Score
0Glenwood Springs, CO
824 Minter Ave
783K
2 beds
2 baths
1,198 sqft
2 bd • 2 ba • 1,198 sf
Educational Use Only — NOT an appraisal or professional advice. — NOT professional advice. See terms
AI Property Analysis
0:000:00 / 0:00
List Price
$783,000
Price/Sq.Ft
$654
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
The property at 824 Minter Ave in Glenwood Springs, CO offers several positive aspects:
1. Location: Situated in the desirable mountain town of Glenwood Springs, known for its natural beauty and tourist appeal. The property appears to be in a residential area with mature trees, suggesting a established neighborhood.
2. Curb Appeal: The house has an attractive exterior with a combination of siding styles and a distinctive red metal roof, which can be both aesthetically pleasing and durable.
3. Garage: The property includes a single-car garage, which is valuable for storage and protecting vehicles from harsh mountain weather.
4. Outdoor Space: There's a fenced front yard, providing a safe area for pets or children and adding to the property's charm.
5. Size: At 1,198 square feet, the home offers a compact yet functional living space, ideal for small families or as a vacation home.
6. Layout: The two-story design suggests efficient use of the lot, potentially offering better views from the upper level.
7. Market Position: In the context of Glenwood Springs' "extremely high real estate prices," this property, while expensive, may represent a relatively attainable entry point into this desirable market.
The Bad
1. Price: At $783,000 for 1,198 square feet, the price per square foot is exceptionally high at $653.59. This is likely above the average for many areas, even accounting for Glenwood Springs' premium market.
2. Limited Space: With only 2 bedrooms and 2 bathrooms in 1,198 square feet, the home may feel cramped for some families or those used to more spacious living.
3. Unknown Year Built: The lack of information about the construction year raises concerns about potential hidden issues, outdated systems, or needed upgrades.
4. Limited Features: The listing provides no information about interior features, upgrades, or amenities, which may indicate a lack of recent improvements or desirable characteristics.
5. Potential for High Utility Costs: Given the local context of "substantial heating costs during long winters," this home's energy efficiency is unknown and could lead to high utility bills.
6. Single-Car Garage: While having a garage is positive, a single-car garage may be limiting for many households, especially in an area where winter weather can be harsh.
7. Tourist Impact: The local market context mentions heavy reliance on tourism, which could lead to seasonal congestion, noise, and strain on local infrastructure.
The Ugly
1. Extreme Price-to-Space Ratio: At $653.59 per square foot, this property is priced at a level that suggests potential overvaluation, even in a high-cost market like Glenwood Springs. This could lead to challenges with financing and future resale.
2. Natural Hazard Risks: Glenwood Springs is susceptible to wildfires, mudslides, and avalanches. The property's specific location and construction may make it vulnerable to these risks, potentially leading to high insurance costs or difficulties obtaining coverage.
3. Limited Economic Opportunities: The local job market is described as limited outside of tourism. This could impact long-term property values and make it difficult to afford the high mortgage payments if relying on local employment.
4. Potential Hidden Issues: With no information on the year built or recent upgrades, there could be significant hidden problems or necessary renovations. In a mountain environment, issues like foundation stability, roof condition, and insulation are critical and potentially very costly to address.
5. Market Volatility: The extreme prices and limited inventory in Glenwood Springs suggest a potentially volatile market. If there's a downturn in tourism or changes in the local economy, property values could be significantly impacted.
6. Accessibility Challenges: The mention of potential interstate closures and limited air travel options could make this property isolating, especially during harsh winter conditions.
7. Water Rights Uncertainty: In a Western state like Colorado, water rights are crucial. Without specific information, there could be limitations or costs associated with water usage for this property.
Who is this property for?
These details are presented solely for educational purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for:
1. High-Income Buyers: Given the $783,000 price tag, buyers should have a household income of at least $200,000-$250,000 to comfortably afford the mortgage and associated costs.
2. Vacation Home Seekers: The location in a tourist-friendly town and compact size make it suitable for those looking for a second home or vacation property.
3. Outdoor Enthusiasts: Buyers who value proximity to natural attractions and outdoor activities that Glenwood Springs offers will appreciate this location.
4. Remote Workers: Those with location-flexible, high-paying jobs can take advantage of the desirable location without relying on the local job market.
5. Empty Nesters or Retirees: The smaller size and low-maintenance yard could appeal to those looking to downsize in a scenic location.
6. Investors: Despite the high price, there might be potential for short-term rentals given the tourist appeal of Glenwood Springs, subject to local regulations.
Not For
This property is not suitable for:
1. First-time Homebuyers: The high price point and potential for additional costs make this challenging for those just entering the market.
2. Large Families: With only 2 bedrooms and 2 bathrooms in 1,198 square feet, the space is too limited for larger households.
3. Budget-Conscious Buyers: The high price per square foot and potential for significant maintenance or upgrade costs make this unsuitable for those on a tight budget.
4. Those Seeking Modern Amenities: Without information on recent upgrades or features, this may not suit buyers looking for the latest in home technology or luxury finishes.
5. Car Enthusiasts: The single-car garage limits space for multiple vehicles or a workshop.
6. Those with Limited Mobility: As a two-story home, it may not be suitable for individuals who have difficulty with stairs.
7. Risk-Averse Investors: Given the high price point and potential market volatility, this property carries significant financial risk.
Demographics
Area Median Income
$0
Property History
Price History
Ownership Timeline
$783,000Financed
Oct 2, 2023Claudia Hurley PutnamAlex Bernhardt
Special Warranty Deed
Standard Sale (Purchase/Resales)
$488,000Financed
Oct 27, 2017Lane FindlayClaudia Hurley Patnam, Antrhony Passariello
Warranty Deed
Standard Sale (Purchase/Resales)
$420,000Financed
Jan 31, 2007Jeremy A Nolan, Chelsea D NolanLane Findlay
Warranty Deed
Standard Sale (Purchase/Resales)
$260,000Financed
Dec 1, 2004Elizabeth J ScheidtJeremy A Nolan, Chelsea D Nolan
Warranty Deed
Standard Sale (Purchase/Resales)
$0Financed
Mar 2, 2001Rona K ChormanElizabeth J Scheidt
Quit Claim Deed
Non-Arm's Length Transactions
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Financials
Monthly Costs
Market Rent (2 bed)
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$783,000
Price/sqft
$654
Layout
2 bd•2 ba
Stats in the Area
Based on 1 comparable properties nearby
Average Price
$800,000
2.1%
Your price is 2.1% below average
Median Price
$800,000
2.1%
Based on 1 recent sales
Price per Sq.Ft
$569
14.9%
Your price is 14.9% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 911 Pitkin Avenue, Glenwood Springs, CO 81601 | $800,000 | 1,407 | 3 | 2 | $56913.0% | 11/18/2024 |
911 Pitkin Avenue, Glenwood Springs, CO 81601
Price: $800,000
Sq.Ft: 1,407
Beds/Baths: 3/2
$/Sq.Ft:
$56913.0%
Sale Date: 11/18/2024
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