Many of us here in Denver were irritated by USA Today’s front page article last month decrying Denver’s “housing crisis”, when in reality the paper’s reporting was focused entirely on the Green Valley Ranch subdivision out by DIA.Has Green Valley Ranch been decimated by foreclosures? Yes.
(And if you have time and are interested, I can share with you how the County of Denver played a large role in undermining this entire community from the very beginning with income-restricted housing assistance that basically put people in “over their heads” from day one)
But follow this… in 2005, 41% of sales in Green Valley Ranch were short sales or foreclosures. By the end of 2007, 92% of sales were short sales or foreclosures.
92%? How much lower can you go??
Green Valley Ranch values have fallen by 30% or more since these homes were first built a few short years ago. And I’m not suggesting you rush out and buy a Green Valley Ranch foreclosure today. (In fact, there are many other areas where I would take you first)
However, within a year or two, what you are going to have in GVR is a totally new generation of residents, who qualified for mortgages with full documentation at great rates and who did not grossly overpay for their homes.
Can you see how that might make for a better picture two or three years down the road?
