What $400,000 buys: Denver

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What $400K will buy: Denver
Located in the Denver suburb of Parker, Colo., this tricked-out contemporary is a former model home/sales office that has never been occupied. “They probably spent $40,000 on upgrades in this house,” says Silvio DeBartolomeis, vice president of sales and marketing for Colonnade Communities. The house, built in 2003, originally listed at $480,000, he says. A family room with an 18-foot vaulted ceiling and three-sided fireplace opens to the kitchen, which has a bar, granite tile countertops, maple cabinets, a chef’s island, flat-top range, double ovens, decorator backsplash and breakfast nook. Cherry wood floors extend throughout the first level. The master bedroom on the main floor has a gas fireplace, his-and-hers closets and a bath with travertine marble, soaking tub, separate shower with bench and water closet. An upstairs loft area with a computer station overlooks the family room. The finished basement has a recreation room with granite bar, recessed lighting, built-in entertainment center and a full bath.
4 bedrooms/3½ baths
3,441 square feet
1/8 acre lot
Features: Split staircase with view of family room, built-in microwave, butler’s pantry, covered patio, two-car garage and laundry room with utility sink and built-in storage.
Listed by: Koelbel and Co.
What you could buy in Denver for $400,000 a year ago.
Price trend
“With $400,000, you could go from a loft downtown to a smaller home,” something 70 to 80 years old within Denver proper, says DeBartolomeis. Or you can go to the suburbs and find something newer with 3,000-plus square feet, he says. “You can go way into the country” and get a house with a few acres around it, he says.

The median home price in the Denver-Aurora metro area was $219,300 in 2008, according to figures from the National Association of Realtors. On average, home prices dropped 10.6 percent during the year.

“If houses are in good shape and priced properly, they’re moving,” says DeBartolomeis. “In Denver as a whole, we’re starting to come out of the big real estate depression faster than a lot of communities are. We’re still in a declining market, but it’s one of the least declining markets out there. The $250,000 market is hot here. We’re starting to see multiple offers on properties in that price range, which is really mind-boggling.”