Wowza, the Denver market and saving up for a home!

bmo88 · May 2016

Just came across this article about the Denver housing market, which is one of the most inflated markets in the country at the moment (thanks marijuana).

Long story short, they estimate it would take a millennial with no student loan debt about 11.3 years to save up 20% for a home in Denver. For a millennial with student loan debt, they estimate about 23.7 years.

http://www.denverpost.com/2016/05/23/millennials-at-high-risk-of-always-renting/

We got lucky and with our circumstances, saved up our 10% down payment in about 3 years. If we had waited to get to 20%, it would have taken another two years and we would have been screwed because of the market escalation.

We live about 40 miles south of Denver and we are starting to see a lot of Denver people move to the northern part of my town because they are being priced out of the market. While it's not as bad, our town is starting to see increased housing costs. We built/bought our home two years ago and it is now $65,000 more to build the same house! That was great for us when we re-financed a few months ago, but geesh, we would not pay that for our current home.

Are the housing markets going crazy in your area?

Xstatic3333 · May 2016

Boston is completely bonkers. We got out of there, but I know there are other posters right in the thick of it who could give more detail. @LillibetteV was just discussing it a couple of threads down. Suburbs that I always thought were "meh" growing up, about 45 min by train from the city, are starting at 300,000 for a simple, non-updated ranch. I know not everyone has the flexibility we do, but I'm happy we moved to our smaller city, about an hour away. With the careers we chose, I just don't think we could live the life we want in Boston or its suburbs, as much as I miss it. Moving outside the madness was the right call in our situation.

als1982 · May 2016

KC is definitely still very affordable, but the last few years have certainly been a buyers market. The area where I live, buyers are getting multiple above asking price offers the day it hits the market. If a house is on the market a week, that's a long time. And nobody accepts contingency offers. As a result, prices are up, but they're certainly not outrageous. It was a similar situation when my brother bought in my small hometown. Supply is low and demand is high, particular considering the low interest rates right now.

LillibetteV · May 2016

As @Xstatic3333 said Boston is definitely bonkers. Our home buying strategy was very specific to our lives at the time, but I'm sure it's not completely unique. DH and I weren't even engaged yet and I was sick of our dingy apartment in the city so we picked a house together and I bought it. There was no way I was buying a house with someone I wasn't married to and I had the down payment anyways. I knew I was due for a raise at work and was about to salary out of the MassHousing low-income mortgage program which allowed me to buy with 5% down and no PMI. So I could have waited another several years for the full 20% or take advantage of the fact that I was still technically "low income" and that the purchase prices and interest rates were still relatively low. We kept that mortgage for about 2 years before we were able to refinance into a conventional mortgage and drop our rate to save $250/month. It was definitely a gamble, but it paid off. Plus we bought our forever home so really even if the market value dropped I wouldn't care that much - I'd still have my house.

Our particular town has exploded so much in the past 3 years that I bought my fixer-upper house for $340k and a house further down our street that was a total tear down (i.e. they've already started tearing parts of it down...) just sold a few months ago for $510k! Over half a million dollars for 6,000 sq ft lot and a house that needs another few hundred thousand dollars worth of work. It boggles my mind.

For us living really close to the city was important. We hate long commutes and if we switched jobs I'd take a massive paycut out in the suburbs. Also the commuter rail train costs are constantly going up, but since we're the first zone it's relatively cheap compared to a few towns out. The way I look at it I can either spend a few hundred dollars more per month on the house or on the train - so I'd rather it be on the house and be closer to the city.

bmo88 · May 2016

Xstatic3333 LillibetteV: I guess I have always expected the the bigger cities have been pricey, and are going crazier now.

Denver, though, is a really odd one. Two-three years ago, you could buy a 2,500 sq ft, 3 bed, 2 bath home for about $200,000-$250,000. The same home now goes for about $500,000, and that's in the suburbs.

Our friends just bought a 2bd, 1 bath 1,200 sq ft condo for $415,000 and it's 30 minutes from Downtown Denver in a "transitioning neighborhood." They said they got it for a really good deal. Idk how that's a deal at all.

hoffse · May 2016

B'ham has been crazy recently. There was actually a write-up in the WSJ recently about our housing market. We bought two years ago this coming August, and there's a house down the street from us that went under contract for $225K more than we paid for ours. They got it under contract in the first week. Their house is slightly bigger, but ours is more updated. Same number of beds/baths. That contract fell through, and the house was relisted. Then it went under contract again 3 days later. Totally crazy.

