Niwot Fully Baked Listings | Homes Just Sold In Niwot | 4 July 2019 |
Is This The Most Affordable Home In Niwot?
It’s always interesting to look back at recent and notable Niwot home sales (a.k.a. fully baked listings).
I like to check the final numbers against the notes I made when the property was first listed and I toured the home. Sometimes I’m looking for unusual data but most often I’m pleased to see expected numbers that confirm the predicted condition of the current market.
In today’s post I’m going back a few weeks and I’m only going to look at one sale. It’s significant because it’s one of the most affordable homes in Niwot.
Address: 8060 Niwot Road, Unit 21E, Niwot – Cottonwood Park Condos
Let’s start at the very bottom with the most affordable listing in Niwot. If you were wondering about the cheapest home in Niwot, this is about as close as you get.
Unit 21E is the smallest condo in the cheapest subdivision, Cottonwood Park Condos. It’s a ground floor unit, somewhat dark and lacking in any curb appeal. The overall location of the home is excellent, with easy access to everything.
- Sale Price: $182K
- List Price $189K
- 1 Bed, 1 Bath, Unassigned Open Parking (code for no garage)
- Total Square Feet 510
- Year Built 1974
In the broker notes it shows that the condo has been partially renovated and has an established tenant who would like to remain, so here are a few more financial details for investors.
- Property Taxes $971 per year
- HOA Fee $167 per month
Link to MLS Listing (and more photos) – https://www.iresis.com/cwa/link/?llid=stz637mjlq3
What Jumps Out!
I picked this just sold listing because it’s the cheapest home (condo) in Niwot. If you want to live or invest in Niwot, this is the bare minimum entry price.
In a sentence: One bedroom, 510 SQFT for $182K at a cost of $357 per SQFT.
Playing with the numbers, if you take out a 30-year loan at 4.125%, you end up with a monthly payment between $973 and $1,225.
- Mortgage $182,000
- Interest Rate 4.125%
- Property Taxes $100 (includes slight bump for latest assessment)
- HOA Fee $167
Payment with Zero Down $1,225 (plus PMI)
Payment with 20% Down $973
If this is your primary home you need to earn at least $60K a year (assuming 5% interest rate on a 36% debt to income ratio).
If you’re an investor you need to rent the unit out for a minimum of $1,000 just to stay relatively cash flow neutral. If you’re a cash buyer, you may ask yourself if this is a better investment than just investing your $182K at 3% for 10 years and ending up with $236K?
A quick glance at the property history reveals an interesting past, including a foreclosure and a “Sheriff’s Deed”. (I ‘m not sure I’ve seen a Sheriff’s Deed before this one). Unfortunately, for data analysis purposes, the foreclosure sale significantly impacts the sales history.
- Sold 12/24/1981 for $26,000
- Sold 12/28/1983 for $35,500
- Sold 2/14/2011 for $15,000 (Sheriff’s Deed)
- Sold 10/122/2012 for $65,000
- Sold 6/4/2019 for $182,000
That’s quite a history for a small unit. Hardship for the foreclosed owner, a steal for an investor and an absolute bargain for the previous owner who bought for $65K in 2012 and sold for $182K in 2019.
So there you have it. To buy a home in Niwot you now need around $180K and all it gets you is a 1-bedroom condo measuring 510 SQFT at $357 per SQFT.