Sloan Lake (Denver, CO)
Sloan Lake (Denver, CO) Real Estate News
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St. Anthony Central Hospital site refurbishment, Sloans Lake, Denver,
Cory Fitzsimmmons, Realtor - Denver, CO (Blue Sky Home Group)

St. Anthony Central Hospital site refurbishment, Sloans Lake, Denver,

The site of the former St Anthony’s Central Hospital has recently been purchased by EFG-South Sloan's Lake I LLC, and there are plans underway to refurbish the site. 

 

old site

 

St. Anthony Central Hospital housed a 19 acre lot just south of Sloans Lake for 119 years, but moved to a lot more than twice the size in Lakewood two years ago.  The old lot has sat vacant and untouched until recently.

 

closed

 

A building plan for has not yet been finalized, but the site will definitely be used for housing.  Ideally, 2 high rise towers will be built to house luxury living lofts, similar to those located across the from City Park in downtown Denver, however the current zoning of the area only allows for buildings 5 stories or less in height.

 

See homes near Sloans Lake

 

 

 

The main focus right now is to begin the asbestos abatement and demolition process of the site, which will take about a year to complete. Zoning approval or veto will determine the next course of action and final building plans, which are not expected to commence until at least mid year 2014.

 

 

Regardless of the final building plan, the refurbishment of this lot to create housing will be a large step forward for the surrounding community.  The real estate market and property values in the area have already increased significantly in the past few years, and this project will certainly continue those trends in the coming years.

 

Find homes near Sloans Lake

 

 

 

 

 

 

 

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Cory Fitzsimmons, Blue Sky Home Group, Lakewood, CO 720-581-2885

www.housefitz.com   Denver investment property   Denver Income property 

Your Denver Metro Broker-Associate and REALTOR®  "Out standing in my Field"

Colorado Foreclosure Hotline 1-877-601-HOPE    HOTLINE WEBSITE: ColoradoForeclosureHotline.org

The information contained in Cory's blog is deemed reliable but is not guaranteed, and the opinions and views expressed in these articles are solely those of the author.

 

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Sloan Lake Real Estate Values
Celia Sellers ,SFR, CDPE (Keller Williams Advantage Realty)

loan Lake Real Estate Values

Over the summer (June 15th to September 15th) the Sloan Lake neighborhood in Denver had an average number of houses on the market of 49.  During the "high selling season", Sloan Lake residents sold 18 homes, and listed 41 homes.

Sloan Lake Homes on the market

 

During the same time period, the average time Sloan Lake real estate was on the market was 89 days.  The shortest time on market was 46 days, while the longest days on market was 178 days for properties sold this past summer.

Sloan Lake real estate values

 

 

 

 

 

 

 

 

 

 

 

 

 

Finally, the average listing price in the Sloan Lake neighborhood of Denver this summer was $199,900.  The highest property sold at $429,000 and the lowest sold for $79,900.

The Sloan's Lake neighborhood association actively promotes the urban living style of Sloan Lake.  You can read more about the association and its supporting vendors to learn about the most recent activities in the area.

As  you can see, the Sloan Lake neighborhood offers affordable housing close to downtown Denver with easy access to public transportation.  The lifestyle is distinctly urban, but the central location of Sloan Lake, which offers public access to water/boating sports makes it feel like a little spot in the country.

To find more information and pictures of the Sloan Lake neighborhood go to my website.  I will be happy to answer any questions you may have about Sloan Lake.

 

Celia Sellers, CDPE

Keller Williams Advantage Realty

www.denverneighborhoodhomes.com

303-921-3199

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Sloans Lake RE Trends: Scrapes and Pop Tops
Elizabeth Martinez (Your Castle Real Estate)

Investing in Real Estate 9 - Scrapes, Pops and New Construction

This blog will discuss a type of real estate investment, scrapes, pops and new construction, in the Sloans Lake area in Denver.

 

What this investment is:  Purchasing a small home in an expensive neighborhood that may or may not need work.  The home is bulldozed and a new home or duplex is put on the lot.  Alternatively, the existing home is renovated and more square footage is added on.  A pop-top is adding a second story to an existing home to add more square footage (commonly, a master bedroom suite).

