Thursday, February 23, 2017

Signs of a Slowing Market [Analyze This]

by Osman Parvez
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The Boulder market appears to be slowing. Although inventory levels are about the same as last year, absorption has dropped substantially. The high end is also starting to see inventory pile up. Smart buyers and sellers should adjust strategies and tactics accordingly.  

Before we begin, read Boulder Entry Level Remains Strong, High End At Risk of Correction and Boulder Inventory Stabilizes, Spring Outlook Positive.  It will provide some background information on market conditions and is part of this inventory analysis blog series.  

The chart below shows the percentage of listed houses under contract in the City of Boulder, from January to mid March, over the past three years. 



The gray line represents 2015.  The orange line is 2016 and the blue line is 2017. 

Think of percentage under contract as the market's ability to absorb new inventory.  If there are many active buyers, the percentage will be quite high.  If there are fewer, the percentage will drop.  

Although the market started in roughly the same place during the past three years, with around 50% of inventory under contract, there was an early season dip during the past two years.  It dropped to almost 30% under contract and is now hovering around 40%. 

By most measures, 40% under contract is a sign of a strong seller's market.  Depending on price range and location, it remains true, but the dip is a technical warning. Perhaps it was caused by an influx of new inventory onto the market. Perhaps it's the Trump driven interest rate bounce driving this year's dip.  In the end, it doesn't really matter.  It's prudent to treat it like a warning sign.  

Recommendations
For buyers: it's now more important than ever to track how homes are selling across price ranges and to exercise extreme selectivity in which ones you wish to pursue. Don't enter bidding wars for marginal properties. For seller, now is a good time to get it on the market - especially if your home is in a compromised location or has functional deficits. 

My crystal ball says the market is likely to crest this year.  

For a private consultation on your specific real estate situation, contact me.  My goal is to help you make a smart real estate decision.


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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.  

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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, February 22, 2017

Boulder Inventory Stabilizes, Spring Outlook Positive [Analyze This]

by Osman Parvez
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Continuing my inventory analysis from yesterday (see Boulder Entry Level Remains Strong, High End At Risk of Correction), the chart above shows total inventory (active, under contract, and pending) for the City of Boulder over the last three years.  The blue line dots and trend line represent 2017.  Orange represents 2016 and grey represents 2015.  

  • Inventory started off substantially higher at the beginning of this year.
  • It is now in-line with the previous two years.
  • Expect inventory to continue rising from now until mid summer.  It typically peaks in June or July.

Note:  The source of the chart for this data is IRES and includes data from ReColorado, with duplicates removed by IRES's automatic filter. Agreements between IRES and ReColorado allow for only six months of data to be shared, but I've maintained my own database of inventory and sales data since 2005. These agreements will soon be terminated (see What You Need to Know).  

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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. 

Tuesday, February 21, 2017

Boulder Entry Level Remains Strong, High End At Risk of Correction [Analyze This]

by Osman Parvez
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So your Realtor say the market only goes up in Boulder? Guess again. 

At the most basic level, price is always a function of supply and demand. There is no escape from this law. Market strength depends on price range, location, property type, depth of market, and many other characteristics. As we approach the end of a real estate cycle, smart buyers focus on properties that are more likely to hold their value and sellers dump assets that are at risk of a price correction.  

Take a look at the chart below.  It shows percentage of inventory under contract in Boulder in mid February, segmented into price tranches. Demand is much higher for houses in the $500,000 to $700,000 range compared to higher price points. Meanwhile, only a small fraction of the high-end is under contract.  Does that tell you something?  It should. 

Remember:  If your Realtor waves their hands around and says the market at the high-end is filled with bidding wars and you've got to move fast, remember this chart.  And next time, choose a better Realtor.


Note:   Data for the chart above was compiled from both MLS systems that cover Boulder. Duplicated were carefully removed. Data is also for the mailing address City of Boulder, not conflicting MLS definitions, which includes parts of unincorporated Boulder County, among others.  

