Friday, May 27, 2016

This Week's Fresh Listings and Notable Sales [Get 'Em Hot]


Ready for Memorial Day Weekend?  It's time to see some houses. 

We've sifted through this week's new listings to bring you the most interesting, fresh, and desirable properties on the Boulder market. No old, refreshed listings pretending to be new. No bad locations or egregiously overpriced shacks.  

130 new properties his the market in Boulder county this week. 19 are already under contract. Here's what's worth a look this weekend.

Oh and as a bonus, we've decided to include recent and notable sold properties with some insights into the negotiation.


Sold Listings of Note


1476 Periwinkle Drive | $949,000 | More Details
It’s a little surprising to see a house in Orchard Park sell at a premium when many sold at large discounts (or not at all) during the last cyclical downturn. It’s a location where buyer caution is warranted. This one was under contract immediately, 48 days on market, financed. It closed 1.5% over asking.







3004 6th Street | $874,000 | More Details 
Here's a buyer who rolled the dice. It’s a tiny historic house on a smaller than typical lot in a Newlands where scrape and build redevelopment is hotly contested.  Due diligence for the buyer (and the buyer’s agent) should have included an analysis of feasibility and an in-depth discussion with the Landmark’s board. Pro-tip: never rely on the seller’s documentation and research. Sold immediately, 12.8% over asking, cash







2103 Mapleton Avenue | $840,000 | More Details 
A historic 1 story with 3 bedroom, 2 baths in one of the most desirable parts of Boulder. Sold immediately, 5.1% over asking, cash.










1921 Goss Street $700,000 | More Details
High nearby student density, a tenant occupant paying well below market rent, no updates, and a small lot is why this one struggled to sell. It didn’t help that the first buyer walked out of the deal, but it allowed the second buyer snatched it up for a 3.4% discount from asking. Closed at $700K.  42 days before the winning offer was received, 3 months on market. 







2948 19th Street | $620,000 | More Details 
Sold for $620K, 4.6% less than asking. 2 weeks on the market. 19th street is a busy location, so it's not a surprise this one took a little longer and the seller eventually accepted a discount.  From a valuation perspective, you can add at least 10% for a non compromised location. Note: we discourage our buyers to even look at property in bad locations.  If you see it, all you can do is talk yourself into a poor investment decision. 








4475 Laguna Place 302 | $444,444 | More Details
Here’s a one bedroom in the same location as 560 Mohawk (see below). It sold for asking, the buyer used a VA loan. Underground parking (2 cars!), lots of square footage (for a one bedroom), and interesting layout. Unlike many Boulder condo associations, Villa Del Prado allows pets. 







560 Mohawk Drive 34 | $336,000 | More Details
Sold for asking, never hit the MLS, and the buyer did not pay cash. You’ve got to wonder.  Did the seller know that bidding wars are normal for this property type and location. The last sold unit in Meadows on the Parkway went for 3.3% over asking in 3 MONTHS AGO, when there were far fewer buyers in the market.

My guess? The seller didn’t know. But hey, what’s ten or twenty thousand left on the table? 





Fresh Listings

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

Boulder 


2045 Mapleton Avenue | $2,950,000 | More Details
It's true, houses of this pedigree and stage of restoration rarely come along. The challenge is that valuation is complex because comparable sales are rare. One approach is to take a close comp from another time period and add the appropriate appreciation rate for the location. At the asking price, this one is a stretch for being east of Broadway. It's still worth a look for its relative rarity but from a negotiation perspective, we advise our clients to let it season a few weeks before making an offer.



1014 Mapleton Avenue | $2,100,000 | More Details
Here’s a smarter investment than 2045 Mapleton. It's west of Broadway, needs a remodel but it’s a good candidate for the investment. Large lot, steps from downtown Pearl St.  It also likely has some seasonal views (when the leaves are gone). 










717 Evergreen Avenue | $915,000 | More Details 
Nearly two years ago, the seller of this house listed it. They took it off the market after 3 months. The asking price back then was $749K. If you missed out on 3004 6th (see above), here’s another shot at rolling the dice.  The same feasibility risks apply. Conduct careful due diligence. As I recall from seeing it in 2014, the orientation of the existing house on the lot (with respect to the alley) might be an issue. 






2315 Bluff Street B | $765,000 | More Details
Do you want to live close to downtown but skip the hassle (and cost) of a historic home?  Here’s a cheap entry into ownership. Note, the HOA is inexpensive because the owners are responsible for maintenance. Look carefully for likely potential special assessments to fund needed repairs.








960 34th Street | $539,000 | More Details
The new price for entry level ranches in S. Boulder is $560K. This one is an example. For young professionals and those affiliated with CU, it’s an ideal location.  Due diligence: Lots of students nearby.








