The long-vacant 24-unit condo complex at the Highway 74 turnoff to Bergen Park staged a grand opening last week under a new owner, a Broomfield-based real estate investment company.
On Thursday, Oct. 2, the new owners debuted the project to the public for the first time at a festive open house complete with jazz ensemble, wine and buffet banquet in a fully furnished model.
A lot of landscaping and cleanup work has been done to make the area come to life after a two-year period of dormancy.
The new units are perfect for singles, roommates and empty-nesters, says Heidi Barringer, a broker associate with Fuller Sotheby’s in Evergreen.
The upscale condos are being marketed for $40,000 to $50,000 less than they were originally listed for two years ago, Barringer said.
They are priced at $255,000 for a 1,300-square-foot unit to $365,000 for a 1,600-square-foot ranch-style unit with no upstairs.
The open house attracted about 60 people, Barringer said.
“The general response among the real estate community was, “That’s awesome. That’s affordable. This is something I can sell. People said this is just what Evergreen needs,” Barringer said.
Buyers who purchase before the end of the year will get a $2,000 reduction on closing costs and free interior painting up to two colors.
The two-story units have cathedral-style ceilings, and all of the units have granite countertops and open floor plans with private laundry rooms. HOA dues are $185 a month, which includes common area maintenance, garbage and snow removal.
The units are bright and roomy with generous bathrooms, enclosed shower and separate tub, walk-in closets, and walk-in entrances from the garage. The Bergen Park Village shopping center and the Buchanan Rec Center and park-n-Ride are within walking distance.
According to the Jefferson County assessor’s office, the new owner is listed as a limited liability company named CCS Hiwan I, with a purchase price of $5.5 million, as of Sept. 15. The previous owner was D.R. Horton Inc., the largest homebuilding company in the U.S., with properties in 27 states.
The address of the LLC is listed as Broomfield-based Colorado Santa Fe and Land Co., which for 15 years has specialized in buying underperforming properties that can be hard to sell. The principal of the firm is Marcel Arsenault.
Real estate investors Peter Wells, Peter Kudla and Arsenault purchased all of the multifamily assets of D.R. Horton for an undisclosed amount.
“We were able to buy them at a very attractive price for the entire portfolio. Overall we are going to be able to offer them to the public at a very attractive price. It will be the newest brand-new product in the market and significantly cheaper,” Wells said.
Wells said the $5.5 million purchase price was “essentially meaningless” and did not reflect the value of the property.
For new construction in Evergreen, the units are “very affordable,” said Bonnie Butler with Windom Mortgage in the Lakepoint Center in Evergreen. For example, the monthly payment, with a 30-year fixed mortgage and 10 percent down, would be $1,335 a month for a unit costing $254,540, not including the HOA fee. With 20 percent down, the monthly would be $1,188 a month.
One potential homeowner said the unit would be perfect for her has a single mom with one child and involve a lot less maintenance than her stand-alone house and grounds.
The four-story complex was nearly finished and then abandoned by D.R. Horton sometime early in 2007.
The housing market in Evergreen has been fairly flat for the last two years, and homes are taking longer to sell, from an average of 112 days in 2005 to 136 days in 2007, according to ReMax Alliance of Evergreen.
Some of the units went on the market but were never sold, and the large complex been standing vacant since early 2007.