Intelligent real estate decisions are based on deep market knowledge.  There is no substitute.

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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, February 20, 2017

The Front Range MLS Fight

by Osman Parvez
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If you've been reading the news, you know that regional MLS systems on the Front Range are in a turf war.  

Here's what you need to know. 

1. There are many MLS systems in Colorado but only three primary systems on Colorado's Front Range: ColoProperty (a.k.a IRES), ReColorado, and PPAR.  

2.  Market penetration varies dramatically by city.  ColoProperty's primary footprint is Broomfield and north. ReColorado is primarily Denver and suburbs. PPAR is mostly centered around the Springs. Here in the Boulder market, the vast majority of listings are placed on ColoProperty.  In some markets, like Westminster, ReColorado has far more penetration. 
A Turf War over Data Sharing

3.  The MLS turf war began years ago with a battle over the extent of data sharing.  It reached a fever when ReColorado made an unsolicited offer to buy IRES. The offer was turned down. ReColorado retaliated by killing data sharing. The future is now up in the air. Data sharing ends in March.
4. Serious real estate professionals already belong to multiple MLS systems. Why? Because data sharing was never a perfect solution.  It was limited. Information was incomplete, duplicitous, and restricted from one MLS system to another.  Important information such as links to disclosure documents was often missing. If you tried to access past sales, data was limited to only 6 months - a critical failure in an inventory starved market.

5. It doesn't really matter how the MLS turf war plays out. Whether you're buying or selling, agents needs access to multiple MLS systems to properly analyze comparable sales and get the full picture. If you're shopping for a real estate agent, ask your real estate agent which MLS systems they have access to.  If they say that belonging to one is good enough, find a better Realtor.  

6. Part time agents and rookies often think they can limp along without access to multiple MLS systems. This lack of access puts their buyers and sellers at a serious disadvantage. To point, as of this writing ColoProperty has 30% more house listings in Boulder. That's WITH data sharing still in place.  If you're marketing a listing on IRES only, all the Denver area agents (and their clients) may not get the information. Whether you're buying or selling, you want to make sure your real estate agent has access to multiple MLS systems and has set up your listing or search alerts correctly.  Sellers should list on all relevant MLS systems.  There is no harm caused by duplicate listings.

7. Zillow, Trulia, and Redfin are beautiful websites but (a) have inaccurate, dirty data and (b) agents sometimes restrict placing listing on these websites.  Remember, if you're not paying for the service, you're what's being sold.  

8. If you're a serious real estate agent, suck it up and get out your wallet. The cost to belong to multiple residential MLS systems is trivial compared to the risk of providing your clients with poor service. You should expect to invest some time too. MLS systems keep their home turf by forcing real estate agents to belong to local associations and invest time in training programs. 

Note: At Realty Unique, our primary market is Boulder County (including Boulder, Longmont, Louisville, Lafayette, Lyons, and Superior). Over the last few years, we've helped clients buy and sell property in other markets including Fort Collins, Loveland, Berthoud, Erie, Salida, and Colorado Springs.  In addition to having access to ReColorado and ColoProperty, I joined PPAR to better serve my clients. This required a training class on their MLS system and a full day of productivity.  It well worth it. 


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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.  

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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: Clem Onojeghuo

Friday, February 17, 2017

Downtown, Uptown, Get the Low Down [Fresh Listings, Get 'Em Hot]


When you're shopping for a home, time is always of the essence. Over 100 listings hit the real estate market in Boulder this week. I've analyzed them, culled the overpriced and bad locations, and identified the most compelling properties. The following are the very best homes on the market. 

A Note on Market Conditions
Before you consider writing an offer, talk to your Realtor about market conditions. It varies dramatically by neighborhood, right down to the street level and property type. 

