Denver, CO
Nine in 10 Denver area homes lost value in the past year, Zillow reports
Metro Denver is leading the country for the share of homes that have lost value over the past year, with 9 in 10 homes down in price compared to only half nationally, according to an analysis from Zillow.
About 91% of metro Denver homes lost value in the past year compared to 53% nationally. Denver edges out other once-hot metros like Austin, with 89.5% of homes down in value and Phoenix, with 86.9% down the past year.
Home prices have bounced around in a narrow band since the peak in June 2022, making it hard to discern the overall trend. Overall, Denver home prices are about 10% below the peak, matching the average decline measured nationally, Zillow said.
“Denver’s home values were growing in 2024, so it’s natural to see a bit more giveback now. What stands out more is the depth of the losses. The average Denver home has lost about the same as the national average, while Austin’s average drop is more than twice that,” said Mischa Fisher, Zillow’s new chief economist, in an email.
While nearly all Denver homeowners have lost equity, those losses are mild and very much in line with what homeowners across the country are experiencing when measured from the peak, he said.
If the declines accelerate, however, the situation could prove problematic for first-time buyers who bought near the top, especially if they made only a small down payment and are forced to sell.
The Zillow Home Value Index for metro Denver, which includes both homes and condos, peaked at $592,969 in June 2022. Last month, its index reported a value of $530,699. That represents a decline of $62,270 or 10.5%.
In Colorado, the average commission that a seller pays is 5.65% of the sales price, which would mean about $30,000 that needs to be covered. Someone who bought a typical home at the peak and sold last month would be down about $92,000, not counting other closing costs.
Back in 2022, the average down payment a first-time buyer made was 6%, according to the National Association of Realtors. And someone using a 30-year mortgage might pay down principal by about 5% or 6% in the first three years. It isn’t 10% because the bulk of monthly payments in the earliest years of a mortgage go to cover interest.
Vulnerable buyers, however, represent a small share of the overall market. The volume of activity or turnover has slowed down since the peak, and of the homes that do sell, only a quarter to a third are claimed by first-time buyers. Depending on where they bought, when they bought, and how much they put down, even those buyers might still have equity.
“Absent a major hit to the economy, most of today’s paper losses will likely have turned into profits down the road when recent buyers sell,” predicted Fisher.
Another way to look at the stress on a specific housing market is what share of homes are being listed below the last price paid. From that viewpoint, Denver’s market is still in good shape.
About 6.3% of homes in metro Denver are being listed below the prior sales price, which compares to 3.4% nationally, according to Zillow. The metros with the biggest shares of homes being discounted are San Francisco, 14%; Austin, 13%; San Jose, Calif., 9% and San Antonio at 8%.
In 2019, 0.6% of homes sold below the prior sales price in Denver, compared to 5.9% nationally. That measure has improved nationally but deteriorated locally. Building equity looks like it will be more of a slog for buyers who started down the home ownership trail late in metro Denver, and they will need to watch their footing. But patience will still be rewarded, Fisher argues.
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Denver, CO
Things To Do In And Around Denver This Weekend – 12/11-12/14 – 303 Magazine
Where: Fight Club – 1959 16th St Mall Denver
Cost: Price varies
The Lowdown:
Guests have the option of $39 bottomless flatbreads, which includes the price of their oche reservation for Social Darts®. The bottomless flatbread menu features Smoked Salmon Flatbread, Four Cheese Flatbread, Breakfast Flatbread, or Garden Vegetable Flatbread. Guests can also order off the á la carte menu, which includes a fresh-cut fruit plate, breakfast sliders,, avocado toast, and Flight Club’s famous churros.
Denver, CO
Louisiana child rape suspect arrested in Denver
DENVER (KKTV) – A man out of Louisiana suspected of child rape is now in custody in Colorado.
The U.S. Marshals Fugitive Task Force said they arrested 43-year-old James Connolly Tuesday morning in Denver.
The U.S. Marshals Service said Connolly was wanted by West Baton Rouge Parish deputies for first-degree rape of a child under 13 years old.
According to the U.S. Marshals, a full-scale investigation into the allegation was launched, and probable cause was found to file charges.
After an arrest warrant was issued on August 12, they said Connolly was likely aware of the warrant and had fled the state.
On Monday, officials reportedly received information that he could be in Denver. The next day, the U.S. Marshals Service said the Colorado Violent Offender Task Force found Connolly working maintenance for a company near I-270 and York Street in Denver under the name “Alli” with a changed physical appearance.
Officials said Connolly was then positively identified and taken into custody.
“The success of this arrest represents a culmination of extensive cooperative investigative efforts between the U.S. Marshals in Baton Rouge, U.S. Marshals Colorado Violent Offender Task Force – Denver, West Baton Rouge Sheriff’s Office, Livingston Parish Sheriff’s Office, Colorado Bureau of Investigation, Douglas County Sheriff’s Office, Englewood Police Department, and Colorado Department of Corrections,” the U.S. Marshals Service said in a release.
He’s currently in the Adams County Jail pending extradition back to Louisiana.
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Denver, CO
Pat Surtain II Delivers Brutally Honest Take on Broncos’ Final Opponents
If the 11-2 Denver Broncos are going to obtain Super Bowl glory, they can’t be satisfied with their 10-game winning streak. Next up, the 9-3 Green Bay Packers come to Denver for a fixture that will kick off a run of four tricky games to finish out a season that now promises so much more.
When it comes to the Broncos facing adversity, Patrick Surtain II believes the Broncos have their opponents set up right where they want them.
“That’s what the NFL is all about. Each and every week, a new opponent comes,” Surtain said via 9NEWS‘ Scotty Gange. “Obviously, we’ve got some great opponents coming up for the rest of the year. So if we want to be that team we talk about, these are the games that matter and count.”
Green Bay’s Micah Parsons and Jordan Love will present a much more pressing challenge than the hemorrhaging Las Vegas Raiders did this past Sunday. Regardless of the challenges ahead, within the Broncos’ competitive DNA lies a unique blend of wanting to prove even more while also enjoying the fruits of their labor along the way.
Locker room celebrations have centered around the feel-good vibes of the aptly named “Club Dub,” so keeping the ball rolling certainly has its fringe benefits. Ultimately, Surtain revels more in how this team has stuck together through all the challenges, which makes living in this particular moment a whole lot sweeter.
“Yeah, it feels good finally watching the tide change,” Surtain told Gange. “You know, we stuck with it. There’s a bunch of guys that stuck through the process for a couple of years now. And to finally fulfill this moment, this opportunity—11 wins on the season is not easy to do in this league. So, that was something to be very pleased and happy about.”
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Complementary Football
Double-digit winning streaks don’t happen by accident. The finer details matter, especially as the gruelling 17-game campaign rolls on.
The Broncos’ offense mounted its three longest drives of the season in Sin City, statement moves down the field that dramatically tipped the scales in terms of time of possession. Surtain appreciated the in-game breather it gave him and his unit.
“The offense did a heck of a job with their time of possession,” Surtain said via Gange. “Yes, it was saving our legs a little bit. I don’t even know how many plays we had—pretty sure it was pretty low. But shout out to the offense for that. And defensively, we picked it up.”
While the Kansas City Chiefs have been vanquished from the AFC West picture, the Los Angeles Chargers caught a major break on Monday night against the Philadelphia Eagles, keeping them still in the divisional hunt.
Moving forward, the smaller issues and stumbles on the defensive side might require Bo Nix and the offense to continue playing the kind of ball that keeps the lights on in the Broncos’ pop-up Club Dub.
Even so, Surtain and his teammates still have everything laid out in front of them
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