

2007-09-07T13:44:00.000-07:00

The TE Duggan touch is alive and well and in a neighborhood near you.
Today we are featuring 7045 S. Malaya Way.
Mr TE Duggan(perhaps the same licensed mtg broker in CO) snatched this beauty up for $308,000 on 10/2006. This was a bank sale.
Duggan our superstar flipper sold it 1 month later(without the help of MLS) to our flopper for $363,000. $55,000 in one month! That could put alot of gas in your car these days. Duggan must need alot of gas to get to all his flips these days.
Right now you can buy 7045 S. Malaya Way for only $315,000 through the MLS. Seems the flopper that Duggan dumped this on can't afford this beauty and the Realtor has it as a 'Short Sale". TE Duggan has a long list of properties so we will see more of his little flips in months to come.

The Magic T.E. Duggan Touch at a neighborhood near you part II

2007-09-07T13:15:00.000-07:00

Again the star of this show is T.E. Duggan.

Our flipper picked up 8870 N. Sundown Trail, Parker on May 2006 for only $520,000. Seems US Bank was stuck with it and needed to unload it.

This POS was listed from 12/02/2005 until it sold in May '06. List price went from $551,250

to $529,000. The above pictures are what this POS looks like today. The water was turned off in early '05 and still has yet to be turned on.

Mr Duggan(perhaps the same licensed Mtg Broker in CO) sold this wonderful POS on the very sameday to Melvin for $650,000. He bought it for $520,000 and sold it for $650,000 in less then 12 hours.

This guy must be the greatest flipper in the world! He should be on A&E. He can sell homes without the help of MLS.

Melvin never moved in to it or made any payments from what we could tell. The water, electricity and gas hasn't been turned on in this POS for a few years. Could be a case of stolen identity?

2275 Wadsworth Blvd. Bonterra going going gone

2007-09-07T03:04:00.000-07:00

It took years for this vacant piece of land to finally sell.

2.3 acres sold 04/29/2005 $950,000.

A building loan was taken out 10/13/2005 $587,167.

Red tape for condo project must have been a real head ache.

Now the remains of the sales trailer and sign can be seen from Wadsworth.

I guess this is a sign of the times.

The person who really profited from this was the guy who bought this piece

of ground in August of '99 for only $269,000.

Bonterra is another player who arrived to the party too late.

8480 West 6th Avenue, what I cant hear you!

2007-09-03T13:27:00.000-07:00

Here we have a brand new Ranch style home.

2,611sf

full unfinished basement

3 Car garage

Listed for $498,500 lowered to only $399,900, $152.62sf.

List date 01/2007 to present.

Well our flipper has a 10% arm for $351,750, from 04/28/2006.

Vacant waiting for the new homeowners personal touches

MLS boasts 'STRIKING VIEWS'

Id have to agree as 20' from the front door is 6th Avenue Freeway which is 6-8 lanes @ 70mph.

I spent 13 years living on 5th Avenue so I know what this traffic sounds like.

This is a real homes of genius.

Good Luck Mr Flipper, you'll need it.

1470 South Haleyville Street, Murphy Creek

2007-08-31T06:28:00.000-07:00

The flippers had fun with this one.

DR Horton tract home

1,791sf, 762sf basement, 2 car, vanilla upgrades

Checkout this home's checkered past,

04/27/2005 $242,100 builder sale

10/11/2005 $301,000 flipper sale

07/05/2007 $234,000 bank sale

'Barely Lived In'...still

336 Grant St. #504 Is this the bottom?

2007-08-30T08:44:00.000-07:00

This penthouse unit is in a converted apartment building in an up and comng area of metro Denver.
Great location within 2 miles of at least 5 Starbucks.
802sf 2/1.75 no garage, no pool
Checkout this units sales history;
12/15/2004 $155,000
01/15/2005 $215,000 $60k in 1 month, gotta love it
10/17/2006 $170,000 212sf $45 negative OUCH!

Sign of the times

2007-08-29T05:12:00.000-07:00

1401 Delgany Street

2007-08-29T03:39:00.000-07:00

What a fun place to live, light rail right around the corner, ball field w/in walking distance, elitches w/in walking distance, restuarants, shopping you name it.

When the honey moon wears off....

Unit 302 sold 04/15/2005(new) $549,900, recently resold $460,000

Unit 202 sold 04/15/2005(new) $519,692, recently resold $502,500

these are 1,200sf 2/2, 2 car garage units selling right around $400/sf

HOA fee $353/mth

Steepest drop in home sales in 20 years

2007-08-28T17:28:00.000-07:00

http://biz.yahoo.com/ap/070828/home_price_index.html?.v=10

The decline in home prices around the nation shows no evidence of a market recovery anytime soon, one of the architects of the index said.

update to Croke Street

2007-08-27T07:42:00.000-07:00

Remember we featured this Esbestos Filled flop awhile back;

http://denverrealestatebubble.blogspot.com/2007/06/update-to-croke-drive-they-are-nuts.html

looks like the Abatement Team is finally finished.

I wonder what the total bill for this was. Paid by homeowner. Ouch.

Now they can start to build their McMansion.

We will keep you posted.

Repeat of '88?

2007-08-26T04:27:00.000-07:00

5203 W. Ohio Ave.

2007-08-23T16:01:00.001-07:00

Did anyone bother to tell the bank this is a manufactured home..

Oh well its on sale now.

Check this out;

1,716sf, no garage

1,544sf basement

13,001sf lot

nice view of SHERIDAN Blvd....

Sales History

list 07/11/2002 $270,000

finally sold 08/26/2003 $206,000

Listed again 11/10/2006 $240,000

lowered 05/23/2007 $168,000(someone at the bank musta figured out this is a wobbly box, manufactured home)

now listed for only $137,900.

I think a sale may happen at about $99,000 if someone has that much cash.

