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Daily Mail
24-05-2025
- Business
- Daily Mail
The VERY humble 2-bedroom homes that will cost you a whopping $500K in US City battling housing boom collapse
Denver's housing market is exploding with new high-priced listings that's seeing two-bedroom homes hitting the market for a whopping $500,000 as the Mile High City struggles under the housing boom collapse. Active listings are up 71 percent year-over-year, with 11,000 new listings hitting the market by the end of April, the Denver Metro Associations of Realtors (DMAR) found. Compass Broker David Schlichter told that the market has seen 'substantial' change this Spring. 'Home affordability is a challenge in Denver as it is across the country,' Schlichter said. With average closings around $607,000, buyers might be shocked by the humble abodes hitting the market at such eyewatering prices. A two-bedroom home on Arapahoe Street was listed for $599,000 on April 11 before dropping just a $1 last week to $598,999. The home only has one bathroom and a total of 1,165 square feet, making the tiny property appear small in comparison to its next-door neighbors. But as the listing says, it's all about: 'Location, location, location.' The modern home is blocks away from Coors Field baseball stadium and walkable to many dining areas, but the high price of the home may shock some. Another home on Tejon Street also advertised itself as also having 'location, location and a whole lot more location' as it priced itself at $550,000 - that is, after it cut $25,000 from its original May 7 listing price. The two-bedroom, two-bath home that was built in 1906 has a similar square footage as the Arapahoe Street home, but it boasts proximity to many 'fun hangouts'. 'It's oh-so-livable. Most will think it's a great use of space,' the listing said. Another home also listed for nearly $600,000 on Dahlia Street is located near City Park. The 1,376-square-foot home has been on the market for 21 days and the home's value has doubled since it was sold in 2012 for $272,000, the listing showed. Despite all three homes having plenty of space for a small family and incredibly modern and updated insides, none of them are being snapped up quickly. Realtors say they aren't seeing a bump in buyers despite the higher number of listings in the capital city. Despite the higher number of listings in the capital city, realtors aren't seeing a bump in buyers. Pictured: a two-bedroom Dahlia Street home for sale in Denver listed for $595,000 'Buyer demand is not increasing,' Schlitchter said. He said the gap between sellers and buyers is only 'getting larger'. Corcoran managing broker, John Keene, agreed, saying: 'They don't feel like they have to make a snap decision.' He also believes buyers may be hesitating slightly as there was an expectation that rates would come down several times this year, but that has yet to happen.' Keene told 'The reality has set in. 'Rates in the $600,000 is historically a good rate.' There were less than 5,000 pending sales at the end of April, which is down two percent, according to DMAR. And homes are sitting longer on the market. A home that would have been snapped in days in 2021 during the pandemic are now spending weeks on the market. So why are some buyers hesitating to buy, outside the high prices? It's for the same reasons sellers are trying to offload: the uncertain economy. Schlichter told that the federal economic policies - and the constant push-and-pull on Donald Trump's proposed tariffs - are affecting the housing market. 'It's very difficult to determine where it's going,' he said. And with Denver's large federal employee force, many are scared. Denver Federal Center in Lakewood, right outside of the city, employs 6,200 federal employees. Additionally, more than 57,000 federal employees are living in the Centennial State. The 'unpredictable economy' has some offloading their homes to collect the equity, while it has some buyers hesitating to invest when they don't know if they'll have a job in a few months, the Compass broker said. 'People always have to consider their job security when it comes to a major life decision,' Keene said. A nine percent drop in home prices is expected within the next year, according to Reventure, a real estate data app. It's already dropped 1.6 percent year-over-year, according to Schlichter. Schlichter told that the federal economic policies - and the constant push-and-pull on Donald Trump's proposed tariffs - are affecting the housing market. 