Dropping Home Prices Aren’t Only Hurting the Average Joe
October 26, 2011 by ChadM
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Everyone in the Real Estate Market in today’s economy are getting hit hard. Whether it is the Agents who are struggling to get their clients home sold, or the home seller having to keep on lowering their price until they have to legitimately start thinking about the letting their home go into foreclosure because they are so upside down in their mortgage, everyone is struggling.
Over the last five years, home prices have dropped on average of 9.6% in value in Colorado. Just to put that into some perspective, today the average home price in Colorado is $243,181. Five years ago that same home was worth $266,523.38. That’s a difference of $22,342.38. That’s a big blow, but not as big of a blow as the one NBA All-Star Carmelo Anthony took when he sold his home here a couple of months ago.
Anthony bought his home located in the Polo Reserve in Littleton in 2007, and he paid a whopping $12 million dollars for it. When he went to sell it, he and his real estate agent decided on listing it at $9.5 million. The house stayed on the market for just about a year and sold for $6,180,000. He sold it nearly for half as much as he bought it for and it was 35% less then what it was listed at.
Now before you go and start feeling bad for Melo, don’t forget that he makes over $20 million a year. Like I said before, this is starting to be the case for everyone trying to sell their homes. But don’t freak out too bad folks, because all the experts are predicting a turn around here in the not so distant future. These people are saying that we are currently still on our way down in market value but we should see the bottom within 6-9 months then start heading back up. So don’t get too discouraged my friends, there is a light at the end of the tunnel.
http://www.denverpost.com/entertainment/ci_18267787
1022 Pearl St. #101, Denver 80203
October 17, 2011 by ChadM
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2651 Kendall St., Wheat Ridge 80214
September 7, 2011 by ChadM
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New WebMaster
September 4, 2011 by RickM
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Hey all, Rick here. I am a new web master for LookForColoradoHomes. For all of you that read this blog, hello! More to come, talk soon!
Rick
18001 E. 136th Ave., Brighton 80603
August 12, 2011 by ChadM
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