Decision One is eating this POS

Listed

Sad but true and it happened in Denver too.

2007-08-23T05:19:00.000-07:00

http://clipsyndicate.com/publish/video/376129?cpt=3&wpid=99

2102 West 32nd Avenue, If Only I had waited!

2007-08-17T09:13:00.000-07:00

The lucky first buyer of one of these attached homes set the bar.
These are 1,400sf townhomes with a garage on the 1st so there are many stairs.
Cool 3rd floor deck w/view of downtown.
Interior features the cheapest slab granite one can buy.
2102 West 32nd Ave sold 10/05/2006 $425,000
the sales that follow..
2106 West 32nd Ave sold 03/28/2007 $389,000
2108 West 32nd Ave sold 01/31/2007 $385,000
2104 West 32nd Ave pending sale $380,000
the lucky first buyer has now lost $45,000 in equity in only 9 1/2 months.

How we are paying for Subprime Mtgs.

2007-08-17T05:25:00.001-07:00

Another Lender Out,,not looking good for the American Dream

2007-08-16T12:43:00.000-07:00

5523 Laredo Street, Denver If Only I Had Waited

2007-08-16T06:59:00.000-07:00

These first time homeowners thought KB Homes was making them a great deal when they bought this new Ranch. This is the Albany which is 1,400sf with full basement.
$200,985, 08/18/2006
Look down the street and they could have purchased a slightly used Albany located at;

5564 Laredo Street for only $189,900. 5564 Laredo Street were also first time homeowners and thought the same thing when they closed on their Albany for $225,667 from KB Homes.
But wait there is more;

5514 Kittredge Street is also a Albany and has a 3 car garage!
05/14/2007 $182,000...
Another set of first time buyers who paid a whopping $240,885, 12/15/2005.

1232 Iola Street, Aurora, If only I had waited

2007-08-16T05:56:00.000-07:00

This poor flipper is feeling the floor fall out from under him/her.
They thought they got a sweet deal when they paid $160,900, 09/30/2005
740sf w/ 740sf finished basement, 1 car carport
Lets see what the street is doing;
1248 Iola $124,900, 10/26/2006 clone
1245 Iola $150,000, 10/30/2006, 1,150sf, $9,000 kick backs
1224 Iola $96,900, 01/31/2007 clone
1165 Iola $61,500, 08/02/2007 clone
1156 Iola $99,000, 02/05/2007 1,053sf
my favorite qoute today;
"without all the exotic and toxic loans who is going to buy all these MILLIONS of foreclosed homes?"

38140 Fawn Meadows Trail, Elizabeth, CO

2007-08-15T07:44:00.000-07:00

Doesnt look good for this flipper.
They borrowed $712,000 08/15/2005 Affiliated Fin'l
They borrowed $88,910 10/11/2005 Wells Fargo
They borrowed $69,000 06/14/2006 Wells Fargo
See the pattern? refie to pay the mortgage
They listed the property 09/24/2005 $1,170,000
$1,170,000 in Elizabeth on only 8 acres?? too much Kool Aid for these puppies
(how did they get those other loans while listed?)
(this must HAVE been a good client of the Bankers)
after almost 2 years and numerous price drops all the way down to $799,999
NOD served.....05/23/2007
Now the Banker is finding out just how good his client is.

2827 Umatilla Street, whats wrong with this picture?

2007-08-10T04:40:00.000-07:00

I know I shot into the sun.

This 897sf condo sold 08/31/2006 $1,125,000

that is only $1,254sf? WTF!?

previous sale 12/15/2004 $629,412 or $701sf

There is no great view, this is insane..

The sales of these condos never made it to the MLS.

What is wrong with this picture???

2929 Dexter Street, lil fraud going on??

2007-08-05T12:34:00.000-07:00

This 1,072sf brick Ranch style home sold 09/2006, $228,000 with $6,840 in concessions according to MLS.

On 11/13/2006 it sold again for $370,000, not in MLS, 80/20 loan through homecomings.

It is now listed in MLS $329,900.

No wonder Wallstreet wont take anymore mortgage backed securities.

Cramer Lost His Mind...speaks the truth

2007-08-05T04:45:00.001-07:00

More funny business on East Lake Drive

2007-08-04T16:23:00.000-07:00

We featured a failed flipper on East Lake Drive a while back,

http://denverrealestatebubble.blogspot.com/2007/06/californicating-of-aurora-part-ii-16795.html

here is her biggest competitior who is giving his house away;
just $630,000
3,670sf, 171.66sf
1,968sf basement
3 car garage
he paid $890,700 05/19/2006
wait it gets better,
this flipper is sitting on another ticking time bomb;
5615 Vistancia drive, Parker, Pradera
same flipper paid $992,700 03/31/2006
he originally listed this mcmansion 04/12/2006 $1,046,000
raised and lowered and raised the price, now it sits empty and listed for $1,100,000
if you take a drive down Vistancia drive there are tons of other flipper listings and some are recieveing NODs, its not a pretty sight along Vistancia drive these days, all these
large homes with weeds for landscaping. Out of 50 homes only 5-6 are occupied, the others are flippers....
HOA maybe foreclosing soon if the banks dont beat them to it.

WAIT IT GETS EVEN BETTER!
Our same flipper has another ticking time bomb;;;;
12542 South Robinson Ranch Drive, Parker
He picked this one up 03/15/2002 $549,845
He has raised and lowered the list price 20 times since 05/12/2005 and now it is at $595,000 subject to short sale, loan amount exceeds $600,000
Lake Drive is also subject to short sale.
He also has a property in Lone Tree, all these properties show our fliper as owner occupant???
How can 1 person occupy 3 homes in the same county at the same time??

11096 Elk Rest Run no maintenance

2007-07-29T04:47:00.001-07:00

This wonderful home which is built ON a rock just sold.

