$60,000 buys a lot in Barnum and some work for a bulldozer
Fifteen years ago, $60,000 could buy a decent starter property, most likely in foreclosure, but needing only minor fixes. Say, a coat of paint.
Today, that same amount buys a scraper, like the one for sale in Denver’s Barnum neighborhood at 210 Stuart St., one of the lowest-priced detached homes available in the city.
The 599-square-foot home was built in 1925 and has been a rental for several years. The city was ready to condemn it when vandals attacked. The home is now boarded up.
Metro Broker Realtor Andy Ahroon said he initially received two offers for more than $100,000 on the home, but interested buyers didn’t know that changes in Denver’s building code leave little room for expansion.
He dropped the price to $60,000, about the value of the land, and advises interested buyers to bulldoze and start over.
“It is disgusting. I’m not sure there is a foundation in the place,” Ahroon said. “I built better tree forts when I was a kid.”
Homes in the neighborhood sell for $150,000 to $200,000. A buyer would save the $8,000 or more it costs to get a water tap on new land. The lot also has some large, old trees.
The home is so fragile it wouldn’t take much to knock it over, said Ahroon, who advises interested buyers to drive by and look. Just don’t ask him to show it.
Steamboat Springs vacation home being sold in “absolute” auction
Denver investment banker Kit Phillips is selling his family’s Steamboat Springs vacation home in an “absolute” auction later this month. Phillips, founder of Phillips Capital Inc., has hired Gadsden, Ala.-based National Auction Group to auction the property Feb. 21. It will be sold to the highest bidder, regardless of the price.
“If you bid a dollar, and nobody bids two, it’s yours,” said William Bone, National Auction president.
Phillips’ son Chris, who also works at Phillips Capital, said his family opted to sell the home, which they’ve owned for about a year and a half, because they don’t spend much time there. The family plans to use the auction proceeds to pay for another real estate purchase.
“We chose to do it in an auction because we were attracted to the time aspect,” Chris Phillips said. “We’ve seen and heard of high-end properties staying on the market months or years before they sell. With an auction, you create an environment where people bid and create a market for the house.”
The Phillips recently renovated the four-bedroom, 4 1/2 bathroom home in Steamboat’s Sanctuary subdivision. It overlooks Fish Creek Canyon and the back nine of the Sheraton Steamboat Golf Club.
It features a gourmet kitchen, media room, gaming room, outdoor entertainment area and a sunken hot tub.
“The layout couldn’t be any more perfect,” Chris Phillips said. “It really kind of encourages hanging out among family and friends.”
The home is being sold furnished.
The property will be available for viewing by appointment beginning Feb. 16. Bidders will be required to bring $100,000 in certified funds to bid on the home. More information is available at www.nationalauctiongroup.com.
