A Diamond in the Woods
Tuesday was my designated day to tour some luxury foreclosures in Colorado Springs. Some of my fellow Realtors and I decided to look at some foreclosed homes in Cedar Heights, a breathtaking gated community in the west part of the city. We saw several properties, including one that had major structural damage; and another that had some great views, but it was way too close to Rampart Range Road; My favorite of the day (I always have at least one favorite), was an amazing house towards the top of Cedar Heights. Views were to die for!
There was an amazing wood-burning rock fireplace; one side was on the great room, the other side was on the bedroom. The best part is that it was actually real rock vs. that fake stuff you often see in houses.
Kitchen needed a little help; layout was good, just hadn't been updated since it was built in the 80's. Plenty of cabinet space available.
Windows were the old wood type; and the house would be much better with all new windows. No reason for blinds on the windows, you wouldn't want to obstruct the views that are available from almost every window.
It looked like there may have been some water leakage at one time in the basement; something to check out during an inspection; but from outward appearances; there didn't seem to be any permanent damage. New carpet downstairs s needed; and there was another huge fireplace on the lower level.
The house is on a 2.5 acre lot full of scrub oak with decks overlooking the west part of the city. If it is privacy you want, this is the place for you.
If you could buy the property right (always a big if); replace windows, update kitchen, update bathrooms and fixtures; replace carpet downstairs; have a great structural inspection (just in case there is any soil shifting or foundation issues); this home could turn into a showplace. Remember the saying location, location, location; well in Colorado Springs this often turns into views, views, and more views. This property definitely has the views, some of the best I've seen. Hopefully someone will see the possibilities in this house; as it would be wonderful to see it transformed to it's formal glory. It will take someone with a vision.
Here's the facts: the property was originally purchased back in 1994 for $392,000; and was foreclosed on in August of 2008; and for almost 14 years it was a owned by the same person. The bank bought it back at the Public Foreclosure auction for under $425,000 and it is currently listed under $350,000. The assessor has it valued at almost $550,000. If you could buy it for under $300,000 and put $100,000 to $150,000; you would still have some built-in equity in it.
Comparable homes that are updated and in good shape in Cedar Heights in Colorado Springs are listed for around $750,000. And for 4 bedrooms, 4 baths, 3 fireplaces on 2.5 acres, with great views; it's definitely a diamond in the woods ready to be polished. From my visual inspection, there doesn't appear to be anything major wrong. To me, it just appears to need a little TLC and lots of updating.
Previewing this property continued to reminded me once again the perception that foreclosures are only in low-end homes is completely wrong. I only wish the walls could have talked, told me what happened to the previous owners. (I hope they recover quickly from loosing their home.) I'm sure this home had to be someone's dream home; as it truly was amazing! Hopefully a new family will find this diamond in the woods!
In the $ 300,000 and higher foreclosure price range, there are 2 other homes on the market in Cedar Heights that are bank-owned properties; and none in this same price range is listed as a short sale.
Original article was posted at: A Diamond in the Woods - amazing luxury foreclosure in Colorado Springs
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Posted by KAT
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Do you find that many of today's buyers don't want to do repairs and or cannot imagine the home fixed up beyond what they are seeing? I see that a lot when showing the REO and foreclosure home even with the bargain price the staged home is oftyen chosen.