List price June 2005 was $735,000

Sales price Jul 2007 was $585,000

There is no back yard and a rock in the familyroom.

Isnt that special.

This is in Roxborough which is a neighborhood of young familys. This family has no yard for the kids to play in.

24207 East Glasgow Circle

2007-07-27T05:46:00.000-07:00

Thieves among friends..
Our flipper bought this investment 09/27/2006 $615,000, loan only shows $492,000?
Our flipper listed this 10/20/2006 $679,000, non owner, refied 05/16/2007
they must need some $ for the landscaping.
Our flipper has lowered the ask price to $659,000.
Now if they really paid $615,000, after REALTOR comish and mtg payments
there isnt much profit left.

24593 East Glasgow Circle Floppp!

2007-07-27T05:36:00.000-07:00

This flipper was hoping for a greater fool.
Our flipper picked this up 04/27/2006 $889,000
Our flipper then listed it 06/07/2006 $933,450(not much profit)
Our flipper has his house under contract for $635,000, $254,000 that has to hurt!
Our flipper has been paying a 1st of $711,200 @7.37 and a 2nd of $177,800 for over a year.

24339 E. Glasgow Cir, Flipp or Flopp?

2007-07-27T05:27:00.001-07:00

What is up with East Galsgow Circle. Across the street from 24344 is this unfinished listing.
This POS has been on the market since 07/02/2002. The listing has gone from $1,100,000 to $711,900. Countrywide is stuck with this POS. They hold the 1st and 2nd loans which total $963,950 from 10/2002.
"Never finished and never lived in"

24518 East Glasgow Circle, Tallyns Reach

2007-07-27T05:16:00.000-07:00

Tallyns Reach is out of reach for many but is getting cheaper by the day.
Just down the street from 24344 East Glasgow is this semi custom.
3,673sf plus full basement.
Listed since 03/21/2006 to today list price has gone from $908,858 to $695,000.
That profit margin is getting smaller and smaller, there is a $555,000 construction loan from 06/09/2005.

24344 East Glasgow Circle...Flip or Flopp??revisited

2007-07-27T05:01:00.000-07:00

We featured this one last spring;
http://denverrealestatebubble.blogspot.com/2007/05/24344-east-glasgow-circleflip-or-flopp.html

Greater hopes springs??
Aurora Loan Services sold this home to another flipper 02/28/2007 $830,000..this is after it had been listed for 6 months for $1,250,000.
Our newest flipper has this home now listed for $1,150,000. New listing we will keep our eye on it for you. At this point after REALTOR fees there is a potential $260,000 profit. There is a new 1st and 2nd, $664,000 @ 7.50 and $166,000..Loan payments are around $5,800/mth. Again time is money..Good luck flipper.

1705 Gaylord, is this the bottom?

2007-07-26T06:47:00.000-07:00

Like new condo building in the HOT uptown section of town. No appreciation in this project..
Unit 107 original sale 08/15/2004 $275,870, pending $249,900
Unit 301 original sale 08/15/2005 $306,000, just sold $270,000

1252 Jackson Street, greater fools club

2007-07-25T04:02:00.000-07:00

Thanks to an alert reader we have 1252 Jackson Street, what a mess.
This looks like a modular home in a neighborhood of Arts and Crafts Bungalows?
Flipper #1 listed this POS back on 02/13/2002 $449,900
Flipper #1 finally bailed out on 07/21/2003 $263,999

Flipper #2 listed this POS on 08/24/2005 $384,900
Flipper #2 finally bailed out on 03/31/2006 $355,000

Flipper #3 listed this POS on 05/31/2006 $419,000
Flipper #3 has lowered their asking price to $315,000

Looks like flipper #3 is the greatest fool...
or the bank who loaned them $382,200 in 2006
property is vacant and weeds are growing around the entrance

3345 Jackson Street, is this the bottom?

2007-07-23T07:55:00.001-07:00

Just a few blocks away from 3516 Madison which we featured last week is this wonderful flat roof, cinderblock, Ranch home.
The owner owes Homecoming Financial $175,500 plus from an adjustable they took out 03/03/2004.
This wonderful home is now under contract for $111,000.
$64,000+ ouch!

Cherry Grove East II Condos, is this the bottom?

2007-07-22T04:22:00.000-07:00

Not much appreciation in this project.
This is a relativly new project close to shopping and interstates, great amenities.
Located close to Sable and Alameda Avenue in Aurora.
Check this out;
14323 E 1st #208, new $129,800, just sold $121,250
14231 E. 1st #204, new $155,000, just sold $109,000
14333 E. 1st #208, new $139,000, just sold $104,000
14211 E. 1st #305, new $154,200, just sold $130,000
14201 E. 1st #306, new $156,000, just sold $125,000
14313 E. 1st #106, new $160,300, just sold $125,000
Just like the '80's, remember never buy a condo in Aurora!

3752 Wonderland Hill Ave...Boulder ??????????

2007-07-22T01:48:00.000-07:00

Believe it or not this is a house, 5,684sf according to someone.

They tried to sell it in '02 $2,200,000

only in Boulder would you find a home like this...

10850 West Center Ave., Lakewood. FLOPPPPP!

2007-07-20T04:23:00.000-07:00

This white elephant has been through alot over the past couple years, alot of updating and alot of listings. Now Countrywide is trying to salvage some of their invesment.
Our flipper began back in '99 when he paid $281,250.
We spent a few years fixin it up.
Listed 09/13/2003 $850,000(in a $200,000 hood)
25 revisions and almost 4 years later we are at a rock bottom price of $428,900($97sf)
this single family dwelling, overimprovement is approximately 4,379sf no basement, 2 car garage
will keep you posted.

