It’s deja vu redux re-do again and again. We’ve seen today’s pick Denver investment property come up before in this blog, but nobody bit on it, so the bank wants it gone and in a hurry!
I’ve written lots about the benefits of Broomfield. About how great the family atmosphere is that this little community promotes. About how Broomfield is conveniently located between Boulder and Denver with easy highway access to each. About how how the Flatirons Mall and the Broomfield Events Center have made this a destination community for lots of folks around the region. And about how the impending ConocoPhilips alternative energy research center development will generate an estimated 11,000 new jobs over the next two years. Can we say “Seller’s Market?”
Today’s pick property is (still) in Broomfield at 3361 West 144th Avenue. If you recall, this property sits on nearly an acre-and-a-half and with more than 2500 finished square feet, the $234,000 list price when we first wrote about this home appeared to be a great value. It’s no question that the double whammy created
This home is priced at 50% of value!
by the holiday season and a general pall of economic unconfidence has slowed real estate sales to a crawl, and it is evident that our pick property has received any notice whatsoever during that period because the bank has now reduced the sticker to an even $200K!
That’s just $79 per square foot! So what? Well, that is exactly HALF of what it would be priced in acceptable condition, and even if you spent a whopping $30 per square foot, twice the “typical” rate, to rehab a property, you would still net more than 25% of the overall investment by selling it at a reasonable $400,000.
But remember ConocoPhilips? All of those new jobs are about to place high demands upon the housing market of Broomfield, and I predict that we’ll see shortages in all properties, whether for sale or for rent. Texas license plates in abundance are already making appearances on the Denver area highways as precursors to the migration of highly-paid propeller-heads, and I’m betting that nearly every one of them is looking for real estate. In a short time, our investment property of the day could very well appreciate very nicely, making it an excellent candidate to buy-and-hold.
The MyH-O-M-E.com team of professional REALTORs is ready to answer any questions concerning residential real estate in the greater Denver metro/mountain area. Please visit our website at www.MyH-O-M-E.com to search any property listing in the Denver MLS. Of course, comments to this blog are very welcome.
Posted by: Dave Perlowski
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