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Larry Hotz, Kentwood Real Estate, Greenwood Village, Colorado

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You are here: Home / Denver Real Estate News / Denver Foreclosures

Denver Foreclosures

June 2, 2007 By Larry Hotz, Kentwood Real Estate Leave a Comment

“Denver leads the nation in foreclosures”. That’s what several newspaper headlines said recently.

“Luxury home sales above $1 million have suffered less in the last year. Those sales are still relatively constant with the prior year.” That’s what I said in a recent editorial.Denver Foreclsoures in Englewood Colorado

Why are both statements absolutely true? Remember what is important in real estate? It’s an old adage but it has never been truer. The three most important things in real estate are “location, location and location”.

Most Denver area foreclosures are occurring in Adams and Weld counties. Those are suburbs on Denver’s north side. Also, foreclosures in Denver proper have mostly been limited to the north and west sides of town. Also, the northern section of Aurora has had more foreclosures.

So, does that mean all the better neighborhoods are on the east and south sides of town. Not exactly. But, that is a fair generalization with many notable exceptions. Broomfield, Arvada, Lakewood, Highlands and other areas have been less affected by foreclosures. But, it is fair to say that the south side of town both in the city and suburbs has low foreclosure rates. Coincidentally or not, those are the more expensive section of the city.

I mostly practice south of I-70. My colleagues on my team work north of there. I rarely see foreclosures south of I-70 and when I do they hardly ever are great bargains especially given their generally rough condition. Luxury homes above $500,000 are generally in better areas that have held value during this downturn.

Still, bargains can be had. This is generally a “Buyers’ Market” but exceptions do exist. Don’t try to buy a new home in Cherry Hills and pay less than $3 million. It just won’t happen. But, there are builders and motivated sellers all over town making deals. The trick is to determine motivation and capitalize on it.

Even though the average selling price in better neighborhoods is still 97% of asking price, many homes will sell at substantial discounts. I have been helping my clients get the best deals for 28 years. It’s just a matter of knowing the various markets around town and how to play them. I know that can be done because I do it all the time!

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Filed Under: Denver Real Estate News Tagged With: Denver foreclosures, homes for sale, lender, owned, real estate, short sales

About Larry Hotz, Kentwood Real Estate

Larry Hotz is the team coordinator at All Denver Real Estate. He is also an active real estate broker at The Kentwood Company in Greenwood Village, Colorado. He lives in the Heritage Hills neighborhood of Lone Tree, a Denver suburb. He is an active member of the Metro Denver Association of Realtors and Metrolist, the local MLS.

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Copyright 2000-2022 by Loren Hotz Owner of All Denver Real Estate. All Rights Reserved. Loren (Larry) is a Broker Associate of The Hotz Group at Kentwood Real Estate. Some articles on this real estate blog were written by Brokers employed by various brokerages including Kentwood Real Estate as identified. Market statistics for the City and Denver Suburbs were provided by the Denver MLS search company, ReColorado.