Colony at Cherry Creek Condos buyer beware

2007-07-19T04:15:00.000-07:00

'Real Estate always goes up'
Not at the Colony at Cherry Creek Condos!
Check these out;
16346 E. Fremont #10, orig $184,900, resale $159,000
16392 E. Fremont #8, orig $174,500, resale $151,000
16320 E. Fremont #10, orig $158,300, resale $140,000

3516 Madison Street, you have to be kidding

2007-07-19T03:36:00.000-07:00

I think mature landscaping is an understatement.

Listed $195,000 only $229.41sf

850 2/1 1 car detached garage if you can find it.

145 Xavier Street, is this the bottom

2007-07-18T09:10:00.000-07:00

In Southwest Denver in PT Barnums we are seeing values plummet.
One which really sticks out is this.
This 906/906, 6/3/1 ranch is getting creamed.
06/15/2005 $250,000 not in MLS
01/22/2007 $120,000 MLS sale
$130,000 that really hurts

Im not sure how anyone could have paid $250,000 in the first place..

490 Himalaya Ave. Flipper in trouble!

2007-07-17T07:32:00.000-07:00

Country Estates
This 3,891sf semi custom 2 story home has been on the market since 02/27/2006.
List price has gone from $799,000 to $750,000.
Our flipper paid $741,000 01/19/2006.
Poor guy just wanted to make $50,000 and now its going to cust him at least $50,000 after commissions and mortgage payments for a year and a half.

2413 Flagstaff Drive, Longmont, Is this the bottom?

2007-07-16T03:07:00.000-07:00

And we thought Boulder County was safe....not
Check this out;
Sold 07/17/2001 $241,500
Sold 01/27/2006 $314,900
Pending sale $269,900
This flipper is in trouble...

190 S. Ivy Street, we dont need no stinkin REALTORS

2007-07-14T04:40:00.000-07:00

This 50's Ranch which looks to have recieved no updating has been on the market for over 1 year seeking a greater fool. Our current homeowner paid $750,000, 11/07/2005. private sale. Looks to be empty and that 80/20, 100% loan is ticking away.
They used a REALTOR for over 1 year, list price has gone from $1,275,000 to $950,000.
Now our brave flipper is attempting FSBO.
We know the value is in the 9,940sf lot but the asking price is way out there. See our highest comp, 255 South Dexter Street(west of Holly) 15,000sf lot $734,400. Next, 277 S. Forest Street, 13,500sf lot $715,000. Next, 15 Ivy Street 9,220sf lot $695,000.
Good luck 190 Ivy Street!

8950 Hoffman Way, is this the bottom?

2007-07-13T05:47:00.000-07:00

8950 Hoffman Way, Thornton
this home is in search of the bottom, check this out;
sold 10/30/2000 $163,000
sold 10/20/2003 $153,700
currently listed $129,000
I bet it sells in October...

520 Monroe Street Happy Birthday!

2007-07-13T04:49:00.000-07:00

This swanky little palace has been on the market for almost 3 years.

List price $3,650,000

4,788sf + 2,200sf basement

For that price you dont even get a refrigerator, but there is lots of room to store your wine.

They just refied out of the construction loan with $2,145,000 8% loan.

tick tock, time is money....

3417 W. Alaska Place, Is this the bottom?

2007-07-11T03:10:00.000-07:00

The Musical chair game has come to an end, for awhile, for this home.

Sales history;

sold 08/11/2005 $106,500

listed 10/17/2005 $154,900

lowered 11/06/2005 $149,900

sold 12/20/2005 $169,900 flipper #1 and buyer both made out

-------------

listed 01/15/2007 $163,500

9 revisions later $105,000

withdrawn 06/08/2007

-------------

Public Trustee Sale

06/08/2007

new owner;

US Bank NA, Certficateholders of Bear Stearns Asset---

----------------

And the melt down is just sub prime???

22141 E Quarto Place, Hope Springs Eternal

2007-07-10T09:44:00.001-07:00

For sale by owner $629,900 FSBO!!!!
3,528sf, 2 Story, 1,854sf basement, 3 car, Albert Homes
but you could go across the street and save $100,000;
22191 East Quarto Place, $525,000, 3,311sf, 2 story, 3 car, 1,703sf basement.
good luck 22141 Quarto Place!
almost forgot, the first and second on this home totals $610,000, thanks Saxon!

9575 Sunset Hill Dr.,,, Greater Fools Club

2007-07-10T08:52:00.000-07:00

Hope Springs Eternal
2 Story, 3,459sf, 1,779sf W/O basement
Builder; Infinity
Sold 05/02/2006 $944,000
now listed $998,900
The comps dont add up
same street same builder similar sizes.
9744 Sunset Hill Cir. just sold $745,000, 3,534sf
9745 Sunset Hill Cir. just sold $730,000, 3,446sf
9601 Sunset Hill Dr. just sold $732,000, 3,200sf

good luck!

3050 Poplar Street, What are you NUTz?

2007-07-10T04:33:00.001-07:00

This is just plain nutty....
Recent list price $270,000(05/12/2007)
current list price $165,000
They owe $250,000 against this gem..
They paid $190,000 when it was listed for $179,900(12/02/2003)
Specs; 1,281sf, 7465sf basement, 1 car garage
comps are crazy for this one and range from $110,000 to $230,000..

2666 East 109th Ct. Is this the bottom?

2007-07-09T05:49:00.000-07:00

Check this out.
2,048sf, 3/2, 2 story in wonderful Fox Run
prior sale $250,000
just sold $203,000!

1555 South Tejon St. is this the bottom?

2007-07-03T03:34:00.000-07:00

A flop...
sold 12/15/2003 $156,000
just sold 06/15/2007 $98,500
$57,500
OUCH!

1665 South Raritan St. is this the bottom?

2007-07-03T03:31:00.000-07:00

Check this flop out;

Sold 11/15/2005 $169,000

Just sold...05/21/2007 $89,900

$79,100

Now that has to hurt!

