Back on the beat!

Good Day, Bloggers!

So much has happened in six months- various companies have gone bankrupt, layoffs have ensued, unemployment lines have done nothing but gotten longer! What is the silver lining?

In my three years in real estate, I have taken my licks- moreso in the panic driven self-employment scheme, and seeking comfort in corporate America and a steady paycheck. But, I must divert away from comfort only and seek opportunity. Lo and behold, it has come in small pieces to me.

I am currently working about 4 real estate deals. One is an old friend...lesson: NETWORKING. She and I have been friends since middle-high school-ish. She is not a first timer, but has a few plans in the works to get a post-grad degree, and I think she trusts me. We have scoured Cap Hill and Highlands for a hip, young place, and we are ready to drop an offer on a cool place near Colfax and Emerson.

Looking at the inventory in 80218, 80206, 80203, 80202, and all of the zip codes that include Potter Highlands and Highlands Square, there aren't massive homes for sale. They are slightly below listing prices, and if they are foreclosures, they require a decent amount of work.

The second deal that I am working is from a CRAIGSLIST posting! I was asked to put a property at 1534 High Street on CL to get a buyer. I had a couple of great hits, and one young lady took me up on looking. In scouring the same area, there were some really good deals to be had, with little work needed. This one is a little harder to nail down. When I showed her the Highlands condo at 3145 Tejon, she fell in love with the neighborhood. The good news: Homes are on the market longer, and the inventory is up. Better news: Prices are pretty good. They might get better, they may get worse. Real estate is an investment just like the stock market. I recommended some good lenders to her, and here she is, contacting them.

Deal #3: Investor. We submitted an offer on a home well below list price- bank owned, near Federal and Mississippi. We were on the low end of 12 offers. Someone is buying real estate. I am going to show more property today, hopfully find something. He wants something he can fix. The kicker- I have seen the boulevard of broken dreams and foreclosures. Great stories of horror in walking into wrecked homes, which only an investor would like. You see: Opportunity requires some backbreaking work. The listing at 3503 Tennyson only needs about 10-20K put into to make it a great rental, or first home. FYI: The price has been dropped ANOTHER 14K since I showed it last week. The bank is going to entertain any REASONABLE OFFER! Buy! Buy! Buy!

Deal #4/4.5: Deals that are going to take a little time. My brother. Ben, buy a house. I don't care if I have to rent a bedroom from you. Now is such a great time. Another lady: soon to be divorcee, wants to buy a place to replace the place her not-so-nice ex was going to sell. This one will be creative because (DARTH VADER MUSIC): Self employment. There is a way to get the deal done. Just a matter of time.

On to pressing matters: 1400 block of Franklin was posted as a home that was being renovated. It was vacant and terribly downtrodden for a very long time. Investor came in, rehabbed it and now, listing 4 units for: 299,900. I believe it was purchased for $750,000. ROI: roughly 62.5%. I would say this area is great. Buy one here now.

See previous posts on 1400 Franklin. You will be amazed as to what they have done.

More tomorrow! Happy New Year!

Edward A Martin
Showcase Properties Unlimited
303-875-4450

Eye at the Apex- 1600 E Colfax Ave.

With Colfax being redeveloped, the Apex has a great opportunity at the corner.

Formerly Fanny's Flowers, this property seems to be a great opportunity. It is vacant, and is a bit of an eyesore. I was thinking a bar/restaurant mix- just as a rooftop patio, or a mixed use building- maybe a small grocery store below, and a living unit above.

Doing a little work on one of my favorite websites- photoswest.org, I was able to find a picture of the property a few years back.

The date on the photo is 1989. I doubt that this photo was taken in 1989, especially seeing the vintage neon signs and the vintage car in the nearby parking lot.

However, I also have a photo of 1928 Denver, right at the Apex, courtesy of Denver Public Library, Western History Collection., right below.

This is re-urbanization! Colfax is a great artery through Denver (26.2 miles of it...). In searching public information of this property (The City and County of Denver allows a person to see chain of title on a given property), I was able to figure out that the property is assessed at a value of about $400,000- annual taxes on it are about $9100. My guess on the purchase of the building: $500,000.

I can only gather that there was a personal representative's deed, which probably means that the owner of Fanny's flower shop passed away and title was ceded to a close family member. I think I am actually going to ask to view this property and see what is going on inside of it.

The building itself was built 1903, which makes it a true Denver Landmark. Now, we have to get an owner or a tenant in there! It is 5000 square feet inside. I would imagine it is top and bottom. If mixed use was the option, there would be a bit of a zoning change battle. I see so much opportunity here! It has every bit of opportunity that the Lowenstein Theatre had, and Tattered Cover and Twist and Shout moved there! I like this property, a heckuva lot!

For ye who do not know the difference in Cheesman Park, Wyman's, and Uptown, there are 5 zip codes that peak my interest: 80203, 80205, 80206, 80209, and 80218. My favorite area, as you can guess is Wyman's Historic District- which is in Cheesman Park. Nevertheless, check out these zip codes and get an idea as to what is going on in real estate.

This does it for today! I am going to check out this property and get some ideas!

ed