If this continues into next spring, H and I will probably talk to a realtor just to see what our house would list for. We have always said that if somebody offered us $100K more than we paid we would say "sold" and vacate within the month. Even with the money we put into it, that would put us way WAY ahead.

Our market has gotten crazy due to rising rents. B'ham is undergoing a bit of a renaissance right now. We have a grid downtown with all of these turn-of-the-century skyscrapers that had become derelict in the last few decades. The state implemented a historic tax credit program, and now these really cool old buildings are being rehabbed. Our minor league baseball team just had a new stadium built downtown (moved from the suburbs). And we have an absolutely massive walk/run/bike trail system planned. When it's complete it will be more than 750 miles of continuous trails and greenspace. It's going to be awesome. The first serious leg of it opened in downtown in April.

So all of that has resulted in tons of luxury apartments and condos popping up all over downtown. And rents have skyrocketed. So the move into single family homes has increased, and prices have gone through the roof in the communities 10-15 minutes from downtown. H and I live in one of these communities, and our commute is 13 minutes door-to-door.

Those particular neighborhoods also happen to have the best public schools in the state (they are better than the local private schools). They are all self-incorporated so their public service arms are excellent too. H actually called our town's fire marshal yesterday to inquire about where to put a fire pit in our back yard, and the marshal looked up the code for us and actually called him back with instructions. He even offered to come look at our yard for us to make sure we put it in a safe place, and he offered design tips to make it safer (!). All of that is to say that these neighborhoods have always been desirable anyway due to the close proximity to downtown, good schools, and good public service. But the rising rents from downtown are making the market in these neighborhoods absolutely balloon right now.

smerka · May 2016

So I was reading Hoffse's post about Birmingham and thought how big is it that it has suburbs? So I looked up the population and it is around 215,000. I live in a suburb of Chicago and we have 150,000 and the next suburb over has about 130,000. I don't know why, but thinking own town having suburbs made me giggle. Our housing prices still haven't recovered from 2008 but we are in our forever house and we put 50% down so I don't care so much. It has been almost a year and IL's govt still doesn't have a budget and is technically shut down. This is what happens when you elect a governor who is a billionaire outsider with only business experience.

smerka · May 2016

Sorry double post

LillibetteV · May 2016

Are wages are increasing similarly with the housing prices in your areas? I'm a paralegal so I use Robert Half's salary guide as a bench mark, and it gives a salary range for legal positions, years of experience, etc, but at the back it has a local variances multiplier so you can take the stated average and increase/decrease it to better align with salaries in your city. At least for me it's actually pretty accurate. Is the housing market being driven by increased wages or are more people just willing to be house poor?

julieanne912 · May 2016

So, it's not just marijuana that's causing this. I mean really, people who sit around and smoke weed all day can't afford the prices here. It is contributing to the homeless problem however. The housing market was on the rise before it became legalized. There are just a lot of companies moving here, and people have finally learned "the secret" about how nice it is to live here. H is contacted weekly by recruiters from tech companies who are moving here, or have recently moved here from places like California. There is also a huge shortage of rentals, and their prices are even crazier, so people are buying because it's still cheaper than renting.

But yes, I used to be a bit judgy about people using FHA loans etc. to buy housing. But now, after seeing what's happening here, I don't judge that much. Our old house that we sold 2 years ago for $260,000, is worth about $300,000 now. But, to rent it would be about $2200 (which is about what our mortgage is, including escrows, for a $390,000 loan). So it makes sense to buy it even if the price is a bit inflated.

And yeah, we're in the middle of refinancing our current house, which we bought in Feb 2015 for $438k, the contract was done for it in April of 2014. Comps are pointing at a value of anywhere from $460-490k now (just depends on how the appraiser adjusts for certain things). We're hoping for $480k.

And @lillibetteV, wages aren't really increasing for those in the lower wage bracket (sub 50k). The higher paying jobs are in the tech fields etc., but those require a lot of education/training. I will say though, a fast food place near my house is offering $10.50/hour, pick your own hours, full time. But I'm on the very northern outer reaches of Denver metro, so there's a shortage of service workers. Not so much the case closer into the city. People are just willing to be house poor because they have no choice.

julieanne912 · May 2016

bmo88 said:

Xstatic3333 LillibetteV: I guess I have always expected the the bigger cities have been pricey, and are going crazier now.