This year is not shaping up to be the same as last year. For example: while total inventory of houses in Boulder is about the same, the percentage under contract has fallen. In the first half of Feb 2016, absorption ranged from 39% to 45%. During the same period this year, absorption ranged from 32% to 38%.  We appear to be in the beginning of a significant slow-down - at least in Boulder. 

Remember: If your Realtor uses alt-facts to substantiate their opinion on market conditions, find a better Realtor. Intelligent real estate decisions are based on deep market knowledge. Ego and BS are not substitutes.



Ready to get started?  Here's what's worth seeing. 

To schedule a private showing, which includes a discussion of valuation, due diligence, and negotiation strategy, call Osman at 303.746.6896.



Sold Listings of Note


907 12th St. | $1.24MM | More Details 
Listed in September, this property went under contract in November after 50 days on market. The buyer waited patiently and then lobbed in a low offer. They got a heck of a deal.

After a month with no reasonable offers, sellers know they overpriced. They feel the pressure, showings slow, and assuming they have equity, they often capitulate. 


This gorgeous home proves the point. It sold for 16% below the asking price. Pro tip: If you can't find what you're looking for in the new listings, consider homes that have been on market for at least one month. That's the point when sellers start to become more reasonable.

780 16th St | $1.2MM | More Details 
A handsome Tudor with a legal ADU in a good part of lower Chautauqua. ADUs are accessory dwelling units, permitted as rentals by the City of Boulder. Under current regulations, they are also limited by density. They make for very attractive income generators for owners who wish to significantly subsidize ownership costs. Often used as mother-in-law apartments or in-home care for an au pair or other family assistant, the versatility of an ADU is an attractive feature. This home was in a solid location and appeared to have been well maintained. It adds up to a smart move on the buyers part. It sold for asking, was under contract within a week, and the buyer paid cash.


790 W Moorhead Cir | $425K | More Details 
Expect middle of the road condos like one to see significant appreciation in coming years, driven by CU's South Campus development. Currently, there is some degree of neighborhood opposition, so investment is not without risk.  It's worth tracking - which of course, we're doing. See: Tantra Lake Holds Steady.

Even if the CU South Campus idea gets quashed, this location should play out well in the future. It's far from the party zone on the Hill. It has easy access to the CU campus or for commuting to Denver or downtown Boulder. Early 70's construction isn't the best, finish quality is often poor, but the layouts are usually functional.


To schedule a private showing, which includes a discussion of valuation, due diligence, and negotiation strategy, call Osman at 303.746.6896.

Fresh Listings


Boulder 

1527 Pine St | $1.65MM | More Details 
This one stands out as the best listing to hit the market this week. It's in a prime spot, with easy access to downtown Boulder. Classic and simple four square architecture resonates with many buyers, now and likely into the future. Zoning is RMX-1, which is favorable for adding a new secondary dwelling or studio over a garage.

Due diligence
 If your investment thesis requires the secondary dwelling, ask your Realtor to bring their architect. Development in Boulder is not for the faint of heart and requires a thorough analysis for feasibility. What's that? Your Realtor doesn't offer that as as a service? Find a better Realtor.

Note: If you were my client, I would have already sent this to you.


To schedule a private showing, which includes a discussion of valuation, due diligence, and negotiation strategy, call Osman at 303.746.6896.

429 Dewey Avenue | $1MM | More Details 
Some of you may scratch your heads on this one.  How can a run down ranch house be worth so much money? The answer is that it's not. The value is in the dirt.

The lot is west of Broadway, close to downtown, and directly adjacent the historic district. It's also north/south oriented and somewhat larger than average, which will allow a generous build-out. Assuming nobody famous ever slept in the house, the 50's era structure will also likely be of little interest to the city, streamlining historic review.  Ranch style homes are also arguably the easiest to build-upon.

Due diligence
: given the small square footage of the house, expect significant construction to trigger the affordable housing fee. Construction in Boulder is also not cheap. By the time you move in, you will likely end up paying +$400/SQFT.  And my architects tell me that's the starting point. This is why it's often more cost effective to cosmetically renovate a home with larger square footage than to add square footage to an old house - even if it means modifying the floor plan.



