Economy investment a good long-term investment
By Charlotte ClarkeIn 1997 Miss Bargain Buys visited Summit County’s lowest priced two-bedroom condo and was impressed with the value for a small getaway or starter home. It was priced at $71,500. This very same unit has been lovingly upgraded and at $135,000 is still a good value in today’s dollars. Recent sales support this price. It also exemplifies how even an economy investment can about double in value in Summit County in just under 9 years!Aspen Shadows #802 is just two miles from the Silverthorne factory stores in Wildernest. It is a second-floor unit with easy access and Lake Dillon views from one bedroom. The way these are constructed results in having no one living on either side of you.
You enter into an upgraded condo with slate and tile in earth tones on counters and floors, fresh painted walls and shelves and pegs to take hats and coats. Next comes a redecorated kitchen with tile counters and built-in dinette – all with tiled tops. A dishwasher has been added and there is still room for a stack washer/dryer.Lots of decorator touches add an elegance not usually found in starter homes. Tulip lamps, hand crafted cupboard knobs, mirrors and coat racks are all done tastefully.The unit is being sold fully furnished. Off the kitchen is the first bedroom with a built-in queen bed. The other bedroom is similar but is off the living room. These are painted in warm colors with matching linens. These bedrooms are small but the living room is ample and includes a redecorated wood stove nook. This comfortable room is where you will do most of your living. A wall heater provides additional warmth. A sliding glass door with blinds made from skis leads onto a deck.
The bath is divided into bathing area and vanity. All are done up beautifully with new tile and cabinets.The homeowners’ association monthly charge is $195 and includes outside maintenance, building insurance, water, sewer, trash and snow removal as well as cable TV. Gas and electric average $85 for this 552 square foot home. Taxes were $506 last year.A local looking for a starter home would do well to invest here. With just 3% down (available from the Housing Authority for qualifying first time buyers), a 30 year loan at 6.5% (7.22 APR) would result in a payment of $841.49 per month. Rent one bedroom and half this cost easily. Mortgage insurance would be added but can be released in six months with a creative lender. Closing costs can often be financed or even contributed by a relative.A second home owner with 20% down and an APR of 6.71 (same terms as above) would have a monthly payment of $682.63.
This condo is worth a look but don’t delay. It won’t last.CHARLOTTE CLARKE is the owner/broker of 4SaleByU in Frisco. She specializes in affordable housing options and old-fashioned service. Every week she selects a bargain feature from the many properties listed around Summit County. She can be reached at (970) 376-5153, (866) 668-1312 or by email at charlotte@Colorado.net. You can view all Summit County listings through her website at http://www.4salebyu.org.
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