Affordable Condos For Sale In Denver, Colorado
Looking for an affordable condo in downtown Denver? Please call (303) 222-0027 or e-mail email@example.com, and we will tell you about some of the buildings that are more affordable.
“Affordable condo in Denver” is a relative term, particularly given Denver’s red hot real estate market. But don’t despair, there are affordable condos for sale in Denver, at least in comparison to the other condos surrounding them. These gems are out there if you know where to look!
What makes a condo in Denver affordable? It is important to know that information prior to plunking down earnest money and signing your real estate contract.
Below are some of the main factors that might make a Denver condo affordable:
•the condo is in an undesirable location (bad neighborhood, busy street, next to a highway)
•the condo building is rundown
•the condo building and/or condo unit are dated, in dire need of updating
•there are problems with the building and/or HOA (there could be construction defects on the condo building, pending lawsuits by or against the HOA, imminent HOA assessments or monthly fee hikes)
•the condo has no parking in the building or right on the street
•the condo doesn’t qualify for the most common types of financing (FHA, VA loans)
Why is the condo you’re looking at in Denver affordable…answer that question, and then you can do some soul-searching to see if you can live with the negative factors or risks involved.
Below are buildings in Denver that can have affordable condos for sale (and remember, “affordable” sometimes just means its cheaper than the other condo developments in the area):
Downtown Denver Affordable Condos
Brooks Towers condos, 1020 15th St, Denver, CO 80202 (studio condos, 1 bedroom condos, 2 bedroom condos)
Cherry Creek Affordable Condos
Bromley Commons condos, 350 Detroit St, Denver, CO 80206 (1 bedroom condos, 2 bedroom condos)
Washington Park Affordable Condos
Park Lafayette condos, 400 S Lafayette St, Denver, CO 80209 (1 bedroom condos, 2 bedroom condos)
House of Rothschild condos, 765 S University Blvd, Denver, CO 80209 (2 bedroom condos)
Deed Restricted Affordable Housing Condos In Denver
In the city and county of Denver, there are also a limited number of affordable housing condos that are priced below market and deed restricted. Finding one of these condos is like finding a needle in a haystack, because many condos developers have elected to pay a penalty rather than set aside affordable housing condos in their buildings. Also, it’s important to understand that if you buy one of these condos, you won’t be able to benefit from any equity that might accrue while you own it. If the price of the condo goes up (you’re limited to an increase of about 3% per year. To qualify for an affordable housing condo, you need to be making 80% or less of the area median income for Denver. These are condo buildings or areas that have affordable housing condos and townhomes:
Grant Park condos, 1975 Grant St, Denver, CO 80203
Stapleton developments, near Martin Luther King Blvd and Quebec St