515 Race Street [Notable Sale]

DENVER: 515 Race Street | $5.98M 

Why Is It Notable?
The Arthur E. Johnson House, designed by Burnham Hoyt (who also designed the Amphitheater at Red Rocks). Constructed in 1928, it's a Tudor style mansion with six bedrooms, seven baths and is surrounded by a sizeable 3/4 acre manicured lot, located between the Denver Country Club and Cheeseman Park. The photos are worth a click.

The last time the home was publicly available was nine years ago. This time around, the ~'8600SQFT mansion was available for a little over two months. It sold at the asking price.  

As an asset class, historic homes in premium locations with famous architects tend to hold their value exceptionally well. The seller's 2011 acquisition cost was $3.6M. Assuming no post acquisition capital investments, the home gained about 5.8% annually during their ownership period. However, an architectural pedigree and premium location don't guarantee return. The preceding owner acquired the property in 2008, held onto it for almost four years, and sold it for $25,000 less than their purchase price.   

Historical Note 
Johnson was a successful oil executive in the 20's and 30's. After the war, along with his wife Helen, he created the Arthur and Helen Johnson Foundation. It has been supporting Denver non-profits for nearly 70 years.

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Osman Parvez  is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.

Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.

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Please Note

This document contains forward-looking statements. You are strongly cautioned that investment results are subject to business, economic and other uncertainties. There are no guarantees associated with any forecast and the opinions stated here are subject to change at any time. Always consult your financial advisor before making an investment decision.