620 Pearl Street A | $365,000 | More Details
These tiny units are funky but a no-brainer if you want a hip living space on West Pearl.  At $365,000 it will fly off the market for cash.  Get ready for the hipster bidding war. 









60 S Boulder Circle 60-6025 | $365,000 | More Details
These mid 80’s construction condos in South Boulder are a good option for young couples or single professionals. Access to open space and commuting are very efficient. Not cool or hip like 620 Pearl, but a solid alternative option - especially if you are not paying cash. The retail mix at the nearby Table Mesa plaza is rapidly improving.  







Investment Opportunities 

1241 Balsam Avenue | $1,595,000 | More Details
4-one bedroom and 2-two bedroom units for an asking price of $1.6MM. A great location for a buy, upgrade, and up the rent investment. $200K/bed and future rent at over $1,000+ bed.    









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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 credit:  Hoach Le Dinh

Monday, May 23, 2016

Wire Fraud Alert

by Osman Parvez
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Heads up Boulder.    The following fraud was reported by our local realtor association: 

1. A hacker hacked into an agent's email account, monitored a current transaction, and started communicating with the client as if they were the agent. 

2. They created filters in the email account to bypass the inbox and hide the emails in a folder they created called "notes".  

3. They used language similar to what the agent would use, previous email threads the agent actually sent to make it look more legit, and pertinent (accurate) details regarding the transaction requesting funds to be wired.  

4. They asked the client to "email rather than text" because "I will be in meetings all day" or in "open house shows all day" and can't respond via phone or text. 

5. The client wired $20,000 to the hacker for "an additional refundable binder deposit" that the title company was supposedly asking for.

6. The account it was wired to is in Aurora, CO

7. Upon completing the first $20,000 the hacker then asked for an additional $50,000.  This is when the client contacted the agent and the fraud was discovered.

8. The hackers accessed her account from computers in California (various locations spanning from San Francisco to Los Angeles). 

This incident has been reported to the FBI and Colorado Law Enforcement.

Please be on high alert.    Do not wire funds without independently verifying wiring information.  Do not rely on email for that verification, call the title company directly.

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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. 

Tuesday, May 17, 2016

Boulder High-End Sales Analysis [Caution Flag]

by Osman Parvez
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No, the market is not scorching hot for all property types and locations in Boulder. Your agent says otherwise? Find a better Realtor.  

For the past several years, we've advised our clients to be cautious and conservative before jumping into a bidding war for high-end properties. The data supports our advice. Here's the latest stats: During 1Q16, only 26% of real estate transactions above $1MM closed for more than asking. The majority sold for asking or less. 

Take a look at the chart below. 


It's shocking how many agents waive their hands around and pretend it's a hot market for any and all properties in Boulder. The data tells a different tale. While the market remains active, the majority of high-end properties are not getting a premium over asking. The chart above is what a balanced market looks like. 

As of this writing, there are 130 homes on the market with asking prices of $1MM+. 43% of these homes are under contract. During the 1Q16, which is normally a slow time of year, the total sales volume for $1MM+ homes in Boulder was 38 transactions. More than two thirds of these deals closed within 60 days of listing, a typical time frame.   

Intelligent real estate decisions are based on a deep understanding of market conditions. There is no substitute. 

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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 

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Want to get blog updates via email?  Click HERE.       


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, May 13, 2016

Historic Chautauqua and More [Fresh Listings, Get 'Em Hot]


Ready to take a walk through the latest available homes? Here is what's worth seeing in Boulder real estate this weekend.  

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



Boulder 


1527 Pine Street | $2,450,000 | More Details
A large pre-war Victorian with classic lines, in a prime location within the Historic District. Hasn’t traded hands in more than a decade. No garage and a small lot are potential issues. 

Due diligence: Your house search and negotiation strategy should reflect growing inventory supply above $2MM. 









2424 6th Street | $2,300,000 | More Details
Another gorgeous pre-war historic home in the District, coming in at just under $500/SF (including the basement). This one has an attractive floor plan and tasteful updates. 

Due diligence:  Your house search and negotiation strategy should reflect growing inventory supply above $2MM, even in the Historic District. 









110 Chautauqua Park | $1,950,000 | More Details
If the past is a guide, historic homes in highly desirable cities make exceptional long-term investments. The key is selecting a true coveted asset and one which won’t break the bank for maintenance and repairs. Many historic Boulder properties have been neglected over the years, with crumbling foundations and other major potential issues. 

While not downtown, Chautauqua Park is an important part of Boulder’s history. With recent renovations to the dining hall and other structures at Chautauqua, the future is bright for this highly desirable location.  

The home at 110 Chautauqua Park is large enough, with adequate bedrooms and baths to function as a spectacular family retreat or vacation property. 