1420 Zamia Ave | $900K | More Details 
The Holiday Neighborhood isn't for every one. Over the years, I've noticed that when I show it to potential buyers, they either love it or they hate it.  It's called New Urbanism and it  features bright colors across a diversity of town homes, condos, and cottages.

This particular house manages to squeeze in four bedrooms and five baths in only ~2,600 SQFT.  It also has a full two car garage and features a legal ADU, currently rented at $1350/month. That's a nice subsidy to your ownership cost.  The location is more or less central to the neighborhood, but you'll probably still hear a bit of rumble from US 36. There's plenty of interesting retail in walking distance. The SKIP runs downtown every 15 minutes, too.  Worth a look, but don't wait.  It should go quickly.


To schedule a private showing, which includes a discussion of valuation, due diligence, and negotiation strategy, call Osman at 303.746.6896.


4524 14th St. 7F | $855K | More Details 
The listing photos don't do it justice.  The view from the south side of Uptown Broadway is spectacular and should also be protected (it overlooks an area unlikely to ever be developed). Protected views and easy access to open space aren't just emotionally satisfying, they help property hold its value better during downturns and spring back sharply when real estate markets recover. Built in the late 00's, the condos and town homes at Uptown Broadway are essentially lock and leave. Finishes are high quality. The nearby retail mix is adequate and improving steadily. This particular unit has 2 beds and 3 baths across a generous 1,729 SQFT.  

Full disclosure:  I own an investment property at Uptown Broadway.  It's also the location of our new office (opening mid summer 2017).  In other words, I'm a believer. Call me to discuss further. 303.746.6896.


To schedule a private showing, which includes a discussion of valuation, due diligence, and negotiation strategy, call Osman at 303.746.6896.


2890 Shadow Creek DR #309 | $420K | More Details
When it's not catching on fire, Gold Run is desirable for its access to the Boulder Creek Path, CU Campus, and 29th Street. I rode up the bike path just yesterday and it took me less than 8 minutes from downtown. And I'm slow.

For investors and serious buyers, your comp analysis should make note of which units front to the creek, and which units have garages and elevators (or do not). Top floor is generally preferred for the vaulted ceilings and better light. Some even have open decks, like this one.  Due diligence: potential special assessments and fire risk. Also, if you're not paying cash, expect to use a portfolio lender. Owner occupancy is below 50%.


4769 Tantra D8 | $378K | More Details
A nice, plain jane, 2 bedroom, 1 bath condo in South Creek. For why the Tantra Lake area might be a solid long term investment, see the links in the Notable Sales above. Unlike Gold Run, dogs are allowed and this unit has a desirable private patio garden area.  Finishes need an update.  Another good CU kiddie condo or investment option.

2932 Shadow Creek #207
A one bedroom unit at Gold Run with a balcony over a wooded area. 2nd floor unit, no garage.  See 2890 Shadow Creek above for more information on Gold Run. The market for one bedrooms units in Boulder is thinner than 2 bedroom properties, so they often take a little longer to sell but prices appreciate in parallel.  I know because we analyzed it for an investor a couple of years ago.  What's that?  Your Realtor wasn't a former investment analyst?  Find a better Realtor.

Longmont 

803 Tenacity | $665K | More Details 
Wow, this is the value play of the week. It's under market for Prospect, especially considering what Markel is asking on the new construction side of the neighborhood. Nine years ago, the owner paid $430K, which puts the appreciation rate at about 5% for the asking price. You may want to benchmark that against what the news is reporting.

As for the house itself, it's well designed and features 4 beds and 4 baths on 2,400 finished square feet.  The full unfinished basement allows additional build-out potential. The french doors, outdoor living spaces, and studio are a big plus. Hate the color?  The neighborhood HOA will also gladly let you paint the exterior.

