Friday, July 22, 2016

Faux Swiss Chalets and Boulder Value Investments [Fresh Listings, Get 'Em Hot]


Upset sellers and agents often call to ask why their property didn't make my list.   
For some Boulder properties, the problem is location - the #1 factor for long term appreciation. Other times, their asking price is way too high and far out of line with the comps. Maybe the potential tenant mix is severely limited or the previous owner butchered it beyond repair.  

The bottom line is that I'm not just a Realtor, I'm also a real estate investor. My goal is to help you make a smarter real estate decision and If I can't see the investment thesis, it simply doesn't make the weekly list. 

Every week, I review new Boulder listings and pick the best. For fun, I also regularly include a few notable sales (at the end of this post). Happy real estate shopping.

Note: For photos, you'll need to click the links to More Details. Sophie (my assistant) is on vacation.   


To schedule showings (which always includes a discussion of valuation, price trends, and negotiation tactics) - call Osman at 303.746.6896.



Fresh Listings


Boulder 

2085 Balsam Dr | Asking $2.7MM | More Details 
Unlike most listing hyperbole, this location and view is actually in limited supply. Modern remodel? Also hard to find in Boulder. Add those factors together and you've got a unicorn. If modern, views, and a premium location are on your must have list, call me to go see this one.  

465 University Ave | Asking $1.6MM | More Details 
This made the list because University (only west of 9th) is a killer location. The open and spacious living spaces in this house are attractive, plus the indoor/outdoor transition is pretty good. The lot size is large. You couldn't come close to building it for the asking price. 

1301 Canyon Blvd 206 | Asking $1.3MM | More Details 
A large lock and leave condo in the epicenter of Boulder. Listing photos sadly don't do it justice. Our last sale in this building was a couple of years ago to a client who absolutely loves the centrality of this location. Due diligence: Review the Boulder Civic Project. There will be changes across the street in coming years.  


To schedule showings (which always includes a discussion of valuation, price trends, and negotiation tactics) - call Osman at 303.746.6896.

28 Pine Brook Rd | Asking $929K | More Details 
Pine Brook is an enclave of mostly higher end homes, just into the lower foothills of Bouldder.  The drive is easy and direct. Just hook a turn onto Linden and head up a few minutes. This particular house is a Swiss chalet fantasy. I'd consider it personally because it's interesting and unique (assuming you're not Swiss). Too bad about the lack of a garage, although that's potentially fixable given the large lot size. Worth a look. 

1505 Pearl St 111 | Asking $850K | More Details 
If you're considering this downtown condo be sure to compare it to 1301 Canyon Blvd #206 (above). Similar quality location, no view but also not exposed to louder noise from traffic on Canyon.  You'll stick get plenty though, it's on the ground floor in a busy part of downtown.  It's hard to get closer to the nightlife on Pearl, you can practically stumble out your front door and into a bar. 


Longmont 

1126 3rd Ave | Asking $795K | More Details 
West side of Old Town (think Boulder's Mapleton Hill). Walk to funky restaurants, art galleries, and the retro bars on Main.  No students and far fewer transient problems than Boulder.  A long term value play. Due diligence:  This one is right on 3rd, which does get some traffic. A better location would be a few houses away, but this is still worth a look. 


Investment Opportunities 

1045 11th St | Asking $744K | More Details
Rented at $5250, the cap rate on this is high and the location epic - if you're a CU student.  Due diligence: Boulder is cracking down on over occupied rentals and illegal co-ops.  What was widely ignored for decades is now starting to meet enforcement.  Check occupancy rules, how enforcement actually works, and evaluate your risk carefully. 

To schedule showings (which always includes a discussion of valuation, price trends, and negotiation tactics) - call Osman at 303.746.6896.

Sold Listings of Note

1013 Berea Dr | $805K | More Details 
Ranch style homes are popular with boomers and other buyers who want living, eating, and sleeping spaces on the same level. This one attracted a bidding war and drove the sale price to $56K over asking. Seller acquired the property in '98 for $230K and did some cosmetic updates. The new Lucky's addition to the Table Mesa plaza adds value to the walkable retail mix.


