Friday, August 19, 2016

The Autumn Real Estate Market Begins [Fresh Listings, Get 'Em Hot]


Just like that, the summer selling season has come to a close. The kids are back at CU.  There's a whiff of autumn in the air... and once hopeful, doe-eyed sellers, convinced to overprice their property by overzealous agents, are now starting to offer steep discounts. There were four +$100K price reductions in Boulder this week alone (link).  

Negotiation is one of my favorite parts of this business. I've always been able to help buyers obtain the largest negotiated discounts during the late 3rd and early 4th quarters of the year. I expect this year will be no different. The key to getting a great deal? Intelligent property selection and savvy negotiation. If you're thinking of selling, it's critical to be cautious in your marketing approach. I recommend setting a conservative asking price based on intel from the latest sales and the slate of active competitors. 

Before we discuss fresh listings this week, take a look at the following analysis of stale listings in the Boulder real estate market.
The chart below shows the percentage of active inventory over a period of 90 days on market.  



County wide, 25% of houses have been on the market for 90 days or longer. Think of it as an opportunity for savvy house buyers and a caution flag for would-be sellers who want to aggressively push the comps. 

Condos and town homes (attached dwellings) tell a different story. Only 12% have been listed for 90 days or longer.  

The Cities of Boulder and Longmont (Boulder County's largest) show another interesting contrast: 21% and 13%, respectively. This is driven largely by much higher prices in Boulder, causing a flight of buyers to Longmont. Meanwhile, you can pretty much forget about getting a discount on a condo in Boulder - since only 4% of listings are over 90 days old.  

Remember: Intelligent real estate decisions are based on deep market understanding.  Buyers and sellers need to carefully evaluate active, sold, withdrawn, and pending inventory relative to their specific real estate situation.

Enough about stale listings. Let's get to the fresh stuff. As usual, I'll start by highlighting a few notable sales. 

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

Sold Listings of Note


2675 Dakota Place | Sold Price: $2.6MM | More Details 
This sale is interesting because it sets the benchmark for Newlands, where proximity to open space is the equivalent of waterfront property. As you move back from open space on the West side, prices fall steadily until you hit Broadway (a key value North-South delineation). This house was listed back in April at $2.6MM and the seller held steady, offering no price concessions. 59 days after listing, it went under contract and finally closed 54 days later for a total time on market of 113 days. The deal closed for cash. The house itself was larger than typical (nearly 6,000 SQFT), with an excellent floor plan. The majority of it was finished and above grade. Relatively recent construction and excellent finishes throughout. Buyers and potential sellers should use this one as a standard for pricing and negotiation going forward.  




2840 N Lakeridge Trail | Sold Price: $2.5MM | More Details 
Lake of the Pines is an exclusive enclave of high end homes located right off US36, North of the city limits. Sales are rare and they often take a long time to trade hands. This one was on the market since July 2015, with a short withdrawal period over winter, before finally finding a buyer a year later in July of this year. The house itself is spectacular, with exceptional finishes and a rugged Rocky Mountain feel. The private dock and views over the lake beautifully complete the estate. Original asking: $2.95MM. Negotiated discount from last asking price: 8.6%.






623 Garfield Avenue | Sold Price: $984K | More Details 
There are a number of beautifully expanded and renovated houses in downtown Louisville. Old bungalows continue to be converted into large, family residences. This one was completed in 2014, is in a very good location within strolling distance of shops and open space. For both buyers and sellers, it's a value benchmark for high quality, turn-key property in a prime location. Many of my Louisville buyers end up comparing houses like this to say, similarly priced property in South Boulder.  


Fresh Listings

Boulder 




2395 Vassar Drive | Asking Price: $2.45MM | More Details 
Recently completed, high-end spec project in Table Mesa. Reasonable size and layout, great schools, solid perch and design for viewing the Flatirons. Very contemporary and a great example of what you can do with an older ranch in Boulder. Check out what it used to look like. This one is turn-key and ready for a buyer that doesn't want to manage architects or take construction risk.  

