Thursday, June 30, 2016

Boulder Inventory up 32%, Absorption Drops [Analyze This]

by Osman Parvez
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Boulder house inventory is up 32% since the end of March.  Pending and under contract are up 18.2%.  Peak absorption this year was reached in the middle of May.  Read Summer is Over for more details. 

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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. 

Google Construction Update

by Osman Parvez
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The construction of Google's new office building at 30th and Pearl is making excellent progress. We expect it will be ready for occupants by the end of 2017. Video below.




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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. 

Wednesday, June 29, 2016

For Boulder Real Estate, Summer is OVER [Analyze This]

by Osman Parvez
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Summer officially began last week, but it looks like it's already peaked for the Boulder real estate market.  Remember, intelligent real estate decisions are based on a deep understanding of market conditions.   

Let's take a look at inventory in Boulder. 




The chart above shows the number of detached, single family houses on the market in the City of Boulder over the past year. The blue line represents available inventory, not under contract. The orange line is property that is currently under contract or about to go under contract with a buyer (active/backup or pending, for you brokers with MLS access).   

Last year, the total number of available homes peaked at the end of September. Because many buyers need to have completed their moves in time for the school season, and most leases also turn-over during the summer, the number of active buyers typically declines rapidly in July. This means that even though total inventory is also declining, the relative number of available properties actual increases.    

This should be good news for buyers who are actively shopping and aren't tied to the academic calendar.  Sit tight, your options are opening up. As for sellers who are wondering why they didn't get a bidding war, NOW is the time to reconsider your marketing and in some cases, make substantial price reductions. For a professional opinion, don't hesitate to call me (ph: 303.746.6896). 


The chart above shows the percentage of inventory under contract. Same data as the previous chart, easier to see the trend. The writing is on the wall: Summer officially began on the Solstice (June 21), but the Boulder real estate market's ability to absorb inventory has been dropping since the beginning of June.  

Note: conditions vary by neighborhood, price range, property type, layout, condition, and location right down to the street level. Call us for professional advice from a Realtor who understands his fiduciary responsibility. 

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

As always, your referrals are deeply appreciated.  

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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, June 24, 2016

This Week's Ripe Listings [Get 'Em Sweet]


What's worth seeing in Boulder real estate? We've culled the refreshed old listings. We've weeded out the overpriced and bad locations. Here's the best of the bunch. 

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

Sold Listings of Note

215 Green Rock Drive | $3,100,000 | More Details
A tale of caution. The 2nd to last owner, a well known Boulder real estate broker, purchased the property in '06 at the height of the real estate cycle for $2.1MM. He later took a bath and sold the property in 2013 for $1.7MM, a loss of $400K (before fees). The new owner performed mild updates and resold it last week for $3.1MM (3 months on market, 8.8% below the original asking price). 


Lesson: When a real estate cycle nears its end, it's time for caution. If your agent tells you that Boulder real estate only goes up, find a better Realtor.  




453 Highland Avenue | $2,560,000 | More Details
Estate quality homes in Mapleton Hill rarely come to market. This historic gem was available only a few days before being locked down by a (non-cash) buyer. When the dust settled from the negotiation, the deal closed 2.6% over asking with zero concessions. 


Lesson: Even at the high end, buyers need to see property quickly and negotiate aggressively when the right home becomes available. Time is of the essence. 



4855 6th Street | $1,563,000 | More Details
This Dakota Ridge luxury house finally sold after being on the market almost a full year. The original wishful thinking asking: $1,875,000. The final sale price: $1,563,000 or 16.7% below asking. Ouch!


Lesson: Price it right, market it professionally. A wishful thinking asking price has a very real cost. If your real estate agent fires from the hip when it comes to professionalism, choose one that understands their fiduciary duty.  


Fresh Listings


Boulder 

1580 Cress Court | $1,850,000 | More Details 

Nobody will argue with the view from this parcel. The challenge will be what the city allows you to do to the historic structures on the property.  


Due diligence: Structure your contract with plenty of time to check out the landmark risk and build-out potential with the City Planners and Landmarks Board. Adverse landmarking is a risk. 






2035 Glenwood Drive | $1,695,000 | More Details
It’s hard to beat a brand new, modern house that fronts on a city owned park. If you want modern with a beautiful view, options are extremely limited. This is your house! 


