Thanksgiving is fast approaching and more than one investor in the Denver metro area is happy this week! How so? Well I did some RESEARCH about the hot Denver real estate market under $200k and found some very exciting news.
Let me share...
Last week 87 properties closes that were priced under $200k. Well that got me to thinking about who is buying them. I pulled up the SOLD list and reviewed each property one by one. Just reading the details, I found 6 property descriptions where the property was advertised as "renovated." I plucked (pardon the pun) these addresses out and traced the sale backwards.
What did I learn?
Each one of these "renovated" homes just happened to sell previously this year.
Fix and Flippers are back!
Yes, of course I've known this to be true. Now I have the proof and will print it out right here on the Denver Dwellings Blog. Before I do, I must issue a disclaimer,
- I have no idea to what extent these properties were renovated
- I have no idea the extent of the renovations
- I have no idea of the quality of the renovations.
These are real life examples of homes purchased and sold this year. Additional expenses were incurred so please understand the numbers for what they are, GROSS (before expenses) numbers not NET.
Got that? Great, now let me roll out the spread sheet. Drum roll please...
| address | sold date | sold price | DOM | financing |
| 1395 W. Dakota Ave | 06-12-2008 | $58,000 | 52 | Cash |
| 10-30-2008 | $155,000* | 35 | CV | |
| Difference | $97,000 | |||
| 1670 S. Quivas St | 05-21-2008 | $75,005 | 31 | Cash |
| 10-14-2008 | $162,500 | 2 | CV | |
| Difference | $87,495 | |||
| 801 Tennyson St | 04-23-2008 | $70,224 | 21 | CV |
| 10-14-2008 | $175,000 | 12 | FHA | |
| Difference | 105,224 | |||
| 10 Bryant Way | 06-26-2008 | $68,000 | 165 | Cash |
| 10-31-2008 | $145,500* | 6 | CV | |
| Difference | $77,500 | |||
| 1660 S. Java Way | 09-31-2008 | $92,000 | 22 | Cash |
| 10-27-2008 | $160,000* | 21 | VA | |
| Difference | $68,000 | |||
| 1839 S. Tennyson St | 08-06-2008 | $115,000 | 14 | CV |
| 10-30-2008 | $150,000 | 25 | Cash | |
| Difference | $35,000 | |||
* Indicate sold price was adjusted to reflect concession to buyer.
Are you ready to Gobble a Deal?
Knowing now what you do about the Fix and Flip investment potential in Denver, are you ready, willing and able to get started? IF so, give me a call! There's no time like the present.