P.S. The listing description says this house has "amazing" views. Want to know what else is amazing? 118 listings in Boulder County use the word "amazing" in their listing descriptions.  There's no shortcut to slicing through hyperbole. You've got to see it in person. 





960 7th Street | Asking Price: $1.7MM | More Details 

On a dead-end section of 7th Street in Rose Hill, a few blocks from Chautauqua. Late 80's construction and finishes. Grade: A for location, with a typical size lot. Save some money for interior remodeling. 











1505 Mapleton Avenue | Asking Price: $1.35MM | More Details
A flood of buyers are trying to see this pre-war beauty. Potentially undervalued, assuming no foundation issues or other undisclosed problems. It boasts a decent location and what appear to be protected picture-frame views. A little on the small side. Will likely not last the weekend.  









7545 Park Circle | Asking Price: $899,900 | More Details 
This neighborhood in Gunbarrel is filled with large family friendly houses built in the late 1980's. The semi-private park in the center of the neighborhood is a nice draw. Easy commute into Boulder. This particular house has a number of tasteful updates. 

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







2947 Broadway Street B | Asking Price: $750,000 | More Details 
An alley Franken-house with a top level private apartment to offset the ownership cost. Claims to not front on Broadway, but you'll almost certainly be subject to traffic noise. The rental income offset and location might be attractive for an entry level or vacation use buyer looking for downtown Boulder proximity while using the garden to live their own farm-to-table fantasy.







1360 Walnut Street 213 | Asking Price: $749,000 | More Details 
Downtown lock and leave apartment with an industrial chic design. Decent size for entertaining. The studio is not a true one bedroom, but 1290 sqft of space gives you room to spread out.  
Due diligence: The downtown smoking ban has increased transient density in this location, in particular in front of the Circle K and Liquor Mart (one block away)  








3935 Darley Avenue | Asking Price: $689,900 | More Details 
A decent size bi-level in Table Mesa. What it lacks in curb appeal it makes up in walking distance to the new Lucky's and to Southern Sun. Best schools in Boulder. Typical size lot, might be a good candidate for a renovation. This price point is now the entry level for Table Mesa houses.  
Due diligence: Check traffic on Darley during peak periods.



Longmont 



333 Terry Street | Asking Price: $599,000 | More Details 
West side of Old Town, two blocks from Main Street. Classic architecture and tasteful updates in this 116 year old historic home. Prime location, and rapid gentrification will likely continue. The same house in a similar location in Boulder would be 2.2X to 2.5X. Sadly, no garage spaces or I'd want to buy it myself. 




Niwot

7265 Spring Creek Circle | Asking Price: $1,179,500 | More Details

Late 90's construction. Not too large (a common issue for higher end homes in Niwot) and on a decent size lot. Based on what the owners paid in 2000, and assuming few capital improvements, the asking price represents a 2.1% IRR. That sounds about right, but Niwot listings often have a ton of competitors and unusually long listing periods. If Niwot's performance during the last cycle is a guide, Buyers concerned with capital preservation and downside risk should plan to hold for at least 7 years.



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

cover image: Marjorie Bertrand

Monday, August 15, 2016

No Dogs Allowed [Due Diligence: Read Your HOA Docs!]

by Osman Parvez
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Public service reminder:  Read your HOA documents.  

The following references sections of the standard Colorado Real Estate Commission approved real estate contract to Buy and Sell. 

§ 7.3 Association Documents 
This is the seller's deadline to provide the buyer with association documents. Among other things, it should include the covenants, codes, and restrictions for the property.  It should also include minutes from board meetings and financials. 

§ 7.4 Association Documents Objection Deadline
This is the buyer's deadline to have reviewed the documents. If something is not acceptable, buyers must notify the seller on or before the deadline.

