Buy and own this beautifully renovated home for less than you'll pay in apartment rent.
Apartment dwellers in Lakewood, Colorado have a lot of choices. Like the luxurious Pines Apartments, near Red Rocks Community College. A two-bedroom, one bath goes for between $749 and $860. That’s an affordable price if you’re employed and don’t have a ton of credit card debt.
But look closer, and you’ll see that price is for “income restricted” tenants. Which means Section 8. “Not all renters will qualify and other restrictions may apply, so please contact the property manager for details.” So say their web site.
When you contact that property manager, he may not be the most accommodating dude. Apartment vacancies in metro Denver are at a ten-year low. They’re going lower, and the prices are going up, according to the authorities who track these things.
If you are lucky enough to land an apartment in the Pines, you’ll be very happy there. You’ll have more than 200 neighbors in this grey wooden edifice built in 1972. Neighbors to the left, neighbors to the right. Neighbors above and below.
They will all be very nice people, clustered together there with their motorcycles and stereos and dogs and cats. If you have a pet, you’ll fit right in. Only it can’t be more than a 45-pound pet, and other rules apply. “Two pets per unit. $150 non-refundable pet fee and $150 pet deposit per pet, plus $20 per month pet rent.”
If you don’t squeeze in at the Pines, there are other great choices in Lakewood. There are the Hamptons, at 8507 West Hampden. They are pricier than the Pines, with an 808-square foot one-bedroom unit renting for up to $880 per month. It’s understandable, because the Hamptons have a nice pool and a “country club atmosphere.”
Just don’t expect a big red carpet there either, with vacancy rates what they are.
Here’s another idea. For less than you’d pay at either apartment cluster, you could make monthly mortgage payments and own—not rent—this private, newly renovated three-bed, 897-square-square foot single family home in old Lakewood.
This home at 1820 Jay Street is a walking distance to Sloan’s Lake and funky downtown Edgewater. It’s got original hardwood floors, a granite-and-steel kitchen, and a huge, fully fenced backyard. The neighbors are nice, and they’re not right on top of you.
A lot of renters think they can’t afford to buy a home. They don’t have cash for a down payment. Their credit isn’t the greatest. They think they‘ll never keep up with the payments.
Well, check this out. Key Bank has a program call Key Community. They;re not very good at publicizing it. But it’s designed to get people into good homes in certain “lower income” communities. Many of which are really nice neighborhoods, especially this part of Lakewood!
Key Bank will lend up to 100 percent of a home’s purchase price to borrowers with credit scores as low as 620. (There are terms available for folks with lower scores than that.) No mortgage insurance is required. The lender will pay $500 toward closing costs, and they’ll let the seller pay 3 percent toward costs.
I confess, the seller is me. This a tremendous opportunity for someone looking to get out of “luxury apartment living.” Or who can’t get in. Or doesn’t want to.
Call my listing agent, Zach Zaleski, at 720-210-3668 for a showing of this beautiful single-family home.
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Apartment leasing has boomed in the wake of the recent economic downturn as more homeowners lose their homes to foreclosure and many prospective home buyers face much tougher lending standards. For those who can’t meet the new lending standards or are facing foreclosure, leasing an apartment can be a viable option. With many families also moving out of state to seek employment wherever they can find it, it’s little wonder that apartment rentals are the first choice of housing when they reach their new destination. Renting an apartment is fairly straightforward, however if you have credit issues there are a few points to be aware of before you fill out an application.