For Sale: $1.35 Million Old Town Property with ADU. Affordable for Whom?
For Sale: $1.35 Million Old Town Property with ADU. Affordable for Whom?
The now repealed Land Development Code has often been sold as promoting affordability. Here is a property on Olive Street with an ADU currently for sale. According to info in this link, the asking price is $1,349,000.
A traditional mortgage on this property would require $269,800 as a down payment with an $8000 a month payment (almost $100,000 a year).
This property is owned by a trust in Arvada and is advertised “..with STR (short term rental) license and amazing rental income.”
Building more ADU’s to be used as amazing profit opportunities for out-of-town owners will not create affordability under any definition of the word.
Listing Description:
About this home
Public Remarks: Truly a Rare offering for these 2 Old Town Homes, just blocks away from Downtown, City Park & Poudre River. This beautiful 2 story sits on a quite & wide street located in the Dunn Elementary neighborhood. Main home was restored by High Craft Builders and added to in 1999, consisting of 6 bedrooms and 3 baths (2 bed 1 bath on each floor). SEPARATE fully furnished & turn key Carriage house out back w/ 1 bed 1 bath & legal STR license w/ amazing rental history. Both homes are flooded w/ natural light & have a great open feels. Upgrades are: New roof on both main & carriage house, gutters, interior and exterior paint. New kitchen cabinets, tile, and countertops. New main level bath. Refinished wood floors, new laminate floors on main & new flooring in basement. New enclosed front porch & landscape. New fence, driveway & stamped concrete patio. Enjoy the gorgeous & mature back yard & patio on those cool summer nights, or sit in your front, covered 4 season patio and take in all the FTC has to offer.