Saturday Reporter-Herald July 10, 2010 E1
Real Estate Matters
www.homeandrealtyguide.com • Saturday, July 10, 2010 • Reporter-Herald
Get out of a condo in a rental building ILYCE GLINK TRIBUNE MEDIA SERVICES
Q
uestion: My daughter purchased a condominium in 2007 that had been converted from a rental apartment. Due to the climate of the real estate market the past few years, the condo complex has been through several different management and investment group companies, the last of which is determined to change the complex back to apartment rentals. This has caused the values of those units that are condos to plummet. My daughter is now stuck with an $80,000 mortgage attached to a condo property with little or no value. Do you think that she has any recourse legally? She has been advised by several realtors to walk away; however, I believe that her lender would come back at her with a judgment. Your expert advice is greatly appreciated. Answer: Instead of asking real estate agents for a legal opinion, you and your daughter should immediately find a good real estate attorney to help her review the situation and her documents and see if there is any good that can come out of it. You can find a good real estate attorney by calling your local Bar Association and asking for the head of the real estate committee. While on the phone with the chair of the committee, describe I See GLINK/Page 6
Inside this week’s Home & Real Estate
Paint to Sell Use painting tips to sell a more attractive home
Downtown
Living
Spaces catered to artists JENNIFER LEHMAN SPECIAL SECTIONS EDITOR
W
ith the number of artists in Loveland, it is not unusual to find spaces catered to artists and mixed use properties with artist studio features. Gary Hausman, local real estate investor and contractor, called his mixed-use building at E. 4th St. the Galleria in to draw attention of local artists. “Lundeen's is across the street, and it attracts a lot of artists so I kind of piggy backed on that,” he said, referring to the mixed-use property of local sculptor, George Lundeen, at 338 E 4th St. The property houses a gallery and workshop along with artist studios, three apartments and office space. The upper level of The Galleria, is home to two lofts. The vacancy of the larger, 1,700 square-foot space was filled this week by a couple, one of which is a painter. The large loft originally was on the market for $1,200 and dropped to around $1,000, after sitting vacant for 5 months. Local sculptor Dee Clements had a studio on the second floor at one point, and Hausman renovated it to include a studio, living space and loft area with Clements in mind, Hausman said. On the south wall of the apartment is a row of windows looking out onto 4th street and the ceilings are of fir timber. “I don’t think there is anything like it in the downtown area,” Hausman said. Dee Clements ended up purchasing Hausman's own home on W. 4th Street instead and Haus-
man moved to the country. The smaller loft, 700 square feet, is also rented to an artist but does not include a separate studio space. “I got my galleria-type building with artists in it, that was kind of my goal all along.” Hausman has even traded rent with for art from tenants who were artists. “Dee Clements in particular, while he was a tenant of mine, I cut a deal with him,” Hausman said, “I've collected some pieces,” Hausman said. The anchor of Hausman’s building is occupied by Colorado Heirlooms, and there is an industrial kitchen upstairs that is home to Ophelia’s Kitchen a company that makes some 2,000 burritos a week, Hausman said. The Galleria building housed JCPenny in the 60s and 70s, and then the YMCA before sitting empty for several years at which point he purchased and renovated it. Amy and Travis Erion of Loveland are looking to rent their property in August labeled on Craigslist as a live/work space that is ideal for an artist at 329 E. 3rd in downtown Loveland. The space could be used by two artists just for studio space or as a live and work space. The two main rooms are divided by a towering set of wooden Chinese double doors with metal work on the outside. The couple supports arts in Loveland and because of the layout expects that an artist (or two) will take the space. “The space has north light that's great for painters, natural light,” Amy said. The couple had the live/work situation when they were younger, and such spaces can be hard to find, Amy said. “We see a need for it.” The building was originally a
RH Photos/Jennifer Lehman
View from communal outdoor patio for tenants on 2nd floor of sculptor George Lundeen’s property downtown. Center is the penthouse of the largest apartment in the building. The property has artist studios, office space, and Lundeen’s gallery and workshop. pull barn before Travis renovated it and the barn frames are still visible. “It sits behind a really old house in Loveland that used to be a livery,” Amy said. Travis, an artist, used the place as a studio, and he and his family would stay there on the weekends. When asked why she thought artists are drawn to downtown Loveland she said, “I think because of all the amenities.” “Loveland is so receptive to the artists and the arts, the museum which is fantastically run and all the restaurants,” Amy said. Hausman has noticed a general draw to downtown recently.
“There appears to be more of a draw for living downtown,” Hausman said. “With the economy the way it is, I don’t know if too many people are rushing down here but there are people looking.” “There are more people that like to be more urban than in the past,” he said. “There’s no responsibilty of yard work.” “The lifestyle is easy, laid back, not a lot of maintenance because they are renting,” Hausman said. “I think downtown Loveland is kind of an incubator for artists,” Hausman said, “has been an incubator for quite a while.”
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Travis Erion, local artist, is renting downtown property in August as a live work space for artist or double studio space.
Loft at Hausman’s building at 333 E. 4th St. features studio space, living area and an open loft. 26-313725
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