Denver, though, is a really odd one. Two-three years ago, you could buy a 2,500 sq ft, 3 bed, 2 bath home for about $200,000-$250,000. The same home now goes for about $500,000, and that's in the suburbs.

Our friends just bought a 2bd, 1 bath 1,200 sq ft condo for $415,000 and it's 30 minutes from Downtown Denver in a "transitioning neighborhood." They said they got it for a really good deal. Idk how that's a deal at all.

I'm curious where this condo is. I'm very in tune with the real estate market here, and I can't think of any "up and coming" neighborhoods 30 minutes from downtown where a 2/1 condo would cost that much. I also haven't seen prices double in the past 2-3 years like you mention either. Big increases for sure, but no $200,000 house is now selling for $500k, unless it was a flip that was gutted and totally remodeled in a higher end super desireable area in Denver. I'd say Boulder too but Boulder was expensive even a few years ago. It's just more expensive now (avg price there is in the 900s).

bmo88 · May 2016

julieanne912: Haha, yeah I know it's not marijuana, lol, I just like to blame it. Denver has made it to the top of a lot of lists for great places to live and work because of company relocation, quality of living and it be an attractive city for young professionals.

Most of my friends have chose to live in the Highlands, Wash Park, off Broadway and I-25 and LoDo, so their prices are definitely among the most inflated.

vlagrl35 · May 2016

If it took that long to save up for DP on a house I would have to move to a different city. Luckily our city is still affordable.

hoffse · May 2016

smerka said:

So I was reading Hoffse's post about Birmingham and thought how big is it that it has suburbs? So I looked up the population and it is around 215,000. I live in a suburb of Chicago and we have 150,000 and the next suburb over has about 130,000. I don't know why, but thinking own town having suburbs made me giggle. Our housing prices still haven't recovered from 2008 but we are in our forever house and we put 50% down so I don't care so much. It has been almost a year and IL's govt still doesn't have a budget and is technically shut down. This is what happens when you elect a governor who is a billionaire outsider with only business experience.

What you are probably seeing is stats on Birmingham city proper, which includes only the downtown area and is tiny. There are 4 or 5 other self-incorporated towns that make up the greater metro area, and combined it's a population of about 1.2 million. It's not a huge city, but the online stats are misleading because they don't count the populations of these other towns (and they really should).

B'ham has a mountain ridge that acts as a geographical divide between the downtown area and these "over the mountain" communities, but you're still talking about a commute of less than 15 minutes to get between them. So it's really all one city. Pic from my office (in downtown) below. You can see the ridge in the background, and that's where the self-incorporated towns start. It's hard to see from the photos, but there's a line of swanky houses on top of that ridge that have a view over downtown. H wants to buy one badly, lol.

The real "suburbs" are past those self-incorporated towns, about 20-35 minutes from downtown. That's where housing gets very cheap, but you have a 30-40 minute commute in traffic.

hoffse · May 2016

LillibetteV said:

Are wages are increasing similarly with the housing prices in your areas? I'm a paralegal so I use Robert Half's salary guide as a bench mark, and it gives a salary range for legal positions, years of experience, etc, but at the back it has a local variances multiplier so you can take the stated average and increase/decrease it to better align with salaries in your city. At least for me it's actually pretty accurate. Is the housing market being driven by increased wages or are more people just willing to be house poor?

I don't know about our paralegals, but starting salaries for first year associates in B'ham went up pretty much across the board in the last 18 months. The firms that haven't done it yet will do it soon.

I've been told from a very reliable source that my firm might do another COL raise this summer - it would be the second one in 24 months. If we do it, the other large firms in town will have to match before it affects their recruitment and retention.

That said, I think a lot of people are willing to be house poor here. For better or for worse, there are hundreds of gorgeous 1850-1920-era homes here with the big porches, big windows, original floors, etc. B'ham wasn't burned to the ground during the civil war like Atlanta was, so a lot of historical homes have survived. Unfortunately, they are kind of expensive to buy and really expensive to maintain. H and I came really close to spending $150K more to get this beautiful 100-year-old lower ridge house with a partial view. We ultimately went with the financially responsible thing and opted for a much cheaper 1950's ranch instead, but it was kind of painful

I think a lot of people here say "screw it" and buy the gorgeous home or else outspend their budget to get into certain school districts.

jtmh2012 · May 2016

hoffse said:

I've been told from a very reliable source that my firm might do another COL raise this summer - it would be the second one in 24 months. If we do it, the other large firms in town will have to match before it affects their recruitment and retention.