Due diligence: Many Chautuaqua owners make their properties available to others for vacation rentals.  Be sure to check the impact of the new short-term rental ordinance before putting it out for rent. Also, most of the homes in Chautauqua don’t make for great year-round use due to limited insulation and heating systems, but this varies from cottage to cottage. Make sure your inspector specializes in historic properties. 



2942 4th Street | $1,349,000 | More Details
Over the years, we’ve seen a few multi-level homes on 4th street hit the market. In short, they tend to have funky layouts (raised living area, kitchens on the lower level, etc) which can be problematic for some buyers. The trade-off is the quick access to trails (social or legit) and the proximity to downtown. 4th Street is also one of the main cycling routes to popular loops to the North. This particular house has some nice updates and an ADU on the lower level, which could provide at-home care or au pair quarters.

Due diligence: Check into the transferability of the ADU license. If the owner has let it lapse, it may not be renewable due to density restrictions on ADUs. Don’t ass/u/me anything.


5251 Olde Stage Road | $1,150,000 | More Details
We've helped many clients buy and sell mountain properties in the Foothills around Boulder. Keys to long term satisfaction include neighbor sanity, privacy, driving distance, winter access, and fire defense. This one checks a lot of boxes and the view is spectacular. We can't vouch for the neighbors.








1107 Cedar Avenue | $924,900 | More Details
Not much has changed with this house since it was last on the market (and sold) in 2013. Space is a little tight for full-time family use, but for the right small is beautiful owner, the proximity to downtown, and potential supplemental rental stream from the ADU, it is a winner. 

Due diligence: Check into the transferability of the ADU and new regulations regarding short-term rentals in Boulder before the end of your due diligence period.   





1927 Pine Street B | $615,000 | More Details
A large two bedroom unit in a desirable part of downtown Boulder. Built in the 80's, super cheap HOA. Downtown living at a bargain price. Includes a carport. 









635 Walnut Street 3 | $525,000 | More Details
Another inexpensive condo in close proximity to downtown Boulder. This one is smaller but only has a reserved parking space. The last time it was on the market was more than 20 years ago. 










2945 Broadway Street | $450,000 | More Details
It's a subdivided historic house, right on Broadway. Funky, in need of tons of updates, but an interesting project for the adventurous (or foolish?). 










1455 Yarmouth Avenue 211 | $399,000 | More Details
The North Boulder Subcommunity continues to develop at a blistering pace. Not only are there a number of great nearby restaurants, but the Armory re-development is set to kick off shortly and the strip club is slated to disappear within the next couple of years. Lock and leave, easy access downtown, and a reasonable monthly HOA fee.

Due diligence: No garage for bikes, skis or camping gear, bummer. 






Louisville

2320 W Hecla Drive | $624,900 | More Details

Steel Ranch is a highly desirable part of town and Louisville schools outperform nearby Lafayette. This one is recent construction and works well for downsizing boomers who want to be close to the grandkids, but still enjoy the amenities of Downtown Louisville. 








Lafayette 

2441 Waneka Lake Trail | $675,000 | More Details
If you need a large family friendly house at a price that won’t break the bank, this one is worth a look. The location makes for a fast commute into Boulder and a reasonable drive to job centers along the tech corridor. The open space around the lake is a big bonus.  

Due diligence: 90’s era finishes need some updating and the location might have some traffic noise. 












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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.

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 rigorous due diligence and professional advice before buying or selling real estate.    Powered by Realty Unique, LLC. 


image:  Zach Taiji

Wednesday, May 04, 2016

Rotarian Code of Conduct

by Osman Parvez
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I took the picture above during my Rotary meeting yesterday.  In the photo, our President Craig Pearson is reading the Rotarian Code of Conduct aloud to a room full of club members. 

The message resonated strongly, a powerful reminder that I'm in the right place and working with a great group of people as I look to become a board member for the coming year.  It's an investment of my time and attention well worth making. 

The Rotarian Code of Conduct 
As a Rotarian, I will:1. Act with integrity and high ethical standards in my personal and professional life. 

2. Deal fairly with others and treat them and their occupations with respect. 

3. Use my professional skills through Rotary to mentor young people, help those with special needs, and improve people’s quality of life in my community and in the world.

4. Avoid behavior that reflects adversely on Rotary or other Rotarians.



From a real estate perspective, the Rotarian Code of Conduct (and also the Four Way Test), are extremely useful for dealing with current market conditions. I'm proud to be part of a Rotary club that regularly reviews these principles. It helps embed them in our daily lives.  

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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, April 29, 2016

Some of the Best Locations in Boulder [Fresh Listings, Get 'Em Hot]


Miss us the last few weeks? I was on a business and pleasure trip to Japan (blog posts coming soon).  Now I'm back and have sifted through all the recent listings. Here's what's worth seeing this weekend in Boulder area real estate. 

To schedule a private showing, including a discussion of valuation and negotiation strategy, call Osman at 303.746.6896
.