Due diligence: Check the distance to nearby retail.  







1155 Canyon Boulevard 209 | $1,395,000 | More Details
The key to understanding value within One Boulder Plaza is to evaluate the orientation within the complex against appropriate comparables and most importantly, avoid buying one that is against the noisy RTD bus station. This one appears to be on the more desirable side of the complex and has a solid view corridor.  

Due diligence: Buyers should consult the Civic Area plan to verify view protection. 






1320 Judson Drive | $949,000 | More Details
This house appears to be in good condition in one of the more desirable parts of Table Mesa. The split layout won't be ideal for some buyers, but the design is interesting.












5073 Forsythe Place | $850,000 | More Details 
The Arapahoe Ridge neighborhood is well situated for potential future appreciation with proximity to Boulder Community Health, which has also boosted the number of interesting nearby retail options (Blackbelly, Fate, Bru, etc). The larger houses and lot sizes common in the neighborhood in addition to a pocket park, typically free of transients, helps the appeal. This particular house needs the usual updates (kitchens and baths) but has a good layout and appears to have solid bones. 






5070 Ralston Street D | $448,000 | More Details
Built in '15, the finishes and layout of this unit should please most buyers (or tenants). The investment thesis is to capitalize on the rapidly improving location. The North Boulder Subcommunity is the only neighborhood with an actual plan for development. The Bus Stop strip club has been sold and will cease operations in two years. The Armory project is moving forward. Landowners will come under increasing pressure to redevelop dilapidated light industrial space into higher and better uses. 

Full disclosure: I own a condo at Uptown Broadway, purchased for the reasons above.  



2201 Pearl Street 214 | $349,000 | More Details 
A decent size 1/1 with basic finishes and a reserved parking space, very close to downtown Boulder. A lifestyle play for a buyer that wants the amenities of downtown. Odd that winter photos are being used.







3161 Madison Avenue R-110 | $324,900 | More Details 
These townhome style units work well for students. Here's your chance to dabble in the investment potential of Boulder real estate while junior is studying at CU. Historically, Wimbledon has provided great cash flow but has been an unremarkable location with average appreciation. The last few years is a different story. 


Due diligence: My analysis. 







500 Manhattan Drive C-C8 | $320,000 | More Details 
A decent size 2/2 in a location with nearby retail, easy access to US36 (for commuters), and still bike-able to CU.  


Due diligence: Top floor units typically go for a premium, view quality need to be evaluated first hand. 







Louisville 

1493 McKinley Place | $649,900 | More Details 
The Parkwood neighborhood is a spectacular part of Louisville - very family friendly and easily walkable to downtown, while remaining a quick commute to Boulder. This late 70’s two-story has a solid family friendly layout and some mild updates.  








1233 La Farge Avenue | $825,000 | More Details 
A beautiful house in an excellent location, within an easy walk to downtown Louisville retail. Build date is 2010, interior finishes are current and layout should be functional. The only obvious drawback is the lack of a garage but the lot size is big enough to offer possible solutions. 








Longmont 

542 Collyer Street | $450,000 | More Details 
The Old Town area continues to gentrify, Main Street is filling with trendy restaurants, and most of the factors that kept Longmont real estate down have been remedied (most notably the Turkey Processing plant). The same house in Boulder’s Mapleton Hill is 3X to 4X more in value, even in shoddy condition. This one isn’t shoddy at all, it's beautiful.  Expect a bidding war. 






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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.

Wednesday, June 22, 2016

Does Your Realtor Have a Fiduciary Duty?

by Osman Parvez
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Have you seen John Oliver's piece on investment advisers and fiduciary duties? You should. It's long, so pour yourself a cup of ginger chai and take a look. It's worth it. 





When I first started in real estate, my boss made it clear that we had a fiduciary duty to our clients. It was one of the big differences between us and other firms. 
A fiduciary has a duty to act solely in another party's interests. 
When I started my own company, I carried forward this principle. It's hard wired into my business practices and the ethics, and it's the cornerstone of our values at Realty Unique. 

When you sign an exclusive agreement with your real estate agent in Colorado, the combination of Uniform Duties (Section 5) and Additional Duties (Section 6) add up to one thing: a fiduciary duty.   

