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Affordable Land Translates into Affordable Housing for Prospective Buyers

DENVER-A developer, saying he got the land at a cheap price, is building what is being touted as the region's most affordable townhouses. The demand is such that calls are pouring into the listing agent's office.

By John Rebchook | Updated on September 29, 2000

DENVER-Tom Collins’ first townhouse development in the metro area also appears to be the most affordable. Denver-based Collins is building a 72-unit, 18-building townhouse complex in the Balboa subdivision in Adams County, where prices for a two-bedroom cost $115,500. Three-bedroom units are going for $127,900. “Nobody is building this cheap,” Collins tells GlobeSt.com.

That is not an idle boast, says Mike Rinner of the Genesis Group, a Denver company that tracks the local housing market. “No question it is the most affordable new project in that northeast corridor and most likely in the whole metropolitan area,” says Rinner. “He should do quite well with it.” The $8.5 million subdivision is at Coronado Parkway and York Street, which is near 84th Avenue and Washington Street.<p< The two-bedroom units total 900 sf and three-bedroom units, 1,200 sf. Ron Elston, the project's listing agent with Keller Williams, says it likely is the most affordable new townhouse project in the Denver area. He says a new development by Kaufman & Broad near the development is the closest competitor, with units priced around $136,000. “In this price range, the $10,000 price difference makes a huge difference with buyers,” he says.

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