A Luxury Foreclosure in Denver
The house does well worth the price but the issue is how to make money on it?
http://www.redfin.com/CO/Denver/3962-S-Chase-Way-80235/home/34215876
The house is magnificent, and the view is breath-taking. For the listing price of $850K, almost everyone who has seen it agrees it well worth the price. But it can easily take on another $200K to $300K improvements to get to move-in condition for a buyer in the luxury niche market. Not to mention the carry cost before you can get it sold. The other issue is that the architectural and decor style is very personal (it looks more like a club than a residence), which would make it even harder to sell. Also, there is a cemetry by the entrance of the community.
Is this a good investment and how? My concern is the carry cost before it can be sold. I'm thinking about leasing it to companies for consultants accomodation or executive stay. The house easily accomodates 7 people or more.
What's your thought?