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New LoDo condos going for as little as $230K, but there's a catch

Our Colorado: 33 condos WAY under market value
Posted at 3:09 PM, May 16, 2018
and last updated 2018-05-17 12:10:42-04

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DENVER — No gimmicks, no bait and switch and no cheap tricks.

The ultra-luxurious Coloradan condo complex is offering 33 of its 334 units at prices well-below market value. And all you have to do is win the lottery to get one.

"On the 18th floor we have an outdoor pool," said Brad Arnold, the VP of sales as he pointed out some of the amenities associated with The Coloradan.

As part of the developers commitment with the city to offer some affordable units, The Coloradan will hold a drawing for those 33 units on June 19. 

"Literally - we'll put all those names into a hat and draw them out one by one," Arnold said.

You must prove your income and pre-qualify for a loan. Also, the homes are deed-restricted, so you can't turn around and sell for market value. The assessed taxable value is based on the 'affordable' purchase price, not market value, so those residents do pay lower taxes than those who purchase at market price.

"They range from the 4th floor to the 7th floor and they're on both sides of the building," Arnold said. “They have great views.”

If you make 50 percent to 95 percent of Denver's median income, you likely qualify. That's roughly $35,000 to $60,000 a year for a single person.

The lottery prices - $230,000 for a one bed/one bath and $286,000 for a two bedroom/one bath - are certainly a steal by most standards. The Coloradan is otherwise out-of-this-world expensive. Two bedrooms are priced as high as $1.2 million and penthouses are going for $3.3 million. Six of the seven penthouses have already sold - and the building is 83 percent sold out.

The lottery is offering prime real estate next to Denver's main transit hub for less.

"This is arguably the best residential location in the city,” Arnold said. “With a swimming pool, club room, outdoor hot tub.”

It just might be Denver's hottest zip code: Union Station.

"We’re finally at a tipping point where we have enough people living downtown where we can have great services, and I think this is the best address of all of them," said Arnold.

But, keep in mind - residents must also pay HOA fees based on square footage (approximately $400/month) and parking isn't included in the purchase price either. A single parking spot goes for $200/month according to Arnold. 

To enter the lottery, follow this link