'It's very difficult to determine where it's going,' he said 'Sellers are not super happy about this shift,' the broker, who has lived in Denver since 2008, said. However, this is good news for Denver buyers actively looking to scoop up their new home as they have more power to get prices lower and to find their dream homes with the excess of options. Other reasons the market is being flooded with homes is that many are 'moving to more affordable cities', and other are being called back to the office, such as those who came California's Bay Area during the pandemic. Schlichter said the city is a 'beautiful, wonderful place to live', but with 35 percent office vacancy rate - the highest ever - and rising costs, some are hightailing it out of the city. If the interest rates continue to drop, it 'would make homes more affordable'. However, home prices are still considered inexpensive by those coming from coastal states, the broker said. The migration of Californians to the Rocky Mountain state over the last decade has driven home prices up. And some neighborhoods are doing better than others, same with the suburbs. Schlichter said the 'dynamics' of the market aren't universal and some cities, especially in the Midwest, are doing really well. 'It's neighborhood by neighborhood, suburb by suburb, city by city,' he told However, those holding out that the potential recession predicted to hit the US will have home prices dropping to 2008 levels, shouldn't hold out on hold. Keene doesn't advise homebuyers to hold out on hope that prices will get to a 2008 low and said it's best to find a home that works for you in your budget. 'Major life events continue despite interest rates,' Keene, who has lived Denver since 2006, told He suggests homeowners find a mortgage payment that fits their budget, and they might be surprise to find it similar to their rent prices. 'It's not what the prices are, it's the payment,' he told As for why homes are going for such high rates compared to the Midwest, the managing broker puts it down to the population increase the city has seen in recent years. 'We're attracting people,' he said. 'People just continue to move here.'
Yahoo
19-02-2025
- Business
- Yahoo
FOREWARN to Provide Identity Verification Services to Denver Metro Association of REALTORS® to Promote Agent Safety
The largest local REALTOR® Association in the state of Colorado contracts to make FOREWARN services available for its 7,000+ real estate professional members to promote proactive agent safety BOCA RATON, Fla. , Feb. 19, 2025 (GLOBE NEWSWIRE) -- FOREWARN, LLC, a red violet company (NASDAQ: RDVT) and the leading provider of real-time information solutions for real estate agents, today announced that Denver Metro Association of REALTORS® ('DMAR') will offer FOREWARN® services to its 7,000+ members it serves throughout the Denver metropolitan area to promote proactive real estate agent safety. Available both online and through a mobile application, FOREWARN analyzes billions of data points and provides users with the ability to mitigate risks by verifying identity, searching for criminal histories, and validating information provided by potential clients -- using just a phone number. FOREWARN allows agents to properly and safely plan for showings with a higher level of confidence. The FOREWARN services offered by DMAR are available to the 7,000+ members at no additional cost to individual agents. "Protecting our members and equipping them with the right resources is at the core of our mission," stated Brendan Bailey, CEO of Denver Metro Association of REALTORS®. "With the evolving challenges in safety and fraud prevention, providing FOREWARN was a natural step. This powerful solution offers real-time identity verification, giving our members the confidence and security they need to navigate their daily business with peace of mind." Existing DMAR members will receive specific instructions on how to move forward with activating their FOREWARN subscription as an included benefit. All other real estate agencies, agents, and appraisers can learn more about FOREWARN at About FOREWARN®At FOREWARN, we bring instant knowledge through innovative solutions to ensure safer engagements and smarter interactions. Leveraging powerful analytics and a massive data repository, our solutions enable organizations to gain real-time knowledge, for purposes such as verifying identity, searching for criminal histories, and validating information. Risk assessment and due diligence at your fingertips™. RELATED LINKS: About red violet®At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit FORWARD-LOOKING STATEMENTS This press release contains 'forward-looking statements,' as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as 'expects,' 'plans,' 'projects,' 'will,' 'may,' 'anticipate,' 'believes,' 'should,' 'intends,' 'estimates,' and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether FOREWARN will address critical safety and security areas for Denver Metro Association of REALTORS® members and whether FOREWARN will give Denver Metro Association of REALTORS® members the confidence and security they need to navigate their daily business with peace of mind. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading 'Forward-Looking Statements' and 'Risk Factors' in red violet's SEC Filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investor Relations Contact: Camilo RamirezRed Violet, Inc.561-757-4500ir@ in to access your portfolio
