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Why is the property value low?

What factors determine the value of a home?   Does sq. footage add any value to the home?  The home at 6499 Poppy st, arvada, co has been valued at 467000 for its 5177 sq. footage which is very low compared to its neighboring homes.  I would appreciate a reply from zillow and any knowledgeable agent.
  • June 28 2014 - Arvada
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Answers (1)

Profile picture for davidhawke
According to the MLS, 6499 Poppy is currently under contract for $450,000.  So it didn't even sell for $467,000.   It is actually a 3647 sq foot home with an additional 1700 basement.  

Based on the pictures of it I see, the finishes are fairly low-end for the area, and they look quite dated in some of the rooms.  Too much low-grade carpet, and dated looking tile, and wood finishes.  The higher priced homes have more modern finishes, more hardwood floors, more modern kitchens and baths, etc.

There was a "model match" home in this neighborhood that recently sold for $585,000.  However, it had a finished walk-out basement, and it was updated in all of the latest high-end finishes.    Walk-outs when finished, add a far greater amount of value than cellar style, or even garden level basements, because they are not underground.  When finished, their square footage is considered to be of equal value per square foot as the upstairs.   

I actually have a listing right now in this same neighborhood, so I know it well.  Identical homes can vary by $80k-$100k, due to the views, the proximity to busy streets, and the level of interior upgrades.  Because these homes are so large, it is very expensive to upgrade them.  More sq feet= more money to upgrade.   So, the ones that already have high-end hardwood floors, high-end cabinets, high-end appliances, high-end bathroom finishes, finished basements, etc... can be considerably higher priced ($80-$100k more) than an identical home in the same neighborhood, with low end finishes (carpet, linoleum, average cabinets, white appliances, cheap countertops, unfinished basement, etc).
  • June 28 2014
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