Denver Affordable Housing- Success stories from Stapleton's Affordable Connection Team!
Lately there has been some negative publicity surrounding Denver's Affordable Housing program in regards to the ability for current homeowners in the program struggling to sell their homes. There certainly are examples that represent some of the changes that are needed to improve the program's details. These stories are frustrating and sad for the people involved, but with potential changes coming to the program will hopefully be short lived. The Yes You Can Affordable Connection team in Stapleton has been involved in Denver's Affordable Housing program from the beginning and will continue to fight for the rights of sellers and buyers as these changes are made and as the program hopefully progresses and improves.
What we would like to share are some of the success stories of the Denver Affordable Housing program, because even in this market and with some of the turmoil surrounding the program there have been many positive examples of how the program should and does work. In the last six months, the Stapleton Home Team has sold 5 affordable homes in Stapleton, all sellers of whom walked from the closing table with money and having had a great experience, both in the selling process and in living in the home. These stories are actually quite typical of buyers and sellers in the program and represent what is good about what Denver's affordable homes can provide for these individuals and the surrounding community.
The first example is a teacher who is a single mother who shortly after being divorced wanted to make Stapleton her home to get her son into the great Stapleton schools and be close to her parents. We helped her first buy a 2 bedroom in Syracuse Village 3 years ago and when her son began to get bigger and her teaching job became more established, she had the need and ability to move up to a 3 bedroom town home at 29th Drive Row Homes. This truly defines what the program is about with a working single mother who wouldn't be able afford a home in a neighborhood that she and her son were comfortable in for the price. Comparable homes in Stapleton that she bought for $140,000 and then $177,000 would be priced more like $200,00 and $275,000.
Our next instance is a young gentleman who bought in the program when he got his first "real job" after graduation in the marketing field. He was relocating here from Boston and as he was starting his new job, he wouldn't have time to put into fixing up an old house that needed a lot of work, which is exactly what else he was looking at for $135,000. So he bought an affordable town home. Unfortunately, after living in his home for only a year he was laid off due to current economic conditions and had to search for work back at home where his sphere of influence was. We listed his home for approximately what he bought it for and within 45 days we had it sold to a teacher who didn't have time to wait for a new build construction affordable home. She was able to take advantage of the First time home buyer's tax credit. Win win for both buyer and seller.
Another great case in point of how the program should work is "graduating" out of Denver's affordable housing program. Another single mother who worked for the county. We helped her buy into a 3 bedroom home at Syracuse Village and after 3 years of getting on her feet and getting engaged was also able to "up size" within Stapleton. We sold her home in about 3 months and she has since closed on her new non affordable home with a little bit of a down payment from the affordable home. The buyer for her home was a new US citizen and a nanny for a local family.
A different type of experience was a retiree who bought from us at Roslyn Court back in 2003. He had a chance to live out his final years in a no maintenance home in a great community. His estate then sold his home to a great new couple who had moved here from New York, who recently had their first baby and was renting in Stapleton. They wanted to make it their permanent home to start their family. He is a teacher and she wanted to be a stay at home mom for a few years and take advantage of Stapleton's great park system with her new child.
Our last one is yet another great feel good experience that just closed this last Friday. Back in 2004 we helped a couple that were both going to Fitzsimmons Medical center for either work or school. One was a nurse and worked at the local Starbucks to get by and the other going to 4 years of medical school. All they could afford with growing school loans and full work loads was a cute 1 bedroom at Roslyn Court at Stapleton which was a very close commute on their scooter. Once graduating from the medical program he had to do his internship and with a tight specialty was limited in options of where to complete his education. They had hoped to stay here but in the end was accepted in Florida and would have to move soon. It was sold in approximately 90 days and literally on the day they had scheduled to make the trip down South, they closed. The buyer for their home was also a great story. Another student in the medical field that is now doing her residency, she would not qualify for a higher priced home because of massive student loans and needed to close quickly. She had gone through 4 contract processes before finding her way to this home and was happy as she could be at the closing table. The closing was a great feel good experience and is what selling and buying a Denver affordable house should be like.
So much of selling or buying affordable is feeling comfortable with the process and having an agent that can help you navigate through it. The Yes You Can Affordable Team takes great pride in having helped over 150 clients become homeowners and great parts of the community. If you want any information on how to buy or sell an affordable home. Please feel free to give Damon a call at 303-332-8754, or email him at Damon@YesYouCanAct.com.