3601 Arapahoe Ave #301 | $495K | More Details 
Peloton condos are some of the best built and quietest available (low noise transfer between units). Frankly, there is no complex in Boulder with better amenities. Because it's so quiet inside, your neighbors will never know if you're home or not. And you shouldn't hear them either. This one, with so-so views, went for $45K over asking or nearly $550/SF.  


3150 Iris Ave F-302 | Sold Price | More Details 
As a complex, Remington Post is past its prime and desperately needs a remodel. Look past that and you'll find a reasonably well built complex that rents easily and shouldn't require constant cash infusions to keep in good repair.  In other words, a solid play for an investor. The buyer paid $20K over asking, or $370,000.  Compare that to a smaller 2 bedroom at Gold Run for 10% to 12% more. It's true that Gold Run has a somewhat better location but the tenant mix is also similar at a far lower cap rate. This was a value play. 

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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.

picture:  Eniko Polgar

Friday, July 15, 2016

Downtown Condos, Discount Trophy Estates, Family Abodes [Fresh Listings, Get 'Em Hot]


Another scorcher is on its way for this weekend. The good news? The Boulder real estate market is starting to cool down which means fewer buyers to compete against and still plenty of houses to see.  

Here's our pick for property to see this weekend in Boulder, Longmont, and Lafayette.  As usual, we've culled the overpriced listings and the bad locations. To help educate you on market conditions, we've also included a few notable sales and even a price reduction that is starting to look like a value play.  

Remember, intelligent real estate decisions are based on a deep understanding of market conditions.  To schedule a private showing, which includes a discussion of valuation and price trends, with an occasional snarky remark about national politics, call Osman at 303.746.6896.

Notable Sales

125 Meadowlook Way | $1,670,000 | More Details 

Seven years and a dozen price reductions later, this gorgeous executive trophy finally found a buyer at 29% below the original asking price. That's the penalty for wishful thinking and chutzpah. Choose your agent carefully. If it's all bravado and no analysis, find a better agent.


6186 Olde Stage Road | $1,400,000 | More Details 

On and off the market for the past four years. At one point, it was listed as low as $1.2MM.  I wonder if the current owner knew that before writing their offer. Well, the last listing was the charm. A cash buyer snapped it up after only 10 days on market, 6% below asking.


2642-2652 Sherwood Circle | $800,000 | More Details 

This duplex in a quiet part of Boulder certainly made for a nice asset in someone's portfolio. A 3/2 and a 2/1, so 5 bedrooms total and rented well below market. To optimize the investment, look for the new owner to remodel and then up the rent dramatically.  $100K over asking, conventional financing, on the market for only a week. 





855 33rd Street | $547,600 | More Details 

A good data point for understanding the Boulder market.  It's a basic 1,000 SQFT 3 bed, 2 bath ranch with a 1 car garage in the Baseline neighborhood. Lot size, slightly bigger than typical. The location has high student density.  It's the entry point for houses. The same house in Martin Acres should be worth about 7% to 10% more.  Add at least another 10% for Table Mesa. This one sold for 1.5% over asking, cash.  



Fresh Listings and Worthy Price Reductions


Boulder 

3083 8th Street | $1,895,000 | More Details 
Originally listed at $2.25 and on the market since May. I loved this house when it was last available in 2013.  Too bad it didn't work out for that buyer, but maybe now is your chance. Finish quality is decent and it has great indoor and outdoor spaces.  It's also on a quiet street in Newlands.  Of course, I loved the price back then far more than today but that's what happens when you sit on the sidelines. This is the third price reduction and given what they paid, the seller probably has some room to negotiate. Worth a second look.  


1655 Walnut Street 311 | $1,350,000 | More Details 
Fresh on the market - a reasonably sized luxury lock and leave condo in downtown Boulder with high end finishes and a decent layout.  Think of it as the Arete at a discount price and without the highbrow address.  Easy access to everything people love about Boulder, and a few of the things people whine about (like limited parking, tourists, and transients).  Due diligence: Research plans for the Central Park and the Civic Center.


