What's wrong with this picture? (Denver, Aurora: apartments, power lines, home builder)

[denverian]

A house is worth what someone will pay for it. A not-so-wise moron of a neighbor told me I got ripped off in 1999 paying $120K for a 2 bedroom condo (he was renting one next door) and told me I was a sucker for paying so much. I sold it in 2005 for $400K. Unless you have a crystal ball, you really don't know what's a good price or not. It's all based on demand, and then Denver has micro markets all over the metro area. That much space in the Stapleton neighborhood, or anywhere in central Denver, would cost you more than double, because the location is more desireable.

[RedSoxFanGoingWest]

Originally Posted by LBear

The home is BANK OWNED. Therefore, there are NO "concessions" and the home is sold AS-IS. Bank owned properties offer NO WARRANTIES and 99% of the time, they will NOT negotiate on the price or offer any "concessions".



How?? Easy, the National Association of Home Builders has a scientific and documented list of the life expectancy of the items.

The home is 10+ years old. It is reaching the magical 10-15 year mark. That is when homes have HUGE update issues and costs.

National Association of Home Builders states the following in regards to LIFE EXPECTANCY:

Electrical Lighting Accessories 10 years
Electrical Lighting Controls 10 years

Asphalt Shingles 15 years
Air Conditioners - central 15 years
Air Quality Systems 15 years

Boilers - electric 13 years
Burners 10 years
Dehumidifiers 8 years
Ducting 10 years
DX - electric 15 years

Furnaces - warm-air, electric 15 years
Furnaces - warm-air, gas 18 years
Heat Pumps 16 years
Humidifiers 8 years

Induction & Fan-Coil Units 10-15 years
Radiant Heater - hot water or steam 15 years
Ventilators 7 years
Water Heaters - electric 11 years
Water Heaters - gas 10 years
Exhaust Fans 10 years

Aluminum/Aluminum Clad Windows 15-20 years
Garage Door Openers 10-15 years
Termite Proofing 12 years
Waterproofing with Bituminous Coating 10 years
Garbage Disposals 12 years

Faucets, Bar/Hospitality 15 years
Faucets, Kitchen Sinks 15 years
Faucets, Toilets/Bidets 10 years
Sinks - enamel steel 5-10 years
Carpet Flooring 8-10 years
Range/Oven Hoods 14 years
Ranges - electric 13 years
Ranges - gas 15 years
Washing Machines 10 years

Again, you looked at a picture and determined all this. That is what I am saying.

Do me a favor check your little crystal ball and tell me what the lottery numbers will be this week. After that bring your negativity to another forum. I'm pretty sure everyone in the Denver/Colorado forums are tired of it.

[steveindenver]

The home is BANK OWNED.

Learn to read, it WAS bank owned. Someone bought it from the bank in October.

Book Page Date Instr Trans Price
B812 2079 10/17/2008 SW Other 153,000
B808 7667 08/04/2008 PT Other 0
B502 7584 02/08/2005 QC Other 0
B006 7857 06/02/2000 WY Joint Tenants 170,900
A709 7476 08/05/1997 WY Joint Tenants 124,000
A700 4397 01/06/1997 SW Multi Parcel Sale 260,200
7998 0752 06/21/1995 SW Multi Parcel Sale 878,200

the home is overpriced and the potential buyer should walk-away and look for other homes.

Why? Because you can get a poorly built house further out in an area with higher crime where you suggested in Green Valley Ranch? What a shocker.

Now back in reality and not make believe land where you have been "building houses" for years and they require major investments at magical year markers; if you use the data provided by the county -- for free even -- the comps indicate that price is a good one for the area, if not better than good.

http://www.co.arapahoe.co.us/Apps/Pa...aspx?NBHD=0387

Kind of funny this thread is still going on with various questions, all of which were answered in that link on the first page.

[formercalifornian]

LBear may be a bit of an Eeyore, but his point about the maintenance costs on an older house is a good one. They can be significant and should not be discounted. Right now, my total costs for repairs on the thirty-year-old house I bought this past summer are sitting at about $17k, and we have several thousand more facing us in spring.

That said, I've lived in a pristine, new house in the soulless exurbs, and I was miserable. I've gladly taken on all of these bills because I love my current neighborhood. Given adequate resources, one can re-build a house from the inside out, but one generally can't pick it up and move it. All together now, what's the old adage? Location, location, location.

[LBear]

Originally Posted by steveindenver

Now back in reality and not make believe land where you have been "building houses" for years and they require major investments at magical year markers; if you use the data provided by the county -- for free even -- the comps indicate that price is a good one for the area, if not better than good.

Comps????

You have NO clue what you are talking about. The home in question sits next to high-voltage electric towers. Are all your so-called comps sitting right next to high-voltage electric towers?

The data was taken from the National Association of Home Builders in regards to LIFE EXPECTANCY of major home components. You can call them and dispute their claims and data with your la-la land of make believe data.

Someone is flipping that home. It was probably trashed and not well-maintained. That kitchen "remodel" is a joke. They added new appliances but left the 1980's kitchen cabinets, old sink & fixtures and old lighting. Bargain-basement cabinets for a 10x12-ft. kitchen can easily cost $5,000, not including the cost of installation or new counters.

Also, in the pictures it appears the slab has shifted and the garage door is not sitting flush on the slab.

Who is the builder? Is the builder who built this home still in business? What is their quality of work like? The 10-year foundational warranty is up. Many areas of the Aurora area are notorious for expansive soils.

Back in 2007, Centex Homes settled a major class-action lawsuit filed by homeowners claiming damage from expansive soils. As many as 1,500+ Colorado homeowners had issues with foundations that cracked and heaved when underlying soil expanded and pushed upward.

So when the OP buys this home and has to spend $30K+ in trying to fix foundation issues that will plague them for lifetime of the home, you are willing to donate money to help them out, right?

[formercalifornian]

The garage slab and the high-tension wires are reasonable concerns, but the kitchen cabinetry, lighting, & faucet are not.

[steveindenver]

The home in question sits next to high-voltage electric towers.

No, it sits near them as do many of the comps .. and thousands of other homes in the area, millions of others in the nation -- and for that matter the school just down the road from the house in question.

Moderator cut: cut

[ottodog]

It's in Aurora, it's close to a military base (Air Force), the market is in the dump, seems about right. Of course I wouldn't pay that much for it, but thats just me..

[LBear]

Originally Posted by steveindenver

No, it sits near them as do many of the comps .. and thousands of other homes in the area, millions of others in the nation -- and for that matter the school just down the road from the house in question.

Moderator cut: cut

What are you talking about???

A proper "comp" would be a like property (age, sq.ft., design, bed/bath, etc) and within a 1.5 mile radius from the current home, ideally. With such a high-density suburb that the home is located in, going further would just distort the proper market value.

Your comps are hundreds and thousands of miles away in other states? Geez, I hope you don't try and be a real estate appraiser.

I know you live in Aurora, but please, don't misguide the OP into buying that home.

[EscapeCalifornia]

How does a house built in 1997 have 80's cabinets? Or did you just pull that one out of your rear?