There's a one-level (ranch style) home for sale in Arvada's Pomona Lakes neighborhood, which caught the eye of a neighbor because it's larger than most (1,682 square feet on the main level plus a full finished basement). The asking price was recently lowered to $269,900. So the gentleman and his wife and I went to see the house yesterday.

It is definitely good-sized, with a finished basement.  It had been remodeled some over the years (built in 1972), but doesn't have any of the 'wow' items that buyers want today, such as wood floors (there was some older parquet, that needed to be replaced), or granite counters, or new appliances.  It did look well-kept and clean, and we didn't see any deferred maintenance such as rotten fascia or leaking gutters. There are vinyl windows, lots of recessed lighting in the basement, the carpets are in OK shape. But the yard is small, the backyard is dominated by the neighbors' 2-story house.

So this couple felt the price is too high, and I agreed.  His estimate of value, however, was quite a bit lower than mine.  So I went back to the office and did the research . . .

18 homes sold in Pomona Lakes in the past year, only six were comparably sized, and none of those were ranch style. There is one ranch home of the same size currently under contract, and the subject property is the only one currently for sale. 

The one that is currently under contract was listed for $279,900, but we can't know how much it's selling for until after it closes. (Homes around here usually sell within 3% to 5% of asking price.) It has a remodeled kitchen with granite counters, new windows, roof, and furnace; updated baths, and new carpet.  In addition, it's on a quieter street. It will be interesting to see the final price on this home, because nothing has sold in Pomona Lakes for that price since August of 2008. In the past six months, the highest sale was $265,000.

There's more about each of the six sales of larger Pomona Lakes homes below. After reading through the info, what do you think would be a fair price for this home?

BTW - this couple decided not to pursue this home. If you think this sounds like a home you might like to have, please give me a call. (I'm not providing the address in this post only because some agents would accuse me of 'interfering' with their listing.) 

Arvada is a mid-sized town located about midway between Denver and Boulder, Colorado, in Jefferson County. Pomona Lakes is a popular neighborhood, built in the early 1970s, at Arvada's northern border, between 80th Ave. and 86th Ave. and west of Wadsworth.)

Pomona Lakes' Market Activity

8264 Yarrow St - a 2040 square foot 2-story with full basement. This house is on the corner of Yarrow and Pomona, a quite busy intersection, and just a few steps away from Wadsworth, a main north-south arterial. It has gone through a series of owners, and hard times lately, and didn't look any better from the outside after each one.  This time, it was on the market for 104 days before it finally sold for only $200,000 four months ago. (BTW - the current owners have put in some work, and it is looking better already.)

8152 Ammons Way - a huge bi-level with 3,279 square feet, which backs to a green belt. It was a short sale on the market for 83 days.  No pictures were provided except for the main exterior shot, and no description was provided.  This home closed for the bargain price of $235,000 just two months ago.

8314 Field Ct - a 2,170 square foot tri-level with basement, the agent stated that it had a new garage floor and driveway, and new paint. The photos showed that it was also dated, dark, and had yellow kitchen cabinets. This one was on the market for only 4 days, and closed at $258,000 about six weeks ago.

8262 Ammons - a 1931 square foot tri-leel with basement. The agent provided not remarks.  Based on the photos, the interior seemed dated except for updated baths. The kitchen had tile floor, pinkish-looking cabinets, and granite-look counters. After 80 days on the market, Ammons sold for $259,000 ten months ago.

8204 Flower Ct - a 2196 square foot 2-story with a full basement, had a main floor laundry. The kitchen cabinets appear to be original, had new-lookig white appliances, and a tile floor. Decor looks dated. It sold for $265,000 less than three months ago.

8280 Dover Way - a 2045 square foot tri-level with finished basement that backs to a green belt, had some wood floors, tile in the bath. The kitchen had oak cabinets, white appliances, light-colored counters. The dining room had carpet, there were vinyl windows. This sold for the neighborhood's top price of $270,000 after only seven days of the market, eleven months ago.

So, the top-priced comparable we have from the past six months is 8314 Field Ct., at $258,000.  I would say the subject home is in better condition, and ranch-style plans tend to sell higher than tri-levels, but it does have that unfortunate small backyard.

So, how much do you think this home will sell for?

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