1280 South Quivas St. New Century Strikes Again!

2007-07-03T02:54:00.000-07:00

These poor floppers had an adjustable rate mtg of $141,000 @ 8.55% from New Century back on 05/05/2003, Id hate to see the loan balance now???!!!.

Those power lines are across the alley in back.

This home is now being sold for $85,000.

4630 Pyramid Circle, Another Flipper In Trouble

2007-07-01T10:12:00.000-07:00

Our flipper picked this huge house(3,900sf plus basement) up 05/13/2005 $435,000.

They listed it 08/12/2006 $560,000.

12 revisions later we are down to $490,000.

at this point it is a negative $10,000 assuming 6% Realtor fee, $2,800/mth mtg, $316/mth taxes($3,800/year! OUCH) and $50/mth HOA fee.

801 East 8th Avenue flip or flop?

2007-06-28T10:14:00.001-07:00

Check out this flipper.

They thought they stole it 04/07/2006 for a mere $650,000, $10,000 back to buyer.

This POS had been listed from 06/30/2004 to 04/01/2005 for $950,000.

After our flipper 'stole' this giant house which is located on a busier one way in the Capitol Hill area.

They listed it for $798,000 06/13/2006.

After 23 revisions of the listing it is down to $655,000, 375 days on the market...!

The latest comments in the MLS read, NEW PRICE!. Redevelop or Fix and Flip. May be subject to short sale. Bring All reasonable offers. Motivated Seller!. Dont Delay!

Why do they make it look so easy on A&E?

1401 Gilpin Street $700,000

2007-06-28T07:24:00.000-07:00

This is what happens when you rent your $700,000 Denver Square to a bunch of college kids.

Worthless Houses In Bonnie Brae?

2007-06-27T11:23:00.000-07:00

How can it be??
This is the one of the hotest neighborhoods in town..
Bounded by Expostion Avenue north, Colorado Blvd. east,
University Blvd. west and Interstate 25 south.
Denver County thinks houses are worthless;
1066 South Josephine Street
Recently sold $525,000 as a 'updated bungalow'
Looks cute from the outside
Denver County has the land assessed at $307,500
Denver County has the land and improvements assessed at $354,700
this leaves the house to be worth $47,200

5231 Sedona Drive, Parker UPDATE

2007-06-26T17:31:00.000-07:00

This ATM was featured about 1 month ago. http://denverrealestatebubble.blogspot.com/2007/05/5231-sedona-drive-parker.html

Check this out;

Sold 07/27/2005 $678,400

Sold 08/29/2006 $675,000 RELO sale

1. 80/20 loan totaling $675,000 08/29/2006

2. 80/20 loan $620,000 @ 7.62% + $77,500 01/01/2007

3. 80/20 loan $656,250 @ 7.75% + $55,000 05/16/2007

4. they are shopping for yet another 'piggyback loan'

With the short term of these loans there has to be some type of prepay. The points and other charges on all these loans has to exceed $40,000. That is $40,000+ 'taken' from equity. These borrowers want to do it again. WHY? Are we living on refies? The husband is a Claims Adjustor and wants to be a Loan Broker,,,I guess he has been learning from all these refies. It must look so easy...make $10,000 for collecting a few documents. Has anyone told Mr. Sedona that most borrowers get a 30 year and keep it for 7-10 years, not 3 months...The monthly mortgage at this point must be close to $5,900 or more per month...what are they thinking?...keep in mind these are first time buyers....If only New Century was still around they could keep this pattern of Refies up...Good Luck Mr. Sedona...

get it NOW this is HOW.

Mar Lee Manor, Harvey Park POP!

2007-06-26T09:46:00.001-07:00

Another fine Denver neighborhood imploding!
Check these out;
1810 S. Lowell Blvd. 2001 $158,900, just sold $116,650 $42,250
1656 S. Mabry Way, 2002 $165,000, just sold $106,000 $59,000
1475 S. Tennyson St. 2001 $157,500, just sold $112,240 $45,260
5100 W. Oregon Pl. 2004 $165,900, just sold $111,500 $54,400
1909 S. Zenobia St. 2001 $168,000, just sold $125,150 $42,850

The other shoe is slowly dropping......

Green Valley Ranch GVR, POP!

2007-06-26T07:54:00.001-07:00

Located in the Northeast corner of Denver County is Green Valley Ranch. A BLUE ghetto. The area is getting more vacant by the day. Perhaps all these homeowners are moving up to the new KB and DR Horton homes in the hood.
Check these out;
20736 Mitchell Pl. listed $129,900. last sold; 11/15/2004 $169,900 <$40,000>
20704 Mitchell Pl. listed $139,900. last sold; 01/15/2004 $180,000 <$40,100>
20928 Kelly Pl. just sold $164,000. last sold; 03/15/2005 $178,000 <$14,000>
20761 Scott Cir. just sold $168,740. last sold; 10/15/2000 $192,000 <$23,000>
20851 Scott Cir. just sold $154,000. last sold; 03/15/2004 $181,500 <$27,500>

not looking good in this hood.

6792 Bronzite Way, Castle Rock, CO

2007-06-25T06:05:00.000-07:00

360 days and still no nibbles.....

list price $1,125,000.

Back on 12/14/2005 Connie Orr sold this home to Jill and Eric Orr for a mere $995,000 never hit the MLS.

3 months after Jill and Eric bought this wonderful home they listed it and listed it and listed it and listed it and listed it and still no nibbles. They got an adjustable 1st $796,000 and second $199,000. Jill and Eric own many other homes and this one is not the primary how can they do that??

After the monthly housing costs, taxes, HOA fee and Realtor fee looks like these flippers are floppers. I hope Connie Orr isn't a close family member.

The twists and turns I found in researching this one is amazing. Im still trying to connect alot of the dots and when I do you all will be the first to know.