Occasionally, I'll find restrictions that just won't work for some buyers - like rules against certain pets or in this particular case, against motorcycles or commercial vehicles parked on the street. More commonly, I'll find discussions over nuisance matters, deferred maintenance, and potential special assessments.  

Buyers Beware. If available, carefully review the reserve study and analyze the financial track record of the association.

Remember: You're buying into a club where you're on the hook for maintenance and capital improvements.  Misspending and mismanagement is a huge red flag.  It's not just about the rules for fido and fifi.  

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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. 

Friday, August 12, 2016

Needs a Little Remodeling [Fresh Listings, Get 'Em Hot]

Bring your pickiest buyers....
This week: A Victorian in clown paint, a cottage in downtown Louisville, a historic grandfathered income property in Chautauqua, and a rare opportunity to get into Old Town for cheap. Plus notable sales. 

As always, I've carefully sifted through this week's listings and recent sales in Boulder and surrounding areas. These are the properties worth seeing and worth talking about.  

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


Sold Listings of Note


8964 Little Raven Trl 
| Sold: $1,507,500 | More Details 

A beautiful house in a great location. It's also a good illustration for why I push my luxury market clients to be extremely selective. 

The seller of 8964 Little Raven must have felt a great deal of confidence when they first listed the house in March of 2015 for $1,850,000. Four painful, back to reality price reductions and 18 months later, they finally found a buyer at $1.507,500. 

Lesson 1: To maximize price, market psychology must be on your side. Price it right, market it professionally, or risk tainting the listing. You want buyers to feel a sense of exclusivity, to be blown away by the staging, and feel lucky they got a chance to see it. The last thing you want is for them to ask "what's wrong with it?" Even two weeks on market without a buyer creates a negative perception of the desirability of the property. Never, ever list your home with a wishful thinking asking price. 

Lesson 2: Certain locations (like Niwot) have a large supply of luxury homes and demand (relative to supply) is quite low. During the last downturn, Niwot had well over two years of supply of $1MM+ homes. This particular owner purchased the house at $1,416,000 way back in 2001. That's a 0.4% IRR. In other words, they lost money on this house despite the lengthy ownership period.

805 Pine Brook Rd | Sold: $1,103,511 | More Details
This beautiful 4 bedroom, 4 bath house in the lower foothills is only a short drive into Boulder. Framed around mountain views, nicely updated inside, and on a generous lot. It was listed at $1.3MM in May, but after two months on market, the seller took a low offer and the deal closed at $1.1MM, a whopping 8.5% below asking.  Lesson: Don't be afraid to write low offers on property that has been on the market for a significant period of time, especially when the seller is sitting on a mountain of equity.  In this case, mortgage records show precisely that. If your agent is afraid to negotiate, find one who makes negotiation expertise their competitive advantage.  

630 Hartford Dr | Sold: $815,000 | More Details 
A data point for the current market value of a cosmetically updated 4 bed, 2 bath bi-level in a decent location in South Boulder. Updates are kitchen and baths, staging makes it look great. Formerly a rental house. Boulder's best rated schools. There are many similar houses, most not updated. Data: Year to date, there have been 45 bi-level sales in Boulder.  The majority (28) were in Table Mesa. This one sold at asking, 28 days on market before receiving an offer, not cash (conventional mortgage).  Remember, before you write an offer, review the most recent negotiations. 



7793 Cornwall Circle | Sold: $687,000 | More Details 
Another one for your data file.  This is an early 70's 4/3 two story in Heatherwood on a generous lot. The kitchen was updated recently but that gold trim around the master bath tells you it's been at least a couple of decades since it was last touched. Good location within the neighborhood. Easy commuting into Boulder and Gunbarrel retail keeps getting better. Sold for $7,100 over asking, conventional mortgage (not cash), available for a full 8 days before an offer was accepted. If you need space for a family and feel priced out of Boulder proper, a house like this in Heatherwood would be an excellent alternative.


