ClubWRX Forum banner

1 - 14 of 14 Posts

·
Registered
Joined
·
77 Posts
Discussion Starter #1
Ok, I am finally ready to take the plunge into owning my own home. :) I have been starting to look around town, talking to a mortgage broker/consultant, and I am about to get a buyer's agent.

I am looking in the South/Southeast area, something that's no more than 20 Minutes from Havana and Iliff. Here's the rest of my requirements:

- at least 2 bed, 2 bath
- at least 1200 SF
-2 Car garage :), attached HIGHLY preferred
-Single family or Townhome
-Good neighboorhood
-New construction or HIGH quality older construction
-180K to 200K tops

So far, I have found some new townhomes I really like at Chambers and Florida- but I am unsure of the neighborhood. There's also some out at Tower and Iliff that I have been looking at. However, I drove down one street (Quincy and Chambers area), and it had in one block 5 houses for sale and another 3 for rent (things that make you go, hmmmm...)

So, if anybody has some suggestions, or things you have seen that fit the bill let me know.
 

·
Registered
Joined
·
1,925 Posts
Are you considering Littleton JJ? You said South. I bought in a nice townhome neighborhood called southpark, near broadway and mieral. Actually on mineral, between broadway and SantaFe. If you want more info., let me know. Most the places are under 200, built well in the late 80's, reasonable hoa $. Seems to fit your criteria, except for not being new.

See if your agent can find a few. Might be worth a look. Good luck, it's a big step.
 

·
Registered
Joined
·
3,086 Posts
Northeast is cheaper. You could get into one of the Oakwood homes for pretty cheap. Most places in town, your budget will get only a townhouse.

Buying a house in CO is expensive.
 

·
Registered
Joined
·
296 Posts
Chambers and Florida neighborhood is okay. Aurora school district I believe, so houses will be a little cheaper. The further east you go, like tower and illiff, the houses will be newer and the neighborhoods nicer, but that is cherry creek school district so it will be a little more expensive. As far as Quincy and Chambers, that seems to be a nice place as far as I know. The reason why you might be seeing a lot of houses for sale around there is because of all the housing expansion which is going on not too far east and south of there. Everyone wants to upgrade.

Nick C.
 

·
Registered
Joined
·
242 Posts
also, I just finished going through that hellish process (closed yesterday), so if you need any info or help, I'd be happy to pitch in.
 

·
Registered
Joined
·
553 Posts
I'm a liscensed real estate agent in Nevada.... 90% of nevada law mirrors colorado stuff, and what isn't mirrored I'm pretty up to speed on, let me know if you need anything.
 

·
Registered
Joined
·
2,491 Posts
What Nick said.

Your best bet for newer and cheaper is to go East or SE of what sounds like your work location. Cherry Creek school district is better than Aurora district but you could probably get more house for $ in Aurora. Also keep in mind that any fairly new development is going to have a high turnover (especially if it is in the more affordable range which yours sounds like, since people are typically going to upgrade or move to bigger houses from their starter homes as they have children or the kids get bigger). The oldest houses in my hood are about 8 years old, and there is still significant turnover today (originally houses here were considered affordable (smaller starter homes) and typical owners were mostly childless couples or couples with an infant and some singles. Even with the number of houses for sale in my hood, they usually sell very quickly (within a couple of months). If you see a bunch of houses that have been on the market for very long, that'd be a warning sign (also when there are many rentals - a sign that they couldn't sell and settled for renting). In an older, more established hood, you probably shouldn't see so many houses for sale.
 

·
Registered
Joined
·
77 Posts
Discussion Starter #12
Thanks for all the tips, keep em coming. :)

As far as School District goes, that is pretty irrelevant to me at this point, as kids are not in my future for this house. :) I plan to stay in this house for 3-5 years maximum, so I need something that will at least hold it's value. That's why I am concerned about neighborhood/location so much.

The northeast now really has me intrigued as I believe I have read articles lately that it is the next big growth area in the Metro Area. I also know the Southeast has more growth potential, but it is already pretty much built up- the northeast is just starting.

Looking at the houses wrxinthehouse suggested, I think for my money I would rather do something like that then a new townhome.

