Home Buying in 80205>Question Details

Itiswhatitis, Home Buyer in Denver, CO

Please offer opinions on the following properties

Asked by Itiswhatitis, Denver, CO Fri Jul 20, 2012

Any advice you can offer regarding these properties would be great. I'm looking for a residence and have a broad price range I am considering. I've narrowed my search to the Ballpark/Five Points area and want to keep the price between 200k-450k. Here is a list of properties I'm considering. Any thoughts on them would be great. I will qualify for them all easily and want somewhere that will have the best resale value based on the price I could purchase at in about 5 years.

3144 Stout: $179,900 (Approx how much would it take for me to renovate this place and bring it back up to luxury standards?)

2862 Champa St: $370,000 (Interesting unconventional home)

3206 N Gilpin St: $299,000 (Another unconventional unit, but the neighborhood might not be so great)

2515 Larimer St: $449,000 (Overpriced?)

2441 Broadway #202: $226,000 (Priced higher than comps in building and has less character than others with brick walls)

3400 Larimer Townhomes (good time to buy one?)

Other suggestions?

Help the community by answering this question:

Answers

16
Sure, I'll do an hour or two or research for you to profile these homes.
Sure, I'll go above my pay grade and research market forecasts for 2017 for each of these homes.
Sure, I'll package all that data and put it right here on Trulia for everyone to see!

Tell me, what's in it for me?
Do you understand the effort this requires?
Do you realize the liability exposure one creates is attempting to play ball?
Do you think it unreasonable for a professional to encourage a direct conversation before investing in you such effort?

Tell me..seriously, how much time do YOU think a professional would invest directly, to fully answer your question.

To whom do you offer your professional services of like kind FREELY?
4 votes Thank Flag Link Sat Jul 21, 2012
I don't offer my services freely, but if I am on a legal advice forum I gladly post my opinions and knowledge. That is why they exist. I have no idea why so many of you feel this is a forum for you to recruit clients. This is a forum for discussion and not your personal advertisement space. To use it as such only makes you look desperate for clients.
Flag Sat Jul 21, 2012
Bravo!
This person claims to be an attorney, no less! haha I highly doubt it...........
Flag Sat Jul 21, 2012
My suggestion would be to get yourself a Buyer's Agent and have him/her help you with your questions above.
3 votes Thank Flag Link Fri Jul 20, 2012
Another agent posting a profession serving comment. Thanks. Glad you didn't come to this question to post useful information or thoughts.

I guess WebMD should be full of doctors posting their contact information and not any useful information.
Flag Fri Jul 20, 2012
actually, Mack - "it" is something around here we call "chutzpah" - denigrating agents on one thread .....and asking them for detailed help and advice on another
2 votes Thank Flag Link Sat Jul 21, 2012
You should hire an agent to help you with these questions for the practical reason that you may not get a useful response here in a timely manner. A good local agent can quickly help you assess those properties and put you in a competitive position before the property is off the market. Otherwise, you may find yourself missing out on the truly good deals.
Web Reference: http://www.archershomes.com
2 votes Thank Flag Link Sat Jul 21, 2012
If a property has been on the market over 90 days without a price reduction, then by common sense, it's a bad deal, since nobody is touching it. Right? The good deals are the ones that barely hit the market and get bids within the first day or two and off the market in just days. On some of the best deals I've gotten for clients, I helped them assess the property, put together an offer and get the offer accepted, all within an hour or two of the deal coming onto market.
Flag Sun Jul 22, 2012
Let me ask you this...if a property has been on the market over 90 days without a price reduction, how can it be a good deal regardless of comps? Assuming it never went under contract, if no one wants it at the asking price, why should it be considered a good value on the basis that the market is moving upwards? When time comes to sell, it will be the same property that most buyers don't want and I will be stuck with the problem the current seller has.
Flag Sat Jul 21, 2012
Trulia has staff members who troll the Q&A. While it is admirable that you invest your time in calling out agents who don't understand the concept of a Q&A, the average reader can distinguish transparent advertisement from helpful information. Trulia will notify the agent. I have noticed answers pulled from the Q&A. So, they are active.

