Special offer

Scrape or Pop the top ~ Denver real estate

By
Real Estate Agent with Novella Real Estate

new home built in the cityCity dwellers love their neighborhoods and are willing to pay the expense to tailor their old homes to fit their current needs.  If a homeowner has a home with a large enough "footprint" in a good neighborhood, then popping the top might be the solution.

Expenses of such renovation are seldom accurately predicted, due to factors unknown.  Most families end up moving out of the home while the construction is underway.  Depending on the speed of the contractor and the amount of work needed, renovations could take 6 months to a year.  Costs are into 6 figures.

The end result is usually very pleasant for the homeowner, who sacrificed living standards in order to have a nicer home.

Homes scraped from the lots are generally homes that are so functionally obsolete, it's cheaper and more efficient to demolish it.  Huge, monster sized homes usually mushroom up on modest lots, leaving little room for landscaping.  The price is usually tripled, if the home is done well.

Are there pitfalls?  Yes, be sure the end result is reasonable for the amount spent.  Does it fit the neighborhood price range?  Is your budget flexible enough to absorb cost overages?  Does your house plan fit the neighborhood?

It is wise to use a contractor who specializes in the type of home to be modified.  Experience counts.

For good examples of Pop tops and scrapes, visit the neighborhoods of Washington Park, Bonnie Brae, Congress Park, Platt Park, Observatory Park and Park Hill.  These areas all support home improvements and enjoy good appreciation even in a soft market.  If the job is done right.

 

Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker
My Aunt lives in Edgebrook, a suburb of Chicago, where this kind of "Pop the Top" rennovation is quite popular. The desire for close-in "commuter-friendly" neighborhoods in the Chicago area have driven the cost-effective nature of this trend.
Oct 26, 2006 05:05 AM
Jessica Hughes
Ambiance Staging - Boulder, CO

Great post! 

Is there anyone who can advise you which would make more sense for a particular home?  How do you know what the building restrictions would be and if you would get planning permission BEFORE you buy?  I have asked a couple of real estate agents about this in Boulder and they didn't really have any idea.  Is this something that should really be left to "investors"? 

My husband and I have 'flipped' a few properties, and done some extensive rennovation, but I'm interested in a property in Niwot that I think could be "sraped or popped" & generate a profit.... maybe. 

At any rate, great read, and I love the Bonnie Brae area!

Oct 26, 2006 07:22 AM
Kristal Kraft
Novella Real Estate - Denver, CO
Selling Metro Denver Real Estate - 303-589-2022

Rich ~ It seems prices for close-in homes have been driven up all over Denver.  The better the neighborhood, the more people want to stay.

Jessica ~ I have found working with a Contractor is the best way to get an idea of restrictions.  As far as permissions, prior to purchase, that would be tough.  My buyers have been very flexible and put the home and the location above everything else.  Yes, they took some risks and lost on one level, but ended up redoing the design and making it work.

Each home differs. The neighborhood must support it's future value.  At least it should if you ever plan on selling.  The other factor is  having a large enough footprint to make a pop top worth the effort.

Yes, Bonnie Brae is charming.  I like it too.

Oct 26, 2006 09:15 AM
Dena Stevens
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004
I thought at one time Ex Mayor Wellington Webb had put a stop to this practice. Much to my surprise when I went into my old neighborhood last spring I found that I was wrong. Across the street from my old house in Harkness Heights in North Denver, was a huge new house. It was a nice house, built to the limit of the law and didn't fit the area. But I guess you can't stop progress.
Oct 26, 2006 11:59 AM
Kristal Kraft
Novella Real Estate - Denver, CO
Selling Metro Denver Real Estate - 303-589-2022
Hi Dena, yes the monster houses have become very controversial in most areas.  No they don't look like they belong, but at the same time people want big, newer homes, so they build them.
Oct 26, 2006 03:30 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Coldwell Banker Realty
Sounds like HOAs don't figure much into this picture?  In our neck of the desert the homeowners would have a very tough time getting approvals for this type of work.
Oct 27, 2006 01:31 AM
Kaye Thomas
Real Estate West - Manhattan Beach, CA
e-PRO, Manhattan Beach CA
In my area.. Manhattan Beach CA.. this is commonplace. We simply refer to them as tear downs.  In our neck of the woods structures have little value; it is  the land that is important. Lot value can range from $975,000-$5,000,000(lot sixe 2900 sqft to 7500 sqft) depending on location.  We are totally built out with no vacant land.. so if you want a new home you must tear down an old one first. While there are a few homes that are deemed historical for the most part you can tear down anything. The local beach cities have guidelines for new construction and major remodeles/additions usually based on lot size.  In some areas you can go up two stories and build a home that is  60% of the total lot sqft in others you can go up 3 stories. In some places you can build 2 townhomes. A % of sqft must be devoted to open space.  In the local beach towns views are not protected but in other cities you must put up a frame work with flags so neighbors can see how it will affect their views.
Oct 27, 2006 03:32 AM
Kristal Kraft
Novella Real Estate - Denver, CO
Selling Metro Denver Real Estate - 303-589-2022

Tony ~ HOA's are non-existent in the older neighborhoods.  Your comment just goes to prove once more, "real estate is local." 

Kaye ~ It's highest and best use when real estate is involved.  Historical properties are usually that way because someone, the homeowner decided to have them registered.  Home's like that usually deserve to be left alone.  Other dated places don't have much to offer. 

We have an area here called Cherry Creek. Before the mall came in the area consisted of small bungalow type homes.  Someone got the bright idea to buy two side-by-side, tear them down and replace with a 4-plex.  The new 4-plexes came in at a much higher price.  Now the entire area is 90% new and very chi chi.  It's a great place to live and a big improvement.

Thanks all for commenting.  I love the action!

Oct 30, 2006 02:53 PM