Foreclosure in Boulder>Question Details

Dawn,  in Boulder, CO

what is the foreclosure market like in Boulder? Are there agents in the area willing to deal with these?

Asked by Dawn, Boulder, CO Wed Nov 28, 2007

types of properties? I am looking for a home near CU for my son to share with other students. I am taking a class on foreclosures tomorrow in Denver, hoping to learn more about the process.

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16
||||||||| UPDATE |||||||||

Foreclosure rate has spiked in the Boulder County-Broomfield area.

http://www.denverpost.com/breakingnews/ci_19054473
1 vote Thank Flag Link Sun Oct 9, 2011
In the real world, focusing on foreclosure sales in Boulder doesn't make much sense. There certainly are some foreclosures (though most of those in the list provided by the San Fran agent aren't actually in Boulder), but the banks with loans on the property have the first shot at buying the properties...and the Boulder market is generally strong enough that they generally do. At that point, they will list the properties in the MLS system just like any other home...and the sell there.

And while there are many of these "bank" or HUD sales in Boulder every year, they are really a tiny part of our market...roughly 1-2% of sales for single family homes in recent years (http://www.agents4homebuyers.com/Charts2/Bank_&_HUD_Sale…). In areas 20-30 minutes outside of town, this percentage shifts to 30% or 40% or 50% or more...but whether buying in those markets is a good idea or not...even though there are clearly bargains now...is an difficult question to answer. If you look at long term appreciation data on our site, and compare this to areas where foreclosure/banks sales are more common, you'll see there is a clear inverse relationship between the long term appreciation rate and the number of foreclosures.
1 vote Thank Flag Link Wed Feb 23, 2011
Hi Dawn,

My partner and I often help parents in your situation. We just helped a couple in August purchase a bank owned condo in Boulder for their grad student daughter, and we have two other parents looking now for their students. My partner is actually my mother, and her first investment property was a condo for me when I attended CU for both undergrad and grad school. After I moved on, it was rented to another tenant for a few years, and then we successfully sold it this summer. There are fewer foreclosures in Boulder than in some other areas but there are some great deals on condos that aren't necessarily bank owned and may be in better condition than your average foreclosure. If you would like us to e-mail you some examples, we would be more than happy to do so.

Thanks!
Kirsty Daviau
1 vote Thank Flag Link Thu Dec 9, 2010
Hi Dawn,

Trulia currently shows around 50 foreclosure listings in Boulder at the link below. They look to be mostly single family homes.

Best Wishes,

Emily Gibson
Customer Service Representative
1 vote Thank Flag Link Thu Nov 29, 2007
You are on the right track to find an agent experienced with the various stages of foreclosures. It is not rocket science but an experienced agent can prevent you from waisting your time, money and just flat out spinning your wheels.

I'd advise you to find an agent experienced with investors. Don't assume that only foreclosures are the best investments. They can be high risk. Sometimes a motivated seller can provide a better opportunity. Recently there have been a lot of 'threads' (posts) on Trulia about buying foreclosures. If you have time take a look.

The reasons you are looking to invest sound very wise. Continue on this path, and find an agent that works Boulder and works with investment properties.

Good luck to you.
1 vote Thank Flag Link Wed Nov 28, 2007
Hi BoulderSuZ (and everyone else):

I'm glad you posted these articles because I have been thinking a lot about the effects of foreclosures specifically Boulder County. I'm not so sure that foreclosures will have a major influence on more regular existing home sale in places like Boulder County where many people are reasonably well off even though the degree of "well offness" may vary by area. It seems to me that buyers have simply split into two distinct groups locally. The first group is the traditional buyer who has the financial ability to purchase a home priced at current market rates. We are seeing a lot of these folks. And, if one thing stands out about them, it is that they want a move-in-ready dwelling –– one that is well maintained, gleaming wood floors, no need for new carpeting, slab granite counters, bathrooms that could have been updated last week. In general, this rules out foreclosures, which are typically in need of at least some updating and often a considerable amount of work. On the other hand we have first-time buyers and investors who are looking for bargains and willing to do some work to get into a first home or to make some money from an investment. These folks are grabbing the foreclosures pretty quickly. The point is that we probably will not see one group influencing pricing of homes being bought by the other group until we see more crossover. And, unless we go through another recession soon, I don't expect more crossover to develop. All of which means that traditional home sales probably will not suffer from an increase in distressed listings unless the increase really gets out of hand.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Mon Dec 26, 2011
||||||| UPDATE 2012 ||||||||||

Here is what a others are saying. And

Boulder County Business Report:
http://www.bcbr.com/article.asp?id=61190

Bloomberg:
http://www.bloomberg.com/news/2011-12-22/foreclosures-weighi…

CNNMoney:
http://money.cnn.com/2011/12/21/real_estate/foreclosure_sale…

Just summarizing what these authors are saying: It is likely that REOs will be a drag on market overall. A recovery will remain elusive, though new construction will be higher.

My take: Here in Colorado, unemployment is lower. Rental vacancies are very tight. And inventory is getting slim, too. Colorado is in the top 10 foreclosure states. But, you will still find foreclosure shopping a bit frustrating if you're not an investor.

Give me a call, if you need assistance.

