Thursday, July 28, 2016

All That Pesky Deep Cleaning


What it really means when your Realtor makes an unsolicited house cleaner referral.  


- from "Say This, Not That," Realtor Magazine, July/August 2016

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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. 

Wednesday, July 27, 2016

Deal Killers and Due Diligence

by Osman Parvez
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This morning, I helped my buyers terminate a contract on a condo. When we wrote the offer, they absolutely loved the property and were willing to pay far more than asking. By the end of our due diligence, they knew it just wouldn't work. 

What happened? We found significant repair issues that frankly should have been addressed by the seller prior to listing the home. We might have been able to resolve these problems through negotiation but HOA mismanagement and the fact that one of the neighbors is making a stink about a potential adverse possession claim, created a much trickier situation. 

Friendly reminder: There are more than 20 ways a buyer can terminate a contract in Colorado. These contract exit points exist to protect the buyer. Buyers (and their agents) should have a thorough understanding of the risks before they reduce or remove protections to increase offer competitiveness.  
Remember, intelligent real estate decisions are based on a deep understanding of market conditions and thorough due diligence. Not every property is worth a bidding war. Not every deal closes. If you find an unresolvable issue, it's better to exit.   

Even in Boulder, a surprising number of properties will go under contract and then return to market. Here are 7 properties that are back on market this month (several of which have found new buyers). If you're considering buying a property that was once under contract, don't take the listing agent's word on the cause for termination. Ask for the Termination Notice as part of your due diligence documents request. It's simple, easy to do, and can protect you from future unforseen headaches and risks. 

Note: My due diligence checklist includes over 20 areas for buyers to consider. Guidance for due diligence is part of the service I provide to my client buyers. If your agent shrugs when you ask about how they will help you with due diligence, get a better Realtor

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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. 

Monday, July 25, 2016

On High Plateaus and Soft Landings

by Osman Parvez
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What is a “high plateau” and what does it mean for the Denver housing market? from Sunday's Denver Post is generating interesting online discussions. Let's take a closer look. 

“As long as we have economic growth, we will likely bump along a plateau both in terms of price and volume,” said Mark Boud, chief economist at Real Estate Economics [snip].

Boud predicts a three-year run of double-digit gains in metro-Denver home prices will come to an end in the second half of the year, ushering in a long stretch of meager price increases and then small declines.


Barring major job losses, Boud doesn’t see a slump like 2007 to 2009, when the metro area suffered a tough stretch of falling home prices that drove a surge in foreclosures and distressed sales.
A high plateau looms ahead

As I've long stressed to my clients and on this blog, real estate is both seasonal and cyclical. Prices do not gradually move up and down. They are quick to rise during the upside of a real estate cycle and sticky on the down side. Double digit price increases are unsustainable year after year. Seasonality offers risk and opportunity. 

But the leveling off could require an adjustment in thinking and strategy in a market accustomed to sharp increases in home prices. And someone who buys in 2017 might find themselves sitting on zero appreciation come 2021.

If you're only now adjusting your strategy for long term ownership, you haven't been paying attention (to this blog). For buyers, early phases of a real estate cycle are forgiving. Near the end of the cycle, it's critical to be selective. For sellers, now is a great time to unload real estate particularly in marginal locations and in poorly performing markets. It's also a good time to sell if you don't have visibility for an ownership horizon of at least 5 years. The downturn could be in the 2nd half of this year. It could be in the first half of next year. Heck, it could push into 2018. When it happens is unclear, but one thing is certain: Winter is coming (although it might not arrive until the 8th season of GoT, thanks GRRM). 

Buyer choices; (a) sit on the sidelines and build your cash (or equity) position, (b) compete more aggressively in bidding wars, or (c) choose from overpriced, overlooked, or otherwise poor real estate options. This year, I've helped many buyers and sellers successfully achieve their real estate goals. I've also counseled a half dozen buyers and investors to wait. As of this writing, I have a half dozen properties under contract in Boulder. 

What comes after 2019 will feel even more uncomfortable, especially for buyers late to the game — a 1.6 percent decline in 2020 and a 2.7 percent drop in median home prices in 2021.

It's also possible that price appreciation will revert back to historical norms, more or less tracking long term inflation. That is until pressures from wealthy new arrivals to Colorado, wage growth, a low rate liquidity trap, low rates driven by global uncertainty, or limited supply start to push the appreciation rate again. Most primary home buyers in the Denver MSA are myopically focused on their monthly payment, not the purchase price. Investors and second home buyers and sellers are driven by other motivations. Fact: Nobody has a crystal ball, not me, and not Mark Boud. An unknown or Black Swan could lie ahead. His WAG is about as good as mine. 

Keep in mind that within regional gains and losses are significant differences. During the last cycle, for example, inventory exploded upwards in Longmont first. Longmont also corrected at least 12 months before Boulder. Although both Boulder and Longmont are primary home markets, the characteristics and drivers of supply and demand for these communities are quite different. If you bought at the entry level in Boulder for example, your worst case peak to trough loss was about 5%. If you timed it wrong at the high end, your loss could have been as much as 40%.  

The rest of the Denver Post article goes on to cite a number of reasonable sounding but mostly anecdotal opinions. Have builders in the Denver MSA been producing enough worker housing? Of course not. It's not as profitable as constructing trophy homes. Will the market be driven from the top down during the downturn? Of course it will, that's where the oversupply exists.  

The bottom line remains the same. All buyers need to exercise caution, but buyers at the high end are the most exposed to downturn risk. Your strategy to buy or sell should fit your specific real estate objectives. Work with a real estate adviser who has a deep understanding of market conditions and their fiduciary responsibility.  


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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. 

image credit: Michael C. Cordell via CC 2.0

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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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.

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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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. 

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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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