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

Boulder 

3981 Promontory Ct| Asking: $1,850,000 | More Details 
Pros: nicely updated on the inside (beautiful wine cellar), this 4 bed, 4 bath is parked right up against Wonderland lake open space. Lucky's North is within walking distance. The three car garage is a bonus.Cons: Curb appeal on the outside is a little lacking for a house a this price point and it feels a penned in among neighbors. 

927 12th Street | Asking: $1,200,000 | More Details 
The property currently throws off $5,100 in rent and is a non-conforming, but supposedly legal Duplex. Lots of students in this location but it's steadily turning over as landlords exit and sell to non-investment buyers. This would make a great opportunity for a buyer who wants to get into Chautauqua and will live in one side while renting out the other to offset ownership costs. In the future, the owner could do a complete renovation and occupy both sides or move out and enjoy the income.   Due diligence: Costs to bring this house into smart regs compliance could be significant.  Also don't let the rental licenses expire - ever. 

960 McIntire Street | Asking: $625,000 | More Details 
A 3 bed, 3 bath Tri-Level east of Foothills with a 2 car garage.  Priced slightly more than typical Martin Acres or Baseline ranch.  You're trading living space for a family for a less than optimal location. Could use a few updates but livable as it stands.  This is slightly above the entry level for Boulder.  Won't last long is an understatement.  The entry level is the market segment with the highest demand relative to available inventory. 


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

1100 La Farge Ave | Asking: $1,359,000 | More Details 
Good thing paint is cheap. This house is in an awesome location and the lot size is generous. The layout is great, the architecture is classic Victorian, the wrap-around porch is inviting. It even has a 3 car detached garage.  The interior could also use a refresh.  

836 Lincoln Ave | Asking: $625,000 | More Details 
Historic miners cottages in prime locations are rare. This one is on a huge lot and includes a detached 2 car garage and large shed. The house itself needs lots of updating but the bones might be there for a long-term investment project. The large lot could allow expansion potential if the historic charm is preserved. It checks a lot of my personal investment boxes. 

Longmont 

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

526 Pratt Street | Asking: $565,000 | More Details 
A legal, non conforming duplex.  Consider this a cheap way to enter the Old Town neighborhood with the ability to offset ownership costs by renting out the upper level (or vice versa).  In a few years, convert it back into a single living unit or use the extra cash flow to fund the renovation or your next investment. 

4555 13th Street #2C | Asking: $450,000 | More Details 
1 bed, 2 bath lock and leave with excellent retail just steps away. Easy bike or bus ride into downtown Boulder, just minutes away.  Stop at North Lucky's to bring home the bacon on the way back. This neighborhood is the only one in Boulder to have an actual plan for revitalization. It's also coming along nicely and will continue to accelerate as the Armory Project gathers steam (read: What You Need to Know) and the miscellaneous light industrial and strip club are replaced.  Full disclosure:  I am a big believer in the long term potential of Uptown Broadway. I like it so much, I own investment property here. 

3303 ONeal Parkway | Asking: $299,900 | More Details 
2 bed, 1 bath condo in a high student density location. Build quality is not stellar but these units make for good CU kiddo condos. Historic returns have not been as good as, say Wimbledon, but the location has been improving in recent years. Rayback and lots of other interesting retail is a short bike ride away.

3250 ONeal Cir L-24 | Asking: $210,000 | More Details

Same location as 3303 Oneal but in Stratford Park and only a 1 bedroom.  A few months ago, I analyzed appreciation rates for 1 vs 2 bedroom condos in Boulder for an investor. 2 bedroom and 1 bedroom units are not markedly different, but 1 bedrooms should rent more easily.  3303 ONeal is a smarter buy.


Investment Opportunities 

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

1254 Sherman Drive #1-5| Asking: $895,000 | More Details
5 units of light industrial/warehouse space, partially rented.  Might be ideal for a business owner who needs flexible space.  With 3/5 units rented, it also has built-in income until the time comes to expand. Great location.  

