Wednesday, June 27, 2007

Worthless Houses In Bonnie Brae?

How can it be??
This is the one of the hotest neighborhoods in town..
Bounded by Expostion Avenue north, Colorado Blvd. east,
University Blvd. west and Interstate 25 south.
Denver County thinks houses are worthless;
1066 South Josephine Street
Recently sold $525,000 as a 'updated bungalow'
Looks cute from the outside
Denver County has the land assessed at $307,500
Denver County has the land and improvements assessed at $354,700
this leaves the house to be worth $47,200


Dave Barnes said...

You are confused.
Bonnie Brae's boundaries are:
University on the West and Steele on the East.
Exposition on the North and Mississippi on the South.

I should know as I live on South Josephine Street.

Dave Barnes said...

The house on the land actually has a NEGATIVE value.
This house will be scraped and replaced with a modest 3500+ square foot (plus huge basement with 8+ foot ceilings) McMansion.
So, the existing bungalow only gets in the way. You have to spend $20+ to dispose of the house before you can start construction.
The going rate for scrapers in Bonnie Brae is $525-$550K. So, many houses are worthless. This is not a "bad thing" as most of these are crappy construction and way too small for today's large families.

Bubblewatcher said...

Your right but I have seen homes in Cory Merrill fetch as much or more as BB, its just a matter of time. wash park boundaries keep getting wider and wider