The Rise and Fall of a local Title CO, CPR Title

2007-06-24T06:34:00.000-07:00

Seems lots of people have 'cashed' in on the bubble.
First link is the before

http://www.bizjournals.com/denver/stories/2003/11/10/story5.html

http://http://www.bizjournals.com/denver/stories/2003/11/10/story5.html

The second link is after Erin Toll figured out what was going on.

http://denver.bizjournals.com/denver/stories/2006/02/06/story1.html

http://http://denver.bizjournals.com/denver/stories/2006/02/06/story1.html

Happy reading!

Californicating of Aurora Part I, 24900 Roxbury Place

2007-06-16T16:27:00.000-07:00

We ran into a California flipper trying to flip a mile high.

Meet Marjorie Patterson from San Diego, CA 92111

She brought her talents of flipping to Aurora, CO.

This is her flip #1

Originally listed $575,000 3/13/2005...

Sold 07/25/2005 $664,000 Builder upgrades?? who knows.

Flipper #1 relists this home 04/05/2006 $759,000

Marjorie, flipper #2, pays $740,000 on 10/27/2006(about the same day she closed on flip #2)

Flipper #2, Marjorie, relists her castle 01/02/2007 $870,000

Several price reductions and now listed for $799,000

Her first and second are costing her approximately $4,500 per month.

Looks like at this point there is zero profit on this flip and headed negative soon.
See Marjories flip #2.....

Californicating of Aurora Part II, 16795 East Lake Drive

2007-06-16T15:41:00.000-07:00

Well if it works in California it must work in Colorado, right?

Why play with pennies when the big bucks are made with real dollars...

Check this flipper out..

Marjorie Patterson from San Diego CA.

She has 2 flips working

Flip #2
16795 East Lake Drive, Aurora
Originally listed 04/14/2004 $762,000..lowered to $749,000..$735,000
withdrawn 05/17/2005
Relisted 11/09/2005 $800,000
Finally sold 02/20/2006 $796,600
Flipper #1 relists this McMansion
Relisted 03/10/2006 $925,000..lowered to $825,000
Marjorie, flipper #2, buys her castle for $930,000---$100,000 above list price
Flipper #2, Marjorie relists this flip 01/02/2007 $969,000
Marjorie has a first and second on this with a monthly payment of approximately $6,300.
No wonder she can't afford to water the lawn.
Its begining to look alot like southern CA around here.
Good luck Marjorie your going to need it.
Marjorie's house looks alot like the other foreclosures on this block, except her home is not foreclosed YET. Marjorie lives in sunny CA so she may not be aware of what her home and her block looks like.
She may not know that 16712 East Lake Drive recently sold for $705,000 after being on the market for 514 days. 16712 was built by the same builder as her home, Golden Design.
Funny thing that Marjorie closed on her 2 flips on or about the same day. That was sly on her part, she kept her ratios clean and kept any nosey underwritter from killing either one of her deals, although that might have been a blessing.

Update to Croke Drive, they are nuts.....

2007-06-14T17:57:00.001-07:00

We went by this property today just out of curiosity. There was about 10-12 workers in white suits working within the "TENT" in 80+ degree weather. While I was there the 'workers' wanted to walk, it would be like over 100 degrees in the 'TENT'. The wokers were not happy, they refused to work upstairs. I think I would too..good way to shed a bunch of water weight.

Anyway I talked with the contractor and it seems the Flippers tore the roof structure off before all the BAD weather we had this year.

The house sat there open to the elements.

A nosey neighbor didnt like what was going on 9960 Croke Drive(dont you just hate those nosey neighbors),,anyway this neighbor was nosing around and reported this house to Adams County.

Adams showed up and snooped around. They didnt like what they saw and called the experts.

The EPA came a knockin. (Dont you just hate the EPA?!) Well the EPA identified this property as a 'MAJOR SPILL'. SomehowI dont like these words put in one sentence by the EPA.

So the ASBESTOS is for real.

These poor flippers are in BIG trouble with the gubment. It appears they have to remove and abate all the particulates and Asbesos before they can begin the Macmansion they invisioned. Like our investment group told us,,"DO THE MATH"...10 workers in white suits at $xx/hour since mid April and they are still there with big fancy air circulating fans, and fancy air testers, daily air quality tests, indoor tests and outdoor tests, reports to the EPA, inspections by EPA and Adams County..my gosh I really feel sorry for these flippers.

Did they get some hair brained idea from A&E show or Home and Garden??Should they sue the seller,,,, where is that Trouble Shooter when you need him??

Stay tuned more to follow...

12933 Silver Elk Lane, Littleton, Deer Creek

2007-06-10T08:04:00.000-07:00

Never trust a investor club! Just how much is this house? You can buy this home from MLS with the help of a Realtor for just $1,649,00, MLS#518435. But you can also buy this home from a local investor club,

http://www.erealestatecolorado.com/index.php?do=properties&cat=30&resource=77

for $2,000,000, they claim that they have 2 appraisals for $2,500,000.(Those appraisers have complaints to the state on them for this property). Lets see the sales history; listed 05/10/2006 $2,500,000...finally sold.... sold $1,702,000 06/28/2006,

Listed 03/26/2007 $1,999,900 and has been lowered to $1,649,000 5/29/2007. The investor club is selling this great property as a 'Wholesale' property. What on earth is 'wholesale' realestate? If it is such a good deal why have they had it in their portfolio for about a year?

Buyer beware....

More Kool Aid drinkers on South University Blvd.

2007-06-08T05:34:00.000-07:00

Just how much is a zero lot line, adjacent a 'place of worship', custom home worth on Universtiy Blvd.?? 3059 S. Univerity Blvd. has been on the market since 05/02/2005 list price started at $780,000 and now it has been reduced to $679,000, perhaps at $500,000 they may have some action. You can buy a vacant lot and build your own custom home if you like. The lots are decling at a much faster pace. The builder wasn't having very good luck and decided to sell the remaining lots. 3055 S. Univ. was listed $225k 12/2006 and now it has been reduced to $175,000. Dont jump in yet the price will likely go down even more. We will keep you posted!