You can also flag entries that are basically spam.
1 vote Thank Flag Link Sat Jul 21, 2012
- I was only looking to hear thoughts on these areas and properties.

Well, there's about three thousand active listings in Denver, I'm guessing that the number of agents who have seen all five of these properties is fewer than a dozen - include the listing agents for these five properties. The percentage of Denver-area agents who participate on Trulia is . . . I go back to, Never Gonna Happen.

But since we're in a chatty mood, why are you looking to buy these properties? As an investment, or to live in? Do you think that an "unconventional" home or one with "less character than others" is a good investment opportunity?
1 vote Thank Flag Link Sat Jul 21, 2012
Just curious because I was talking to my uncle the other day who lives in Seattle. He did very well with microsoft many years ago and has a few properties that he rents out and I asked him if he considered purchasing more units as rentals and he didn't like the idea. How is the Seattle market for rentals? What are the best areas? My personal favorite areas would be the spot that was just renovated by Paul Allen near Chandlers restaurant and the area just northwest of Gasworks. Any thoughts on the best places to buy in Seattle right now for rental properties?
Flag Sat Jul 21, 2012
In response to your first question, I guess both. I'd like it to be a place I'm comfortable living in for the next 5 years, with either the ability to sell for some profit after that or that could be a viable rental. The larger more expensive town homes concern me since I know they will be more difficult to rent and I would view it as something that needs to appreciate. A smaller less expensive unit that I would be able to rent after is less risky and more appealing, but also less enjoyable for my own use in the next 5 years.

I don't think unconventional homes are a good investment opportunity. There is a reason they are priced way less per square foot than others in the area. They do have some appeal though but fit into a niche market. The concern for me is if there is no competition for these properties, they will rely on the surrounding factors in order to appreciate and would also be difficult to rent.
Flag Sat Jul 21, 2012
It is what it is. Interesting phrase, isn't it? It's like there is no there, there.

This goes on the list of things that are Never Going To Happen, IIWII. Real estate agents and brokers only get paid to broker real estate, and aren't going to provide consultative or advisory services without at least the hope, if not the promise, of a brokerage fee.

All the best,
1 vote Thank Flag Link Sat Jul 21, 2012
OK, you made me laugh, nice job =). In response:

Then why do they come to this forum? To seek out clients? If so, isn't that desperate? This is not a venue for them to solicit and advertise. This is a venue for discussion.
Flag Sat Jul 21, 2012
on another thread you're looking for a "discount" agent because you don't need anyone who is "full service"........as you can do it on your own.......yet here you are asking strangers for pricing and buying advice...............amazing

Get an agent to help you...........it's a big enough purchase to warrant it, don't you think?
1 vote Thank Flag Link Fri Jul 20, 2012
Just opinions...I know the comps. I understand why the unconventional homes are priced so great and why 2515 is more per sq ft. I don't need an agent to lay out comps for me and tell me some facts. I just want opinions from the locals on what they think of these different types of properties. I have my own opinions but it is always good to soundboard with the masses.
Flag Fri Jul 20, 2012
Oh fun a contest!

Sean makes a good point. You should hire a Realtor to perform research for you. Thanks for asking, but I think you want to consult someone who will spend a half hour with you going over your needs and likes.

There is one more reason for a buyer to use an agent these days. While that's an impressive list you have put together, half of these homs could move off the market by tomorrow.

The better approach is to get a firm grasp of what you are searching for and then hire a Realtor to target what you are seeking.
1 vote Thank Flag Link Fri Jul 20, 2012
Thank you for another useless comment. Glad you have no knowledge to offer on properties in the 80205 yet still chose to post.
Flag Fri Jul 20, 2012
I noticed, like Debra Rose did, that in this post you want Realtor(R)s' opinions on this set of homes, but in another post, you're seeking "discount" agents. I'm sorry you don't see the value that Realtors bring to the selling/buying transaction. Short answer: find a buyer's agent that you respect. Good luck.
0 votes Thank Flag Link Mon Aug 4, 2014
Would you like to walk through them together so I can offer you real advice?

