In a market where real estate prices seem to defy logic, a 731-square-foot property with a staggering $1.2 million price tag is a hot commodity in Denver.
While the price tag might raise eyebrows, insiders said the heightened demand in the Mile High City is all about “location, location, location.”
This modest three-bedroom, one-bathroom dwelling built in 1941 is nestled within a newer neighborhood enclave, surrounded by sprawling residences that dwarf its petite stature.
The home boasts “ample opportunities for investment and redevelopment,” according to the listing, which hints at a potential pivot towards a more lucrative transformation or preservation of its mid-century origins.
The driving force behind this eye-popping valuation? Its coveted University/Observatory Park location at 2615 S Saint Paul St. is adjacent to the revered McWilliams Park, the seller told Realtor.com.
Commanding a staggering $1,642 per square foot, the sellers are banking on the allure of its prime locale to justify the price tag.
Despite its diminutive dimensions and hefty price, this petite property has purportedly sold within a mere 10 days of hitting the market to an eager buyer.
Yet, in a curious turn, the listing continues to accept backup offers, hinting at a market fervor that refuses to wane.
Records reveal that the current owners acquired this gem back in 1996, paving the way for a jaw-dropping profit windfall in the current frenzied market.
Holding the keys to this hot commodity is Holly Morton Chione from Morton Properties Denver.