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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.

cover image:  Donnie Nunley via CC 2.0

Thursday, August 11, 2016

Investing in Longmont? Consider the Strategic Risks and Rewards

by Osman Parvez
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Longmont is the place to be. Downtown is booming and more trendy restaurants, breweries, art galleries, and boutique retailers are opening by the day. Longmont has beautiful family friendly community spaces and multi-use paths. It also has fewer transient issues and noticeably fewer tourists than Boulder. In short, it's attractive and affordable. From the southwest corner of town, it's only about a fifteen minute drive to Google's new campus.  

It's also about to get much better in the future.

As House Einstein's business continues to expand throughout Boulder County, I find myself increasingly advising investment oriented buyers and sellers considering Longmont. Two strategic risks stand out: a broad post-election slowdown in the general economy causing a (likely short and shallow) real estate downturn and political mismanagement of redevelopment and renewal, particularly in critical locations such as South Main Station.


Of the two, redevelopment risk is larger because mistakes take forever to fix. In some cases, they are permanent. Real estate cycles come and go. A potentially blighted downtown with ugly or worse, empty buildings is much more problematic in the long-term. Luckily, Longmont's politicians seem grounded in reality and focused on making tangible improvements. To point, Longmont already has municipal fiber and a municipal utility. Longmont even wins awards for snow and ice removal. In contrast, Boulder is busy acquiring pricey downtown offices (for even more city staffers) and debating term limits for Council. Snow removal is your problem.
Phase 1 of the $66.5MM South Main Station project calls for 314 high- end apartments and 9,300 SQFT of commercial space. Construction has been delayed about 6 months and is now expected to begin before December 1st (delay was blamed on Xcel and subterranean "surprises"). The project now appears to be on track. If it successfully attracts high-rent tenants, it will add more fuel to Longmont's rapid gentrification.

The Whole Foods Factor
If you're tracking Longmont real estate, pay attention to the scheduled opening of Whole Foods at Village at the Peaks. The store now appears set to unlock its doors before the end of the year but when the delay was announced last December, it caught many off guard.   

According to their latest 10Q, WFM is currently operating 432 stores and has 106 stores in the current store development pipeline. Their growth strategy is through new store openings, with a long term target of 1,200 Whole Food Markets (more if you count the 365 format stores). This makes sense, given that competition is putting pressure on store sales and margins are declining. In other words, unless they change their strategy, WFM will need to keep opening stores and, luckily for Longmont, they appear to have enough free cash generated from operations to do so.  

Sounds promising. Expect the store to open on schedule. 

More Points to Ponder: 
- According to City Planners, Longmont is expected to add approximately 24,165 new residents by 2035.  This will make Longmont the largest city in Boulder County. While Boulder retains more economic activity with CU, federal labs, and a vibrant tech startup community, Longmont is often where people with families are choosing to live. Expect the influx of buyers seeking to escape Boulder's high prices to continue. 

- Longmont's strategic plan (see link below) is to maintain a compact growth pattern by focusing on infill and redevelopment, and reinvestment in the City’s historic, vacant, or underutilized buildings. Mixed-use, high density with easy walkability and transit options will likely be a key part of the plan and adjacent neighborhoods will become more attractive. This is one of the reasons I keep referring to Old Town as the new Mapleton Hill. 

- Longmont intends to preserve more open space and agricultural lands through the City's open space program and by coordinating with landowners. Sound familiar? The green doughnut is a big driver behind Boulder real estate's long term high appreciation rate. It will also help Longmont's desirability while limiting future build-out. 