3179 South University Blvd.

2007-06-07T18:13:00.000-07:00

Just down the Blvd from The Denver University.

University Blvd. is a rtaher busy street at this point. But jump on it and you can be to Cherry Creek within mnutes or go south and be in Cherry Hills in seconds. 3179 S. University Blvd. is a 1,488sf(no basement) 1955's ranch with no basement. It has hardwood floors, Realtor states 'show & sell', that was in 2005. Some lucky flipper bought this ATM 12/2005 from the bank for $285,000 with 100% financing AND $15,000 in concessions. Somehow it was sold(not with the help of MLS) for $330,000 2/13/2006 through WMC Mortgage(I know not much of a profit but some smo got a paycheck out of the deal plus the CC). It is no listed $354,000 subject to short sale,,??? why short sale? who knows. A buyer could now buy 3149 S. University Blvd(yes 1 or 2 doors down) for $249,900 and get 1,644sf plus a full basement, 1955's ranch.(our betty has NO basement). Well buy it and get F'd or wait the storm out. We have other prime buys on Universtiy Blvd., just stay tuned..

Fronterra Village aka..Floppers Village

2007-06-06T06:46:00.000-07:00

This little slice of heaven in the north metro area is a good location if you work at the Airport.

Richmond Homes is still building here and offering all sorts of incentives. But the resales are a much better deal. Check this out;

10118 Idalia Street, originally sold 04/07/2004 $426,200, and resold 04/27/2007 $199,900

16067 E. 97th Place, original sale 12/15/2004 $254,900, and resold 02/20/2007 $183,900

9933 Laredo Drive, original sale 01/06/2005 $251,275, and resold 03/02/2007 $182,000

9963 Laredo Drive, original sale 10/22/2004 $262,000, and resold 10/26/2006 $215,250

This is just a small sampling. These are all relatively new homes, little paint and carpet and they would be new. Why are they still building in this hood?? Richmond Homes, KB, DR Horton's past customers are walking from their homes in droves because they cant sell them. Another example of the American Dream(nightmare).

9960 Croke Drive, Northglenn What Are You Nuts?

2007-06-04T04:58:00.000-07:00

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.

7555 West Yale(approximately)

2007-06-01T14:29:00.001-07:00

What a great use of a vacant lot. 2 story mobile homes. These bueties are only $200,000. You can still be the first one to buy one...condomobiles, mobiletownhomes???

1024 Inca Street

2007-05-31T05:01:00.001-07:00

The above picture is 1024/1026 Inca Street.

What a wonderful oppurtunity. This 612sf 1 bedroom attached(1/2 duplex) could be yours for only $205,000. Thats only $334psf. Look at the wonderful location you have, you can walk across the street to your industrial type job repairing truck brakes and transmissions. The light rail is only a short mile+ away. Lots of ma and pa shops nearby selling quarts of beer. This adorable casa recently sold for $207,000---but that was for the whole duplex, 2 sides. The outside has been painted since the last sale. Too bad someone beat you to this wise investment. This gem went under contract before it even hit the MLS. Perhaps Mr Straw is the new buyer...We will keep our eye on this one.

2614 Quitman Street

2007-05-30T06:57:00.001-07:00

Talk about curb appeal!

This little piece of heaven is in walking distance to Sloans Lake and the Common Grounds what more does any one need? Perhaps a major price slash.

This POS looks like a mobile home and sits right on the alley.

This PO has been listed since 01/31/2005 started out at $255,000

7 price drops later $215,000 taken off the market, 10/27/2005.

Then the old college try of raising the list price $245,000 08/08/2006.

This PO has been empty this entire time.

About now the bank is sniffing around for more details, sucks to be involved with this POS.

Funny they took out a loan on 09/13/2006 for $226,900??

Lets see listed, vacant, I wonder what loan to value they magically came up with..

1935 South Utica St., Mid Century Modern

2007-05-29T06:03:00.000-07:00

Check out this great mid century modern Ranch style home in the up and coming Harvy Park neighborhood. It has a groovy office and lots of cool furniture. You can see this home on HGTV & in Atomic Ranch Magazine. You can buy Nicks furniture on ebay at modpro1. Steve and Nick bought this groovy pad in 2001 for $150,000 and just sold it in 3 days for $219,000. Way to go guys!

705 South Jersey Street, Denver Instant Equity!

2007-05-29T05:43:00.001-07:00

This flip WAS a winner once. Check this out;

Listed 06/27/2003 $247,900

Sold 11/03/2003 $230,000

Listed 10/31/2005 $253,500

Sold 02/12/2006 $250,000

Sold 03/08/2006 $390,000, $370,000 9.25% balloon, this sale was never listed in the MLS

and the home was never moved into. The neighborhood supports the mid $200's alot of trickery and hocus pocus was done for this last sale.

If you Zillow this home and Zillow any other comparable homes in the hood it shows just how accurate Zillow is NOT.

This was sent to us by a reader, Thanks!

5231 Sedona Drive, Parker

2007-05-22T09:54:00.000-07:00

Just across the street from the last one.
Sold 07/27/2005 $678,400
listed 07/28/2005 $779,000
sold 08/29/2006 $675,000
since the present borrower has bought this semi custom Joyce home they have done 3 sets of 80/20 loans. Are we living on refies??
I will keep you posted..

