A West Colfax three-bedroom house and a 0.2-acre plot of land that last sold in 2004 for $169,900 is now listed for jaw-dropping $1.7 million.
You can buy a house four times that size for the same amount of money. So, why the steep price for 1,173 square feet of home?
It’s an investment opportunity — and it’s a little unusual.
The three-bedroom 1950s house near West Colfax Avenue and Federal Boulevard sticks out in a neighborhood where single-family houses have been demolished for grey, blocky apartments, condos and duplexes.
“Discover the perfect canvas for your next development project,” realtor Yameel Marquez wrote in the listing for the property at 1535 Grove St. “This rare residential lot offers a once-in-a-lifetime opportunity to own a piece of Denver's most coveted real estate.”
Ever since Denver’s first decades, the neighborhood has been a home to immigrants — a place where new arrivals in the country have enjoyed a taste of the American Dream for an affordable price.
More recently, it’s seen an explosion of new development.
Whoever buys the property will likely demolish the cozy house. The agents listing the property are advertising the land as though a home — one that has been in the same owner’s hands for more than two decades — is not there at all.
“This lot is a blank slate ready for your vision, offering endless potential for high returns and iconic developments,” the listing states. “Whether you're envisioning high-end townhomes, modern condos, or a luxury estate, this location ensures unmatched appeal.”
Like so many old Denver houses, the actual home is worth less than the land. And with the glut of development that has popped up over the past decade near West Colfax Avenue and Federal Boulevard, there isn’t that much space left to build density.
The plot of land is zoned residential, and the realtors say it is “perfect for luxury developments.”
Across the street is a pocket-sized dog park full of designer dogs. Residents of whatever project goes up on the site will enjoy sweeping views of downtown Denver and the Broncos Stadium (as long as that lasts).
“Located in a vibrant and expanding neighborhood,” the realtors say, “this lot presents exceptional value for those looking to capitalize on Denver's real estate boom.”
Marquez did not respond to Denverite’s request for comment, and the owner did not answer the door.