- The timing of the next downturn in the broad economy and the real estate cycle is critical to the momentum of Longmont. Your real estate objectives (and capabilities) may or may not line up with the cycle. This is a big topic and better for an in-person discussion. If you'd like to have a private conversation, reach out to me at osman@realtyunique.com or go ahead and book a time for a phone conversation by clicking HERE. My goal is to help you make a smarter real estate decision

Recommended Reading

Envision Longmont Strategic Plan (Strongly Recommended)

Longmont Urban Renewal Authority (2015 Annual Report)

Longmont Development Log (August 2016)

Longmont Sustainability Plan (Draft, July 2016)

1st and Main Station Transit Development Study (2012, but still useful)

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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, August 10, 2016

The Market's Peaked. Now What? [Analyze This]

by Osman Parvez
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I've heard the question from buyers.  I've heard it from potential sellers.  Has the Boulder real estate market peaked?   Is now a good time to buy (or sell)?

I prefer to let data answer the question.  No hand waving. No Realtor happy talk.  Remember: Intelligent real estate decisions are based on a deep understanding of market conditions.   
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Inventory, Absorption, and Sales Volume
This morning, I analyzed the most recent market data for Boulder real estate.     Let's take a look at the numbers. 



The chart above shows total inventory of houses in the City of Boulder for the summer selling season for this year (black) and last year (blue).  Total inventory includes pending sales, active/backup properties, and available homes.  

I know, the chart is a little busy.  I wanted to show both timelines on the X axis.  They're not identical time periods but they're within a day of each other.  Close enough. 

Inventory was higher throughout the peak selling season this year.  Only for the last reading (taken today) shows inventory lower than 2015.  Inventory has been 3.4% higher on average than last year.  If you exclude the last data point, inventory was 4.8% higher. 




This chart shows the percentage of houses under contract over the same time period. With the exception of one week, inventory under contract has been lower than last year.   2016 was also less volatile. 




This last chart shows a running tally of the volume of sold properties during the preceding 30 days.  The 2016 selling season started off with lower sales volume before flipping into high gear in late June.   Beginning in August, it cooled slightly below sales volume in 2015.  

Conclusions
By historic measures, the 2016 peak selling season was another year of strong appreciation, limited inventory, and bidding wars for the most desirable properties.  It was also not quite as strong as the preceding year, which hints that we are nearing the end of a real estate cycle. 

The 3rd and 4th quarters are typically a slower time of year in Boulder real estate, butthere are plenty of buyers still in the market. It's possible that the fall 2016 market might be stronger than spring or summer next year.  If you're thinking about selling, you might want to accelerate your plans.  If you've had your house on the market for a while, now is a very good time to re-evaluate your marketing strategy with someone who really knows the market.

For buyers, the next few months will bring fewer fresh listings but also less competition and fewer bidding wars.  I've always been able to negotiate the biggest discounts for my buyers early in the 4th quarter by focusing on homes that were overpriced and are now being overlooked by the market.   175 Bellevue is a potential example.  It's a beautiful house with killer views, easy trail access, and adjacent to Chautauqua.  The house needs to be reconfigured to maximize the view potential of the perch and the large lot should allow plenty of opportunity to do so.  It's been on the market since February 2015 and the seller has cut the price three times, from $3.0MM to $2.2MM.   It's also owned in a trust, which suggests the owner has plenty of equity.  Now is a good time to test their willingness to negotiate.   Just make sure you have a savvy buyer's agent

note: A few years ago, the Boulder Area Real Estate Association stopped tracking inventory and sales data and resorted to a third party vendor.  The third party has not been detailed enough to provide accurate metrics so I started manually tracking my own.  The charts above are based on combined IRES and Metrolist data, the two MLS systems which cover Boulder County. 

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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.    image: djandyw

Friday, August 05, 2016

Always Look Before You Leap... Into Boulder Real Estate [Fresh Listings, Get 'Em Hot]




Every week, we sift through new listings to find you the best of Boulder real estate. We also discuss notable sales and worthy price reductions.   
  
This week: An eye popping trophy home that was only available for one day, a triplex masquerading as a historic single family home, and dueling downtown Boulder condos priced $255K apart. 

