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Denver homeowner fighting off developers, waiting for high bid

Posted at 7:18 PM, May 14, 2018
and last updated 2018-05-14 21:30:38-04

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DENVER — If you own a home in Denver, just wait. You could become a millionaire!

Developers want to cash in on the growing population and demand for housing. And they are willing to pay big bucks to buy your house, tear it down and put up condos. 

One man is fighting off developers, just waiting for the highest bidder.

Decades ago when Gilbert Martinez bought this home on Grove Street for $25,000, he never dreamed someday it would be worth millions.

“I can see everywhere with this house. I can see the mountains. I can see downtown," said Martinez.

The location of his house has made it a hot commodity for developers.

“I've had so many offers from developers, I lost count,” said Martinez.

 But Martinez has been turning those offers down.

The Denver Assessor's office shows his property's value is more than $600,000. 

There are more townhome construction sites than single-family homes on the street where Martinez lives.

David Zucker, president of Zocalo Development, says there is a lot of money being made from townhomes constructed on single-family home lots, especially in the northwest part of the city. 

"There is so much pressure for townhome development. The numbers in the end work,” said Zucker.

Martinez says he has seen his neighbors sell for less. He knows if he holds out, he'll get the deal he wants. 

Developers have offered him $1.6 million, but his asking price is $2 million.