The Palace Lofts, Unit 9B – $565,000

1499 Blake Street #9B; Denver, CO 80202 – MLS #691916

Update! This property SOLD on October 9, 2008, for $555,000

1499 Blake Street, Unit 9B - Palace Lofts - Listing Detail

SEE ALL AVAILABLE LISTINGS IN THE PALACE LOFTS – 1499 BLAKE STREET, DENVER, CO

Unit 9B in the Palace Lofts, 1499 Blake Street, was listed on August 18th at a price of $565,000.  This is a bank-owned property in a wonderful downtown Denver loft building.  

The unit is 1,766 Square Feet, with 2 bedrooms and 2 baths, and features two covered southern terraces.  The Palace Lofts are a newer Denver loft project, and feature bright and sunny units, many with amazing balconies and views of the Front Range and lower downtown.  The ground floor of the building is made up of commercial space in the form of live / work units, and the interior hallways of the building are wider than most, giving the Palace Lofts a very open and comfortable feel, as opposed to the claustrophobia that many buildings can induce.

At $319.93 per square foot, this appears to be competitively priced, although some work will need to be done to get this one back to it’s true potential.  There have been 5 sales in the building in 2008, at an average price per square foot of $321.98.  The high sale was a 2,850 square foot for a 1 bed / 1 bath which sold in July for $700,000 ($245.61 psf!), and the low sale was in June – a 927 square foot 1 bed / 1 bath which sold for $339,000 ($365.70 psf).

Other Notes on Price & Comparable Sales:  

• This unit previously sold in November of 2006 at a sales price of $687,500.  
• A 2 bedroom 2 bath unit of 1,650 square feet sold in August of 2006 at a sales price of $750,000
• A smaller 2 bed / 2 bath unit (1,514 Square Feet) sold in May of 2007 for $480,000.