Duties of a Buyers Agent (from the Exclusive Right to Buy Listing Contract):
6.1. Promoting the interests of Buyer with the utmost good faith, loyalty and fidelity. 
6.2. Seeking a price and terms that are acceptable to Buyer. 
6.3. Counseling Buyer as to any material benefits or risks of a transaction that are actually known by Broker. 

Duties of a Listing Agent (from the Exclusive Right to Sell Listing Contract): 
6.1. Promoting the interests of Seller with the utmost good faith, loyalty and fidelity.
6.2. Seeking a price and terms that are set forth in this Seller Listing Contract.
6.3. Counseling Seller as to any material benefits or risks of a transaction that are actually known by Broker.

Sadly, many Realtors still don't understand their fiduciary duties and often act in their own best interest ahead of their clients. I've seen buyers agents and listing agents compromise their clients in all sorts of ways. It's so typical that it's become almost routine.  In most cases, the client never even finds out.

A Realtor's duty is clearly that of a fiduciary. If your broker doesn't understand that, get a better one.


A Game of Risk Avoidance
An agent with a deep and abiding respect for fiduciary responsibility can help you avoid common risks:

Seller Risks 
  • Poor marketing 
  • Mishandled negotiations
  • Mishandled contracts and disclosures
  • Money left on the table
  • Increased liability
Buyer Risks
  • Poor location selection
  • Over paying
  • Poor property selection
  • Incomplete due diligence
  • Mishandled negotiations
  • Obvious inspection related issues
  • Waived contingencies 

Additional Reading
Is Your Financial Adviser a Fiduciary
Fiduciary Duties of a Realtor
6 Fiduciary Duties of a Realtor

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

As always, your referrals are deeply appreciated.  

--
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, June 17, 2016

Value Plays: Triplexes and Detached Secondary Dwellings [Fresh Listings, Get 'Em Hot]


50+ properties hit the boulder real estate market this week - everything from affordable housing to one luxury downtown condo with a wishful thinking asking price of $3MM.   

Only 9 made this week's cut.

Buyers - be cautious in the current market. It's not only an election year, unlike any other, but we're nearing the end of the real estate cycle. Intelligent selection and negotiation can reduce the risk of capital loss if you're forced to liquidate in the coming downturn. During the last down market, the high-end saw prices fall as much as 40% from the peak value. Yes, here in Boulder. If someone tells you different, they either don't know what they're talking about or they're trying to sell you something.

Remember: intelligent real estate decisions are based on deep market knowledge. If your broker can't provide that, find one who can.

So, what's worth seeing? As usual, I've culled the egregiously overpriced and the locations with a poor track record of appreciation. Here's the list:

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

Fresh Listings
Boulder 

650 Hawthorne Avenue | Asking: $1.65MM | More Details 
A turnkey completely remodeled Newlands "modern farmhouse," a few blocks from open space. The original structure was from the 1940s but supposedly the seller took it down to the studs and rebuilt it. The Nobo Rec Center and bike paths are just down the street. This location is not a quick walk to retail, but it's not bad either and downtown is only a 10 minute bike ride away. Three bedrooms are on the upper level, one is in the basement.

If you've had the pleasure of pricing contractors recently, you know that a fixed cost and not having to manage the project is the value proposition. Due diligence: The higher end market is characterized by higher inventory and more buyer leverage. At this price point, if your agent is pressuring you to go into the negotiation with guns blazing, get one that understands the market




930 Lincoln | Asking: $1.6MM | More Details 
The Civil War named streets (Lincoln and Grant) are one of my favorite parts of Boulder. Sure, Boulderites in Wonderland Lake and Newlands like to talk about their open space, but this house is only a few short blocks from Chautauqua. With a packed calendar of musical events (and other programming), Dining Hall, excellent trail system, and iconic views - it's superior. The interesting thing about this house in particular is that it's a legally licensed triplex. The new owner will likely join the two front units but the detached unit in the back could provide a nice supplemental income or mother-in-law apartment. 


