Foreclosure in Murphy Creek>Question Details

Diana, Home Buyer in Virginia

We're thinking about buying in Murphy Creek, would you consider this area to be decent investment?

Asked by Diana, Virginia Sun Dec 9, 2007

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Murphy Creek is a nicely planned community that is still in the early phases of developement. While murphy creek may be a ver nice place to live, it may not be the best are for investing. I say this only because of the planned development in the area, some 800 homes have been planned to go into the area. With the slow down in new construction, you may find yourself competing with the builders if you need to sell in the next few years. The Aurora-Denver area has a very wide variety of neighborhoods to fit all types of lifestyles. Having been stationed in VA for three years i should be able to point you towards some areas which fit you needs
1 vote Thank Flag Link Mon Dec 10, 2007
Diana,

Tim Childs gave you the best answer. This area is building like mad and the prices are dropping. You don't want to lose equity after you move in. The houses are beautiful but check the schools, local news before you make your decision. I think I read somewhere that some homeowners are having issues with their foundations. I’m not a realtor, just a homebuyer like you.
0 votes Thank Flag Link Tue Feb 5, 2008
Great area! Showed houses there this week. Two specifically that stand out. There is also an area just west of this called the conservatory. There is a huge ranch style home built by Richmond that I have seen many times. Brand new-2006. Needs the carpets cleaned and paint. The builder is selling at $377k base price. This is a foreclosure and the price was recently reduced to $298K. I have additional photos of the property. Email me if you are interested!
0 votes Thank Flag Link Wed Jan 30, 2008
I have sold a couple in the Murphy Creek area, I think in the long run it is a good investment as long as you live there a few years. It is off of 4-70 and near the southlands mall area. I think the area is picking up and the more they build in the area the more popular it should get.
Web Reference: http://www.kennaandco.com
0 votes Thank Flag Link Fri Dec 28, 2007
Hi, I'm a real estate agent with Coldwell Banker. I am currently working with buyers that are seriously considering buying in Murphy Creek. It seems to be a well planned community and easy to get to since it is near E-470. I am digging deeper for my clients for the pros and cons and would be happy to send you the information. Fran Henderson 303-522-9007
0 votes Thank Flag Link Mon Dec 10, 2007
Since, no one has answered you I'm going to throw a little food in for thought.

First, I'm in Colorado Springs, thus I cannot advise you about this area except to give you a couple of tips:

1. When buying into an area of new construction you are asking the right question. Typically, new construction can take a minimum of 3 to 7 years to recoup your initial investment. I don't know how much new construction there is in this area. You need to find a real estate agent that is an expert in this area to advise on the development plans.

2. Communities with amenities, such as golf, typically do very well over time in terms of investment. Just plan long term.

3. If you are dealing directly with the builders salesperson you will not get the answer you need. Find a buyer broker to represent you. 99.9% of the time it will not effect the sales price. The state of CO gives you right to representation. Take it.

4. What are your plans? This will affect whether or not it is a good investment. Again, a buyer broker can help you weigh the pros and cons.

Since, you are in VA, it may be difficult to get a good referral for an expert in this area, thus take your time and interview buyer agents who will look after your best interest.

Colorado is wonderful and hopefully you'll love it too.

Susan Walker
0 votes Thank Flag Link Sun Dec 9, 2007
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