 

Equity needed:  Being able to document your income and your assets will be critical.  For a commercial loan, your net worth should generally be at least as much as the loan you are seeking.  The good news is that the commercial loan usually does not show up on your credit report, so it doesn't count towards the "four investment home limitation" from Fannie / Freddie.

 

Importance of credit:  Essential.  A 720 FICO is a must.  A 740 would be better.

 

Importance of experience with contractors:  Critical.  If you have never done it before, start with an easier "paint and carpet" project to build your skills.  The more sophisticated the project, the better your contractor management skills must be to make money.  Not surprisingly, the simpler projects have lower profit margins than the complicated projects.  Make sure you can take the time to really focus on the project.  We run classes on how to do this from time to time.  Go to http://www.yourcastle.org/events.cfm to see when the next session is.

 

Important of experience with property managers:  Generally not important for this type of investment.

Importance of experience with contractors:  Critical.  If you have never done it before, start with an easier "paint and carpet" project to build your skills.  The more sophisticated the project, the better your contractor management skills must be to make money.  Not surprisingly, the simpler projects have lower profit margins than the complicated projects.  Make sure you can take the time to really focus on the project.  We run classes on how to do this from time to time.  Go to http://www.yourcastle.org/events.cfm to see when the next session is.

 

Important of experience with property managers:  Not important; the majority of our clients manage their own rentals when they get started.  Ideally you will have started with some smaller investment rentals and built property management experience.  Now, when you have to finally manage a property manager, it will be easy since you have done the job yourself in the past.

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Sloans Lake RE Trends: Condo Conversions
Elizabeth Martinez (Your Castle Real Estate)

Investing in Real Estate 8 - Condo Conversions

This blog will discuss a type of real estate investment, fix and flips, in the Sloans Lake area in Denver.

 

What this investment is:  A synthesis of the fix and flip and rental operations - purchasing an apartment building in a neighborhood dominated by owner occupants, then converting the building from apartment building to condominium.  Often requires renovation of the units to meet the expectations of owner-occupant buyers in that area.  Complex and time consuming, but has wonderful tax advantages compares to fix and flips and often has superior returns to all other asset classes.  Ideally suited for the sophisticated investor with extensive experience. 

 

Equity needed:  Being able to document your income and your assets will be critical.  For a commercial loan, your net worth should generally be at least as much as the loan you are seeking.  The good news is that the commercial loan usually does not show up on your credit report, so it doesn't count towards the "four investment home limitation" from Fannie / Freddie.

 

Importance of credit:  Essential.  A 720 FICO is a must.  A 740 would be better.

 

Importance of experience with contractors:  Critical.  If you have never done it before, start with an easier "paint and carpet" project to build your skills.  The more sophisticated the project, the better your contractor management skills must be to make money.  Not surprisingly, the simpler projects have lower profit margins than the complicated projects.  Make sure you can take the time to really focus on the project.  We run classes on how to do this from time to time.  Go to http://www.yourcastle.org/events.cfm to see when the next session is.

 

Important of experience with property managers:  Not important; the majority of our clients manage their own rentals when they get started.  Ideally you will have started with some smaller investment rentals and built property management experience.  Now, when you have to finally manage a property manager, it will be easy since you have done the job yourself in the past.

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Sloans Lake RE Trends: Fix and Flip Investments
Elizabeth Martinez (Your Castle Real Estate)

Investing in Real Estate 7 - Fix and Flips

This blog will discuss a type of real estate investment, fix and flips, in the Sloans Lake area in Denver.

 

What this investment is:  Purchasing a home that needs work.  The scope can range from the basic "paint and carpet" to extensive overhauls to scraping a decrepit property and completely starting over.  Usually does not involve tenants, and the objective is to get in and out of the property as quickly as possible.  Great for beginners with the right skill sets or the willingness to learn.

 

Equity needed:  With hard money loans (defined in next paragraph), potentially 0% and they'll finance the construction costs, too.  Expect a LOT of strings to be attached.  A small local lender might give you 75% of the purchase price and the renovation budget, and the terms will be a lot more pleasant than the hard money option.  Or you can do 20% down and get a convention, non-owner occupied loan and pay for the renovation with cash or your Home Depot credit card.