Thanks,

Bret Weinstein
303-981-1237
Bret@Marcusteam.com
0 votes Thank Flag Link Thu Aug 23, 2012
Itiswhatitis,

What do you think is wrong with the neighborhood at 3206 Gilpin. I lived 10 blocks away from ther for 15 years and found it a delightful community. I hope you find the right place for you soon. I think I saw one of your derogatory posts after this showing you were under contract. It feels like you have little or no respect for us and think we have nothing else to do and our time is not valuable. I hope that is not the case and I misinterpreted your thoughts and intentions.

Robert...
0 votes Thank Flag Link Wed Aug 22, 2012
terrible school district, lower income area, i notice a lot of suspect individuals that linger in these areas (not the residents, but possibly people sleeping in vans etc). i just went under contract near lawrence/downing a few weeks ago so im not too far away, i just wanted to be sure i was comfortable with the area. also 10 blocks one way or the other from 3206 gilpin makes a big difference. 10 blocks west, awesome!. 10 blocks east, meh.
Flag Wed Aug 22, 2012
Thank You all for contributing on this warm Sunday morning, I enjoyed reading the comments posted.

Warm Regards.
0 votes Thank Flag Link Sun Jul 22, 2012
My name is mark pena and I flip houses for a living. You can pull up my latest house to see my work 3064 s grape way denver co 80222.

You should have a contractor come out and look at the project to see what your getting into. I recommend you always pay for the material yourself, that way you dont get the rule of thumb by contractors to charge customer 15% for us getting the material.

Email if youd like some help looking at houses. All i need is lunch and well be good. no charge

Yes im a contractor and carry insurance and I always pull permits and make my subs as well.

Have a good night,

Mark pena nike_black_one@yahoo.com
0 votes Thank Flag Link Sun Jul 22, 2012
I offer my legal opinions freely with the disclaimer that is just offhand knowledge and that they need to seek legal counsel to get a full and correct understanding of what their situation is and the best way to deal with it. I was not asking anyone to go do research on these properties. Merely give me their opinion based on anything they already knew. I also could care less if an agent or a buyer/seller gave me their opinion. I was only looking to hear thoughts on these areas and properties. Some, like myself, find it interesting to discuss this.

I am not denigrating all agents. I am merely calling out the ones who post NOTHING MORE than their contact info and the phrase "I can help you with this, contact me."
0 votes Thank Flag Link Sat Jul 21, 2012
Hi, The areas you are looking at are up and coming. There are a lot of young people moving in. I would purchase a SFR on a good size lot for the best return. Condo and townhomes usually lag behind in returns. There are loans that can offer you the fixup money if you purchase a rehab.
Take Care,
Paul
0 votes Thank Flag Link Sat Jul 21, 2012
Also the Gilpin property has been on the market for 288 days and started out at a $324k price.
Flag Sat Jul 21, 2012
I specialize in SFR and multi-family properties that have a good upside for returns. I look for a good exit strategy for my clients. There is more than one way to evaluate a investment. Being the market value of homes are at a low and interest rates to match....good time to look! It takes time to find the one, but worth it. As for the two properties, Champa is closer to downtown and would have a better location. This urban warehouse style property has been on the market for 44 days, it last sold in May of 09 for $300,000. I did show the property on Gilpin to a client a few weeks ago, they ended buying another property. The Gilpin property has good zoning as you could run a business out of the place as well as live. Another possibility is the addition of a 2nd level for your living. Just a thought! You are correct about the niche.
Flag Sat Jul 21, 2012
Also, do you specialize in SFRs? Is there a site that lists SFR certified agents? I understand the NAR has a special certification for agents in this area.
Flag Sat Jul 21, 2012
Are you involved in any fixer upper projects? If so, can you recommend a good contractor that can go from start to finish (trash removal-demo-design-rebuild)?

Also, can you share an opinion on unconventional homes and where they stand in the marketplace. I really like 2862 Champa and 3206 Gilpin, but I am very concerned about their resale. They seem very niche and could easily take a loss if there isn't someone who really likes them when time comes to sell (my opinion, do you agree/disagree?).
Flag Sat Jul 21, 2012
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