Also waiting is something, remarkably, that nobody used when the other eight units sold——some special financing that Key Bank offered along with the historic conversion, which will allow a qualified buyer in at $500 down, no PMI, at a 30-year fixed rate.
Steve Snyder and Matina Soutsos carried out an extensive makeover of Curtis Park Flats. The last home is priced at $149,000, directly across from Curtis Park and its view of downtown.
"They love it," says Snyder, about the five owners who already moved into their units, while three others head for closings. "These are largely renters who had no idea they could buy anything around downtown." One buyer, he adds, had been renting a comparably-sized condo a couple of blocks away near the ballpark…at $300/month more than what they're paying now to own.
These aren't condos, by the way. When Snyder and Soutsos went to work converting the 1890s building last year, the surrounding area was largely single-family, including some of Denver's nicest Queen Annes and Victorian architecture. The flats, with their prominent window on the park, had been an eyesore…and at their re-opening in November, several neighbors stopped by thank the builders for what they'd done.
You'll see that for yourself on this final home…its century-old brick intact, but totally remodeled inside——new appliances including fridge, microwave, even a full-sized washer-dryer. There are slab granite tops, euro-styled cabinets and glass backsplash in the kitchen…new oak floors, skylights, new electrical, plumbing and heating…and something you won't need this month——air conditioning.
What these units DON'T have, Snyder adds, are any trappings of condominium ownership. The final home (the price is still $149,000) is deeded as a townhouse, owning the ground below. There's no monthly HOA fee; and residents park on the street in front of their homes.
Snyder says appraisals have all either matched or exceeded the sales price…and you can close on the last home well before the deadline for the federal tax credit ($8,000 for a first-timer, up to $6,500 for a second-time buyer). CHFA, he adds, has a financing alternative that would let a buyer borrow the down and pay it back when they get the tax credit. Take Curtis north from Broadway, 8 blocks, noon-4 today.
