February 2015 Market Update for Van Arsdale

February 9, 2015
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The Van Arsdale market has been consistent and fairly predictable in the new year. Not much has changed since December of last year. Inventory is still low and prices keep rising. Buyers love this area because of the school district and its proximity to the APEX center, parks and running trails. Families flock to this area because it offers a diverse range of homes ranging in the mid 200’s up to the high end million dollar home. New Construction is also adding interest in the area. With a new project by Meritage Homes located at 72nd and Alkire. The new neighborhood will be called Richard’s Farm and will offer homes from the $400’s.

There are 3 active listings in the Van Arsdale area. 1 of which is a higher end home priced at $640,000. The other 2 are more traditional ranch homes built in the late 1970’s and are priced in the mid $300’s.

MLS 5405652- 13092 W 80TH Pl Arvada 4 Bed 4 Bath 4,050 Finished 6,209 Total Sq. ft $640,000

MLS 7534754- 13940 W 73rd Ave Arvada 4 Bed 3 Bath 2,478 Finished 2,478 Total Sq. ft. $339,000

MLS 5459494- 7068 Cole Ct Arvada 4 Bed 3 Bath 2,316 Finished sq. ft. 2,438 Total Sq. ft.

13092 W 80TH Pl. has had quite an extensive listing history dating all the way back to 2009, it has been off and on the market since then. The latest attempt has it priced at $640,000 and it has been on the market for over 215 days (Far above the average days on market). It has been a long time since I saw this home but recall it having some challenges. It backs to 80th which for many homes in the neighborhood is not a problem because the house overcomes the reservation of the road, but with this house it may be a factor. The layout is strange with large un-usable space thruout. Although the house has been updated it still has a dated feel with the dark wood and wood beams throughout causing the home to show dark. The market is hot and the days on market are an indicator that the house is priced too high. The sellers motivation may also be an obstacle for getting this house sold.

13940 W 73rd Ave. is a traditional Ranch style home located in a cul-de-sac. It has been updated with a remodeled kitchen and updated bathrooms and is handicap accessible.

7068 Cole Ct. is a traditional Ranch style home with newer hardwoods thruout the main floor. The sellers have updated the interior as well as some exterior updating including roof, paint, etc. (repairs from the hail storm last summer 2014).

The home priced at $640,000 will need a price adjustment to get it sold- although inventory is low- buyers are still picky when it comes to spending that much money

The other 2 homes are both priced on the higher end for the style/age of home, but they will most likely get what they are asking for. Both homes have only been on the market for a week and will probably be Under Contract in the next few days.

1 sold listing
MLS 6682861- 13317 W 70th Pl 3 Bed 2 Bath 1,348 Finished 2,254 Total
5 days on market- Listed at $265,000 Sold for $287,000 (over full price! 108% of asking price) This home received $213 price per square foot.

Buyers are hungry for homes below $300,000 they are hard to come by but when they pop up regardless of the their condition they almost always go within a couple days and typically have multiple offers causing a bidding war. Buyers typically start off saying they don’t want to get involved in a bidding war, but after being in the market for a month they quickly realize it just is the way it is. If they want to be competitive, they need to put their best foot forward and present the strongest offer they are willing to give.

Sellers if you are thinking now is the time, you are right! Buyers are waiting for new inventory and are willing to work with your needs. Sellers you can expect lots of showings and multiple offers.

With Spring around the corner buyers are hopeful for new inventory to hit the market. The reality is that we have been waiting for new inventory to hit the market for the past year or over. I believe some sellers are preparing their homes for a busy spring market but the supply will still not meet the demand.

Sellers… you don’t have to wait for Spring. There are plenty of buyers to support high traffic and multiple offers. Waiting until spring to list your homes may increase the buyers by a little but it may also increase your competition. You can be the shining star NOW. If you sell now, you will be ahead of the competition and have your house sold making you more competitive on the buying side for your next replacement property.

 

 

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Please call me if you need any assistance in Arvada.  I’d be more than happy to discuss the current market’s activity, show homes from the current inventory and help you with any of your real estate needs in the neighborhood. You can always reach me at 303.903.4510 or aimeeq@8z.com.