Property Overview
This property is a 2 beds, 2 baths unit in the highly desirable Littleton at Riverwalk condo complex. The 2896 building where this unit is located is a 55+ building. The unit is a great 1st floor end/corner unit with 1,290 sq ft. The unit has a nice 103 sq ft patio and a space in the parking garage. Due to a pipe break, the unit sustained water damage and is in need of some work. The water has been fully cleaned up months ago, but the unit will need to be put back together, hence the fairly large fix budget. This building was constructed in 1998. I'm not sure someone in a 55+ building worries much about schools, but this complex is in the highly rated Littleton 6 district. The taxes for 2022 were $2,904.
The HOA is roughly $355/month and covers the following: Cable TV, Gas, Insurance, Maintenance Grounds, Maintenance Structure, Recycling, Security, Sewer, Snow Removal, Trash, Water
Assoc Amenities : Bike Storage, Clubhouse, Fitness Center, Front Desk, Parking, Pool, Spa/Hot Tub
Neighborhood : Riverwalk is a nice private community in the heart of Littleton. It's a minute away from Old Town Littleton and all amenities are nearby.
Video Walkthrough
You can see from the pics that there is drywall repair to do. The water damage has been addressed months ago, so you're just putting this thing back together. That said, beyond the drywall, it needs a new kitchen, 2 new baths, flooring and paint. We've budgeted 38k which should be more than enough to get the job done well.
Total Budget: $45,700
You'll notice that the comps are all basically original units. Due to the work needed on our subject, it will be a fresh and modern updated unit. Layout stays the same, so you're just putting this thing back together. We're being very conservative on ARV...2 of our comps sold at much higher prices, but there is some variance in this building and we wanted to be conservative. In the end, you'll have a completely updated 2 bed, 2 bath with 1290 sq ft that will be far nicer than the comps.
Highly desirable Centennial at Riverwalk condo complex.
Closing is scheduled for 07/12/2024.
2896 W Riverwalk Circle Unit A212, Littleton, CO 80123 Zillow
Our first comp is a recent sale in the same 2896 building as our subject. This one is also a 2 bed, 2 bath, although this layout has an extra 30 sq ft versus our subject. This unit is a 2nd floor unit, which is probably the least desirable due to having neighbors above and below, and it's also a middle unit. This unit may have some views of the golf course, but it's hard to tell. This unit is very nice and looks to have had some updates. It sold a couple months ago on 4/18/24 for $535,000, which was $5,000 over asking price.
2896 W Riverwalk Circle Unit A312, Littleton, CO 80123 Zillow
Here is another 2 bed, 2 bath unit in the 2896 building. This one is the same 1321 sq ft layout as our first comp. This one has had a few updates, is a middle unit and near as we can tell, does not have views of the golf course. This unit is very clean and nice. It is a 3rd floor unit, so the benefit is no one above you, does not require using stairs. This one sold on 4/10/24 for $510,000. There were no concessions paid by the seller.
2896 W Riverwalk Circle Unit A301, Littleton, CO 80123 Zillow
The 3rd comp is also the oldest one, and we can tell you that while this unit is clean, it is 100% original. It is that same 2/2/1290 layout as our subject and it is a corner unit. This is a 3rd floor unit, which for a 55+ community would seem to be less desirable but maybe not. Most importantly, this unit has not been updated ever. It's really clean but it's also very dated. Once you put the suggested fix budget into our subject, the finished product will be far superior to this comp. Also, the market is up since this comp sold in September of last year for $474,000.