Thursday, January 12, 2006

Boulder Million Dollar Discount Homes

by Osman Parvez





Two January sales of note on Boulder's high end.

1333 King Street sold on January 4th for $1.2MM. Originally listed for $1.6MM in July of 2004, this home had 5 price reductions and was on the market for a whopping 553 days. The sale price represents a 25% discount from original asking (and 11% from the final asking price). The nearly 5,000 sqft, 5 Bed, 4.5 Bath home featured a designer kitchen and was completely renovated in 2001. As is the case with higher value properties, the Chautauqua location of this home was truly stellar. This sale illustrates two important points. First, make sure you're looking at median DOM when gauging the market and second, there are sometimes great deals to be found by asking your agent to target properties that have been on the market for long periods of time.

643 Mapleton sold on January 3 for $1.17MM. Originally listed at $1.38MM in October, this home was sold after one price reduction and 95 days on market. The sale price represents a 15% discount form original list (and 13% from the final asking price). Known as the Law-Rider House, this 4 Bed, 2 BA, ~4,000SQFT home was featured on Boulder's Historic Homes for the Holidays Christmas House Tour (twice). This location is also one of the most coveted in Boulder. Takeaway: 15% is a substantial discount and may represent a good deal for a beautiful historic home in a prime location. Don't be afraid to put in a low offer, even when you find the house of your dreams. Maybe you'll get to have your cake and eat it too.

Note: With both of these sales, there may have been additional unreported concessions such as paid closing costs or inspection driven repair work.

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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. 

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