The Martinez's refied a vacant lot with a loan of $320,000(must have appraised at over $500k). No bank would touch this so a private investor fell for the scam. The Martinez's needed some more working capital for the house they were building next door, 285 S. Monaco, plus a trip to Mexico, a Hummer, a Plasma TV. What on earth was the appraiser, investor and lender thinking??
Look at what happened directly across the street, 301-307 South Monaco Parkway. The builder, investor and bank haven't been able to unload these POS's since they were built 5 years ago.
The intersection of Monaco Parkway and Alameda is one of the busiest intersections in Denver. The best use for these lots is not residential but commercial. 295 S. Monaco Parkway, 7,652sf, cant be worth more then $100k as residential.