In 1982, Exxon shut down its oil shale operations in Colorado, which marked the beginning of a bad decade for the state’s economy. People who had bought homes during the oil boom found themselves with houses and condos worth a fraction of what they had paid for them.
37 Years Ago
A June 6th, 1989 Golden Transcript article announced the purchase of 50 condominiums in the Golden Ridge complex (map). A real estate syndicate bought them in bulk for a cool $1 million (or $20,000 each).
So where does the gamble come in? Now that it owns the units, APFC has to rent or sell them, a formidable task in today’s market. During the past ten years, the value of condominiums has dropped steadily. According to Realtors, in 1988 you couldn’t give a condominium away, although many owners felt they were when they sold them for as little as 20 percent of what they paid for them during the condo boom years.
The article went on to say that the new owners were pleasantly surprised when Jefferson County announced plans to build the new county complex across the street. They also planned to market to Mines students and parents by offering to buy back the condo for the original price after five years.
The owners were planning an open house with tours of available units and the clubhouse. Facilities included an indoor/outdoor pool, weight room, jacuzzi, sauna, ping-pong room, kitchen, and dance floor.
Those condos are still a good deal, typically selling between $225,000 and $325,000.
%20Affordable%20Housing){kind=link}