In 2000 the house next to mine was a Victorian converted to 8 apartments. A huge money maker. The owner decided he wanted to do some renovations and hired two Mexicans to knock down a brick bearing wall on the 1st floor and throw the bricks in the alley. City building inspector saw the work, investigated and building was deemed uninhabitable so tenants had to move out. Owner let it go back to the bank. Bought by a contractor who set out to tear it down, disconnecting gas, water and sewer. removing all kitchens, baths etc and hired a demolition company. We live in an historic district. City stopped the demolition. House went back to the lender. House then bought be two naive women partnered with an Irish contractor. He jacked up the whole 1890's Victorian and put a new foundation under the west side, removed the beautiful oak staircase for refinishing. Started work on interior. Contractor and women have falling out. House goes back to lender. Bought by another renovator. He puts on new roof, begins interior framing, runs out of money. House goes back to lender. House bought by two contractors who intended to turn it into three townhomes. They complete framing, paint, do all rough in plumbing and electric. City determines house has been empty too long to retain it's multi-family status and revert it to a single family. Contractors get pissed at each other and give up. House goes back to bank. House sits empty for a couple of years. House bought by a team of young investors with more grandiose plans. Don't know what happened to them but after a year they sold it at a loss to an old man hoping to flip it in the same condition for a profit. He tries to sell if for a year. Eventually sells it for a loss to a contractor. He has spent the last six months finishing the electric and plumbing, rebuilding the staircase (which is long gone), sheetrocking, landscaping, new hardwood floors, new furnace/AC. He disappeared about six weeks ago. Today I see a new face next door, stop by to talk. House has gone back to the lender. He's trying to figure out what to do.
I doubt such a string of real estate investment fiascos are associated with any other single property in Denver. I figure that well over 200k in labor and materials have been put into that house in this period independent of the string of losses to banks and investors. As I write the sewer line still sits disconnected 20' underground.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

Lots of people get in over their heads with big dreams and not enough money or thought to carry it through.


You should buy it, fix it and rent/sell it. If it was next door to me I'd get sick of looking at it.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

What's going to make him different from the last 100 people that tried? Sounds like a cursed disaster to me.

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1985 500SL Euro w/ AMG bits 130k
1984 300SD Turbodiesel 192k
1980 240D Stick China 188k
2001 CLK55 AMG 101k
2007 S600 Biturbo 149k Overheated Project, IT'S ALIVE!!!

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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out
1990 300SEL Smoke Silver (Parting out)
1991 350SDL Blackberry Metallic (481)

"The thing is Bob, its not that I'm lazy...its that I just don't care."

Kerry,

How far gone is it from it's 8 unit layout? Totally?

Have you got any pull to get that multi-family use reinstated? How tough is the zoning there? Maybe you could get a variance, claiming it would provide needed affordable housing. Your voice as next door neighbor would carry extra weight, no?

If it were me, I'd want it to stay single family.
Where in Denver is it?

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On some nights I still believe that a car with the fuel gauge on empty can run about fifty more miles if you have the right music very loud on the radio. - HST

1983 300SD - 305000
1984 Toyota Landcruiser - 190000
1994 GMC Jimmy - 203000

https://media.giphy.com/media/X3nnss8PAj5aU/giphy.gif

Just south of downtown. Within walking distance of city center. Multi-family status is long gone. Once a building has been unoccupied for one year, it reverts to single family. In addition, one of the string of idiots that owned it, tore off an addition on the back which was most of a one bedroom apartment. In order to get a multi-family status nowadays, a building has to have one and half parking spaces for every unit. It has at most, 2 parking spaces.
I actually prefer multi-family because it keeps economic diversity in the neighborhood. It was very diverse when I moved in here but gentrification has quickly been changing that and I don't like living around mostly rich people.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

Offer them a few bucks just so they won't have to deal with the paperwork anymore.

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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman

Maybe time to write a letter to Hickenlooper.

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On some nights I still believe that a car with the fuel gauge on empty can run about fifty more miles if you have the right music very loud on the radio. - HST

1983 300SD - 305000
1984 Toyota Landcruiser - 190000
1994 GMC Jimmy - 203000

https://media.giphy.com/media/X3nnss8PAj5aU/giphy.gif

Sounds like a Monty Python movie- Brazil. This house is like cheap luggage- can't get rid of it for long.

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"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

He knows what he is doing and probably has the money to do it.

I love disaster real estate thats where you make money.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

so does the bank own it now?

(and yes, the whole thing is quite a social commentary; elements of greed and ignorance, market hype and maybe too much viewing of various tv shows like "flip this house" etc. having worked on several flips - mostly painting, some demo and drywall, i am aware that flippers usually end up spending twice as much as they planned on, and that after about 2003 - at least here in l.a.- too many people started doing it, with oft disastrous results, though the insane market saved some of them)

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"The law, in its majestic equality, forbids the rich as well as the poor to sleep under bridges, to beg in the streets, and to steal bread."

That's some story. People have done funny things in the name of real estate.

I have to wonder why there hasn't been at least one or two fires during it's short history of numerous owners. Something's not right here.

What do you suppose the lot is worth without the home on it?

Interesting.

I love living around "rich" people. There's far less crime, and that's just for starters. Of course, anything's possible. I can't remember ever being mugged by a "rich" person. I'll take all the "rich" people I can get around my residence.

The place sounds like it should be razed, in the name of public safety and urban renewal.

How 'bout these rich neighbors...

The Mendez brothers?

Robert Blake?

Phil Spector?

Phil Hartman's wife?

Fatty Arbuckle?

I think he already mentioned that the city has already closed the two doors concerning returning to a multi-family dwelling and parking lot development due to the historical neighborhood designation...

It sounds like the house needs to have questions asked, and answered (IN WRITING!!!) in the proper order...first the city says what you can and can't do, then if all zoning/permitting paperwork and BS is handled properly, then you can see if you can even move forward with doing anything...and it seems, at least at this point, you might as well have the city inspector holding your hand for the whole trip...otherwise...here comes the bank again, looking to take title again in hand...

Is the seventh lender-turnaround the charm?

Only his sub-contractor knows for sure...

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M. G. Burg
'10 - Dakota SXT - Daily Ride / ≈ 172.5K
.'76 - 450SLC - 107.024.12 / < .89.20 K
..'77 - 280E - 123.033.12 / > 128.20 K
...'67 - El Camino - 283ci / > 207.00 K
....'75 - Yamaha - 650XS / < 21.00 K
.....'87 - G20 Sportvan / > 206.00 K
......'85 - 4WINNS 160 I.O. / 140hp
.......'74 - Honda CT70 / Real 125
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“I didn’t really say everything I said.”
. . . . . . . . . . . . . . . . . . ~ Yogi Berra ~