1949 Pearl Street RA | $963,000 | More Details 
Another option for a near lock and leave experience in downtown Boulder. Townhome style, contemporary, and arguably priced below market (listed by an out of town agent). Last traded hands 8 years ago at $675K, representing only 4.7% annual appreciation over the period.   



1806 Yaupon Avenue | $850,000 | More Details 
Family friendly house in a great neighborhood with easy access to steadily improving North Boulder subcommunity. Based on my last deal in this location, it's priced to sell. Same owner for the last nine years. Due diligence: lot size is small and traffic noise from US36 can be a factor for some buyers.



4555 13th Street 2-A | $650,000 | More Details 
A nice lock and leave condo unit in Uptown with excellent access to an improving retail mix and yet a quick Uber along Broadway to downtown Boulder. Finish quality and layout are nice in these units, the location continues to improve, but parking is getting a little tight. Full disclosure:  I own a similar property in this location and am invested in it for the long haul. 




3350 Eastman Avenue | $595,000 | More Details 

Arguably a little close to Broadway but easy to access public transit options, the bike path, and Martin Park. Lot size is larger than typical, so should support most improvement/expansion plans. Basement is a bonus. Due diligence: Most homes with basements in Boulder had some water damage during the flood of 2013. Check carefully for proper repairs and mitigation.  I sold one of the comps to this house a few months ago (to very happy buyers). It's priced about right, depending on finish quality and the impact of the traffic.  The bonus of this location is the easy access to SoBo Lucky's and the retail plaza.   



2227 Canyon Boulevard B-262 | $349,900 | More Details

The Shady Creek Condos seem to have been inspired by a mid 70's Soviet school of design. The building is very square, overbuilt with lots of concrete and brick, and it's a little dark inside. Parking is, of course, communal. With that said, it's actually starting to look hip and the price is right for such a prime location. The building itself is reasonably set back from Canyon but you'll still get some traffic noise. Fun due diligence: Check out the commons library/reading room.





357 Pearl Street 357 | $349,000 | More Details 
Even though it's only 1 bedroom and under 600SF, this condo will fly off the market due to its location on West Pearl and bargain price. A great option if you want a place to call home for occasional visits to Boulder. 70's construction with some updates.  Expect a bidding war. 


Louisville 

168 Mountain View Court | $665,000 | More Details 

A nice family friendly house in a good part of Louisville.  Some nice updates.  


Longmont 

4321 Lucca Drive | $464,900 | More Details 
One of the last affordable family neighborhoods within an easy drive of both downtown Boulder and Longmont, with a Whole Foods scheduled to open before the end of the year within a 10 minute drive. Lots of walking trails and bike paths nearby, just off the most popular flat cycling circuits in Boulder County. Will likely continue to gain value although there are construction projects nearby which might keep appreciation rates down for the next few years.  Master on the main means this works for many types of buyers, including aging Boomers. Full disclosure:  I own a property nearby, purchased for investment purposes. I'm a believer in the investment thesis of this neighborhood. 




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As always, your referrals are deeply appreciated.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.

image: Sonja Guina

What RE/MAX Isn't Telling You [Analyze This]

by Osman Parvez
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It's nice to see data analysis on Boulder real estate conditions in the Daily Camera. Here's what Re/Max and DB aren't telling you: Sales volume for all residential real estate in Boulder during the 2nd quarter fell 14.7% from the year before

How's that possible? Let's roll up our analytical sleeves and take a closer look. It's time for a market update.

Take a look at the chart below.  




Limited inventory continues to drive prices.   

Inventory of attached dwellings (i.e. town homes, condos, and duplexes) has fallen almost 10% this year. It's 46% below 2014 and 73% lower than the last cyclical peak in 2006.  

Inventory of detached dwellings (i.e. houses) has risen slightly this year, up 4% from 2015. It's 16% below 2014 and is 57% below the last cyclical peak in 2006. 

Let's break it down further. Here's the change in sales volume for the 2nd quarter by price range.  



As usual, it's a tale of two markets. The chart above shows the change in 2Q sales volume from the preceding year. Homes priced below $800,000 saw a drop. Homes above this price saw sales volume increase, with the $1.3 to $1.4MM range doubling from the previous year. 