As it happens, I have several friends and clients in this neighborhood.  It's an awesome spot and I wouldn't hesitate to live there personally. The restaurants are nice, family friendly events regularly bring the neighborhood together, and kids seem to round around everywhere. 


To schedule a private showing, which includes a discussion of valuation, due diligence, and negotiation strategy, call Osman at 303.746.6896.

5221 Bella Vista Dr | $600K | More Details 
A larger, traditionally designed family house in a great neighborhood.  Whole Foods is nearby, schools are decent, and the neighborhood has bike paths that lead to the most popular cycling routes in the county. Finishes in this house are still entry level builder grade.  Full disclosure:  I own an investment property in Renaissance and I lived in the neighborhood for a year.  The investment thesis is the easy commute to Google's new offices, but expect flatter prices if the market slows. Nearby new construction is your competition for the next 3-5 years. 

Vacant Lots and Land 

5239 Pierre St | $476K | More Details 
It's a small inside corner lot in Dakota Ridge. The view should be open space and protected, but thorough due diligence means you should verify ownership of the front parcels. The concrete drainage manufacturer across US36 in the distance will likely go away in coming years. Nearby trail access is spectacular. The big challenge is how to construct your dream home on only 4,170 SQFT that truncates towards the back, but luckily Dakota Ridge doesn't have the draconian zoning requirements of older neighborhoods in Boulder. Compare location quality and build potential to 429 Dewey above. Have your architect do a feasibility analysis prior to writing the offer. 


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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:  Worthy of Elegance

Wednesday, February 15, 2017

Tantra Lake Holds Steady [Analyze This]

by Osman Parvez
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With the future development of CU South in play, prices for condos at Tantra Lake have appeared to level out. A basic 2 bed, 2 bath closed this week for $425K.  It was not remarkable, with average finishes and no views (listing detail). 

Will prices rise further this spring and summer?   Talk to your real estate adviser.

This is a good development to track for the impact of South Boulder CU campus. 

Here's the chart: 



note:  Data for the chart above utilizes data from both IRES and REColorado.  Comprehensive analysis requires a compilation of both data sets in Boulder county.
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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, February 10, 2017

Wow, that View! [Fresh Listings, Get 'Em Hot]

Buying and selling Boulder real estate is tough. Every week, a flood of new listings hit the market. The truth is that when you look past the smoke and mirrors, past the refreshed old listings and the bad locations, only a handful of properties are worth consideration.  

Inventory remains very low. The best properties continue to attract multiple offers and end up in bidding wars. That's why serious buyers focus their attention on the most likely candidates. As we like to say in real estate, time is of the essence.  

Because we're nearing the end of a real estate cycle, property selection is critical to capital preservation. Not every home on the market is worth a premium to asking. Many will (or should) sell at discount.  Some are not worth considering at all.  

Here are ten properties worth considering this week. As usual, I’ve also included a discussion of a few notable sales.  

Are you ready? Let’s go house shopping. 



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



Sold Listings of Note

707 Maxwell Ave. | $1.7MMM | More Details 
Despite being a solid “A” location and oozing historic charm, this 1913 Queen Anne was on the market several weeks before the right buyer came along. A lack of a garage was probably the reason, but the buyer acquired a beautiful property in the trade. Check out the photos for a kitchen that was updated with the appropriate style for a historic home. Sold for 5.5% below asking. 




701 Pearl St. 4 | $530,000 | More Details 
We said it would go fast when we pointed it out a couple of weeks ago, and we were right. Under contract within a few days of hitting the market, sold for $5K over asking, cold hard cash. Frankly, it was underpriced, which may have been the strategy all along. When homes in highly sought after market segments become available, serious buyers (and their agent) need to drop everything and see it immediately. The market for adult condos near downtown is not for the timid. 