Best,
SuZ
PML
of Longmont, CO
Property Movers of Longmont
720 810 0683
bouldersuz@gmail.com
0 votes Thank Flag Link Fri Dec 23, 2011
Hi all:

Though this is an old question, it is one that comes up quite often, especially from buyers interested in a bargain. So keeping abreast of developments in foreclosures probably interests many people. In considering the most recent answers below by BoulderSuZ and Agents for Home Buyers I became curious about the current situation in Boulder County. I went to the first two websites I always check first when looking into foreclosures. These sites (Fannie Mae's Homepath site and the HUD Home Store) do not give a complete picture, but they seem to follow market trends closely and, as far as they go, are very accurate and up-to-date. Popular foreclosure sites often have old listings. The county sites are extremely accurate, but they only tell us what happened at the county offices. They don't tell us which homes have actually been put back on the market, which is what interests buyers the most.

At any rate, what I found was that 16 Boulder county homes are listed by these two site with the highest price being $309,000. Nine homes were listed in Longmont, three in Erie, and one each in Ward, Lyons, Louisville and Lafayette. Two Homepath homes (and no HUD homes) were listed in Broomfield County, which is often considered with Boulder County. By comparison 48 Homepath homes were listed, but not under contract, in Adams County along with 17 HUD homes. Twenty Homepath homes were listed, but not under contract, in Weld County along with 17 HUD homes. These numbers (especially the Boulder County ones) all seem a little higher than what I have noticed in the past, but not by a lot. Of course, it takes a while for foreclosed homes to work their way through the system and reach the market, so we all will be keeping a close eye on this situation that seems to be worsening, according to the local reports mentioned by BoulderSuZ.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Tue Oct 11, 2011
The reality is that there are very few foreclosures within the city of Boulder, so to put it bluntly...you're taking classes on foreclosures if you want to by a place near CU is almost certainly a complete waste of your time. There ARE areas within 1/2 hour of Boulder where 20% or 30% or 50% or more of all sales are bank sales post foreclosure, but these number hover around 1% or 2% in Boulder itself.
0 votes Thank Flag Link Mon Oct 10, 2011
There is one more thing to consider about buying distressed properties. Where we see many foreclosures and short sales, we also see property values dropping a lot in general. In areas like Boulder County where foreclosure numbers never reached the proportions seen elsewhere, property values fell a little, but were much more stable.

Among other things, a home is an investment. Though it may seem like selling is a long time in the future, buyers should always consider what they think the house will be worth when it comes time to sell. There may be times when buyers will ultimately do better financially if they buy prudently in a solid market, even if they cannot find a suitable distressed property. Of course one never knows the future, but it is important to look at an investment like a home from all angles.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Mon Sep 19, 2011
Hello Dawn, The best deals in Boulder are at the Trustee's sale, however the successful bidder has 2 hours to bring cash to the Trustee. The Boulder market is pretty strong but there are good buys out there. Bank owned properties are available with some due diligence. Call if you'd like more information. Barbara Longo, Metro Brokers/Longo Realty, 303 941 9034
0 votes Thank Flag Link Sun Sep 18, 2011
Hi Dawn and all:

This question was posted almost a year ago, but I thought it might be time for an update because a lot of people look specifically for foreclosures and short sales. At this time we are seeing fewer "distressed " properties in the Boulder County area, though there are certainly some. I did notice three new listings and one older one at http;//www.hudhomestore.com and there seem to be a number still available in Denver and the area immediately surrounding the city. Also, there are some in the mountains and some in Longmont. It is worth looking at some of these homes, but the selection has diminished during the last year.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Sun Sep 18, 2011
You can find ALL foreclosures, Active and sold on http://www.kennarealestate.com
Brian
0 votes Thank Flag Link Fri Feb 25, 2011
Hi Dawn, we have a Denver Foreclosure Tour scheduled for Saturday, November 15 9-2. It may be tough to find a foreclosed home to purchase in Boulder given the market conditions. We can assist you in understanding the process and learning from our Realtor, Attorney, Mortgage Broker and Home inspector.

If you are interested, please go to http://www.DenverForeclosureTour.com for details and sign up.

Please contact me if you need additional information or guidance in your home search: http://www.RobKellyColorado.com
0 votes Thank Flag Link Tue Nov 11, 2008
Dawn,
Just to clarify my first response: you will want someone with experience in foreclosure auctions to guide you through the process as there are many seasoned buyers at these auctions. Our company does not attend foreclosure auctions with clients, but we can certainly help if the property is bank-owned and on the market. I've been to a few foreclosure auctions and they can be very intimidating for the first-time buyer. Please take caution and a seasoned professional with you. Hopefully, someone on Trulia will have a contact for you in Boulder if you do intend on going to a foreclosure auction. Good luck!
Web Reference: http://www.realasave.com
0 votes Thank Flag Link Wed Nov 28, 2007
Hi Dawn,
The foreclosure market in Boulder is not as active as the one in Denver. We work in foreclosures and we'd be glad to help, and it's a pretty straight forward process if the bank has put the property on the market. If you are talking about attending a foreclosure auction, then I would warn you that you will be swimming with sharks and to be very careful. Unless you have access to a friend or relative who has experience in foreclosure auctions, then I would advise against it.
Good luck
Web Reference: http://www.realasave.com
0 votes Thank Flag Link Wed Nov 28, 2007
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