Lucky. I'm in IT and it just seems to be a race to the bottom when it comes to salaries anymore.

julieanne912 · May 2016

jtmh2012 said:

hoffse said:

I've been told from a very reliable source that my firm might do another COL raise this summer - it would be the second one in 24 months. If we do it, the other large firms in town will have to match before it affects their recruitment and retention.
Lucky. I'm in IT and it just seems to be a race to the bottom when it comes to salaries anymore.

Maybe you should move to Denver

hoffse · May 2016

Just for fun - this is what $500K buys you in B'ham proper:

http://www.realtysouth.com/homes-for-sale/4179-Cliff-Rd-Birmingham-AL-35222-176153331

And this is what around $1M would buy:

http://www.realtysouth.com/homes-for-sale/901-Essex-Rd-Birmingham-AL-35222-175621870

And this is the most expensive listing in the greater metro area. Because obviously we all need a riding paddock and guitar-shaped grounds for when you have flyover shots of your house (I wish I was joking):

http://www.realtysouth.com/homes-for-sale/7-Montagel-Way-Birmingham-AL-35242-142239913

What about other cities?

I'm grateful that $1M will still buy you a seriously swank house here. We looked up the San Fran market when we were there a few weeks ago, and they were showing $1M for a 2 bed/2 bath bungalow that needed a lot of remodeling. Choke me.

LillibetteV · May 2016

hoffse said:

LillibetteV said:

Are wages are increasing similarly with the housing prices in your areas? I'm a paralegal so I use Robert Half's salary guide as a bench mark, and it gives a salary range for legal positions, years of experience, etc, but at the back it has a local variances multiplier so you can take the stated average and increase/decrease it to better align with salaries in your city. At least for me it's actually pretty accurate. Is the housing market being driven by increased wages or are more people just willing to be house poor?

I don't know about our paralegals, but starting salaries for first year associates in B'ham went up pretty much across the board in the last 18 months. The firms that haven't done it yet will do it soon.

I've been told from a very reliable source that my firm might do another COL raise this summer - it would be the second one in 24 months. If we do it, the other large firms in town will have to match before it affects their recruitment and retention.

That said, I think a lot of people are willing to be house poor here. For better or for worse, there are hundreds of gorgeous 1850-1920-era homes here with the big porches, big windows, original floors, etc. B'ham wasn't burned to the ground during the civil war like Atlanta was, so a lot of historical homes have survived. Unfortunately, they are kind of expensive to buy and really expensive to maintain. H and I came really close to spending $150K more to get this beautiful 100-year-old lower ridge house with a partial view. We ultimately went with the financially responsible thing and opted for a much cheaper 1950's ranch instead, but it was kind of painful
I think a lot of people here say "screw it" and buy the gorgeous home or else outspend their budget to get into certain school districts.

That's good the the associate salaries are rebounding! We have a glut of lawyers up here and I have lots of friends that either can't find a job or end up with a starting salary that doesn't even cover their law school loans.

bmo88 · May 2016

@hoffse: That $500k house is beautiful! It would probably be closer to the $750k price in my area.

If you go out to the suburbs in our area (like we did) you can get a pretty nice house for around $300,000-$350,000. Not that nice, but a good sized home in great condition.

Our Downtown area is way overpriced relative to what you get and I don't understand the appeal. We have a pretty nice Westside of town that averages in the $750-$1.5 million range which is very desirable.

But for our Downtown area:

Here is around $500k (very slim market):

http://www.trulia.com/property/3216197660-609-Zyder-Zee-Colorado-Springs-CO-80903

Here is $750k: http://www.trulia.com/property/3169392219-1628-N-Tejon-St-Colorado-Springs-CO-80907

Here is $1 million:

http://www.trulia.com/property/3223115054-1729-Alamo-Ave-Colorado-Springs-CO-80907

cbee817 · May 2016

@hoffse - this is fun to see! We live in the most western part of NY (basically the farthest you can get from NYC).