109 E Cannon St. | $429,000 | More Details 
A good quality flip in an “A” rated location at an affordable price. Half a block away from the center of old town Lafayette, and walkable to a half dozen high quality restaurants and other retail options. Lafayette is rapidly becoming the cooler, hipper Brooklyn to Boulder. This renovation retained the original charm of the historic property while adding tasteful finishes. An adequate size lot and a flexible planning department makes for high potential follow-on investment. The neighbor across the street, for example, created a beautiful studio ADU. We happen to know this one intimately because we were proud to represent the buyer, a wonderful young family of four.   


Fresh Listings


Boulder 

1656 Bear Mountain Dr. | $1.55MM | More Details 
Devil’s Thumb is a premier South Boulder location and this house is about the right size for most buyers. It could use finish updates to give it a more contemporary appearance.  The lot size is adequate and should allow for some expansion. Layout is functional with most bedrooms on the upper level.  
Due diligence: If you are shopping in Devil’s Thumb, avoid being near the electrical transfer station. As for this one, the map is wrong. It’s not on the corner of the cul-de-sac. It’s the third house in and has a desirable north/south orientation.  




712 Locust Ave. | $1.38MM | More Details 
A nice north/south oriented house with beautiful open space (+ trail access) across the street. The lot size is a tad small but the mid 80’s construction could provide good bones for a mild renovation. I lived near this location for a period and the retail mix at Uptown (walkable) keeps improving. It’s also a relatively quick and easy bike ride into downtown Boulder. If you have younger children, Shining Mountain Waldorf is just down the street. Lucky’s Market is also nearby. Due diligence: Don’t expect the view shot from the listing photos. Go see it anyway. 




1575 7th St. | $900,000 | More Details 
A smaller 3 bedroom, 3 bath in a pretty good “B+” location.  No garage but I see an off-street parking pad (confirm at the showing) and at least it’s out of the flood zone. The small lot size means what you see is what you get. Not a bad choice for a buyer down-sizing.



1332 N Cedar Brook Rd. | $795,000 | More Details 
Wow. This Pine Brook home is stunning. Nearly every room seems to have a view. Interior and exterior finishes need a refresh, so save some budget for a remodel. 1990 construction means no EPA lead certification during the remodeling and lower risk of other environmental costs like asbestos. Expect a bidding war.  It's under-priced. 




4784 McKinley Dr. | $640,000 | More Details 
A decent size lot and north/south orientation should overcome the C+ location (busier street). No listing photos but that’s OK, it’s priced at the dirt value anyway. This is a good choice for buyers who work at the BCH campus or the new Google Campus and want a project. Decent schools. It’s close to the 500 year flood zone, so check carefully for signs of water damage and proper mitigation from the September ‘13 event. 




1529 Easy Rider Ln. 201 | $595,000 | More Details 
I know this property well because we sold it many years ago. The owners invested tremendously in the style and finishes of the unit. It should move fast. 









2830 E College Ave. 310 | $370,000 | More Details 
A good location for a CU student condo. Lock and leave, low maintenance so junior can focus on studying, not in the red cup zone. Adjacent bike paths allow for easy access to downtown or the 29th Street mall. For investment purposes, these properties are fairly liquid and/or rent easily to student tenants. 



Louisville 

266 McKinley Park Ln | $1.15MM | More Details 
A beautiful mid 90’s, larger family home in fairly close proximity to Louisville’s old town. The generous lot size and three car garage are bonuses. McKinley Park cross the street seals the deal, it has an estate-like feel. Marketing notes: this property was listed on IRES only. When data sharing ends in early March, homes in MLS crossover markets like Louisviile, Lafayette, Superior, and Broomfield should be listed on both IRES and REColorado.  We’ll discuss more in a post next week. 



Longmont 


7431 N 73r Street | $4.5MM | More Details 
An estate for a well heeled, sophisticated buyer with traditional taste. It’s set back far enough from 73rd, the parcel size is more than adequate, and the man-cave is to drool over. Finishes are well chosen. Guests will know they’re in Colorado. Worth clicking for the eye candy alone. 





