Deep Discounts in Denver Housing

Denver Post reports:

Carly and Todd Zody got way more than they bargained for when they bought their home in the Villages at Centennial.

The couple, both teachers, were set to buy a townhouse when KB Home offered to sell them a larger duplex in the same neighborhood for the same price - plus $30,000 in upgrades.

"The base price on the duplex is $20,000 more than on the townhomes," Carly Zody said. "We were able to move in within about a week."

In an effort to get inventory homes off their books before their fiscal years end, homebuilders are offering deep discounts to buyers who can move in quickly. The builders need to move the homes to meet sales numbers and alleviate carrying costs that amount to about $100 a day per home.

In the past six weeks, KB Home has sold 81 homes at discounted prices. It still has 53 homes it wants to unload at discounts of as much as $20,000 each, and it will pay closing costs.

"We typically don't have a lot of these," said Rusty Crandall, president of KB Home Colorado. "I think all the builders have a few more inventory homes on the market than they'd prefer because of the cancellation rates we've seen. There are some great values out there for customers who are interested and have the capability of moving in quickly."

Lower prices are still to come.