805 13th Street | Asking: $1.2MM | More Details 
With that nasty overgrown pine in the front, this house at first doesn't quite grab the eye but look closer. Plenty of charming details from the 1920's are still there. No doubt, the new owner will likely want to modernize the kitchen and many of the other rooms, but I recommend keeping your plans to the interior. The lot size is larger than average but a portion is in the right of way, which will likely constrain any future expansion to the existing footprint. 


3090 8th| Asking: $989K | More Details 
Although the listing description crows about the expansion potential, I'm going to push back on that a little. Newlands is ground zero for angry residents protesting to limit their neighbors expansion projects, which resulted in a set of ordinances called Compatible Development. 6,200 SQFT (the lot size) is not very large and the home was built just after the end of WWII. By age alone, it's historic and subject to additional layers of review before permits will be granted.   

Now for the good news: It's got a great 2 car detached garage with a studio apartment above it. For an enterprising buyer seeking a way to make Newlands more affordable, the extra income could serve to subsidize a mortgage payment. 


2448 Pine| Asking $950K | More Details 
Expect a bidding war. This lovely little gem is also zoned RMX-1 which allows for a detached garage with rentable secondary dwellings. The one big downside is that it's adjacent to Folsom but since the politically contentious "right sizing," traffic noise has been considerably reduced. If I were a betting man, I'd expect traffic noise to drop even further in coming years as self driving electric cars take over the streets.  

The right buyer should be willing to invest another $300K to $400K to maximize the property value by building the detached garage and studio. Due diligence: Once under contract, your Realtor should take you to the planning department for a one on one discussion of what's possible with a City of Boulder project specialist. If your Realtor "doesn't do that sort of thing," find one who will.  


2900 Marine | Asking: $800K | More Details 
3 unit triplex build in the 1960's. Upgrade the interiors and bump the rent from the current submarket level of $1250. Or expand the individual units to capitalize on the giant lot size. Due diligence: Too long for a blog post. See this one with me and I'll bring my architect to give you the rundown. 

1053 Albion | Asking $750K | More Details 
A mildly updated ranch with a full basement, stumbling distance from Southern Sun and SoBo Lucky's. South Boulder remains a value play for intelligent buyers. It has the best schools, the easiest access to commuting to southern job centers, and a rapidly improving retail mix. This one would make my short list of livable investments. It has the right layout to attract a diversity of tenants and the walkable factor is hard to beat. It will likely go for more than asking. The key is knowing how much it's worth. Before you write that offer, ask your agent for a detailed analysis of negotiations for recent comparable sales, including property yet to close but under contract. If they can't provide it, find one who will. Due diligence: Traffic noise from Broadway.  

940 Quinn | Asking $462K | More Details 
Under market by at least $50K. It's a small student rental/entry level house with no garage but rents at $2200/month. The area is very attractive to students and young couples. If you can swing it, this should be a better investment than a 2 bedroom kiddie condo for your CU student. Expect this to go well over asking - assuming no major defects are found on inspection. No picture because it really doesn't matter.  

2920 Bluff #224 | Asking $349K | More Details
Goose Creek condos remind me of upscale hotel rooms but hey, you're right on the bike path and minutes from your tread desk at the Google Campus. That should help it hold value in the long run. They also don't come on market often, don't wait to go see it. 


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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: https://unsplash.com/@dinoreichmuth

Thursday, June 16, 2016

Boulder and the L's [Inventory Analysis]

by Osman Parvez
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Smart house buyers and sellers adjust strategy to market conditions. 

The chart above shows the annual change (year over year) in total house inventory and inventory under contract for Boulder and the L's (Louisville, Lafayette, and Longmont).
   
The L's show the pattern you'd expect - when supply drops, percent under contract (a.k.a. absorption) increases. Louisville inventory is up 8.9% and homes under contract fell 9.0%. Lafayette inventory dropped 7.1% and houses under contract increased by 2.0%. Longmont inventory dropped 4.5% and houses under contract increased 8.0%.  

Boulder is the anomaly. Total inventory is up almost 5% while houses under contract have also increased by about the same.   

Remember: market conditions vary by price range, property type, condition, and location - down to the neighborhood and street level. Talk to your real estate adviser.   

