The Colorado foreclosure situation isn't as bleak as it was a year ago, so the cheapest homes in Colorado might be more expensive than they are in many of the states I've discussed lately. People willing to do legwork and online research can still find some pretty cheap houses in Denver and several other cities in Colorado.
When I talk about the market showing signs of recovery, the slop is starting to even out. A report in August of 2011 showed that foreclosures in Colorado were down 28% in the first half of the year compared to foreclosures only a year ago. That's good news in a national housing market which remains mired throughout many parts of the country in foreclosures, distressed sales, and slow financing.
Of course, potential home buyers tend to do well when foreclosures and distressed sales are up, though the lack of mortgage financing has kept plenty of real estate shoppers from making a purchase in the last three years. This is all a part of the market adjusting itself, but if you can afford to get into a mortgage right now, you can lock in current sales figures and interest rates at the lowest they'll be in years. To give examples, I'll start with some of the cheapest homes I found in the city of Denver and in surrounding Denver County.
On South Meade Street in Denver's municipality, you'll find a 4 bedroom, 2 bathroom house with 2,074 square feet. This is a single family house with an asking price of $56,000. The yard has a picket fence around it, while the area is just a bit set off the street by a sidewalk.
On East 45th Avenue in Denver, you can find a 4 bedroom, 2 bathroom home with 1,066 square feet which is selling for $90,000. This home is built for a single family and it comes complete with a two-car garage. If you have a large family and need up to five rooms of accommodation, Osceala Street in Denver has a 5 bedroom, 2 bathroom single family residence which goes for $87,000. This house has 1,952 square feet, so while it's not huge, it can fit a number of children.
A similar size place on King Street offers four bedrooms and two bathrooms in 1,901 square feet inside. This single family home is selling for $74,900. Of course, it's a foreclosure home, so if it's owned by a bank, you might be buying this residence "as is", so do your due diligence. A similar, thought smaller, home on Newton Street is selling for $75,000. This little white house has 3 bedrooms and 1 bathroom tucked into a 1,074 layout. The home is for a single family and has a small front yard.
Stuart Street includes a two bed, one bathroom single family home with 901 square feet. The layout of this home is a little unorthodox, because another building is set within feet of it. The two share a large yard and walkway. This residence sells for $75,000.
West Kentucky Avenue has a 2 bedroom, 1 bathroom, 812 square foot single family home. This baby blue house is surrounded by nice shade trees and comes at a price of $59,000. Yates Street has a 2 bedrooms and 1 bathroom in single family residence. This house has a big yard and is also surrounded by trees. This foreclosed home is selling for $69,000.
A 3 bedroom, 3 bathroom home on Topeka Court with 1,723 square feet is selling for $78,210 right now. This two-tone foreclosed home has a 1 car garage and nice front yard. A 4 bed, 1 bath house on South Newton Street is selling for $87,000 right now. The front of this 1,970 single family home has 4 white columns showing prominently and presents an impressive looking veranda.
Colorado Springs may not be known to people outside of Colorado, but it's actually two-thirds the size of Denver (400,000 compared to 600,000) and is considered one of the nicest places to live in the United States. In fact, Money Magazine listed Colorado Springs as the #1 "Best Place to Live" in 2006, while Outside named it America's Best City in 2009. Beyond that, Colorado Springs is home to the U.S. Air Force Academy, is within viewing distance of the Pike's Peak Tourist Area, and is within a couple of hours drive to the ski resorts nearest Denver. All of that might mean housing prices in Colorado Springs are a little inflated--but you sometimes get what you pay for.
The cheapest home I could find in Colorado Springs on a list of foreclosures was a $49,900 home on East Rio Grand Street selling for $49,900. This home has 3 bedrooms, 1 bathroom, and one open-air, covered carport. 2 bed, 1 bath home on South Arcadia Street selling for $69,000. Swope Avenue has a small white 1 bed, 1 bath residence with an asking price of $70,000, while East Pikes Avenue might have the best deal among the foreclosures: a 3 bedroom, 2 bathroom place selling for $69,500. One of the nicest homes I found for under $100,000 was a $95,000 home on South El Paso Street. This house has 4 bedrooms, 2 bathrooms, and 1,868 square feet.
Aurora, a suburb of Denver with over 300,000 people, is the third-largest city in Colorado. When searching for cheap homes in Aurora, remember to search through listings in both Arapahoe and Adams Counties. You might even search through the classifieds in Douglas County, because I've seen Aurora listed as overlapping all three jurisdictions and I've found listings in two of the three counties myself.
Macon Street in Aurora has a $74,000 foreclosure home with 2 bedrooms and 1 bathroom, along with 1,322 square feet. East Ford Drive has a 3 bedroom, 2 bathroom residence with 1,506 square feet and an $89,900 price tag. South Hazel Court also has a 2 bedroom, 1 bathroom, 704 square foot home which is selling for $80,000. As you can tell if you've looked at other states on this website, the housing prices are a little inflated in Colorado.
Fort Collins, a city of 140,000, is home to Colorado State University and is one of the best college towns you'll ever visit. In fact, Money Magazine listed Ft. Collins as the "Best Place to Live" in 2006, while listing it #2 in 2008 and #6 in 2010. All of this means you should find Fort Collins a joy to live in, if you can find a house affordable enough to buy.
The cheapest home I could find in Fort Collins was a HUD home on 7640 North Taft Hill Road. This house has a 3 bedroom, 1.5 bathroom layout with 6 rooms in 1,059 square feet. The house was built in 1979 and comes with a carport. I'm afraid even the foreclosed homes in Fort Collins tend to sell for $125,000 or more. Most of them go for $150,000 or even well above $200,000.
The cheapest homes in Colorado, no matter how big the house or how nice the surroundings, are going to be more expensive across the board than their counterparts in the midwestern states and states down south like Alabama. On the other hand, Colorado is considered a nice place to live, especially if you like hiking, nature, and winter sports, and don't mind cold and snowy winters. Keep searching, so you can get into the Colorado home you've always wanted.