5196 Sedona Drive, Parker

2007-05-22T09:35:00.000-07:00

Nice house.
Our first buyer used an arm and paid only $1,120,500 01/27/2006
sweet deal sits on the golf course.
Something happened in less then a year they listed it for $1,239,000
That list price could show a small profit after Realtor fees and closing costs, interest payments etc.
Finally sold $970,000 05/16/2007
before costs that is a $150,000 loss

1430 Jay Street, Lakewood

2007-05-18T05:35:00.000-07:00

This gem is just down the street from our other duplex. Must be something about this neighborhood???It could be the water? I dunno.
Sold 02/26/2004 $257,950
Listed 07/21/2005 $299,900 until 02/20/2006
02/22/2006 went under contract $359,800
02/20/2006 listing price raised to $362,000
and now this great gem is relisted for $350,000...good luck!

6800 West 14th Ave. Lakewood, Dupedplex

2007-05-18T05:27:00.000-07:00

What a fantastic oppurtunity! Live in one side and rent out the other...
With a little trickery you too can walk from the closing table with cash in hand.
This little gem had been listed from 12/2005 to 5/2006 for $249,950.
June 2006 the sales price was raised to $310,000 and sold...
Default.....foreclosure.......
Relisted 11/2006 $249,900
Now you can buy it for only $224,900...and dont worry about the third illegal unit...

8386 South Custer Lane, Evergreen, First Payment Default

2007-05-17T18:04:00.001-07:00

Here we have a great passive solar home in Evergreen/Valley Hi Ranch Estates which was purchased with no money down. As a matter of fact the buyer was paid to take this POS off the sellers hands.
Purchased 10/30/1984 $115,000
Listed 09/15/2005 $365,000
Lowered to $335,00 and sold 12/27/2005
Sales price $420,000...01/06/2006. That is approximatley $85-90K+/- in the buyers pocket!
Now this nice home is Evergreen sits empty and Oak Street Mortgage has 2 more bad loans. Oak street originated the first mortgage $336,000 and the second mortgage $84,000.
Too bad Chase, CITI or whomever got stuck with these bad loans didn't know ALL the facts.
This flipper scored..Kimberly Martinez...way to go Kim!

Take the money and run!

2007-05-17T10:08:00.000-07:00

It appears that the owners of 295 South Monaco Parkway took the money and left town.
The Martinez's refied a vacant lot with a loan of $320,000(must have appraised at over $500k). No bank would touch this so a private investor fell for the scam. The Martinez's needed some more working capital for the house they were building next door, 285 S. Monaco, plus a trip to Mexico, a Hummer, a Plasma TV. What on earth was the appraiser, investor and lender thinking??
Look at what happened directly across the street, 301-307 South Monaco Parkway. The builder, investor and bank haven't been able to unload these POS's since they were built 5 years ago.

The intersection of Monaco Parkway and Alameda is one of the busiest intersections in Denver. The best use for these lots is not residential but commercial. 295 S. Monaco Parkway, 7,652sf, cant be worth more then $100k as residential.

The Martinez's dont need to worry about their lots at Alameda and Monaco any longer as they are no longed the owners.

1940 East Vassar Avenue

2007-05-16T08:33:00.000-07:00

A lucky flipper is getting a great deal.
This home is in a trendy neighborhood and is ON SALE!
First Mortgage from 09/22/2004 $340,000, start rate of 6.57% adjusting upward
Second Mortgage from a private party 10/26/2005 $69,500(bandaid loan) didn't seem to help.
Total debt $409,500 thanks to a couple of lier loans..

Sales price under $300,000
1,900sf, 3 bed, 3 bath, huge garage, great potential.

9969 Richfield Street, Commerce City

2007-05-14T13:03:00.000-07:00

Yet another flip from the same street
The first flipper in all these sales is the same. All these sales are currently non owner. Perhaps Mr & Mrs Straw from anytown USA.
Sold 11/14/2006 $320,900
Sold 11/14/2006 $454,900
Listed 01/01/2007 $454,900

9950 Richfield Street, Commerce City

2007-05-14T12:53:00.000-07:00

Lucky flippers strike again!
Sold 11/16/2006 $324,800
Sold 12/27/2006 $458,950,,profit $134,150!!
Listed 12/27/2006 $458,000 raised to $459,000 and withdrawn.

9910 Richfield Street Commerce City

2007-05-14T12:43:00.000-07:00

WTF! Flippers gone mad!
Im still trying to figure out what is going on with this one...
Sold $11/22/2006 $325,800 builder to flipper
Sold 11/30/2006 $459,900 flipper to flipper $134,100 green backs profit!
Listed 01/18/2007 $450,000 lowered to $445,000 and withdrawn! headed south

4116 South Sheridan Blvd. Floppppppp!

2007-05-11T17:48:00.000-07:00

The sky is the limited, or so they thought..
What can I saw, they tried. See sales/listing history
Listed 20/19/2002 $259,900
sold 04/26/2002 $245,000
Listed 07/01/2005 $555,000
sold 08/03/2005 $510,000 lucky flipper #1!
Listed 08/22/2005 $525,00(just 2 weeks after they closed?)
Lowered to $499,900 then off market 11/01/2005 what were these flippers thinking??
Bank takes over then it gets relisted as REO
Listed 09/06/2006 $450,000
Sold 02/16/2007 $371,000... -$139,000 plus carrying costs, plus comissions, plus attorney fees etc etc
The last flipper in this ponsi was involved in other scams around town which we are researching and trying to connect the dots...
The home has a terrible floor plan upstairs but the basement would be great for a home office AND media/theater!!
What are these flippers thinking???

4444 Fairway Lane, Broomfield

2007-05-11T06:42:00.000-07:00

Flop!
Today from the sought after Broadlands neighborhood in Broomfield is this great semi custom, 4 bedroom home. There is a golf course in this neighborhood. This house however is not on the golf course. This house is on sale.
Our flipper from New Hampshire bought this flip in 2001 $887,800
House listed 02/21/2005 $979,000
12 price adjustments to todays rock bottom price of $800,000
Home is vacant and ready for your personal touches........
For just $50,000 more you could buy the home across the street which backs to fairway #1..
but that is a flip too it last sold 05/11/2006 $797,000 now listed $849,000.