 

Importance of credit:  If you get a hard money loan, your credit will not matter as much.  These are harder to find than they were last year.  If you get a traditional loan, it'll be a non-owner occupant loan, credit score will be very important.  A 720 FICO score would help a lot.  Being able to document your income and your assets will be critical.  A hard money lender will lend you money based on the value of the property you are purchasing.  If the property is worth $200,000 and you are able to purchase it for $150,000, a Hard Money Lender will probably give you a loan regardless of your down payment or credit score.  However, the fees and the interest rate will be much less desirable than more conventional forms of financing.  Hard Money Lenders can usually close very quickly, and from the Sellers' point of view, you are purchasing with Cash.

 

Importance of experience with contractors:  Critical.  If you have never done it before, start with an easier "paint and carpet" project to build your skills.  The more sophisticated the project, the better your contractor management skills must be to make money.  Not surprisingly, the simpler projects have lower profit margins than the complicated projects.  Make sure you can take the time to really focus on the project.  We run classes on how to do this from time to time.  Go to http://www.yourcastle.org/events.cfm to see when the next session is.

 

Important of experience with property managers:  Not important. 

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Sloans Lake RE Trends: Lease Options
Elizabeth Martinez (Your Castle Real Estate)

Investing in Real Estate 6 - Lease Options

This blog will discuss a type of real estate investment, lease options, in the Sloans Lake area in Denver.

                      

What this investment is:  A lease option (L/O) is Acquiring control of a property (though not necessarily ownership), then leasing the property to a tenant.  The lease is bundled with an option, so the tenant can (but does not have to) purchase the property for a given price within a given time frame.  Again you are seeking a tenant for a property, but usually for a slightly longer term (12-18 months) and frequently (though not always) with the goal that the tenant purchase the property from you at the end of the lease.  If you purchase the property, then it's an easier process; if you find a highly motivated seller to let you re-lease the property to another tenant, it can be a lot of work to set up.  However, the re-lease method doesn't require any cash out of pocket and does not rely on your credit score, so it is appealing to many investors.  Great for beginners with the right skills and attitude.

 

Equity needed:  If you get seller financing, potentially just a few thousand dollars for your operating account.  If you purchase the property, 10% down (best case); more likely 20% down.

 

Importance of credit:  If you leverage seller carry, not important at all.  If you purchase the property, credit is important.  A 720 FICO score would help a lot.  Being able to document your income and your assets will be critical.

 

Importance of experience with contractors:  Some exposure would be helpful, but you are not likely to encounter construction projects any more difficult than you have maintaining your own personal residence.

 

Important of experience with property managers:  Not important; the majority of our clients manage their own rentals when they get started.  We run classes on how to do this from time to time.  Go to http://www.yourcastle.org/events.cfm to see when the next session is.

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Sloans Lake RE Trends: Large Apartment Buildings
Elizabeth Martinez (Your Castle Real Estate)

Investing in Real Estate 5 - Large (5+ unit) Apartment Building

This blog will discuss a type of real estate investment, large apartment buildings, in the Sloans Lake area in Denver.

 

What this investment is:  Still targeting tenants for 6-12 months at a time, buildings with more than five units are considered "commercial" property.  The loans are more difficult to qualify for, and usually a larger down payment is needed.  Uncommon for the new investor; this is usually what landlords with several years of experience "trade up" to.  Cash flows on larger buildings are more stable than for smaller buildings, and the economies of scale make it practical (and desirable) to hire a property manager to take over most the work for you.  This takes reduces the hassle factor of the landlord process. 

 

Equity needed:  Being able to document your income and your assets will be critical.  For a commercial loan, your net worth should generally be at least as much as the loan you are seeking.  The good news is that the commercial loan usually does not show up on your credit report, so it doesn't count towards the "four investment home limitation" from Fannie / Freddie.

 

Importance of credit:  Essential.  A 720 FICO is a must.  A 740 would be better.

 

Importance of experience with contractors:  Some exposure would be helpful, but you are not likely to encounter construction projects any more difficult than you have maintaining your own personal residence.  We run classes on how to do this from time to time.  Go to http://www.yourcastle.org/events.cfm to see when the next session is.

 

Important of experience with property managers:  Not important; the majority of our clients manage their own rentals when they get started.  Ideally you will have started with some smaller investment rentals and built property management experience.  Now, when you have to finally manage a property manager, it will be easy since you have done the job yourself in the past.

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