Losing half-million-dollar bid on federally owned Boulder home starts affordability argument

Here in Denver, the 2016 numbers look cheap by comparison.

staff photo

If you think Denver real estate is the wild west, let’s take a quick peek up U.S. 36 and check in on the People’s Republic.

A man who bid in an auction on a Boulder home owned by the U.S. Department of Housing and Urban Development told the Camera that he believes the winning bidder, who bought the home and divided the land into two lots and will occupy one and sell the other lot — listed at $695,000 — violated “the spirit” of HUD’s program, and that the home had been “one of the last homes in the area that would have been within reach for an average middle-income person or family.”

The $800,590 winning bid in November 2015 would have been just under what the Camera reported was the $842,000 median home sale price at the beginning of 2016. The aggrieved party’s losing bid was $586,000.

Here in Denver, the 2016 numbers look cheap by comparison.

But only by comparison.

 

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