Best Buys: Best buy condos
April 12, 2013
This weeks best buys criteria consists of two bedroom, two bath condos that are at least 1,000 square feet, updated or remodeled, with reasonable association fees and are listed under $300,000.
I have focused on three areas, Wildernest (Silverthorne), Breckenridge and Frisco. The one thing to be aware of is an association fee. What do they cover? Typically they cover cable TV, common area maintenance, exterior insurance, taxes, gas, snow removal, trash pickup and water/sewer. This is quite a good deal for one fee, if you can find a condo that includes heat, that is also a bonus! When you start getting over $500 for association fees, that can add up rather quickly.
Why are some properties higher than others? It totally depends on how well the property has been managed over the years by the association. Look around, is the building maintained, are the grounds maintained? These are signs of a well-run association. Also, beware of special assessments (this could be a red flag if the roof is in need of repair, or the building is falling apart). Several associations have reserve funds to help cover future costs, thus avoiding special assessments.
The first property is located in Wildernest. This area has numerous condos to choose from and typically some good values. The best buy I am referring to is a 1,121-square-foot, two-bed, two-bath condo. This property has been updated and has brand-new windows and patio doors. There is also a carport to protect your car from the snow. There are stainless steel appliances; tile in the entry and this condo has many other upgrades. Also, this property is completely furnished and ready to move in. The association fee of $332 a month even includes the heat. Cynthia Goda of Cynthia Goda Real Estate features this property at $229,000.
The second best buy is located in Breckenridge about five minutes out of town and is on the bus route. This property has just undergone a $100k remodel, which includes new paint, carpet and new wood stove and baseboard heaters. This is a large 1,348-square-foot condo and actually has four bedrooms and two baths. This is a great investment property or even a great place to live. The association fees are $301 a month, which is very reasonable. It also comes with its own washer and dryer, another bonus. Tom Day of Breckenridge Associates features this property at $279,000.
The last property is located in Frisco and has wonderful lake views from the patio. At 1,100 square feet with two bedrooms and two baths, there is plenty of room for your guests. This property is a top-floor condo which has been remodeled with granite countertops, stainless steel kitchen and Brazilian cherry wood floors. The Summit Stage is nearby as well as the bike path. The association fees are $400 a month and include the heat as well as all of the other items previously mentioned. Sharon Siler of ReMax Properties of the Summit features this property at $274,000.