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Old 10-22-2015, 04:09 PM
 
2 posts, read 1,983 times
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Hi Everyone,

I did some searching and found a small amount of feedback on the Genesee area as a whole but nothing specific about these condos. We are currently renting a townhome in Golden but have had our eye on Genesee, specifically these condos as they are well within our price range ($300k or less). Couple questions:

- Any particular reason these take a while to sale? We've been casually looking for a month or so and more seriously looking for about 2 weeks. I've seen 4 of these units that were or are on the market; one expired, one has been listed for 2 months, another went under contract after a month. Compared to the rest of the market in this price range, that is quite a while. Perhaps most of the people wanting to live up here have eyes on the higher priced homes? Or maybe it's related to the next point:

- The HOA is $370/month...seems very high, especially for townhomes in this price range. Is the cost of maintenance really that much higher in the area or is the HOA just gouging? (For reference, the listing says it covers:Community Pool, Fitness Facility, Grounds Maintenance, Insurance, Sewer, Snow Removal, Trash Removal, Water) Just seems extreme considering that would account for roughly 25% of monthly fixed expenditures for the place, and also seems like it could be quite a deterrent to home shoppers in this price range. Again, maybe that's part of the reason these seems to have a difficult time selling..

- Given the price and my perceived reach of the HOA, could there be restrictions on renting one of the units out? Our plan is to buy something in the price range that we can rent out after a few years and upgrade to a larger home. On that note, do you think it would be difficult to find renters in this location being further from downtown?

Any other information you may have on these particular units would be great. Thanks in advance. We're also considering Morrison, Littleton, Lakewood, but those areas seem to have much more information available.
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Old 10-22-2015, 04:29 PM
Status: "Celebrating 30 years as a Broker" (set 18 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,307,638 times
Reputation: 7085
google the complexes name and hoa docs.

Most HOA's do not restrict renters. The HOA docs will say.

The HOA fee is definitely an issue with most people. It does cover snow removal.

From my experience, a few people move to Evergreen/Genesee/Morrison/Conifer et al, in the spring or summer, then after surviving a winter - put the property on the market and move down the hill closer to work/less snow/less chance of being snowed in....
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Old 10-22-2015, 05:34 PM
 
190 posts, read 193,058 times
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When I was looking at these condos their HOA fee was a huge turn off for me. I imagine for most it is. Too high IMO with $400 coming fast. Your assessment is right on.
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Old 10-22-2015, 06:05 PM
 
Location: Evergreen
397 posts, read 588,461 times
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The HOA fees are certainly a factor that comes into play for the Genesee Village condos. Another factor is the road noise from I-70 and the fact that you see the highway from many parts of Genesee Village. Most people that want to move to the Foothills want to do so for the scenery and quiet, serene lifestyle. There's a much smaller pool of Buyers that want a major interstate in their line of sight and the noise from which lulling them to sleep with the windows open at night.

Water is expensive as is snow removal. Both of which are included in the HOA fees.
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Old 10-22-2015, 06:59 PM
 
Location: Golden, CO
29 posts, read 28,957 times
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Genesee is a beautiful neighborhood, but the HOA kept us away from both the homes and condos in the area. If you look at the entire monthly cost, seems buying a house with no HOA, especially one with its own well and along county maintained roads, makes more financial sense unless condo living is the desired lifestyle.
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Old 10-22-2015, 07:11 PM
 
2 posts, read 1,983 times
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Quote:
Originally Posted by livethedream3 View Post
Genesee is a beautiful neighborhood, but the HOA kept us away from both the homes and condos in the area. If you look at the entire monthly cost, seems buying a house with no HOA, especially one with its own well and along county maintained roads, makes more financial sense unless condo living is the desired lifestyle.
So it's not just me then. From very brief research it looks like the HOA is a privately run company, so I assume they are not just managing costs but bringing in an annual profit on top of it. You would think the Owners could get together and create their own board and/or shop out the services. That high of an HOA has got to be quite a drag on property values. Or maybe I'm way off base, I've never lived in an HOA managed neighborhood so I'm speaking from a point of ignorance.
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Old 10-22-2015, 07:19 PM
 
Location: The Berk in Denver, CO USA
13,947 posts, read 20,190,335 times
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Quote:
Originally Posted by MtnJunkie View Post
The HOA is $370/month... it covers:Community Pool, Fitness Facility, Grounds Maintenance, Insurance, Sewer, Snow Removal, Trash Removal, Water
It actually seems OK to me at a glance.

What you need to do is find out exactly what it covers and then assign a $ value to each item as if you owned a single family house.

For example: homeowners' insurance on a sf would probably be $600/yr and in the condo $100.
For example: my water/sewer bill is $35/mo for a duplex on a very small plot of land
For example: trash would be $25? (I don't really know as mine is in my city taxes)
For example: how much would be paying every 20 years to replace the roof on a sf house? Paint it every 5 years?
etc.

I did this once for a condo with a $560/mo fee and discovered that my sf house was $560/mo. Not the answer I was expecting.

Most important question is: is the HOA in a solid financial condition? You should have an expert look at the statements for a few hundred dollars.
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