The chart above shows inventory absorption during the second quarter (based on current inventory levels) by price range. Absorption is the best proxy for demand. The higher the absorption, the higher the demand. No surprise, the greatest shortage is at the entry level where relative demand is more than 3x higher than $800K to $1.4MM.  

During the last downturn, prices were pushed down by a glut of inventory at the top of the market. This time around, it's driven upward by scarcity, most notably at the entry level.  

The median sold price for residential real estate in Boulder rose 19.1% during the 2nd quarter (compared to the same period a year ago). This is on top of a 17.0% increase the prior year.  


The Bottom Line 
Prices are still rising due to extremely low inventory levels, low mortgage rates, incredibly low yields for assets across the investment spectrum, and a healthy local economy. Yet, the market is also starting to show signs of slowing. Double digit appreciation is not sustainable. Don't expect it to continue forever into the future. If your Realtor tells you that Boulder real estate never goes down, ask someone who bought at the top in '05/06 and had to sell before '09, and then hire a better Realtor.

Remember: Smart real estate decisions are based on a deep understanding of market conditions.  If you're selling into this market, you have little risk at the entry level of overpricing, especially for condos.  Push the comps with a high asking price but mitigate low appraisal risk with a claw-back on the appraisal contingency. There are many buyers, some carrying dump trucks of cash, desperate for yield. At higher price points, demand is also solid but it's simply not the same story. Caution is warranted in your marketing approach and negotiation strategy. Read: Boulder Real Estate $1MM+ Market Analysis for more information. 

Buyers at all price points should remain selective. Only engage in bidding wars on intelligent, long term properties. Although this doesn't look like the summer of 2006, the market will eventually turn. Real estate is cyclical.  



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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
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As always, your referrals are deeply appreciated.  

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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Monday, July 11, 2016

Housing for Cold Springs Fire Evacuees



Hey Boulder!  As of this writing, 2,000 people have been evacuated from their homes due to the Cold Springs Fire. 

Want to do something? If you have housing to offer evacuees or emergency personnel, call the Office of Emergency Management at 303-413-7730 (non emergency number) to share what you have.  They will add it to the database of resources. 

These are your neighbors.  

p.s. I just called to offer my vacant SoBo rental.  

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Want to get blog updates via email?  Click HERE.       
Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Friday, July 08, 2016

Trophy Views, Duplex Investments, and Family Houses [Fresh Listings, Get 'Em Hot]


Ready for some fresh listings? As usual, we've sifted through the Boulder real estate market for the very best listings, notable sales, and price reductions. This week: A rare executive trophy home with water AND mountain views on the west side of Broadway, an equally rare downtown duplex, and more. 

Market Note: House inventory dropped 4% in Boulder last week. 47% of houses remain under contract. The market has peaked for the season. As our British clients like to say about their fruit, "it's on the turn."  

To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.


Sold Listings of Note


3175 Kittrell Court | $1,650,000 | More Details
Awesome location, spectacular perch. The house is dated but the bones look good for a cosmetic remodel. The large lot should allow adequate flexibility for the future, but don't wait too long for pulling the trigger on the expansion. The City's rules will only get more strict. Negotiation tip: The sale shows the power of cash and a fast closing. The seller accepted $100K less than asking for a two week close.   








1133 Woodland Court | $1,610,000 | More Details
Even at the higher end, some buyers are still pushing prices. This particular location is less than 1000FT from an electrical transfer station, not just an eye sore, but a red flag for buyers concerned with EMF. Although Devil’s Thumb is a very desirable location, and an enclave of higher end homes with great access to open space and Boulder’s best schools, we recommend buyers avoid homes that have known location issues.




120 S Lashley Lane | $540,000 | More Details 
A basic 3/1 ranch in a poor location, illustrates the extreme limited inventory at the entry level. There have been a number of recent sales in compromised locations that have never-the-less attracted multiple offers and pushed prices above asking. This one closed last week for $20K over asking. Research Note: The basic Martin Acres ranch in a non-compromised location is approaching $600K. We’ll update the Martin Acres Index shortly. 