Intelligent real estate decisions are based on a deep understanding of market conditions. 
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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, June 10, 2016

The Deep End of the Boulder Real Estate Market [Fresh Listings, Get 'Em Hot]


Miss us last week?  Sorry, sometimes we sneak away midweek to savor a little of the Colorado good life.  But don't worry. It didn't stop us from putting another of our buyers under contract this past weekend. We locked down the best of several entry level houses that hit the Boulder market last week.  

Client first, always.   

Now, we're back with another round of fresh listings.  What's worth seeing in Boulder real estate this week? Let's dive in!

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


Fresh Listings

Boulder 

1655 High Street | $2,650,000 | More Details
A spectacular Boulder location - just a few blocks from downtown, nestled among other high-end homes, on a large lot on a dead-end street. The house is great as it stands and the lot size should leave you plenty of flexibility for changes in the future.  

The structure was originally built in the 1950’s and then completed redone and expanded in 2000.  The interior design aesthetic is a little last century, so save some budget for a cosmetic refresh.  

Due diligence: Don't forget to discuss market conditions at the high end with your Realtor.  Bidding wars are not at $2MM+ price points.  


2850 6th Street | $1,250,000 | More Details
A solid location - just a couple of blocks from North Boulder Park.  Smaller home with a 1 car garage.  Split layout. 

Note:  Your real estate dollar goes farther in rapidly improving South Boulder with better schools and arguable better open space and trails.  The downside risk is higher due to lower density of higher end homes.  

Due diligence:  Flood damage in 2013.  Check for professional mitigation.


1082 Albion Road | $900,000 | More Details 
Another nice mid-century ranch with a full basement, located near Viele Lake, the Sobo Rec Center, and Harlow Platte park.   This one looks well tended but could use some freshening. 

Due diligence:  Ranches with full basements are selling for substantially less across Broadway in Majestic Heights, but there's a reason for the price difference.  Ask your agent... and if they can't give you a solid answer, get a better Realtor.


630 Hartford Drive | $845,000 | More Details 
We've sold several homes on Hartford Drive and have a number of close friends who live there. We know it well.  

The park at the end of the street is freshly built.  The improvements at the retail plaza is set to further add value to the area.  This house is much smaller than 1082 Albion (see above) but many buyers prefer the bi-level style because the basement is above grade. The seller has nicely updated this property.  We happen to know one of the former tenants. Due diligence: check for proper flood damage mitigation.


3000 Broadway Street 1-2 | $750,000 | More Details 
A legal duplex in North Boulder.  For the savvy buyer, here's an opportunity to jump into ownership and use supplemental income to offset your mortgage. Rent one side, live in the other.   

Due diligence: The seller's investment analysis is frankly entertaining. Clients, ask about our proprietary investment model. It includes a few missing variables that you might want to include - like maintenance costs!


1013 Berea Drive | $749,000 | More Details 
We’ve sold several houses on Berea in recent years. It’s a great street in one of the best neighborhoods in Boulder. Solid schools. Rec center and parks across the street. The Table Mesa shopping center retail mix is rapidly improving, with Lucky’s Market on the way. 

Due diligence: As of this writing, square footage is wrong on the basement. Traffic noise from Broadway




2439 Bluff Street | $650,000 | More Details 
This property type and location appeals to Boomers and others who want a low maintenance, mostly lock and leave lifestyle near the heart of downtown Boulder. $650K is an appealing entry point, despite basic finishes and some needed updates.  Low HOA dues likely means it doesn't cover much and likely lacks reserves. 




1802 Canyon Boulevard 1 | $529,000 | More Details
Downtown town home built in ‘08. We’ve toured these and they’re tasteful. Square footage is small but high ceilings compensate. Great pad for the urban minimalist who doesn’t need the extra bedrooms.

Due diligence: Road noise from Canyon.  





715 Arapahoe Avenue 1 | $475,000 | More Details
Backs directly to Boulder Creek. A few minutes stroll to Alfalfas and the best of downtown Boulder. Reasonable investment potential, easily rentable to students, young professionals or boomers looking to downsize.  









3009 Madison Avenue L-212 | $324,900 | More Details 

Students love Wimbledon for its easy access to CU and roommate friendly layout. Investors love it because construction quality is reasonable for this price point and vacancies are unlikely. 

Due diligence: Prices only recently crossed the $300K threshold, see our investment analysis HERE

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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.    Image: Markus Spiske

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