Last week I was walking to Trader Joes on Colorado Boulevard and detoured slightly seeing a For Sale sign on a home at the northeast corner of 8th Avenue and Jackson Street in Denver’s Congress Park neighborhood. So what do I immediately do; I pop the address into my Engel and Volkers App and nothing comes up!
Now I am mystified so I put the address within www.REColorado.com our MLS service, again nothing shows up!
Finally I took a picture of the sign, looked up the contact information for the firm and sent an inquiry concerning the listing as per traditional services not to be found.
I did receive the following via email the next morning.
I am not going to opine on REX Real Estate which proudly boasts they purposely do not upload listings to the MLS as per the following from a trade periodical: a full-service brokerage that eschews the MLS, uses technology to displace traditional agents, and charges home sellers a set 2 percent listing fee. Now I understand why the listing did not show up in any of my go-to searches.
Again I am not disparaging any new firm or start-up. I actually encourage and am intrigued by such businesses; while the real estate trade is somewhat old-school and may need some disruption, how is an issue I prefer not to discuss at present..
Now concerning 800 Jackson Street, the asking is $650,000. Based on the condition and my comparable knowledge, I would put the correct valuation closer to $525-$535,000.
On their site if you scroll down there is an option for comparable’s and it lists three(3) as follows:
747 Cook St: Sold for $815,000 or $245PSF
823 Monroe St: Sold for $811,000 or $402 PSF
811 Cook St: Sold for $781,000 or $311PSF
Thus based on their generated comparable’s this makes 800 Jackson Street look like an absolute bargain at $650,000 or $269 PSF. Yet…..
- The three comps provided by Rex Real Estate are on better blocks with stronger housing stock and urban fabric
- Their homes are south of the actual Congress Park.
- All three homes are in better condition inside and out.
- All three homes are mid-block where as 800 Jackson Street is on a corner abutting a one-way west-bound arterial and literally ½ block west of commercial development and Colorado Boulevard including a gas station less than 500 feet to the east.
So being a broker you may ask what would I use as a comparable?
I would use 601 Cook Street for the following reasons:
- Similar neighborhood.
- Adjacent to 6th Avenue, a one-way arterial east-bound.
- Similar lot size and design.
- In better overall condition.
The sales price on 601 Cook: $540,000 or $213 PSF within the last year.
My gut is if or when 800 Jackson Street does in fact sell I believe the sale price will be closer to the low to mid $500’s, this is just my prediction. Now someone may absolutely fall in love with the house, the location the layout and so forth and pay the asking however assuming they may be working with a full-service knowledgeable real estate broker, I assume that broker will provide comparable’s that are more alike and will of course assuming financing order an appraisal.
I will be keeping an eye on this one, just not via the MLS will use Assessors Records.
Of note, next Monday October 1, 2018 I will not be publishing as I will be in Asia. Will post the following week.