From the beginning of the COVID-19 crisis, people have wondered if Denver home costs, which have risen steadily in recent years, would finally come back down to earth amid widespread economic turmoil sparked by the pandemic. But prices have continued to climb, particularly at the lower end of the scale, in surprising ways.
An example: For the first time since 2016, when Westword published the inaugural edition of what have become regular updates about the least expensive properties available in the market, no standalone house (as opposed to a duplex, condo or the like) was available within Denver city limits for under $250,000 on August 3.
Not a single one.
Moreover, on that date, the Homesnap website, our regular source of information, spotlighted just two houses for under $300,000. That definitely wasn't the case when we looked at prices in May, and in our first installment in this series back in 2016, we showcased six houses on sale for $105,000 or less, with one going for just $75,000.
Right now, that might not buy you a porch.
Options are much greater for those with $350,000 to spend; at least 21 houses at or under that price point were available on Homesnap on August 3.
And today, August 5, the Denver Metro Association of Realtors released its August trend report, which revealed that "June’s record number of pending sales converted to an all-time high in the number of closings in any month, and the average single-family home price catapulted to over $600,000."
What a difference four years has made — even during a pandemic.
Here are seven of the homes available for $350,000 or less in Denver, with details from their listings. They're in descending order, with the lowest price tag currently a dollar under $265,000.
Number 7: 5571 Nepal Street
1,432 SQ FT
2012 YEAR BUILT
Updated, open floor plan, light and bright, vaulted ceilings, large rooms, huge loft that could easily be converted into a 3rd bedroom, newer paint, designer, plumbing, lighting and hardware throughout, window coverings, A/C, large kitchen with center island, all appliances including front loading stack-able washer and dryer, professionally landscaped on a large lot, fenced-in yard, sprinkler, custom deck plus much more!!! Seller is working on getting back glass fixed. Seller also willing to include a credit for flooring.
Number 6: 1574 South Clay Street
932 SQ FT
1958 YEAR BUILT
Great starter home, move-in ready in Ruby Hill area. Much updating throughout. Hardwood floors in all 3 bedrooms, laminate in living space and kitchen, tile in bathroom. Refreshingly cool with swamp cooler. Kitchen has granite countertops and newer appliances. Newer furnace, gas line, paint and bathroom lighting. Great yard for family fun and entertaining includes: fire pit, basketball hoop, trampoline, wooden benches and planters, dog run, updated landscaping. Also has nice covered patio and utility shed.
Number 5: 919 South Decatur Street
942 SQ FT
1951 YEAR BUILT
LOCATION, LOCATION, LOCATION! This CUTE RANCH HOME is located in the highly desirable Athmar Park neighborhood. Entering the COVERED FRONT PORCH, your new house boasts 3 BEDROOMS, 1 FULL BATHROOM with potential for another 1/2 BATH. The FAMILY ROOM has LOTS OF NATURAL LIGHT and HARDWOOD FLOOR throughout. One bedroom has NEWLY INSTALLED GLASS SLIDING DOOR. THE KITCHEN features STAINLESS STEEL APPLIANCES. Full size WASHER AND DRYER are included. The lot is HUGE with COVERED DECK and OVER-SIZED STORAGE. The BACKYARD could be a COLORFUL GARDEN with the touch of your hands. INCOME POTENTIAL. WALKING DISTANCE to RESTAURANTS, SUPERMARKETS and 15 MINUTES to DOWNTOWN DENVER. The property is currently RENTED at $1,800/month.
Number 4: 12935 East 55th Avenue (see photo at top of post)
1,726 SQ FT
1970 YEAR BUILT
Affordable 4 Bedroom 2 Bath. There’s a kitchenette in the basement and a stove. Plenty of room to build a garage in Large Yard. Oversize Lot, covered patio and still have large yard. Located on quiet cul-de-sac, corner lot, Sprinklers in the front, owners never used. Close to DIA, Downtown Denver. Stainless Kitchen appliances. Seller is selling home as is, and great home with great possibles! New Furnace was put in 2018, Water Heater 2016, Windows are newer past few yrs. New roof 2018.
Number 3: 45 South Julian Street
1,183 SQ FT
1921 YEAR BUILT
Hot Barnum area, even hotter D1x zoning which allows for construction of ADU. It gets better, the ADU plans are ready to submit to Denver. That's right: Survey, Soils, Plans, Engineering, all complete. ADU plans pictured are for a 1 bed/1 bath. Expectation for rent is $1300-1400 for ADU. Current tenants in house pay $1500 and are in lease through March 2021. Buyer for this property will be a seasoned investor as there is no access prior to contract.
Number 2: 3375 West Ford Place
698 SQ FT
1946 YEAR BUILT
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A chance for a great starter home, or Investment , needs TLC , It's a 2bed and 1bath , Bonus room, Carport, private back yard, SOLD AS-IS
Number 1: 1569 Wabash Street
674 SQ FT
1948 YEAR BUILT
Home appraised for $268,000 on 06/22/2020. Full report available upon request. Newly fully renovated. All new bamboo floors throughout the home. All new appliances. Large fenced backyard. 4 dedicated parking spots. No HOA! Home is located in the East Colfax Redevelopment Zone, which provides huge property tax savings. Home is eligible for FHA loans!!