For the city of Buffalo, this is a $500,000 house:

http://www.realtyusa.com/property/322-Middlesex-Rd-Buffalo-NY-14216/BuffaloNY/B499540/

This is a $1M house:

http://www.realtyusa.com/property/171-Middlesex-Rd-Buffalo-NY-14216/BuffaloNY/B491685/

These houses are actually on the same street- so you can see the house size and price change significantly. Also, any children that live in these homes are not going to the public schools in the city... most families that utilize public schools live in the suburbs. We have several private and catholic schools that are located within the city that are highly ranked but cost at least $10,000/year with the most prestigious private school coming in at $35,000/year. Our city schools are crumbling- DH worked there for 7 years and went through 2 mass lay offs, 3 school transfers, 1 school closing, and 7 principals.

The most expensive house I could find is about 30 minutes from the city- it's where most of our NFL and NHL players live that have families.

http://www.realtyusa.com/property/5-Woodcrest-Dr-Aurora-NY-14127/BuffaloNY/B500186/

Notice the taxes.. almost $50,000/year.. that's what happens when you live in NY.

labro · May 2016

@hoffse Ugh...my dream is to be in one of those old homes...and I probably would've been one of those people who said screw it to the costs. I'm lucky that our 1980s home has a large front and back porch and a beautiful yard otherwise I'd be completely pining away.

I live in North Metro Atlanta so I just went with our region rather than Atlanta proper because the Atlanta metro area is ridiculously huge and there's sooooooo much variety as to what $500k/$1 mil can get you depending on which specific spot you buy in.

$500k

http://www.trulia.com/property/3225363197-120-Wing-Mill-Rd-Sandy-Springs-GA-30350

$750k

http://www.trulia.com/property/1044961355-10388-Royal-Ter-Alpharetta-GA-30022

$1 Mil

http://www.trulia.com/property/3020013098-2730-Manor-Bridge-Dr-Milton-GA-30004

ETA: I would add that the area I'm living in is going a little wild right now. We bought our 3 bed/2 bath home on 0.60 acres in 2013 for $175k and in reality, I think we should've tried to bid on it for $160k but the market was crazy hot and we really wanted the house. Anyway, a home kiddy corner from us that's 4 bed/2 bath but similar yard, not a ton more sq. footage just sold for $222.5k, and they were asking $230k. There's another similar home down the street currently listed for $253k and we're keeping our fingers crossed for June 8th (the closing date) that the sale price is close to asking.

Mustard76 · May 2016

We haven't been in our house long enough to really have idea of what's trending. What I can say is that our house is exactly one mile from the house in which I grew up and it cost us triple what my parents sold that house for 15 years ago. Yes, I know that's a long time, but triple?! I was astounded. We're in a far SW suburb of Chicago. We have friends that live in The Old Town neighborhood of Chicago and they paid over $500k for a one bed/two bath townhome. I would love to live in the city, but not for that price! Although, property taxes are significantly less in the city, even with the recent inflation of city property tax.

julieanne912 · May 2016

It's pretty hard to pick one house in the Denver metro area, because what 500k will get you varies WILDLY depending on where you are.

So here's actual Denver, in a high demand area (Highlands): http://www.recolorado.com/homes-for-sale/3622-W-29th-Avenue-Denver-CO-80211-177052679

Here's up by me, in the far north end: http://www.recolorado.com/homes-for-sale/10850-E-162nd-Drive-Brighton-CO-80602-169364138 (hardly any active listings for sale, lots under contract)

Here's down South, near the Tech Center, where a lot of jobs are: http://www.recolorado.com/homes-for-sale/7785-S-Trenton-Court-Centennial-CO-80112-174686857

And, for fun, Boulder LOL: http://www.recolorado.com/homes-for-sale/4585-Martin-Drive-Boulder-CO-80305-178360248

For a million dollars:

Denver: http://www.recolorado.com/homes-for-sale/1521-Steele-Street-Denver-CO-80206-171814467

North: http://www.recolorado.com/homes-for-sale/13690-Fall-Creek-Circle-Broomfield-CO-80020-174548506 (hard to find something over a million really, just a handful of ugly houses on golf courses LOL)

South: http://www.recolorado.com/homes-for-sale/7723-S-Grape-Court-Centennial-CO-80122-176623494

Boulder: https://www.coloproperty.com/listing/details/1092013/1010-Euclid-Ave-Boulder-CO-80302 (again, LOL. Nice house though).

julieanne912 · May 2016

Oh and the most expensive listing, that isn't in the mountains, is this: http://www.recolorado.com/homes-for-sale/6900-W-Lakeridge-Road-Other-CO-80227-156025434

Most expensive I'd actually buy if I won the lottery: http://www.zillow.com/homedetails/415-Lee-Hill-Dr-Boulder-CO-80302/109683437_zpid/

brij2006 · May 2016

Haha. I'm in a rural LCOL area in Illinois. We're in the northern part, but still 2 hours from Chicago.

