Parker condos priced below replacement cost

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Shown is an interior at Hunter's Chase in Parker.

If you want to start the 4th of July holiday weekend with a big bang-for-your-buck buying opportunity, consider touring a housing community in Parker being marketed by Koelbel & Co.

This weekend is the grand opening of 20 new 2-bedroom, 2-bath condos at Hunter’s Chase.

The least expensive units are are priced below $100,000, which might be the least expensive unit in Parker. Even the penthouse units top-out at only $115,000. COhomefinder.com is tracking 640 homes for sale in Parker, priced from $149,900 to $19.5 million.

“We think they are the least expensive units in Parker,” said Silvio DeBartolomeis, vice president of sales at Koelbel, while giving a tour on Friday to a prospective buyer. “You might be able to find an efficiency unit here and there priced less, but for 2-bedrooms, 2-baths, nothing comes close. This is a great value. They’re being sold well below replacement cost. You can’t build them for these prices.”

Seeking FHA approval

The units aren’t yet qualified for Federal Housing Administration loans, but they probably will be, DeBartolomeis said. “Two buildings already have built and they were FHA-qualified. This is the third building, and we have to go through the process again. The HOA (Home Owners Association) has applied to be FHA-qualified on behalf of the developer.”

So far, that has not been a big deal with prospective buyers.

“Oddly enough, nobody has wanted to do FHA,” DeBartolomeis said. “I’ve already gotten reservations for five people, and most of them already live in Parker and are older. They either want conventional financing or are talking about paying cash.”

Tim Coit, a 44-year-old school teacher, was viewing the units on Friday, isn’t interested in a FHA loan, even though it likely would mean a smaller down payment.

“I think it would help them, but it is not a big deal for me,” Coit said. “I’m not into FHA with its upfront insurance requirements.”

Coit, who currently is renting his house in Parker and has just begun his search, likes what he sees at Hunter’s Chase. “They’re really impressive,” Coit said. “They’re very clean and in a neat part of town. They are a good deal. They have nice, open, floor plans.”

Starting at 10 a.m. this Saturday,  Koelbel will open a furnished model home and begin sales at Hunter’s Chase, an enclave that had sold out its first two buildings during 2005 to 2007 under another developer, before the slowing economy brought construction to a halt on the final building. Many in the real estate industry had been watching this development closely, curious to learn its fate.

The 20 final homes are being completed by San Diego-based investor Pathfinder Partners, LLC, with most homes — including the furnished model — set for completion by the Saturday opening.  Koelbel is exclusive sales agent for Hunter’s Chase.

The homes, DeBartolomeis notes, are all ‘bright and light” from windows on two sides in most. Upstairs homes (there is only one level of stairs from the street side) include vaulted space and high arched windows. The bedroom suites have box-outs and nooks, and master baths have double vanity sinks. There are fireplaces and art niches in each home. Kitchens have a peninsular bar, spray faucet, full appliances including refrigerator, track lighting, and in some, maple cabinets with bump-ups. Koelbel is including a washer and dryer with each home as a grand opening special. Garages are available as an option.

Location, location, location

Hunter’s Chase, already sports a pool and spa area. It is  adjacent to Stroh Ranch Soccer Park, with a paved trail leading from Hunter’s Chase directly onto the Cherry Creek Trail.

“The trail is a huge amenity that will grow even more important in coming years,” DeBartolomeis said. From Hunter’s Chase’s trailhead, bikers already peddle north 10 miles or south seven miles without crossing a major street.  Parker Parks, Recreation & Open Space is planning what it calls a “‘Golden Spike” moment when the trail spans a full 42 unobstructed miles from Franktown to Confluence Park in LoDo. Cyclists already make that trip with some minor exits and sidetracks in Arapahoe County.

Still available for sale is the least expensive home: a ‘garden level’ with 1,084 square feet plus patio, at $99,000; as well as the most expensive – a penthouse at $115,000 for 1,224 square feet, with plenty of ceiling volume, big deck and views over the park.  The location, DeBartolomeis said, takes advantage of all of Parker’s new west-side connectivity to Interstate 25 and the Denver Tech Center, via Chambers Road, as well as a soon-to-open direct connection to I-25 via Hess Road.

To visit, take Lincoln Avenue east from I-25, 3 miles to Chambers Road, turn right 3 miles to Hess, east a mile to Motsenbocker, then south a mile.  Or from Parker Road, head south to Stroh Road, then west. For more information: 303-995-6363.

To see what else is available in Parker, please visit this COhomefinder.com link.

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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