Friday, October 13, 2006

Worst House, Best Neighborhood.

by Osman Parvez


You've heard it before. If you want to make money, buy the worst home in the best neighborhood. Here's your chance to have multimillionaire neighbors for a fraction of the cost.

I just walked in the door from showing one of the best Boulder home buying opportunities I've seen in a long time. The asking price is the high $6's and all the neighbors are $2.0M+ . This house hasn't been on the market in 30+ years. The last rehab was in the 70's but the house has great "bones." The bare dirt lot next door sold for more and they're putting up a $3.0M+ luxury home. The neighborhood is very high end, abuts open space, and is very desirable.

If you're interested, call me for more details or a showing. ph: 303.746.6896. The listing sheet does not tell the whole story. You must visit this property to see its value. There may also be partnership potential.

I know it's a cliche to hear agents describe homes as "rare" and "will be gone soon" but this time, believe me . This property is a sweet deal.

Here's a link to the Zillow map (they think it's worth $814,000). Here's a link to the Google Map where you can see the aerial view.





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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. 

2 comments:

  1. First, let me applaud your blog. I think it is, by far, the best Real Estate blog in Boulder County. Regarding this house, our initial take was the same as yours. We estimated that it was several hundred thousand dollars under-valued. We were ready to put an offer in the day it came on the market, but upon inspection, I think the floodplain issues are substantial. It's still a very good buy for someone with available time and construction expertise. Highest and best use may be as a scraper though, and with some challenging hydraulics work in store. Blog on!

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  2. Thanks Patrick for the comment and the compliment.

    Yes, the "water feature" in the backyard is both a plus and a minus.

    My understanding is that there's a limit to how much you expand the SQFT without having to deal with the stream issue.

    I've walked clients through a couple of scenarios, including the scraper option. You're right, it might be the highest/best use. It could also fit a buyer who is would be willing to do cosmetic stuff to make it livable, and then do a project a few years down the road.

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