Investment Opportunities 

5005-5185 Merritt Dr | $10.7MM | More Details
20 homes, complete and 100% leased? Additional undeveloped parcels included? This is a potentially solid place to park capital and enjoy the lower risk yield from a lower volatility brick and mortar investment. BCH and updated finishes across the street should keep occupancy high.  

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Ready to buy or sell?  Click HERE to 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, February 07, 2017

Time For A New Throne at Kings Landing?

by Osman Parvez
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Ready to get rid of that old inefficient, noisy throne?  The 2017 Resource Toilet Upgrade program is underway in Boulder.  According to the Resource, the supply for Boulder is already 25% sold out only 7 days into the program.  


In other words, apply for one now because they won't last. 

Two Options: 

1) Install the toilet yourself: $65  Remove your old toilet, discard all non-porcelain parts, and Resource will recycle the old one for you when you come to pick up your new toilet.  This is almost 60% off the retail price at Home Depot. 

2) Have a Resource technician install the toilet for you: $150 Resource has trained technicians who will come to your home during a scheduled appointment time, remove your old toilet and install the new Stealth toilet for you. Removal and recycling of your old toilet is included in this price.  This is still better than Home Depot.


I just had one installed into my latest investment property in Boulder and went with the second option. Because the toilet was original (i.e, 61 years old)  I needed to buy a 4" flange and install that myself.  It was simple enough once the Resource technicians had removed the old toilet.  

The old toilet was wasting nearly 5 gallons per flush.  The new one is only 0.8 gallon per flush.  
  
Click HERE for the details.  

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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, February 03, 2017

Discount Turn Key Dream Homes, Lock and Leave Living [Fresh Listings, Get 'Em Hot]


Nearly a hundred property listings hit the real estate market in Boulder County this week. Here are the ten best homes to check out this weekend. 

We've also included a few notable sales and one, just one, refreshed listing worth a second look.   Ready to see some houses?  Here we go!



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



Sold Listings of Note

7531 Spring Dr | $1,650,000 | More Details 
Listings in Spanish Hills are rare. It's a location that offers exceptional views, easy commuting, and exclusivity. This beautiful home was completed in 2013. It's picture perfect only because the pictures failed to show the power lines in the view corridor. Take home lesson: Classic over-reach. A wishful thinking asking price resulted in a big discount and a long time on market. Never hire a realtor who pitches an unrealistic price. First listed at $2.2MM, it sat on market for nearly a year and went through 2 price reductions before finding a buyer.  It sold for 11% below last asking. What's that?  Your Realtor doesn't think you should offer less? Find one who loves negotiation.



870 15th St | $1,150,000 | More Details 
A good comp for Uni Hill. Updates are nice, it's reasonably sized, but no garage (carport instead). The lower level rental unit had the potential to offset ownership costs, broadening its appeal to more buyers. Deal notes: Sold for asking, available for only 3 days before going under contract.





1365 Meadow Ave | $1,005,000 | More Details 
Mid 70's construction, south facing on a big lot with a great view.  Those factors translated into a January bidding war for would-be buyers looking for renovation projects in North Boulder. Deal notes: 5 days on market, wildly under-priced, sold for 18% over asking, cash, closed in 2 weeks. Boom!




Worth A Second Look

855 Timber Lane | $2,378,500 | More Details
We rarely publish old listings unless something changed to make it worth a second look. This spectacular house is in a coveted location. Beautifully designed to frame the view, it's a trophy built around a view. Plenty of space for family and guests. 5 acres of prime Boulder real estate. Why it made the list: The seller just slashed the price by $661,500.  That's a 21% price cut. Go see it before it's gone. 

Remember: To schedule a private showing, which includes a discussion of valuation, negotiation strategy, and market trends, call Osman at 303.746.6896.