And, a established home is not out of the question but I like the extra ameneties newer and new homes provide. :)

Any opinions/experience on these builders (that I have looked at so far):

Oakwood (NE)
Colony Park (Chambers and Florida)
Concert American (Alameda and 225, Tower and Iliff)
KB (NE)
Richmond/Four Seasons (NE)

Also, I hope in that whatever I pick the damn HOA won't have a fit when I work on my car in my garage... :D
 

·
Registered
Joined
·
329 Posts
Schools and Homes

JJ,

Just to throw MO in here - I have bought 4 houses in my life and 2 of them were brand new in Colorado so I think I know what I'm talking about. Being in a school district like Cherry Creek is going to be a "gift that keeps on giving." It's not just something nice to have because of the schools and kids, its something that you can always add to the marketing schwag when you go to sell the house at some point in the future.

My wife and I are actually in CCSD because our kids have done so well there, so we have other motives. But, it is proven that the values of homes in desirable school districts actually appreciate at a marginally higher rate than homes in non-desirable school districts.

I actually believe in buying more house than I can afford in order to allow appreciation to turn it into an investment rather than just a house payment. For instance, I just moved into a new home in Tallyns Reach last week (corner of Smoky Hill and E-470 basically.) Other than the fact that my family needed more space, I bought this house as an investment. There is a shopping development called Southlands being built about 1 mile away. It is currently still in its earliest stages, meaning that no one has been there and no one really knows it exists as a local amenity. My home cost quite a bit less than a home in a developed/established area, but I believe that the Southlands development and the additional high quality development in the area will cause my values to increase 3-4 times more than they would have if I had purchased in an established neighborhood or section of town that is well known. If you can find something like that in a similar situation, thats definitely the kind of gamble you want to take. So, dont look at the price of it so much (IMHO) - look at the potential. If you have to spend $250K to get into an area that is going to appreciate 20% in 4 years rather than 1/2 of that, it may be worth your while to take that gamble.

My 2c,

J
 

·
Registered
Joined
·
2,491 Posts
What JaMa said, also.

A quality school district will also be some guarantee that the area should at least hold it's value, if not appreciate, instead of some new development turning into a ghetto.

Since you are looking short term, I'd suggest a new (or newer, < 5 years) house, which should appreciate rapidly the first few years. If you can buy pre-construction, you will not only have them build it the way you like, but also save significantly in the price. My house appreciated 25% just between the pre-construction price and market price when it was completed. Unfortunately I didn't get the savings since I wasn't the original buyer, but the one who paid 25% more when it was finished. The risk you take is that the development might fail (like some developments where the builder went bankrupt and simply abandoned the site shortly afterwards) - that is where the builder history and financials become important. If I had been only interested in living in my home short term, I would have won big time, as my house appreciated 12-15% annually the first few years. Again, since you're looking short-term, do look into minimal down payment and ARMs for the maximum house you can qualify for (possibly SFH v. townhome). The entire E-470 corridor is a huge growth and investment opportunity if it's within your commute and "living way out almost in Kansas" family-oriented style. Also, go for a 3-bedroom house if you can get it in budget. 2 bedrooms is too small for most families, so 3-bedroom will have best resale. Same with TH v. SFH. And you really can't have too much house as long as it's in your budget. When I originally went house hunting, my realtor showed me some older homes with 3 car garages, and my thought was - why on earth would I need a 3 car garage (I'm not a boat person, and 2 should be enough even if a wife happened). Well, the 2nd car came along, and I wish I had extra storage (tool!) space to work on my cars when a 2 car garage barely leaves enough to get the doors partially open on both cars.

As for builders, I've even heard horror stories from buyers of new higher-end homes ($250k+ in the mid-late 90's). A coworker told me about his bathtub overflowing because the builder never connected the overflow drain to anything. I think there was also some sewer backup basement flooding incident in a previous new home his family bought. One of the builders was Richmond Homes. KB Homes is known for their more affordable homes and was in excellent financial condition a few years ago (I just haven't kept up so can't vouch for these days).
 
1 - 14 of 14 Posts
Top