What is a reasonable price range per sq. ft. to offer for a unit in the Museum Residences?

Asked by Mdawson45, 80205 Sat Jul 28, 2012

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Robert McGui…, Agent, Denver, CO
Sat Jul 28, 2012

Good answers below. Your question and other questions you will have if you proceed with this purchase will be best answered by a Buyer's Agent. The builder is willing to pay the Buyer Agen for bringing the buyer to the development and willing to work with him. I hope you are working with representation since the Builder does not have your best interest at heart.The builder wants to get these remaining units sold and is most likely pretty flexible at this point on price. The 'price per square foot' is not the best indicator of price in a development like this. If you are looking at Unit #311 that has been on the market for the last year, the Price per square foot is $315. The last one sold was $419 per square foot. You can contact one of us here on Trulia for help if you don't have an agent. Otherwise, it is limited by law how much we can help you in the negotiation process without an agency agreement in place. Good luck and good success with your purchse.

Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
1 vote
Jenny Usaj, Agent, Denver, CO
Sat Jul 28, 2012

The Museum Residences are beautiful homes, so let me start by saying great job! I was recently part of a transaction helping a resident from Evergreen make her way into the building.

Strictly speaking numbers, historically the residences sell for 82% of the sales price. In real estate, the numbers are only one piece of the negotiating strategy. There are more influencing factors in addition to the ratio of list to sold price.

I also know that George Thorn, the co-developer on the property, is making great deals to sell the last of the inventory.

Please let me know if I can help you take the next step in writing an offer on this property.

Thank you,

Jenny Usaj
Usaj Realty
You say, We listen

f. 720-285-1934
1 vote
Oh, I forgot to mention: What kind of a deal could we get from George Thorn?
Flag Sat Jul 28, 2012
Marina Bay, Agent, Greenwood Village, CO
Sun Jul 29, 2012
I forgot to mention, I will be happy to email you the full report with sold psf analysis.

Thank you,
0 votes
Thanks! I would find the full report very helpful. My wife is quite interested in unit #309, a 2-2 with 1,387 sq. ft. and an asking of $575,000 ($415/sq.ft.). I have a report showing 3 sales in this building in the past 18 months of comparably-sized units: (1) #411-2/28/11-1190 sq.ft.-357K; (2) #509 - 3/4/11-1370 sq.ft.-400K; (3) #409-9/26/11-1381 sq.ft.-399K. Are these valid comps? I do plan to empoy a BA, but I'm confused by seemingly contradictory preliminary information. Mark.
Flag Sun Jul 29, 2012
Marina Bay, Agent, Greenwood Village, CO
Sun Jul 29, 2012
The average price per sq.f. for all the sold units in Museum Residences is $369. I believe in trying to get my buyers the best deal possible. If you are not represented by an agent, who specializes in working with buyers, like yourself, please call me or email at your convenience. I will be happy to help!

Happy house hunting!

Marina Bay/Realtor
Cherry Creek Properties
0 votes
Craig Hindes, Agent, Denver, CO
Sat Jul 28, 2012
Robert is right, and he is a very honest hardworking Broker. I am a Broker from another firm and do not normally recommend other Brokers, but Robert is very good. You will be happy with his service. If you want a discount on housing contact Save a Child Housing Authority of Denver to see if you qualify, Discounts are huge and homes are rehabbed prior to purchase, of course you can bring any Broker you wish.
0 votes
Mike Henders…, , Denver, CO
Sat Jul 28, 2012
Great question. I was doing the research on the data and was looking at the answers and Ed beat me to it. A few points about negotiating this type of property. There are some unique challenges if I was representing you in the negotiations.

1) You have a really specific property in mind. It is also a very unique property and address. Daniel Libeskind knows it, you know it, and all your friends will no it as well. This makes negotiations difficult.
Dealing with a builder directly poses challenges as well. It is much easier for us to negotiate if you are looking for a specific type like luxury property like a 2br/3ba between 1800-2200 sq. ft. and you are willing to look at Spire and other places.

2) Price sq. ft. is not always the best indicator on a property like this. A few factors.

a) smaller units normally have a higher price per sq. ft.
b) I think views and which level are you on have a lot to do with it
c) This I am sure of, is the parking places included with the unit. Make sure your price sq. ft. calculation has this accounted for

3) There have been no sales this year. This is what I'd base the negotiation strategy upon.

I would love to represent you on this transaction. This is a showcase building and super cool. Also my favorite part of the real estate transaction is the negotiation by far. My least favorite part is the driving around and looking at houses (although the really cool ones like yours are the exceptions :). I do negotiate on my commission when the buyer has the property picked out as well.

Good luck. I think there is a 70% chance you are going to try to do this yourself without an agent, and my advice is start low and tell them you would like a counter.

Let me know if I can help
Mike Henderson - Realtor
0 votes
What an interesting response! It sets you above the usual run of realty-speak. Your 70% estimate of DITY is high. Overestimating one's own knowledge in areas of non-expertise can be expensive. Do you know whether this unit is corporately or individually owned? What do you mean by "Daniel Libeskind knows it?" Hon. Mark R. Dawson
Flag Sat Jul 28, 2012
What an interesting response! It sets you above the usual run of realty-speak. Your 70% estimate of DITY is high. Overestimating one's own knowledge in areas of non-expertise can be expensive. Do you know whether this unit is corporately or individually owned? What do you mean by "Daniel Libeskind knows it?" Hon. Mark R. Dawson
Flag Sat Jul 28, 2012
Ed Quinn, , Los Angeles, CA
Sat Jul 28, 2012
Good afternoon, the Museum Residences is a power packed community of ultra contemporary homes in a stellar location. Currently there are 6 homes for sale in a broad price range from $295,000 to $895,000. Seven homes have sold over the past 2 years ranging from $275-598k. There have been no sales yet this year. The homes range in size from 756 to 2071 square feet with 1-2 bedrooms and 1-3 baths, all offering a variety of different amenities. So to answer your question best I need to know what you want in a home and we can then figure what a good offering price could be for you. Please call or email me when you have an opportunity. Thanks. Ed Quinn 303-807-7688. Ed@EdQuinnSite.com.
0 votes
Kevin (720)…, , Denver County, CO
Sat Jul 28, 2012
Great question. Hard to answer without more specific information about the unit in Question. If I tell you a number and I am wrong then I'm doing you a dis-service. Here is some contact Information.

Kevin Connolly
0 votes
My wife really likes 55 W. 12th Ave. #309. The list is $415/ft., which to me seems excessive, looking at comps and area averages. What is the deal? Is such a price justified for a 6-yr. old project? Thanks, Mark Dawson
Flag Sat Jul 28, 2012
John Keene, Agent, Denver, CO
Sat Jul 28, 2012
Average price per square foot over the last 12 months is $295. But as Matt said, there are other features to consider. If you don't have a REALTOR to work with I would be happy to assist you further.

FYI, buyers should always use an agent to help them with their transaction, as the commission is paid by the seller.

Best of luck,

John Keene
0 votes
Matt Mansfie…, Agent, Lakewood, CO
Sat Jul 28, 2012
It really depends on the location and condition of the unit. Give me a call or an email and I will run the sold comps in the area for you. Do you currently have a Realtor?

Matt Mansfield
Equity Colorado
0 votes
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