Excerpt from a 2021 appraisal: The subject is a very unique home in the fact it is undergoing a complete remodel which is adding a lot of square footage and includes high end finishes throughout. There are very few ranch style homes in the area that have similar square footage and have similar updating and are in similar condition. Due to limited sales and desirability of the market often prices are not consistent. Due to the limited availability of sales and other factors that may have contributed to the sale price that the appraiser may not be aware of may have contributed to the larger range or gap in the adjusted sale prices. The appraiser has taken the most similar 5 sales in location and different similarities to the subject and averaged these to come up with the most probable price. The opinion of value is developed with some weight was placed on Comps #1, #2, #3, #4, and #5. Comps #1, #2, and #3 have all recently been completely remodeled and updated with high end finishes similar to the subjects, comps #1 and #4 were the best available sales in the area with similar square footage to the subjects and comp #1 was the only sale with the same total bedroom count when you include its conforming basement bedroom, comps #2 and #3 have the same total bathroom count with the other comps bracket the subjects bathroom count. These six comps bracket the subjects lot size. All six are located in the same neighborhood and very importantly they all feed into the Cherry Creek school district and Cherry Creek High School. Comps #2 and #5 are both located on the same street and same block as the subject. All five sales closed within four months of the effective date with comps #1 and #5 being the most recent sales having closed in the two months prior to the effective date of this appraisal. There were few similar active or under contract homes in the area, which is a driving factor in the areas increasing market, comps #6, #7, and #8 were the best available at the time of inspection. They provide further support to the appraised value but are not given any weight due to not being closed sales. Many of the gross and net adjustments are higher than typical, this is due to the uniqueness of the subject as far as square footage and updating, it is also located in a market that has seen a large increase in values over the last six months, this is also a factor in the subjects appraised value being higher than the unadjusted sales prices of the comparables. Neighborhood Description: The subject is located in the Holly Hills neighborhood of Denver. The neighborhood has good access to I-25, I-225, Hwy 285, the University of Denver, Denver Tech Center to the South, downtown Denver to the northwest, Aurora to the northeast, and the Front Range. Holly Hills is in close proximity to both the Southmoor and the Yale light rail stations. The High Line Canal is nearby, as well as bike and walking paths, and James A Bible Park. Cherry Creek State Park is also close and its 4,000 acres offer access to more trails and a reservoir for all water activities. Restaurants, grocery stores, and retail are all close to the neighborhood. Holly Hills was recently named the best place to live, the best place to raise a family, and the best place to retire in all of Colorado by the website Niche. The website looked at factors like cost of living, local housing, area public schools, diversity, and walkability. Holly Hills feeds into Cherry Creek High School in the Cherry Creek 5 School District which is one of the top ranked high schools in the state. Police and fire protection are typical for the area.
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