Our houses range from $50k-250k. If you want acres and some nice outbuildings, you're talking $250k-$400k. Those are mostly farmettes though.

Our housing market never did the huge jump and fall in 2008, so everything has stayed pretty even. However, the average household income in our area is $40k/year, so there's that as well.

splotch716 · May 2016

We are in the western Washington area, with the closest big city being Seattle. DH and I talk about buying all the time. It has come down to us having to move in order to afford a nice house. I'm not sure if you could find a nice house for under $400,000 here. Even rent is ridiculous. We are finally getting a 2 bedroom apartment at our current complex. We have been on the wait list for about 2 years and one has finally come up. There are no amenities and it is still over $1100 a month for rent, at 800-850sq ft. If we wanted a two bedroom at another complex with amenities we would easily be looking at $1500+ W/S/G. It wasn't doable for us.

I read an article a few weeks ago about how SF has gotten too expensive for the tech companies. As a result they are going to Denver, Portland, and Seattle. We've already got Microsoft, Amazon, and Nintendo here.

FutureMrsMerati · May 2016

So sorry, I had the worst time trying to find where the forums were in this new Nest layout. Plus I just accepted a new job, so not a lot of extra time for chit chat

This is a fun post! It's so interesting seeing what your money will buy you in various markets. Here's mine - looks very sad compared to all your gorgeous homes!

There is only one home in my town that's $500k or less that's marketed attractively as a "tear down": http://www.raveis.com/prop/31755/59maplestreet_darien_ct

Here's what you can buy for $1MM. Adorable little beach cottage but doesn't hold a candle to any of the others you ladies have posted

( http://www.raveis.com/prop/31671/8edgertonstreet_darien_ct

However, encouragingly you can get a whole house (and a beautiful one at that) for the small fortune of only $24MM: http://www.raveis.com/eprop/99145900/163peartreepointroad_darien_ct

Well, what started out as a fun post ended up being a depressing one

@hoffse - that Birminghan castle... Out of this world!

hoffse · May 2016

@MrsMerati, I think I like the $24M one you posted more than the Birmingham castle

The people who listed the B'ham house have a big problem. It's been on the market for a few years. There are actually a fair number of people here with that much money, but if I had $10M to burn on housing, I would probably not spend all of it in Birmingham. And that's their issue.

We are about 4 hours away from the Gulf, and we are surrounded by several big lakes within a 1 hour drive. So many/most people who have that kind of money here are spending it on lake house, then beach house, then local residence.

EDIT: Because if I had $10M to spend on housing, I would probably start with this place and then work my way back to B'ham.

http://www.realestate.30alocalproperties.com/idx/details/listing/c114/751299/2314-E-Co-Highway-30-A

julieanne912 · May 2016

hoffse said:

@MrsMerati, I think I like the $24M one you posted more than the Birmingham castle

The people who listed the B'ham house have a big problem. It's been on the market for a few years. There are actually a fair number of people here with that much money, but if I had $10M to burn on housing, I would probably not spend all of it in Birmingham. And that's their issue.

We are about 4 hours away from the Gulf, and we are surrounded by several big lakes within a 1 hour drive. So many/most people who have that kind of money here are spending it on lake house, then beach house, then local residence.

EDIT: Because if I had $10M to spend on housing, I would probably start with this place and then work my way back to B'ham.

http://www.realestate.30alocalproperties.com/idx/details/listing/c114/751299/2314-E-Co-Highway-30-A

I LOVE that house. It's a hard toss up between my 6.5 million house and your 6.9 million haha!

julieanne912 · May 2016

If anybody wants their own Tuscan Villa in the mountains of Colorado, here you go. Only $27.5 million... reduced down from 29.5 so it's practically a bargain.

http://www.recolorado.com/homes-for-sale/1548-Via-La-Favorita-Edwards-CO-81632-152450277

Not my style at all, but a cool property.

Wowza, the Denver market and saving up for a home!

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