Parker New Homes vs Foreclosure Properties
So I get to meet a new client that is in a relocation from California today and set up to see about seven properties to get a feel for areas and price ranges. He works in Inverness near DTC so we decided to stay within a 10 minute drive to the office. He wants to stay under the 300K range and isn’t looking for anything too big so I chose a few neighborhoods that would work. We had never met before so we started at a neighborhood closest to his office.
Walnut Hills and Willow Creek in Cherry Creek School District
Our first stop was in Walnut Hills where the homes were built in the 1960′s and 70′s and range from 170K to 280K. There are many bi-level, ranch and tri-level homes in this area. The lot sizes are pretty big but there is also a lot of slope to many of the yards. We looked at two homes in the mid 240K range and it was clear that this was not his taste. To be honest I have seen some really nice properties in this community but the two we saw certainly looked a ton better in the MLS pictures. A quick word to people selling homes in this challenged real estate market. ( Update and prepare your home for sale BEFORE you place the home for sale ) There were a few homes in Willow Creek that were much nicer and newer but they were short sales and he is a first time home buyer that does not want to wait for a house that may or may not close. In Willow Creek the Homes are built in the 1970′s and 80′s and range in price from $240K to just over $500K. This is a really convenient community and there are more upgraded areas within the neighborhood.
Highlands Ranch Homes on Open Space around 250K
We made a quick jaunt up Quebec and found a pretty nice home built in the mid-1990′s backing to open space. It was a welcome site compared to the homes we saw in Walnut Hills. The home was well cared for and good sized ( around 1,700 square feet ) with a basement that was unfinished for a 265K price tag. The only problem was that the open space had power lines running through the middle. Some people could care less, but I have run into several that don’t want anything to do with them. The next property in Highlands Ranch that we saw was a little bit newer without a basement in excellent condition for 250K. In my opinion the location, yard and condition will make this sell but he really wants a basement so we headed out to Parker.
Brand New Homes in Meridian for 250K
I had shown some new construction homes built by Meritage in Meridian before to a client over the winter so I knew there were some spec homes that may meet his needs. We got there before the mid-day rush and went through the models. They were really good sized and pretty good floor plans for the price. Every home that we saw had an unfinished basement and two car garage. It is hard not to like new construction compared to seeing a home built in the 1960′s without upgrades for the same price. The lot sizes are way smaller on these homes, but for a single man it really works well not having a bunch of yard work to take care of. They had several in different phases of construction and floorplans.
My Opinion on Parker New Construction vs Repo
When we left he asked my opinion of what we saw that day. Now that I am at my computer and have a few minutes I’ll throw in my two cents. Other than wanting a specific neighborhood for schools, close to family or some other important reason, the new construction is the best deal out there right now. Many first time buyers are out trying to find the “deals” and look mostly at repos and pre-foreclosures. Heck I am seeing most HUD homes sell for thousands more than the list price. Why??? So you are going to pay say 190K for a “good” foreclosure in Parker right? And then you have new carpet, paint, appliances, countertops, bathroom upgrades and everything else that needs to be done to it. Unless you do the work yourself, it will run close to 25K to 30K to really do it right. Plus you have all the work and time and cash out of pocket because getting a 203K renovation loan is a pain. You now haves spent 220K to 230K for a home that is still built in the 1990′s. It makes way more sense to buy a new home for 30K to 40K more with home warranties, new appliances, and financing incentives. Plus the property in Meridian comes with a community pool and a bunch of other goodies. My opinion is that the best deals I’ve seen lately have been in new construction. You better hurry though because I saw tons of people at both Meritage and Richmond homes today and saw one lady willing to write a check for her new place. Happy Home Hunting all.