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Infographic: December 2015 Market Update for Sloan’s Lake

2015 12. Dec - Sloan Lake Infographic

As of this writing on Dec 14, there are 27 detached homes that are not under contract but hoping to be! A modern new build at 3935 W Byron Place is listed for $1,250,000 and is expected to be completed March 2016. It is 4037 fin sq ft, 4 beds and 5 baths, 3 car garage. It is a custom home so you can still pick out your own finishes. And I always love a main floor master suite. At the other end of the price spectrum is 1746 Grove St. It has come down in price and is currently $397,000 – it’s a fixer but you can almost double the finished square footage if you finish out the basement. At the median price for detached homes in Sloan’s Lake is 2830 Raleigh St. I reviewed this home and predicted it would sit awhile unless the price came down. Price was reduced but not much and not enough. This has the benefit of the detached studio but the floor plan of main home is just not very friendly.

The inventory of detached homes in Sloan’s Lake is still extremely low. With mortgage rates still historically low, if you find the right home, don’t delay. The variety is good: 3bed, 2 bath, up to 6 beds; new builds to 1885 Victorians… what we would expect in Sloan’s.

The amount of attached homes doubles that of detached, and not surprising to see this. Many detached homes are becoming large and modern duplexes. They range in price of $255,000 to $899,000. The median attached home is at 3306 W 17th Ave and is priced at $579,000 and has approx 1866 sq ft, 4 beds, 4 baths, open concept living, garage and roof top deck. Listed with no HOA fee too. The inventory of attached homes is healthy!

What are buyers looking for in Sloan’s? Those seeking modern new builds seem to expect a roof top deck for our beautiful outdoor living lifestyle. Proximity to the lake without residing on a busy street is prime. Lot size doesn’t seem to be a big issue as Sloan’s Lake dwellers are looking for an overall easy lifestyle. And seasoned investors don’t hesitate to spend over a million for a development opportunity. Owner occupied buyers aren’t afraid to take on a fixer upper or pay a good dollar for a renovated or new home.

Location, mountain & lake views and a great price per finished square feet sold 2320 Stuart Street quickly! Listed at $1.25m and sold for $1,196,000. Under contract in 21 days, that shows that location and value matched up!

1519 King Street will be rehabbed, most likely, scraped. Selling for land value, 3900 sq ft lot for $227,000.

Detached homes saw lower priced homes sell well. With the exception of 2320 Stuart mentioned prior, the sold homes in Nov ranged $227,000-$545,000 which makes sense in that all but 3 of the homes are considered fixers. Even 2520 Raleigh St sold, but only for $356,000 while listed at $365,000, which was way down from the original list of $419,000 on 9/11/1. I had predicted this in my earlier review.

And big money, $1.5m cash was spent at 3400 W 18th Ave. Almost 1/2 acre lot, income producing, fully leased 6 plex but we may see changes as it is presumably zoned G-MU-3 which is perfect for a large development of 3-story apartment building or townhomes. Especially since it is an elevated lot overlooking a park and has city views.
Okay, so I really can’t say anything I haven’t said already. Each month we see a very strong market for Sloan’s. It is a fantastic location in Denver close to everything. While we slow a bit in winter, this is NORMAL. What is also becoming the norm is steadily increasing value and rates staying historically low. Beautiful!

In-migration continues to feed population growth which feeds the high demand for housing. Interest rates, even with the upcoming likely increase are still historically low. Buyers, young and seasoned, are stepping up as they realize the life style value of home ownership.

*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.

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