Fresh Listings

Boulder 


1480 Upland Ave | $3,950,000 | More Details 
This spectacular house is located on a generous parcel, just north of Lucky's and not far from Wonderland Lake open space.  It has a lot of high-end features, beautifully designed, and functionally turn-key. Due diligence: Explore the cost of burying the power lines to improve the view. Word on the street is that it can exceed $50K. Also, homes valued above $3MM are rare and deserve special scrutiny. See my post on last year's top 10 sales.

1590 Cress Ct| $1,950,000 | More Details 

You've probably never been on this street before. It's a little cul-de-sac of high end homes, located just north of Linden, on the east side of Broadway. The mid-70's era construction, a large lot, and north/south orientation are what buyers want when they're looking for good bones for their dream home. This one has a killer view whichi will help preserve its value when the market turns.  


Remember: To schedule a private showing, which includes a discussion of valuation, negotiation strategy, and market trends, call Osman at 303.746.6896.



343 Dakota Blvd| $1,900,000 | More Details 
You could buy 1590 Cress for $2MM (above) and then sink another $1.5MM into designing and building your dream home, or you could just buy it already mostly done for $1.9MM.  Invest many $200K into high end features and finishes. Which sounds like a better value?  The view corridor may not be as spectacular and you can't stroll to Lucky's Bake House, but if you choose this one, you also won't be stuck managing a major construction project. And who needs those carbs anyway?



2445 Junction Pl 304 | $639,000 | More Details 
Now that construction is mostly complete at Boulder Junction, you won't be taking a risk that the project will turn out horrendous. What you see is what you get, and what you get is pretty darn good. It's also a short walk to the Google campus, which will make it easy to rent to high quality tenants or sell it, if your life plans change.  It's about the size of a basic ranch, only two years old, and turn-key.  



1289 Yellow Pine Ave| $525,000 | More Details 
Multiple offers are already on the table for this beauty, so if you're interested you better move fast. Mixed-use remains popular, offering a nice balance between home, work, and retail. Spruce Confections is right around the corner. Boulder's best cycling routes are just to the north. It's also priced well below market - nearby Uptown Broadway units are $600+.  Pro-Tip: If you were my client, you would have had this listing in your e-mail days ago. Serious buyers see property within 24 hours of listing.



500 Mohawk Dr 704 | $387,500 | More Details 

Q: How many 7 floor residential buildings exist in Boulder?

A: Not many.  And the risk that Boulder is going to kill the height limit ordinance is minimal, despite the YIMBY effort to radically increase density.  Click the link above for the view. 

The interior is horribly dated, save some budget for updates. At the asking price, this one is a no brainer. Expect a bidding war. Call your Realtor


3025 Broadway St 31 | $385,000 | More Details
I love the location and the design of most units in this complex. If you can get it, the top floor is preferred and the units on the back side are far quieter (further from traffic noise). Due diligence: Years of low HOA fees and little maintenance eventually caught up with this development (it always does). Be sure to check the HOA minutes, financials, and talk to residents. There may be pending litigation still on the table.

Louisville 


219 S Cleveland Ave| $542,500 | More Details 
For the price of a basic ranch in Boulder, you can get twice the square footage, a two car garage, and be past the era of most environmental issues like lead based paint. Open space is across the street, Louisville's charming and historic downtown is a short bike ride away, and it's an easy commute to work. Finishes could use an update, they look original. Pro tip: Boulder isn't the only desirable small city on the Front Range. Louisville also wins awards.



Longmont 

521 Gay St| $1,150,000 | More Details 
A similar home in Boulder would cost 2.5 to 3.5X, at a minimum. If you're a believer in the Longmont investment thesis, you need to see this one.  It's not just a house, it's a cultural asset to the community.


Niwot

7294 Gold Nugget Dr| $839,000 | More Details
Here's a relatively inexpensive entry point into Niwot. Generously sized, good layout, three car garage, backing to farm land and it's in great public schools. The drive to Boulder is reasonable and the small retail center in Niwot continues to improve.  Finishes could use an update, but it's not in bad condition. 



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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: Ravi Pinisetti