Investor · Denver, CO · Member since 2017 · 13 posts · 0 votes
Hey everyone. I'm in acquisition mode and recently came across a newly stucco'ed building in my investment area of Denver. Stucco scares me as I assume it's hiding significant masonry and/or structural issues. But maybe I'm being overly cautious. I thought I'd put it to the group. Why, in your experiences, do owners/sellers wrap a building? Should that be a concern or should it allay concerns? Any thoughts, insights, nuggets of wisdom would be most appreciated. Happy investing!
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
5y
I wouldn't assume that the property had been "wrapped" (i.e. to cover something up) unless you know that it was. Many people just like the look of stucco or feel that it's lower maintenance than siding. Personally I do NOT like the look of stucco, but that's just a matter of taste. There's pros and cons to all materials. Yes, wood siding is more subject to moisture damage and rot, but you can pretty easily cut out a section yourself and (hopefully) replace it with an exact match. If you have a major structural issue that requires the stucco to be fixed or replaced, you need someone skilled to do it. And if you ever have to replace the windows, you may have to cut out some of the stucco and then replace it. Also a pain. So I just think siding is easier. But, again, that's personal preference. Stucco shouldn't raise any warning flags unless you have reason to believe they're covering something up or it looks like a DIY job. That would concern me.
Investor · Denver, CO · Member since 2017 · 13 posts · 0 votes
5y
Thanks, Bonnie. I do know it's been recently (within 5 years) wrapped in stucco. I've seen earlier OMs and whatnot. The building it brick. I love Denver's older architecture and this is an older building. But Denver buildings can have what is known as 'Denver brick.' They are brittle. I can't discern in the pictures of the sources mentioned if the brick is disintegrating or stair-stepping. And I can't see foundational wear inside.
The building was bought and somewhat improved about 7 years ago. The changes include the stucco. That is why is question it and the cost/reason. If it was an aesthetic choice of the previous owner, it was a costly one. Or... perhaps, as I'm curious, there may be another reason to stucco. ??
Thanks again, Bonnie! Anything else I may be missing?
Investor · Denver, CO · Member since 2017 · 13 posts · 0 votes
5y
Turn of the century. I love old buildings -- even with their risks. That's my wheelhouse, as you can tell from my bio. Cap Hill. Great idea regarding door jambs. I should've paid more attention when inside. Interior walls looked good. Thanks for the thoughts, Matt!