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According to OJO Labs metro Denver is now the 8th least affordable housing market as of February. They said that the median priced property that sold last month which was $540k according to DMAR is 5.67 times the median income of metro Denver. WOW! But, not surprising since builders are so far behind in building new housing and demand is through the roof for housing.
However, this metric doesn’t take into account the size of the down payment which could be $200k or $300k or more, which makes the home much more affordable. Some people ask will we run out of buyers who can afford our homes? According to First Alliance Title each home for sale had 24 showings last month before going under contract. So, there is ample demand to say the least.
Dozens of Foreclosures in Green Valley Ranch
There were multiple stories last week in the local media about the Green Valley Ranch Master HOA who filed 52 foreclosure cases against homeowners in 2021. This HOA approved 41 judicial foreclosures last year and has already approved 60 this year. WOW!!! I read that in a judicial foreclosure homeowners typically don’t lose their homes but they will have huge legal bills and fees to pay that may require them to refinance or sell their home.
In 2010 the HOA voted to allow the Green Valley Ranch Metro District to manage the HOA and this metro district handles all covenant violations. These legal actions are expected to all be for code violations since the HOA dues are included in the property tax bill.
In 2019 this HOA/Metro District collected over $600k in rule violation fines, $400k in 2020 and $350k in violation fines last year. I am astounded by these numbers! I have looked at hundreds of HOA budgets and most of them show code violation income of maybe $2000 to $5000 a year. This is 100 times more!!! Just another reason to hate metro districts.