Sedalia sale biggest of the year

Sedalia sale biggest of the year

Highlights:

  • Sedalia ranch fetches $2.85 million.
  • Ranch sale, closed in late 2014, was biggest last year in Sedalia.
  • Sedalia isn’t as hot as Denver area, but still is less than 20 minutes from the DTC.

An aerial view of the Klein Ranch in Sedalia that just sold for $2.85 million.

A 95-acre historic ranch in Sedalia sold last week for $2.85 million.

The Klein Ranch, home to the first Post Office in Douglas County, which doubled as a Pony Express station, marked by far the largest sale in 2014 in that rural community, both in price and size.

“Only three properties sold for more than 50 acres in Sedalia last year and this was one of them,” said Jayne Cordes, the listing broker from Coldwell Banker Residential Brokerage Southeast Metro DTC.

There are only two larger properties currently for sale in Sedalia, according to COhomefinder.com.

COhomefinder.com describes Sedalia as a “cool market” with a 9.1-month supply of unsold homes.

By comparison, the overall Denver market has record-low inventory numbers and less than a two-month supply of homes.

Even though the Klein Ranch at 3450 Big Bear Drive is only 16 minutes from the Denver Tech Center, it took a long-time to sell.

And the sale is not a sign that the Sedalia market is poised to become red-hot with the multiple offers experienced by those selling in Denver-area neighborhoods.

“It was a long time coming,” Cordes said about the sale. “I had it listed for almost two years.”

The views on the Klein Ranch in Sedalia are to die for.

It was initially listed at $3.5 million. The price had been lowered to $3.3 million prior to the sale.

Before she had a listing for the Sedalia spread — which sports panoramic views of Front Range mountains, a 17-foot deep pond stocked with bass, bluegill and catfish, as well as a 6,931-square-foot 5-bedroom, 5-bathroom home — another broker had it on the market for $3.5 million. While the home had high-end finishes, it also incorporated into it a house initially built in the 1890s by the James family, Cordes said.

The property also includes an eight-stall barn, where the Kleins kept their horses. They renovated the original barn into luxury stables that include a new tack room, office suite and an open loft for entertaining.

The James family arrived on the property from the East Coast in a Conestoga wagon, she said.

And Terry and Cami Klein restored the original 1864 homestead, which is a mere 100 feet from the custom walk-out ranch on the property.

The Kleins purchased it in 2005 and sold it with plans to move to a smaller property in Franktown.

The buyer was from Florida.

“It was truly a lifestyle decision,” Cordes said.

“He wanted a place where he could raise his family and have plenty of space,” Cordes said.

While it sold for about 13.6 percent less than the most recent asking price, it was a textbook good deal for both sides, according to Cordes.

The deep pond at this Sedalia spread is stocked with fish.

“The best deals are when the buyer and seller walk away from the closing table happy,” Cordes said.

“The buyer thinks he got a good deal and the seller, while may not getting exactly the price they hoped for, it still met their needs. And they were realistic about market conditions.”

Several factors have made big spreads in the wide-open spaces less of a draw than in past years, when people wanted the peace and quiet of rural living.

“Part of it, is that people who can afford these kind of ranches would rather buy in California, or Florida for that matter,” despite the buyer coming from the Sunshine State.

“I think a lot of people who can afford a big ranch don’t want to spend a Colorado winter on it,” Cordes said.

Also, the type of bank loans for spec custom homes in rural areas just aren’t available for builders the way they were in the 1980s and even before the Great Recession, she said.

Cordes knows that first had, as she and her sister own lots in Banbury Cross, a gated, custom-home community in Douglas County.

“Banbury Cross is just a wonderful community with so much energy it is unbelievable,” Cordes said.

 

Terry and Cami Klein restored the original baron on their Sedalia property into a luxury, 8-stall barn for their horses.

“But while the overall Denver market is recovering incredibly fast, these areas on the outskirts of the metro area have not enjoyed that type of recovery from the horrible market of 2008.”

Instead of building custom homes on big homes, builders are much more likely to build and quickly sell homes in inner-city neighborhoods such as Washington Park, Observatory Park, Berkley, or Sloan’s Lake.

Well-heeled buyers also are more likely to buy a downtown condo for the same price or more than they would pay for a ranch at the edge of the metro area.

“I think it is a generational thing,” Cordes said. “Younger people, especially, who are very tech-savvy, want the downtown scene with all of that urban excitement.”

But for someone looking for true rural Colorado living, yet still a short commute from the offices and shopping along the southeast Interstate 25 corridor, places like Sedalia can’t be beat, according to Cordes.

“Honestly, I don’t think the Sedalia-area market is going to get any worse. I do think it is going to make a comeback. I really do,” she said

“After all, they are not building any more land. Hopefully, builders will start building out in the Sedalia area again, giving people more custom choices. And you can’t really put a price on Colorado’s history.”

Interested in buying a home in Sedalia? Please visit COhomefinder.com to learn what is available.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee Co. and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 


A Property is Sold as…What does that mean to you?

Maybe just the ticket for Home buyers to get a lot of house for the money.  Some Sellers just aren’t in the position to make repairs to a home that may come up on an Inspection Objection.  Instead of having to be faced with a long list of repairs, the Sellers may just offer the home at a reduced price anticipating some items that need to be repaired.  Homes that are in foreclosure, a Hud owned home or a home in probate may be listed that way as well as the Sellers don’t have an idea of what the condition is.

Home buyers should consider a  “sold as is” home if there are repairs that they can live with than can be done over time like cosmetic repairs or the repairs that have to be done still make that home an attractive purchase.  An inspection will reveal the status of the major components of the home and buyers then will have to make a decision on the cost of any of those major repairs versus the purchase price they are getting the home for.  Home buyers have the right to cancel the contract if the inspection shows defects that are above and beyond what the home buyer is willing to take on or the cost of the necessary repairs.

After an inspection that hasn’t gone well, there may be a chance of continued negotiations with the Sellers as they are now aware of defects arising from that inspection and have to disclose to another potential buyer.  The Sellers are not obligated in any way to make these repairs or give buyers a further reduction in sales price, but there is always that possibility depending on if the Seller thinks he can continue to favorably market the home at the asking price.

Bottom line is “Sold As Is” can be a really good deal in  some cases or ones to walk away from in others.