If you’re shopping for real estate in Boulder, here’s what’s worth seeing.  

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


Sold Listings of Note


19 Arrowleaf Court | $5,400,000 | More Details
An unobstructed, spectacular view high over the city and an estate quality home built to luxurious standards made for a quick and easy sale.  In some cases, a turn key home can be a bargain compared to fresh build, assuming you could even find a similar quality lot.  Deal points: $5.4MM (4.4% negotiated discount from asking), 1 day on market before the offer. 








385 Broadway Street | $1,600,000 | More Details 
Word to the wise, don’t fight the planning board and don’t fight the neighborhood. After several attempts at rezoning to redevelop, the owner gave up and listed the property. It went under contract three times before finding a buyer at $1.6MM (8.6% negotiated discount from asking). 232 days on market before the offer.







930 Lincoln Place | $1,564,500 | More Details 
This beautiful historic home is in one of my favorite Boulder neighborhoods. Nice updates while retaining its design integrity and historic detail. Bonus: As a legal triplex, the additional living spaces could be used for live-in help, cash flow, or adapted for family use. Smart. 





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

Interesting Price Reduction 



466 Marine Street | $1,776,000 | More Details
This home has been on the market a few weeks and now features an easement to protect the new owner’s views. Price reduced $100K from original asking. Excellent location. Historic charm. Sadly, no garage.   




Fresh Listings


BOULDER



542 Arapahoe Avenue | $1,850,000 | More Details 
Beautiful historic home with plenty of space on the main level for most buyers. Exceptional walkability to downtown, trails, and parks. Large lot. Carport for parking with a studio in the back.   

Due diligence: Studio is likely not a legal rental unit and this location does get some transient activity. 







2141 Jonathan Place | $900,000 | More Details 
80’s construction and mostly 80’s finishes. Decent size house on a cul-de-sac with a steadily improving nearby retail mix. A value given the size. HOA includes community pool, clubhouse, courts, park. 









2850 La Grange Circle | $825,000 | More Details 
Mid 60’s bi-level with some updates on a quiet circle in Boulder. Larger than typical lot size supports expansion potential. Boulder’s best schools.  









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






1031 Portland Place 7 | $475,000 | More Details 

1031 Portland Place 10 | $730,000 | More Details 

These two townhomes should be viewed back to back to understand the value you get for the extra $255K. I’ve seen several units in this building over the years, build quality is not impressive and there is little curb appeal for some units, but the location offers great walkability to downtown. #7 will likely have a bidding war. #10, probably not.  












805 Orman Drive | $635,000 | More Details
Another mid-60’s bi-level, this time in Park East. At some point, it looks like the owner converted the garage into an additional bedroom. Currently rented at $2,845 through May 2017.   
Due diligence: Check for open permits, limited expansion potential, and road noise. 






2227 Canyon Boulevard 204A | $350,000 | More Details
Listed without any photos, but we’ve written about Shady Creek before. It’s a decent location in an old school style building, somewhat overbuilt. HOA includes heating and cooling. Lock and leave, great for graduate students or professionals. Put down 20% and get a roommate, it’s smarter than renting. 




2992 Shadow Creek Drive 103 | $260,000 | More Details 
A one bedroom at Gold Run, great CU student condo. HOA amenities are decent. This unit includes garage parking. 










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


LOUISVILLE

1827 Eisenhower Drive | $719,900 | More Details 
A large ranch style house on a great street with an easy commute into Boulder or bike ride into downtown Louisville. 90’s vintage construction with some updates. Should sell quickly. 








LONGMONT 

837 Tenacity Drive | $715,000 | More Details 
Prospect has really come into its own over the years. Landscaping has matured, the retail mix is enough for occasional dining, and the family friendly vibe is hard to beat (food truck nights and other neighborhood events). This one has a carriage house with potential rental income to offset your purchase price. 








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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: Joshua Earle