Arvada’s Lake Arbor neighborhood currently has 23 homes for sale, ranging in price from $132,500 - $290,000. (Four of them are townhouses; the lowest-priced single family home in Lake Arbor is $181,555.) Nine of the available homes are short sales, two are bank-owned foreclosures. Four homes have been on the market less than 30 days, nine have been on the market between 30 and 90 days, and ten have been on the market over 90 days.
There are two Lake Arbor homes currently under contract. They were listed at $219,900 and $239,900. They are both single family homes. Neither was a foreclosure or short sale, but the first one needed work and was on the market 61 days and the second one sounds lovely, it was on the market only four days.
22 homes sold in Lake Arbor in the past six months. Their selling prices were from a low of $150,000 to $317,000. None of them were townhouses. The lowest-priced one needed structural work, and there were four foreclosures.
Here's my thoughts on Lake Arbor:
At first glance, it appears there is a 6 month absorption rate in Lake Arbor. (That means if no more homes came on the market, the current inventory would sell in six months.) That indicates it's still a buyer's market. And based on the high percentage of short sales currently listed, I expect to see the average time it takes to sell a house increase in Lake Arbor.
However, after eliminating the one home that sold above $300,000, the next six highest-priced homes had contracts on average in less than two weeks. (Their selling prices were between $247,500 and $278,000)
I took the highest-priced one out of that mix because no Lake Arbor home has sold above $300,000 in over a year, so it's a bit of an anomaly right now.
Lake Arbor continues to be a popular Arvada neighborhood. The prices that the homes bring are very sensitive to location - a home near the lake would - you guessed it - sell for more, while one near the main through-streets or the busy roads that border the subdivision (Wadsworth to the west and 88th Ave. to the north) will sell quite a bit less. I hope the folks who are in the unhappy situation of selling their house for less than they owe (short sales) have hired *agents who know what they're doing so the neighborhood can hopefully continue to recover. (*This is not a slam on those agents, I didn't even look to see who they are.)
If you want to see any of the available homes in Lake Arbor or anywhere in Arvada or the surrounding area between Denver and Boulder, please give me a call. To list your home, please let me know you're thinking about selling asap - I take only a limited number of clients at a time.
Read more about Lake Arbor here.
Copyright © 2011 Joetta Fort
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I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly suburbs northwest of Denver. Learn how to buy a house in Colorado.
Read more about Arvada’s other neighborhoods, shops, and things to do, and here's a little intro to Olde Town Arvada.
I write posts on real estate issues and local events in the Denver metro area, especially those communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.
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