Boulder 


34 Boulder View Lane | $6,000,000 | More Details
A spectacular perch in Pine Brook, built around the views. Has it gained $1.9MM in 6 years?  You’ve got to see it to make the call. 













2035 95th Street | $2,995,000 | More Details
A large family friendly horse property built this century. Decent size parcel, not too far from Boulder. Carriage house could serve multiple purposes. If you need space for horses, this looks like one of the better options from recent listings. 











7531 Spring Drive | $2,200,000 | More Details
A few years ago, we sold a house with an amazing view to buyers (now friends) on this street. The key to valuation is understanding how dramatically views can differ from lot to lot. This one is worth a look but may not have the virtually unencumbered view corridor of some of the luckier neighbors. 










2250 Knollwood Drive | $1,900,000 | More Details
Scrape the late 60’s shack and you’ve got 2 acres to build your dream home in a location more private (i.e. better) than the new Trailhead development. 











1301 Canyon Boulevard 408 | $1,350,000 | More Details
A large lock and leave condo in one of the nicest built buildings in Boulder, right in the heart of downtown. We sold a unit in this location last year and the buyer continues to love being at the center of virtually everything Boulder. Future redevelopment of the Civic Center should be on your due diligence checklist. It will likely add value, but smart buyers should confirm the current plans are suitable to their needs. If your buyer’s agent doesn’t recommend specific due diligence, get a better agent.






2960 Juilliard Street | $1,300,000 | More Details

This location makes my short list of desirable spots in Boulder. You have all the benefits of Table Mesa (Boulder’s best schools, soon to be even better retail mix) and the benefits of a cul-de-sac. When the sun is setting, the path along Viele Lake boasts some of the best views in all of Boulder. As for the house, the split layout isn’t ideal but the vaulted ceilings and late 70’s construction provide decent bones for a refresh. Save some budget for the remodel. 








3030 17th Street | $845,000 | More Details
Ranch style houses are in high demand. They work for a large variety of buyers, especially aging boomers with current or potential mobility issues. This one is close to downtown Boulder and has some nice updates. North Boulder typically trades at a 10%-12% premium to South Boulder, but the limited availability of this style of house can drive bidding wars into the stratosphere. At the asking, the price is already starting North of $500SF, caution is warranted to avoid overpaying.








5508 Olde Stage Road | $825,000 | More Details
Serious cyclists will tell you that Olde Stage is on one of Boulder’s most popular cycling routes. On a good day, you can be in town in less than 15 minutes. Due diligence should include a noise check during peak traffic hours. Remember: You can fix everything but location. 










1405 Ithaca Drive | $750,000 | More Details
Vaulted ceilings, ranch style with decent square footage. Interior needs a complete refresh. Corner lot. House has South facing roof lines, great for passive or active solar and lower concern with solar access regs when you pop the top. Detached 2 car garage to store the toys.  











3808 Telluride Place | $499,000 | More Details
The key to understanding valuation in Shanahan is knowing which properties are worth overbidding and which are worth passing on. Open space proximity, orientation, and updates are key considerations. The location itself is a fine choice, but quality varies dramatically from property to property. Choose wisely.








4525 13th Street 4-E | $365,000 | More Details
Another fantastic location. The nearby retail mix (4580, Bacco, Spruce Confections) is excellent. Public transit to downtown is only a few minutes. Student density is extremely low. Full disclosure: I own investment property here and have sold many properties to happy clients in this location. I’m a strong believer in Uptown.  






Lafayette 

356 Rendezvous Drive | $472,500 | More Details
A decent spot in Indian Peaks at a reasonable price. As my clients know, I’m a big fan of having adjacent neighborhood parks. It’s like having a giant lawn and not paying for maintenance. 








Superior 



1816 Alma Lane | $639,900 | More Details

The investment thesis for Superior is that you get wonderful, much newer houses in close proximity to Boulder for well under $200/SF. This one made the list because of the family friendly layout (4 bedrooms on the upper level) and completely finished basement. Due diligence: Rock Creek is well known for shifting soil and foundation issues vary lot by lot. Take a close look for grading and foundation problems before you consider waiving contingencies to make your offer more competitive. If your Realtor says they doesn’t know anything about the expansive soils in Superior, get a better Realtor. 





Longmont 

4720 Bella Vista Drive | $450,000 | More Details
Regular blog readers know I’m a big advocate of Renaissance. At just over $100/Sf with a drive time to downtown Boulder equivalent to Sobo, and even faster to the Google Plex, it’s one of the best value investments in Boulder County. I’m not just saying that. I bought a house in Renaissance at the end of last year and I expect it to perform extremely well over a long term holding period. There’s a reason Whole Foods is opening nearby. 




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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.

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 rigorous due diligence and professional advice before buying or selling real estate.    Powered by Realty Unique, LLC.