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photo credit: cioproject

I’m witnessing an interesting trend. Investment property opportunities are much tougher to come by than only a couple months ago!

Earlier this year, we were finding 2-3 properties per week that would meet our “Great Deal” or “Wholesale” criteria. That is, a property available for purchase at a price that was at least 20% below pre-2005 values.

Its been over 3 weeks since one of these deals has surfaced. Additionally, HUD owned home are tougher to find. For example, there are only 2 HUD homes in all of Douglas County. Only 4 months ago, there was 15-20.

The take away is, as an investor or first time buyer, all new “Wholesale” deals will be scooped up quickly. As the market continues to improve, these deals will become more scarce, and you will likely face competition to be the high bidder.

We will continue to comb the market for extraordinary deals for our clients, but if you are thinking of about this kind of purchase, be prepared. Only the most qualified, and quickest to act will win!

I wanted to pass along this great article about Colorado Foreclosures from the Rocky Mountain News.

Governor Bill Ritter and Senator Ken Salazar are urging Colorado Homeowners to use the free counseling hotline for those in the danger of Foreclosure.  The hotline connects homeowners with about a dozen nonprofit counseling agencies.  Since October of 2006, it is estimated the hotline has helped approx. 5600 families keep their homes.

Senator Salazar said those who call the hotline have found an 80% success rate in the re-negotiation of their mortgage contract.

To reach the Foreclosure Prevention Hotline, call 1-877-601-HOPE

For the past 5 months I’ve been espousing the virtue of the current Denver Real Estate market. Statistics were not backing up my rosy opinion, but statistics are funny things. They are always open to interpretation, and my gut was giving me a very optimistic feeling.

I have people ask frequently my opinion on certain market “Facts.” My reply, Facts, Schmacts. They are only as good as who compiled them, and whose agenda they are being presented for. Major media outlets are crying the sky is falling, the National Association of Realtors are telling us the market is fine. The truth is, as is usually the case, some where in between. Additionally, the majority of these reports take a National perspective and Real Estate is local! I don’t care what is happening in New York or Boston (No offense intended if you are a thin skinned easterner)

What I know to be fact, after 17 years of selling homes in the Denver area, is last year SUCKED! I worked harder, and made less money, than in many years previous. What I also know, is I’ve got a feeling things are getting better. No statistical data, just instinct.

The Rocky Mountain News reported today Foreclosures (more…)