Back on Market


2983 Foothills Ranch Drive | $950,000 | More Details 
Pulled over the 4th of July weekend. This gorgeous house with beautiful views is in unincorporated Boulder County, nestled against the Foothills. It’s a short and pleasant drive into Boulder and you’re along the area’s most popular cycling routes. The seller has held firm on asking price since this property was first listed in April. Are they finally negotiable? There’s only one way to find out. Winter is coming

Due diligence: noise from Broadway could be an issue. Listen at rush hour.


Interesting Price Reductions

302 Pearl Street | asking price reduced $140K (5th price reduction!)

920 Grant Place | asking price reduced $100K

3842 Orion Court | asking price reduced $50K (2nd price reduction!)


Fresh Listings


Boulder 

400 Utica Avenue | $4,500,000 | More Details
A spectacular and rare property. West side of Broadway, unobstructed views overlooking Wonderland Lake to the Flatirons. Huge lot, beautiful layout. A well heeled buyer could snap this one up quickly. If you’re considering building a high end trophy home, here’s a turn-key alternative.  

Negotiation tips: The asking price is a guess, comps above $3MM are few and far between. You’ll need to decide what it’s worth to you or reverse engineer the construction cost + rare lot value. 




435 Maxwell Avenue | $1,750,000 | More Details
Ever since my very first Mapleton Hill listing on Maxwell years ago, I’ve been in love with this location. This charmer is small but expansion (out the back) might be possible with careful planning and coordination with the City. A friend lives in an adjacent house and we were over for brunch a couple of weeks ago. He raved about the quality of the neighbors.  Due diligence:  It's in the Historic District.









615 Dewey Avenue | $950,000 | More Details
This location is just out of the Mapleton Hill historic district, which means it should be easier to renovate and expand to maximum potentiam. Cash flow today is acceptable but the real opportunity is the future. Due diligence: a consultation with a local architect and a visit to the planning department. If your agent doesn’t mention that, get a better agent.  






4817 McKinley Drive $729,000 | More Details 
Arapahoe Ridge offers generous lot sizes and great schools. This one is walkable to retail that continues to improve (thanks to the BCH relocation). It has a decent layout, some updates, and good bones for a cosmetic remodel. It appears the sellers are the original owners from 1966, which explains the vintage (cough) wood paneling and that wallpaper.  







3050 Corona Trail M-207 | $270,000 | More Details 
Remington Post has been an excellent investment for our clients in the past. The location is attractive to a diversity of potential tenants - more serious students and non-student tenants, alike. The facilities are a little run-down but a value at the current HOA fee. 

Due diligence: popcorn ceilings likely contain asbestos, include mitigation costs in your investment model. Windows were required to be replaced a few years ago.  









1110 Claremont Drive | $699,900 | More Details
The location is great, the house itself has a decent layout but the interior needs a refresh.   

Due diligence: The conversion of the 2-car garage into living space likely occurred before parking space requirements. If your future plans involve expansion (or anything with a permit), double check with the city to make sure permits were closed out and if restoration of the parking spaces will be required for future projects.






Louisville 



807 Spyglass Circle | $630,000 | More Details 
Late 90’s vintage family friendly house in a good location. Interior has some nice updates, lot is on the small side. Take the trails for a fast car-free trip to downtown Louisville.  Well priced for Louisville.








Longmont 

507 Bowen Street | $584,000 | More Details

Historic on the west side of Old Town. Think Mapleton Hill, 20 years ago at ⅓ the price and you’ll get the idea.  













2210 Watersong Circle | $310,000 | More Details 
2 bed, 3 bath townhouse with good curb appeal and easy commuting into Boulder (once construction finally ends on the Diagonal). The Lobo trail starts nearby, plus Oscar Blues and decent retail. Whole Foods is slated to open by the end of the year.  











