New Glenwood South Lofts test housing market
A decision by Glenwood Springs early last year to annex into city limits what had been a struggling commercial property just south of town opened the door for real estate broker Scott Dillard to take a chance on something he had been wanting to do for some time.
Dillard, who is part of the new Integrated Mountain Properties real estate group, purchased seven upstairs condominium units in the uppermost building at the Glenwood Commercial Center. He has converted the never-occupied spaces into residential units, called the Glenwood South Lofts.
Permitted and constructed in unincorporated Garfield County in 2008, residences were not an allowed use. That is, until the new owners who wanted to jump start the long-stagnant property went before the city in February 2016 to annex it and bring it under city zoning.
“This is something I’ve been wanting to do for years, and once it got annexed I finally had the opportunity,” Dillard said. “There’s really nothing like it in Glenwood, quality wise, but I am kind of testing the market.”
Given the tight housing market in Glenwood Springs and the lower Roaring Fork Valley, Dillard said it was an opportunity to add some more units to the mix and see what happens.
All seven units are two-bedroom, two bath, with patios on the back side tucked up against the hillside that connects to public land below the red cliffs that line Colorado 82 south of town.
The units are all between 1,100 and 1,200 square feet, with a price range of $335,000 to $395,000.
One selling point is that the houses are on the south end of town, on the upvalley side of the Grand Avenue bridge detour that will hit later this summer, he said. They also have ample dedicated parking.
A drawback, Dillard noted, is that the units are only accessible by an outside stairway.
Three units are already under contract after just a few weeks on the market. Two of the units are also being marketed as potential turnkey vacation rentals under the city’s short-term lodging provisions.
One of the units that is under contract is being purchased by an area construction contractor who wants to use it for workforce housing, Dillard said.
Available commercial space in the downstairs portion of the building is being marketed separately, but it does open up the possibility for someone who might be looking for a live-work arrangement on site.
Dillard, who plans to move his family into the current show unit once the others are sold, described the interior design as “contemporary loft” style, with an open feel and ample views up the Four Mile Valley across the way and toward Mt. Sopris.
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