833 S Coffman #49 | $265,000 | More Details 
Decent size 3 bedroom, 3 bath townhome in a solid location. Construction from this century usually translates into more storage and better layouts, plus fewer and less costly maintenance headaches. The walkability of this particular unit is why it made the list. Downtown Longmont is gentrifying. The pawn shops are disappearing and being replaced by funky restaurants. This trend will most likely continue to accelerate in coming years.







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As always, your referrals are deeply appreciated.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.

cover: Rowan Heuvel

Wednesday, July 06, 2016

Boulder Real Estate $1MM+ Market Analysis

by Osman Parvez
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Contrary to popular belief, the high end of the Boulder real estate market is not driven by a scarcity of inventory and bidding wars. Here's the research note on 1Q16 sales we sent to our clients a few months ago. 

Buying or selling real estate in Boulder? Call us. We provide professional advice based on a deep understanding of real estate conditions. If your Realtor wants you to pay over asking but can't provide actionable market analytics, get a better Realtor


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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Monday, July 04, 2016

In Pursuit of Happiness - Happy Independence Day!


Today we celebrate our freedom. We hope you have a wonderful holiday with your friends and family, full of gratitude, fireworks and fun! 

Remember:

"The Constitution only gives people the right to pursue happiness. You have to catch it yourself." — Benjamin Franklin 

Happy 4th of July! 


image credit: Gabby Orcutt
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Want to get blog updates via email?  Click HERE.       
Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Saturday, July 02, 2016

Boulder Town Home and Condo Inventory Analysis [Market Update]

by Osman Parvez
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Available inventory of attached dwellings has more than doubled since the end of March, but remains low by historical standards. The number of under contract properties has increased by 85.5% for the same time period. 61% of inventory is currently under contract.



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Want to get blog updates via email?  Click HERE.       
Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Friday, July 01, 2016

Fairy-tale Horse Property and Entry Level Homes [Fresh Listings, Get 'Em Hot]


I've sorted through all the new listings, removed the egregiously overpriced, the poor locations and sneaky refreshed listings. Below are the top picks of what's worth seeing in the Boulder real estate market. Let's go see some houses! 

To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.

For fun, I've included recent sales of note, interesting price reductions, and a couple of properties that have returned to market. 

Sold Listings of Note


440 Japonica Way | $1,355,000 | More Details
This sale illustrates the premium buyers are willing to pay for the Newlands neighborhood. The house itself is a fairly ordinary small bi-level built in the mid 1960’s, not on anyone’s preservation list (yet). The lot size is quite large (+12,000 SQFT), the location exceptional but no view. The same style bi-level on a standard size lot in a decent part of Table Mesa would fetch high $800’s in the current market. Add a ballpark $150K for the large trophy home appropriate lot size and you’re still looking at a premium of more than 30% for Newlands over Table Mesa. It’s likely the new owner will completely redevelop the existing structure.   



2820 21st Street | $965,000 | More Details
This one highlights the risk of over-pricing. Originally listed for a wishful thinking price of $1.2MM in March. Three months and two hefty price reductions later, the seller took a low ball and it closed on 6/24 for $965K or nearly 20% below the original asking price. Ouch. Mr. Market is unforgiving. No amount of Realtor happy talk and hand waving can make up for mismarketing. 




Price Reductions 

75 Qualla Court | $724,900 | More Details 
My clients who live on this street rave about their neighbors. Although the interior of this house is cookie cutter, with standard developer issue finishes - the location offers easy commuting, great bike path access, and isn’t far from decent retail options. The last recorded mortgage on this house was a decade ago and the seller just cut the price $25K after only two weeks on market.  Hint, they're ready for an offer.



Back on Market 

Sellers beware: In a bidding war, you want the buyer with the highest offer that will actually close. Agent experience and reputation matters. Rookies have notoriously poor client management skills. Back on market homes represent broken deals - for whatever reason.  Sometimes it was the financing, sometimes the inspection. Most commonly it was just a buyer getting cold feet. The seller ends up wasting time and potentially dealing with a tainted listing.


This is why we write backup offers. 

650 Hawthorn Avenue | $1,650,000 | More Details 
A beautifully appointed, classically designed house re-built in 2013. Excellent location in Newlands, easy access to everything downtown. Not too big at just under 3,000 SQFT.











2014 19th Street 1 | $599,000 | More Details 
Normally, I’d recommend that buyers avoid a busy location like 19th and Pearl but this particular house offers an interesting opportunity for a buyer who doesn’t intend to make it their primary residence. The proximity to the heart of downtown and the $12K leasing restriction buyout spells opportunity. 


Due diligence: Review the city’s restrictions on non-owner occupied short term rentals (i.e. no license for you!). 



Fresh Listings 


Boulder 

918 University Avenue | $925,000 | More Details 
This one has legal occupancy limits of 4 unrelated individuals which drives the cap rate to almost 6%. Construction from the end of the last century (90’s!) should keep maintenance costs to reasonable levels, assuming it’s in decent nick. Proximity to downtown and CU should keep it rented. Despite the holiday weekend, the seller wants offers on the table by July 6. I already sent it to one of my investor clients but he’s out of town. By the time he’s back, the dust from the bidding war will have already settled. If you’re interested, call me to see it or to discuss the investment thesis (ph: 303.746.6896). 



950 15th Street | $925,000 | More Details 
An interesting historic craftsman with reasonable square footage, sadly butchered into a student dorm with 7 (count ‘em!) bedrooms. As prices continue to rise for these types of properties, former student occupied rentals are turning over into higher/better use as family dwellings. This one seems to have retained some of its charm and detail, perhaps a good candidate for resuscitation. Keep in mind that student density remains very high in this location and it’s not just the noise. Check out the graffiti on the garage.  


Due diligence: it's likely the legal occupancy of this property is limited to 3 unrelated individuals. Check before indulging your cash flow dreams. 





5453 Aztec Drive | $625,000 | More Details 
Prior to the hospital moving nearby, this location was a bit of a dead spot in Boulder real estate. These days, great restaurants and coffee shops are in walking distance. Unlike say downtown Boulder, the transient population doesn’t tend to hang out in the pocket park at Arapahoe Ridge - it’s mostly families. Lot sizes tend to be a little more generous in this neighborhood as well. This one has a nice layout but save some budget for a complete interior gut and remodel. It hasn’t been touched in decades. Buy it with me as your agent and I’ll host the 70’s pre-demolition party. 






948 North Street 24 | $399,900 | More Details 
A no brainer for a lock and leave condo living in walking distance to downtown Boulder, Ideal Market, and so much more. Small and beautiful, one underground parking space included. The HOA fee is a little on the steep side for having limited amenities. Due diligence should include a close look at deferred maintenance and capital reserves. 





Louisville 

698 W Sagebrush Drive | $795,000 | More Details 
Nice layout with late 80’s vintage construction, easy access to Boulder, Denver, and downtown Louisville restaurants. Great backyard for outdoor living. Some nice updates but save some money for a bit of remodeling. That wallpaper has to go in our opinion! 






2155 Park Lane | $699,000 | More Details 
Steel ranch houses sell quickly and for top dollar. Relatively recent construction (2012), great layouts and awesome neighborhood feel. Louisville schools are well ranked while downtown shopping and restaurants are a short throw away. Lot size is a drawback but look at that park across the street (that you will enjoy but not have to mow). 






Longmont 


9421 N Foothills Highway | $5,850,000 | More Details 
We talked about this historic farm when the seller began soft marketing it a couple of weeks ago. Now it’s officially on the market. A conservation easement prevents future development of the lot beyond the scope of its agricultural use (and appearance), so this is really a hobby ranch for the well heeled equestrian enthusiast who still wants to be close enough to Boulder (and Lyons) for a night of farm to table gustatory experience.   


Due diligence: It directly parallels Hwy 36. The topography of the large 96 acre parcel should adequately buffer noise from the road. Check at rush hour.


1523 Stones Peak Drive | $716,200 | More Details 
Beautiful mountain and open space views, right on the prime cycling circuit for North Boulder. Decent schools, a quick and pretty drive into Boulder. Not too far from the new Longmont Whole Foods (assuming it opens as planned in December). At $132/SF, you couldn’t get close to building at this price.  







image credit: Michael Browning
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.